Basis Points

Kerr Neilson, the legendary contrarian investor behind Platinum, lays out a bold case for why the next decade may belong not to AI darlings.He argues markets are entering a period of profound disruption, pointing to geopolitical fragmentation, war in the Middle East, and fragile global oil supply as long-term threats- warning these forces are reshaping markets.Beyond the macro themes, he offers practical insights for advisers: the dangers of crowded trades, the inefficiencies created by passive investing, and the importance of contrarian thinking in an ETF-dominated world.His message is clear. The biggest opportunities often lie where capital has been scarce.In this episode:00:00 Why Contrarian Investing Still Works03:00 Where ETF Crowding Creates Opportunity06:00 How Oil Shocks Could Reshape Portfolios08:42 Balancing Gold, Cash And Real Assets11:20 What Samsung And Platinum Signal16:10 Where Advisers May Find Mispriced Value📈 Stocks and ETFs Mentioned: Samsung (KRX: 005930)Impala (JSE: IMP)Petrobras (NYSE: PBR)Sky Metals (ASX: SKY)Valterra Platinum (JSE: VTR)🎟️ Join us at the Basis Points Boat Party, get your tickets here.———CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). 0.50 Total HoursKnowledge Requirements: Managed Investments (0.50 hour) | Legislated CPD Area: Technical Competence (0.50 hour)Complete the quiz here to claim your points———Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———-Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.

We have an exciting announcement- meet the new host of Basis Points; Ally Selby.It’s been one year of Basis Points, and what a year it’s been! We reflect on some of the highlights so far and usher in a new (and we think improved) era of the show.A new host, even bigger guests, weekly episodes and live events to look forward to.Links Mentioned:🎧 Listen to the Magunthan Siva episode here🎟️ Join us at the Basis Points Boat Party, get your tickets here.📥 Got a suggestion or a question for the show? Get in touch with Ally on Linkedin here or use the contact form on our website———Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.

Crypto. Rates. AI debt. Green bonds.In this episode, Chris Joye, CIO of Coolabah Capital, lays out a macro view that cuts against consensus.He calls Bitcoin “pure Ponzi”, makes the case for re dollarisation not de dollarisation, and warns AI driven CapEx could be understated as hyperscalers ramp up debt issuance.We also unpack Coolabah’s active bond trading model and the Global Carbon Leaders Fund, which targets green bond mispricings with floating rate exposure and enhanced yield.In this episode: 00:00 Bitcoin, Bonds & Big Claims03:01 Bitcoin Sell-Off Breakdown07:44 Re-Dollarization Over De-Dollarization11:44 Fed Pivot and 5% Yields14:45 AI CapEx Debt Supercycle18:04 RBA Rate Hike Warning22:44 Capital Gains & Tax Reform24:05 Inside Coolabah’s Trading Edge26:53 Global Carbon Leaders Explained30:24 Monetising New Issue Concessions32:10 ESG Stigma vs Performance34:00 Portfolio Fit for Advisers📈 Stocks and ETFs Mentioned: Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Global Carbon Leaders Fund (CBOE: CBNX), META (NASDAQ: META), Microsoft (NASDAQ: MSFT)🎟️ Join us at the Basis Points Boat Party, get your tickets here.———CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA):0.50 Total HoursKnowledge Requirements: Economic Environment (0.25 hour), Managed Investments (0.25 hour) | Legislated CPD Area: Technical Competence (0.25 hour), General (0.25 hour)Complete the quiz here to claim your points.———Thanks to CBOE APAC for sponsoring this episode. For more information about the CBOE listed Global Carbon Leaders fund (CBOE: CBNX), head here———Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———-Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.

