The Rules of Investing is one of Australia’s longest-running business podcasts, providing investors with unparalleled access to the ideas and insights of Australia’s leading fund managers, economists and industry experts. Learn how the industry’s best invest, with the help of Livewire’s James Marlay and Chris Conway. Whether you’re new to investing or a seasoned professional, this podcast is for you. New episodes are released every second Friday, available on Livewire Markets, Spotify, Apple Podcasts, and YouTube.
In this episode of The Rules of Investing, we discuss what value investing looks like in 2026, why market concentration has reached levels seen only a handful of times in history, and whether investors have been too quick to sort companies into AI winners and losers. We also explore the investment lessons Ross has carried through a 25-year career, and the US senior housing company she would be comfortable owning if markets closed for the next five years.
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Chapters:
- 0:00 Intro
- 0:40 How actuarial thinking shapes investing
- 6:10 Reviewing investment cases at Antipodes
- 9:58 What pragmatic value means in 2026
- 18:15 Why the index looks risky
- 22:25 Are hyperscalers actually expensive?
- 25:47 How concentrated is the AI trade?
- 34:05 Have investors misjudged AI winners and losers?
- 44:23 AI’s impact on energy demand
- 50:43 Lessons from a 25-year investing career
- 54:35 What investors are getting wrong
- 57:20 The one stock Vihari would hold for five years
