Viktor Shvets on the end of cycles, the rise of the cloud of finance, and why politics may now be the greatest market risk. At Livewire Live 2025, Viktor Shvets delivered one of the most anticipated keynotes of the event. Over four decades, he has built a reputation as one of the sharpest minds in global finance, unafraid to challenge consensus. In this episode, Viktor explains why the old rules of cycles and mean reversion no longer apply, how financial markets have drifted into a “cloud of finance,” and why inequality and politics may prove the greatest risks ahead. It is a conversation that unsettles, but also clarifies what really drives markets today.

Four decades into his career, Paul Moore seems to be just getting started. Two years ago, he made the bold decision to vend his business, PM Capital, into Phil King’s Regal Partners. Many thought this was an exit plan for Moore. Instead, it proved to be the tonic he needed. PM Capital has since become a growth engine inside Regal, with close to $5 billion under management and performance that continues to deliver.

In this episode of Success and More Interesting Stuff, Paul shares what keeps him motivated, why he believes the only true arbitrage in markets is time, and how he is positioning portfolios in today’s unpredictable environment.

The professional investment game is relentless. No matter where you are in the world, you cannot escape the endless procession of markets. Sure, you can go on holiday and attempt the concept of relaxation, but each morning when you wake up, Wall Street has just closed. It’s impossible not to sneak a peek. Each month your numbers are measured against the market and your peers. There is no hiding.

After 27 years and more than 50 reporting seasons, one of the mainstays of the Australian share market, IML’s Simon Conn, is stepping aside for a well-earned break. It might be permanent. It might be a refresh. Only time will tell.

Conn joined IML back in 1998 - teaming up with market legend and past guest Anton Tagliaferro. Before long, Conn found himself overseeing the tough end of town - small caps.

In those 27 years he has seen the rise of the internet, the smartphone, the GFC, COVID, and now the AI revolution. Through all of that, investors like Conn have been told it’s a new world. Concepts like ARR, PCV and the Rule of 40 have taken hold, while old measures like PE ratios have been pushed aside for revenue multiples.

Meanwhile, the Small Ords index has underperformed for decades. It all sounds like a torture chamber, but somehow Conn has come through it, delivering 12 percent returns for more than two and a half decades.

In this episode of Success and More Interesting Stuff, Conn shares the lessons he learned over his career and how he adapted his approach as markets evolved and over the past three decades.