Equity Mates Investing Podcast

Private credit has nearly tripled in 10 years but most investors still don’t really know what it is or why it exists. In this episode, we sit down with Nehemiah Richardson (CEO & Managing Director of TermPlus) to break down why private credit has grown so fast, where the risks actually sit, and what investors should look for if they’re considering the space.

In this episode:
00:00 Private credit 101: what it is, why it’s grown, and why “growth ≠ risk”
3:44 Why banks pulled back after the GFC (and how private credit filled the gap)
7:39 Australia vs US/Europe: why private credit looks different here
10:57 Capital stack explained: senior secured vs mezzanine vs equity (and why it matters)
17:19 “Quality is slipping?” How to assess managers + red flags
23:24 The next decade: consolidation, scale, and private credit becoming “normal”
29:50 How TermPlus works: terms, floating rate, diversification, and portfolio construction

Target Rates are set as a fixed margin above the RBA Cash Rate, which is variable over the course of the Term. The issuer of units (Term Accounts) in TermPlus (ARSN 668 902 323) is Pengana Capital Limited (Pengana) (ABN 30 103 800 568, AFSL 226 566). Any advice provided is general in nature and does not take into account your particular objectives, financial situation or needs. Before investing in TermPlus, consider the PDS, TMD and further details on our website at www.termplus.com.au/important-information/. Mercer Consulting (Australia) Pty Limited (ABN 55 153 168 140, AFSL 411 770), which is a wholly owned subsidiary of Mercer (Australia) Pty Ltd (ABN 32 005 315 917) (Mercer Australia) collectively referred to as Mercer. References to Mercer shall be construed to include Mercer LLC and/or its associated companies. ‘MERCER’ is a registered trademark of Mercer Australia. ———

Want to get involved in the podcast? Record a voice note or send us a message
And come and join the conversation in the Equity Mates Facebook Discussion Group.

———

Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered.
Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)

———

Looking for some of our favourite research tools?
Download our free Basics of ETF handbook
Or our free 4-step stock checklist
Find company information on TIKR
Screen the market with GuruFocus
Track your portfolio with Sharesight

———

In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing 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.

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Equity Mates Investing 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.

Bryce and Ren break down the latest AI spending arms race from big tech (and just how stupidly big the numbers are), then ask why Reddit can smash expectations and still get sold off. Plus, Mr Beat-Up returns with a stock down ~60% from highs: Xero.

The team runs the full four-step checklist and gets into the real debate investors are having right now: are AI agents a genuine moat-breaker for SaaS… or just the latest panic?

In this episode:
02:52 Big Tech’s AI spend hits US$660B. How big is that really?
06:23 Reddit beats expectations… and still gets sold off
09:49 Mr Beat-Up returns
11:58 Xero down ~60%. Is it an overreaction or warning sign?
16:38 The moat debate: can AI agents disrupt SaaS?
21:56 Valuation, upside case & should Xero be on the community watchlist?

Stocks mentioned: Reddit (NYSE:RDDT), Alphabet/Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Xero (ASX:XRO), Intuit (NASDAQ:INTU), ServiceNow (NYSE:NOW), Salesforce (NYSE:CRM), SAP (XETRA:SAP), MicroStrategy (NASDAQ:MSTR), Coinbase (NASDAQ:COIN), Duolingo (NASDAQ:DUOL), Catapult Group International (ASX:CAT), BHP Group (ASX:BHP), Bitcoin (BTC).

Links mentioned:
Mr. Beat-Up's 4-Step Stock Checklist. A simple framework you can use to assess any company. Download your copy for free here.
Xero CEO interview, credit to Bloomberg News Podcast. Listen in full here.

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

———

Want to get involved in the podcast? Record a voice note or send us a message
And come and join the conversation in the Equity Mates Facebook Discussion Group.

———

Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered.
Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)

———

Looking for some of our favourite research tools?
Download our free Basics of ETF handbook
Or our free 4-step stock checklist
Find company information on TIKR
Screen the market with GuruFocus
Track your portfolio with Sharesight

———

In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing 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.

———

Equity Mates Investing 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.

Bryce and Ren bring in someone who lives in the data every day: David Bassanese, Chief Economist at Betashares, to help cut through what matters (and what doesn’t) for investors heading into 2026.
They unpack five big macro themes dominating markets including inflation, AI, commodities, Trump/tariffs, and China.

In this episode:
00:34 Making sense of macro noise with David Bassanese
01:39 Why the outlook is still constructive heading into 2026
03:26 Inflation update: trimmed mean, housing pressure & RBA risk
07:26 AI boom vs bubble: where are we in the cycle?
10:18 Commodities: gold, copper, uranium and what’s really driving prices
12:54 Trump, tariffs & the US economy: what’s priced in now
18:58 China, Japan & the “Great Rotation” beyond the US
32:45 Sleep-at-night investing: portfolio positioning for the long term

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: BHP Group (ASX:BHP), Fortescue (ASX:FMG), REA Group (ASX:REA), Nvidia (NASDAQ:NVDA), Alibaba (NYSE:BABA), Tencent (HKEX:0700), Betashares Japan Currency Hedged ETF (ASX:HJPN), BetaShares NASDAQ 100 ETF (ASX:NDQ).

