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Tim Toohey's macro masterclass

It’s a rare opportunity to get to sit down with an economist of the calibre of Tim Toohey from Ellerston Capital. He was formerly the Managing Director, Chief Economist, and Head of Macro Strategy for Australia and New Zealand at Goldman Sachs, where he earned a reputation as one of Australia’s best macro forecasters. In 2017, he joined Tudor Investments’ star portfolio manager, Brett Gillespie, in setting up the Global Macro Fund at Ellerston Capital. So, when offered the opportunity to...


A century of dividends

Guest: Robert Millner, Chairman, Washington H Soul Pattinson. In the last 117 years, Australia has seen two World Wars, the great depression, introduction of the motor car, 30 Prime Ministers, and every year, Washington H Soul Pattinson (SOL) has paid a dividend. In this week's episode of The Rules of Investing, I sit down with Robert Millner, the longstanding Chairman of SOL. While SOL started life as a pharmaceuticals business, today it's a cornerstone shareholder in TPG Telecom,...


Platinum and Magellan: Inside the minds of Australia’s most successful global investors

In late December of 2018, I received an email that caught me by surprise. It came from someone I’d never met with an unexpected proposition. The concept was to kick off 2019 with a constructive discussion between the Chief Investment Officers of Platinum Asset Management and Magellan Financial Group. I say ‘unexpected’ because the two firms are often viewed as rivals in the Australian funds management industry. In reality, many investors consider the strategies as complementary, and as we...


The hottest investment theme on Earth

Guests: Tom King, OAM; Simon Holmes à Court. When Al Gore’s “An Inconvenient Truth” was released 13 years ago, it brought the issue of climate change to the fore of people’s minds around the world. It might surprise you then, that the effects of greenhouse gasses have been known since 1896. However, despite the huge progress made over the last decade or more, the IPCC Fifth Assessment Report released in 2018 showed that at the current rate, warming will reach 1.5 degrees by 2052. Avoiding...


Investing in Global Disruption with Jeff Cole

This week’s guest on the podcast is Jeff Cole, Founder and Director of The Center for the Digital Future, and a member of the investment committee for the E&P Global Disruption Fund. While Jeff’s is far from a household name, his work has been at the core of the media industry over the past three decades. He founded the World Internet Project 19 years ago and has presented his insights to the White House, the FCC, and the Department of Defense. He's testified before congress, he's held a...


Padley: The problem with buy and hold

Guest: Marcus Padley, Director, Marcus Today. Popular wisdom from the likes of Warren Buffett, Jack Bogle, and Burton Malkiel (author of A Random Walk Down Wall Street) states that it's near-impossible to consistently time the market, so why even try? Just buy and hold for the long term, and collect your dividend cheque every six months. Marcus Padley, Director of MarcusToday, disagrees. "You can't just sit in the market long-term, which is what everybody wants you to do. You have to time...


Cooper reviews the Cooper Review

Guest: Jeremy Cooper, Chairman of Retirement Income, Challenger Ltd. 10 years ago, Jeremy Cooper, now Chairman of Retirement Income at Challenger, Chaired the Federal Government’s Super System Review, commonly known as the Cooper Review. With the final report from the Banking Royal Commission due to be released in a couple of days, we took the opportunity to talk to Jeremy about the current state retirement in Australia. “Retirees are well aware of increasing life expectancies, and we’re in...


Reminiscences of a podcast operator

Guest: Patrick Poke, Editor, Livewire Markets Host: Arik Star, Portfolio Manager, Ellerston Capital In little over a year since launching The Rules of Investing podcast, Patrick Poke has published 28 podcasts with Australia’s best fund managers, getting an average 4,000 listens per show, and racking up a remarkable cumulative 5.2 years of listen time. After such a strong first year, it struck me that as the interviewer, Patrick only gives listeners a taste of his passion and knowledge of the...


Platinum: The opportunity of a generation

Guest: Andrew Clifford, Chief Investment Officer, Platinum Asset Management. Host: James Marlay, co-founder, Livewire Markets. If you’d invested $20k with Platinum Asset Management when the firm opened in 1995 you’d be sitting on around $320k today, a return of ~12.6% per annum*. However, the journey to these returns may have tested your nerves. The active style at Platinum means that periods of exceptional performance are, at times, accompanied by periods underperformance versus the market....


