Private lending has expanded rapidly over the past decade as banks pulled back from parts of the corporate market. The result has been a surge of capital chasing income, but the speed of that growth is also raising questions about how the sector will perform when the cycle eventually turns.

In this episode of the Rules of Investing podcast, Privity Credit Managing Partner Ryan Donnar explains why lending outside the banking system is far from a one-dimensional asset class. He also outlines where crowding is emerging, why structure matters more than yield, and the key questions investors should ask before allocating capital.

Please note, this interview was recorded Tuesday, 24 February 2026

Equity markets are in the middle of what Greg Dean calls “the world’s most uncomfortable rotation." In this episode, the founder of Langdon Equity Partners explains why AI may not be the real story, why high-margin businesses can be more vulnerable than they appear, and how he’s positioning his portfolio, including a 7.6% stake in L1 Group and a decision to reinvest in Johns Lyng after its take-private.

More than 70 companies reported this week and while the ASX 200 continues to push record highs, stock reactions remain ruthless.

In this episode, Ben Clark argues it’s been one of the strongest reporting seasons in years, with banks, miners and consumer names broadly beating expectations.

He explains why Woolworths’ resurgence caught the market off guard, why WiseTech’s AI defence matters more than its job cuts, and why Monadelphous and Ramsay may be turning points.

Clark also highlights heavy insider buying across tech, suggesting recent weakness may be overdone. Despite volatility, he sees momentum building into the second half.