———

Want to get involved in the podcast? Record a voice note or send us a message
And come and join the conversation in the Equity Mates Facebook Discussion Group.

———

Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered.
Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)

———

Looking for some of our favourite research tools?
Download our free Basics of ETF handbook
Or our free 4-step stock checklist
Find company information on TIKR
Screen the market with GuruFocus
Track your portfolio with Sharesight

———

In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing 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.

———

Equity Mates Investing 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.

Software is selling off, but don’t panic. Today we unpack why markets are suddenly repricing software, why “lazy investors” keep winning, and Luke Laretive is back in for another Pimp My Portfolio with a very spicy mix of ETFs, small caps and crypto.

In this episode:
00:00 — The software sell-off: what’s happening and why
06:29 — What we’re doing about it (don’t panic, build a watchlist)
11:39 — Lazy investors win: the 4-step strategy
13:02 — Beating your brain + the hidden costs of “doing stuff”
19:21 — Pimp My Portfolio: with Luke Laretive and Adem

ETFs mentioned: BetaShares India Quality ETF (IIND), BetaShares Geared Australian Equity Fund (GEAR), BetaShares NASDAQ 100 ETF (NDQ)

Stocks mentioned: Pro Medicus (PME), REA Group (REA), Xero (XRO), WiseTech Global (WTC), Atlassian (TEAM), G8 Education (GEM), Liontown Resources (LTR), Paladin Energy (PDN), Race Oncology (RAC), TechGen Metals (TG1), DocuSign (DOCU), Intuit (INTU), Microsoft (MSFT), Nvidia (NVDA), Broadcom (AVGO), Oracle (ORCL), Adobe (ADBE), IBM (IBM), Salesforce (CRM), S&P Global (SPGI), Gartner (IT), WPP (WPP), Omnicom Group (OMC), RELX (RELX)

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

———

Want to get involved in the podcast? Record a voice note or send us a message
And come and join the conversation in the Equity Mates Facebook Discussion Group.

———

Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered.
Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)

———

Looking for some of our favourite research tools?
Download our free Basics of ETF handbook
Or our free 4-step stock checklist
Find company information on TIKR
Screen the market with GuruFocus
Track your portfolio with Sharesight

———

In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing 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.

———

Equity Mates Investing 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.

Four portfolios. One year to prove who can actually beat the market.

In this kickoff episode, Bryce and Ren are joined by Cam Gleeson (Betashares) and Ally Selby (Equity Mates) to lock in the rules and reveal their first portfolios from uranium + copper to Japan hedged, defence, cybersecurity, and a big swing at Asia tech + India.

In this episode:
00:29 The challenge begins
02:29 The rules
03:13 The shared core: DHHF (all-growth, global diversification)
04:50 Bryce’s Portfolio
10:05 Ally's Portfolio
14:49 Cam’s Portfolio
20:31 Ren’s Portfolio
23:22 How to follow along & what's next

Betashares Capital Ltd (ABN 78 139 566 868 AFSL 341181) is the issuer of the Betashares Funds, as well as Betashares Invest, the IDPS-like scheme available via Betashares Direct. Read the relevant Product Disclosure Statement and Target Market Determination, available at www.betashares.com.au, before making an investment decision. This information is general in nature and doesn’t take into account any person’s financial objectives, situation or needs. You should consider its appropriateness taking into account such factors and seek professional financial advice.

ETFs mentioned: Betashares Global Uranium ETF (URNM), Global X Copper Miners ETF (WIRE), Betashares Japan Currency Hedged ETF (HJPN), Betashares Global Defence ETF (DFND), Betashares Wealth Builder Diversified All Growth ETF (GHHF), Betashares MSCI Emerging Markets ETF (BEMG), Betashares Global Cybersecurity ETF (HACK), Betashares Asia Technology Tigers ETF (ASIA), Global X China Tech ETF (DRGN), Betashares India Quality ETF (IIND), Betashares Asia Technology Tigers (ASIA), Betashares Global Defence ETF (ARMR), Plato Global Alpha Complex ETF (PGA1)

Stocks mentioned: Artyra (AYA), BHP Group (BHP), Elisight (ELS) Generation Development Group (GDG), Goodman Group (GMG), Lowell Resources Fund (LRT), Iperion X (IPX), NextDC (NXT), Paladin Energy (PDN), Deep Yellow (DYL), REA Group (REA), Mineral Resources (MIN), Pilbara Minerals (PLS), Sandfire Resources (SFR)

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

———

Want to get involved in the podcast? Record a voice note or send us a message
And come and join the conversation in the Equity Mates Facebook Discussion Group.

———

Want more Equity Mates? Across books, podcasts, video and email, however you want to learn about investing – we’ve got you covered.
Keep up with the news moving markets with our daily newsletter and podcast (Apple | Spotify)

———

Looking for some of our favourite research tools?
Download our free Basics of ETF handbook
Or our free 4-step stock checklist
Find company information on TIKR
Screen the market with GuruFocus
Track your portfolio with Sharesight

———

In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing 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.

———

Equity Mates Investing 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.