Chris Stott: One last call

Guest: Chris Stott, former CIO of Wilson Asset Management. Host: James Marlay, Executive Director & Co-founder of Livewire Markets. At age 37 Chris Stott has called time on his investment career at Wilson Asset Management. Given the current state of markets I took the opportunity to have one final chat to hear his views on the year ahead. He presents a bearish outlook for the Australian economy fuelled by falling house prices and weak consumer sentiment. But that doesn’t mean you can’t find...


Fresh ideas from Future Generation

This week on The Rules of Investing podcast, we've got a special episode featuring three guests from Future Generation (ASX:FGX & ASX:FGG). The Future Generation companies are set up to provide charities with an annual stream of donations, with providing shareholders with exposure to the best fund managers without fees. The first guest is Louise Walsh, CEO of both Future Generation companies, she'll talk about some of the company's achievements, both on the charitable and investment fronts....


The value in being contrarian

Guest: Tim Hillier, Allan Gray Contrarians can be a lot like teenagers: they think they’re all different but end up looking the same. This however, is not true of this week’s guest, Tim Hillier from Allan Gray. Case in point: when asked what stock he’d own if the market were to close for five years, Tim spent longer explaining the issues with his stock of choice than the positives. At Allan Gray, their contrarian streak even extends beyond their investment decisions to their hiring policies;...


Matthew Kidman: Uncut

Regular readers of Livewire will know Matthew Kidman from his role as ‘anchorman’ for the popular Buy Hold Sell video series. He has also played a critical role in expertly moderating panel sessions at the annual Livewire Live investor event. Matthew is a highly accomplished investor with an impressive track record. Following 13 years at Wilson Asset Management where Kidman established his own firm Centennial Asset Management. A common request we receive at Livewire is to hear Matthew’s...


Two small cap ideas with years of growth ahead

Two small cap ideas with years of growth ahead by Livewire Markets


Location & Timing: The rules of property investing

Guest: Tim Slattery, CEO, APN Property Group With all the focus on residential property, investors could be forgiven for forgetting that other property classes exist. But between office, industrial, retail, and healthcare, there's a whole world of property out there that remains unexplored for many investors. With this in mind, this week's guest on The Rules of Investing is Tim Slattery, CEO of APN Property Group, who's led over $8 billion worth of property deals in Australia and Europe....


Making money from market falls

This week’s guest on The Rules of Investing (ROI) is Ben McGarry, founder and Portfolio Manager at Totus Capital, and an expert in short selling. Ben started his career at an accountant at PWC, allowing him to gain skills that would be invaluable later as he searched for frauds, fads, and failures on the short-side of his fund’s portfolio. Tune in below to hear about the accounting tricks companies use to mask their true performance, his public short on a household name, and why it took a...


Investing through uncertainty

Guest: Michael Thawley, AO,Vice Chairman of Capital Group International. Whether you're investing in equities, debt, or alternatives, uncertainty is an inescapable part of the game. But Michael Thawley, AO, Vice Chairman of Capital Group International, says this current period of political uncertainty is unique; "I've never been more unsure about what the future holds than I am now." And he should know, having spent 46 years in foreign affairs, diplomacy, and politics. His appointments have...


The Rules of Investing: What makes a good business?

Guest: Kevin Beck, Paradice Investment Management After a chance meeting with legendary stock picker, David Paradice, today’s guest joined Paradice IM to head up their successful Global Small Mid Cap Fund in 2010. Shunning the traditional labels of ‘value’ and ‘growth’, their approach follows the ‘Growth at a Reasonable Price’ philosophy that draws from both schools of thought. “If you’re paying 30 times earnings, you’re effectively discounting a 3% IRR (internal rate of return). So, you...


The Rules of Investing: The virus that affects all assets

When a young Charlie Jamieson arrived at work in London on September 11th, 2001, little did he know how much that day would affect his views on markets. At the time, he was trading US Dollar bonds from Merrill Lynch’s London office, having just left the New York office three weeks earlier. It was a harrowing time, but it wouldn’t be the last time that he faced a major catastrophe as an investor. Years later, he found himself managing Euro portfolios throughout the GFC and the Euro Crisis....


The Rules of Investing: A bright future for growth investing

Guest: Nick Griffin, Chief Investment Officer at Munro Partners. For decades, traditional wisdom has held that value investing is the only way to outperform, and with good reason. Until the GFC, value had outperformed growth in all but a few brief periods, and those periods immediately preceded a major bear market. But for nearly a decade now, growth has produced superior returns. While some may argue that zero interest rates and quantitative easing are to blame/thank (depending on your...