Commodity markets are back in focus.Gold has more than doubled in recent years. Lithium has flipped from surplus to deficit and iron ore continues to quietly underpin the Australian economy.So, is this the start of something bigger, like a commodity super-cycle?In this episode, we’re joined by Greg Cassidy, Senior Analyst at Milford, to unpack the forces driving the global resource rally and what it means for adviser portfolios.We cover:The three macro forces behind the surge: deglobalisation, decarbonisation and AI.The outlook for LNG.Why iron ore still matters most for Australia’s budget and equity index.Greg’s key takeaway for advisers: why “you should own resources” and how to think about active vs passive exposure in a volatile sector.Chapters:00:00:00 Introduction00:04:10 Three Drivers Of The Rally00:09:05 Supply Constraints And M&A Activity00:11:04 Australia In The US China Split00:14:13 Gold And Real Assets00:16:18 Commodities To Watch Now00:18:23 Copper’s Structural Deficit00:20:10 Lithium Volatility Explained00:22:32 LNG Supply And Demand00:25:34 Australia’s Key Export Exposures00:29:56 Portfolio Positioning For Advisers00:33:43 Avoiding Resource Investing Mistakes———CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.0.05 Total HoursKnowledge Requirements: Managed Investments (0.50 hour) Legislated CPD Area: Technical Competence (0.50 hour)———Before you invest, be sure to read the Milford Funds Product Disclosure Statements and Target Market Determinations at https://milfordasset.com.au/documents-and-forms/ You can read the full disclaimer at https:/milfordasset.com.au———Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Milford Australian Absolute Growth Fund, Milford Corporate Bond Plus Fund, Milford Australian Active 100 Fund, and Milford Dynamic Small Companies Fund. Before you invest, be sure to read the Milford Funds Product Disclosure Statements and Target Market Determinations at https://milfordasset.com.au/documents-and-forms/

2025 saw global markets outside the US outperform and Betashares’ Cameron Gleeson believes that trend is far from over.We sat down with Cam, Senior Investment Strategist at Betashares, to unpack the macro and market forces that could see Europe, Japan, and emerging markets lead the charge in 2026.You’ll learn:Why the US may lag despite strong earnings growthEurope’s policy pivot and Japan’s inflation comebackThe emerging markets getting Cameron most excitedCurrency hedging strategies and portfolio positioning for 2026Chapters:00:00:00 The Case For Looking Beyond The US00:04:07 Why 2025 Rewarded Ex US Positioning00:08:24 When Currency Moves Drive Real Returns00:10:48 The Macro Setup Heading Into 202600:16:20 Japan’s Turn From Laggard To Leader00:22:01 Where Emerging Markets Still Make Sense🔍 Links Mentioned: Win a $500 Visa Digital eGift Card by completing the 2026 Equity Mates Media Community Survey! The Community Survey helps us understand how we can continue to improve our content to help you on your money and investing journey. You can either complete the five compulsory questions, or take 10 minutes to give us a bit more feedback: https://www.surveymonkey.com/r/WRWDVTV 📈 Stocks & ETFs Mentioned: Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Betashares Japan Currency Hedged ETF (ASX: HJPN), BHP Group (ASX: BHP), Microsoft (NASDAQ: MSFT)———CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.0.05 Total HoursASIC Knowledge Requirements: Securities (0.50 hour) Legislated CPD Area: Technical Competence (0.50 hour)———Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.

”Conventional wisdom will tell you that the lowest risk portfolio you can have is to have 70% of your assets in one country…that's a violation of common sense.”Ben Preston Portfolio Manager at Orbis Investments, warns that in markets dominated by a handful of mega-caps, portfolios that look diversified on the surface- may be carrying far more risk than advisors realise. We sat down with Ben to unpack where diversification breaks down and find out how advisors can better identify this hidden concentration risk. In this episode, you’ll learn:How benchmark alignment can increase portfolio risk in narrow markets.Why historical bubbles reveal the dangers of perceived diversification.Practical ways to assess diversification across geographies, styles, and currencies.Chapters:00:00:00 – Rethinking Portfolio Diversification Risk00:05:45 – Understanding Today’s Narrow Market00:09:01 – Benchmarking And Concentration Exposure00:14:15 – Defining Diversification Across Scenarios00:18:52 – Broadening AI Exposure Beyond The US00:22:11 – Currency Management As A Portfolio Input📈 Stocks and ETFs Mentioned: NVIDIA, META, SK Hynix Inc. SK Square Co. Ltd, ASML. TSMC, Alphabet, Next Plc, PDD Holdings.———CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.0.5 Total Hours Knowledge Requirements: Managed Investments (0.50 hour)Legislated CPD Area: Technical Competence (0.50 hour)———This episode has been sponsored by Orbis Investments.If you would like to learn more about Orbis’ contrarian investment approach can offer a true point of diversification when constructing client portfolios, click here.Thank you to Orbis for helping us keep all of our content free and accessible.———Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.

