Buy Hold Sell, by Livewire Markets

Buy Hold Sell has wrapped up for 2025 and will be back in 2025. Keep your eyes out for some bonus episodes dropping in early January. Thanks for listening!

If 2025 showed investors anything, it’s that the best money wasn’t made by sitting still; it was made by catching the right waves. While broader markets delivered solid returns, the lion's share of profits went to investors willing to back the big themes: uranium, defence stocks, gold miners, Bitcoin, the Nasdaq, and Australian small caps. Get the wave right, and returns arrive fast. But as any surfer knows, timing matters. Not every wave kept rolling, and some themes lost momentum just as quickly as they emerged. So as we head into the New Year, the key question is which of these themes still have legs - and where is the next swell forming? To find out, we sat down with Michael Wayne from Medallion Financial Group and Adam Dawes from Shaw and Partners to unpack which 2025 themes can continue, and nominate their one hotspot for 2026 and how to play it. Note: This episode was recorded on Wednesday, 17 December 2025.

Looking back at 2023, 2024 and 2025, it’s hard not to think: wasn’t it easy to make money? As the table below shows, almost everything went up. With around 95% of asset classes delivering positive returns, avoiding losses wasn’t the challenge - owning enough of the winners was. But periods of easy money don’t last forever. Eventually, the macro backdrop shifts, leadership changes, and returns begin to diverge sharply across assets, as investors saw in years like 2018 and 2022. With that in mind, we invited two market pros - Michael Wayne from Medallion Financial Group and Adam Dawes from Shaw and Partners - to discuss where investors should be positioning, and where trimming exposure may make sense heading into the new year. Note: This episode was recorded on Wednesday, 17 December 2025.

As 2025 winds to a close, it’s only fitting that we take stock of the names that dazzled investors this year, as well as those that landed squarely on the naughty list. Markets delivered no shortage of surprises, with some companies shooting the lights out while others tested even the most patient shareholders. On the “nice” list sit Regis Resources (RRL), Codan (CDA), and Charter Hall (CHC) - three stocks that managed to push through volatility and reward investors handsomely along the way. Meanwhile, the “naughty” list features Bendigo and Adelaide Bank (BEN), WiseTech (WTC), and Bapcor (BAP), each facing its own set of challenges. To make sense of it all, Livewire’s Vishal Teckchandani brings together two trusted voices: Hugh Dive from Atlas Funds Management and Jun Bei Liu of Ten Cap. They break down what went right, what went wrong, and whether any of these names deserve a spot in portfolios heading into 2026. Note: This episode was recorded on Wednesday, 3 December 2025.  

“Crazy.” That’s how Jun Bei Liu of TenCap summed up 2025, a year where big themes surged in waves, sector leadership flipped at lightning speed, and investors had to stay sharp through fresh bursts of volatility. Alongside Atlas’s Hugh Dive, we’re looking back at the year that was: Which stocks delivered, which ones fell short, and which great ideas slipped away before investors could act? And the real question: what now? With 2026 around the corner, how should investors set up for success, and which stock calls stand out as the most compelling shots for the year ahead? From key lessons to bold ideas, our guests unpack what mattered in 2025 and where they see opportunity next. Note: This episode was recorded on Wednesday 3 December 2025.