What if the most reliable out-performers in the Australian market aren’t the blue chips, but the companies graduating quietly through the mid-cap ranks?Advisors often focus on small-cap potential or large-cap stability. But Jovana Gagic, Portfolio Manager and Analyst at Paradise Investment Management believes Australia’s mid-caps are where earnings growth, diversification and structural tailwinds collide.Ren sat down with Jovana to unpack the signals that can help advisors distinguish graduates from gambles in today’s market.In this episode:How to spot the true graduation signals as companies move from speculative to scalable What makes the mid-cap index a structurally appealing investment Risk-management frameworks that help avoid the blow-ups while capturing long-term compoundersTimestamps:00:00:00 – Opening Thoughts 00:03:00 – Small Caps That Grow Up 00:06:10 – Why Mid Caps Outperform 00:10:20 – Diversifying Beyond Banks 00:14:30 – Finding Structural Winners 00:18:40 – Red Flags and Risk Control 00:23:00 – Graduation Stories 00:27:20 – Mid Caps in Portfolios 00:31:10 – Survival of the Fittest———-CPD Points: This episode has been accredited for CPD points by the Financial Advice Association of Australia (FAAA). To claim your points, complete the CPD quiz here and we’ll send you your certificate.———-This episode has been sponsored by CBOE APAC. Head to the Cboe website to learn more about their Cboe-listed ETF Paradice Australian Mid Cap Fund Active ETFThank you to Cboe APAC for helping us keep all of our content free and accessible.———-Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube———-In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. ———-Basis Points is a product of Equity Mates Media. This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. Equity Mates Media operates under Australian Financial Services Licence 540697.

Australia's corporate bond market has quietly become the third largest in the world, and signs point towards more growth to come.  With offshore giants tapping local liquidity and the AI infrastructure boom demanding trillions in new capital globally, Australia's fixed income market is no longer a niche corner of the capital market- it’s globally relevant.So what kind of opportunities can these shifts in fixed income create for advisors and their clients’ portfolios?Alec sat down with Anthony Ip, Fixed Income Portfolio Manager, Milford Corporate Bond Plus Fund to find out.Timestamps00:30 – Macroeconomic update: Australian resilience, household confidence, inflation risks03:44 – RBA’s dual mandate and future interest rate trajectory05:48 – The evolution and scale of Australia’s corporate bond market10:54 – Key sectors and issuers shaping the bond market13:44 – The future of offshore corporates issuing in Australia15:19 – Australia’s fiscal position and attractiveness to global investors18:09 – AI infrastructure boom and implications for credit markets29:52 – Practical takeaways for advisers on incorporating fixed incomeThank you to Milford for sponsoring this episode of Basis Points, and helping us keep all of our content free. If you want to learn more about Milford's funds head to their website.Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Milford Australian Absolute Growth Fund and Milford Dynamic Small Companies Fund. Before you invest, be sure to read the Milford Funds Product Disclosure Statements and Target Market Determinations at http://milfordasset.com.au——CPD Points: This episode is accredited CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.——Want more Basis Points?Sign up to the Basis Points emailJoin the conversation on LinkedInWatch all episodes in full and relive some of our favourite clips on YouTube——In the spirit of reconciliation, Equity Mates Media and the hosts of Basis Points acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.——Basis Points is a product of Equity Mates Media.This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional.Equity Mates Media operates under Australian Financial Services Licence 540697.Hosted on Acast. See acast.com/privacy for more information.