Australian Investors Podcast

My guest for this week’s 2 Sense episode on The Australian Investors Podcast is Andrew Page, founder of Strawman - Australia’s #1 small cap investment community. Andrew is a very well known commentator, investor and all round good person.

I consider him to be one of the best investors I’ve ever met, and personally consider him in my top three in Australia. So I’m delighted to welcome him back to the show.

Today we’ll cover three really interesting topics: small caps in Australia, the failed IPO of Firmus, and something I’ve been wanting to do for a long time - question Andrew’s take on Bitcoin. I know some of you have probably heard the last one, given his presence on various podcasts, but I want to get to the bottom of why one of the best investors I know made a decision to switch focus from a proven (and great) track record in small caps, to a digital store of wealth and currency

Episode resources

– Sign up with Strawman

– Speak with the Rask Advice team

– Ask a question (select the Investors podcast)

Show partner resources

– ETF investor? Go beyond ordinary with Global X: View all funds

– Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit

– Whatever comes next for your business, power it with Stripe

Rask resources

– All services

– Financial Planning

– Invest with us

– Access Show Notes

– Ask a question

– We love feedback!

Follow us on social media

– Instagram: @rask.invest

– TikTok: @rask.invest

Disclaimer

The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs.

Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision.

Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk.

The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907.
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Can AI make a business more productive — and less profitable? In episode three of The Business Stack of the Future on the Australian Investors Podcast, Owen Rask explores the pricing reset behind AI and the unit economics investors need to understand. If a tool helps four people do the work of ten, charging per user could mean less revenue even while customers get more value.

Owen explains the difference between paying for a seat, usage, credits and an outcome, and why a resolved customer inquiry is not the same as a chatbot attempt. Using a simple example, he shows how computing costs can eat into the economics of each successful AI result.

From Intercom’s customer-support model to WiseTech’s logistics transactions, Salesforce’s agent pricing and Atlassian’s combined subscription and credits, this episode asks what customers value — and whether software businesses can measure and bill for it. Owen also looks at Stripe’s Metronome acquisition and why usage measurement and billing are becoming part of product strategy, not just back-office administration.

For investors, the key is not whether a company calls its revenue recurring. It is what drives customer spending, how costs change with activity, and whether the business can keep enough of the value it creates. Owen closes with a practical lens for judging the pricing power and competitive edge of AI-era businesses.

Episode resources

– Speak with the Rask Advice team

– Ask a question (select the Investors podcast)

Show partner resources

– ETF investor? Go beyond ordinary with Global X: View all funds

– Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit

– Whatever comes next for your business, power it with Stripe

Rask resources

– All services

– Financial Planning

– Invest with us

– Access Show Notes

– Ask a question

– We love feedback!

Follow us on social media

– Instagram: @rask.invest

– TikTok: @rask.invest

Disclaimer

This episode is sponsored by Stripe.

The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs.

Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision.

Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk.

The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907.
Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode is a special recording, taken live from Her Wealth Her Way II in Sydney, and features Scott Phillips, CIO of The Motley Fool, and Jess Leung, Portfolio Manager at Global X, alongside Owen Rask.

Questions are thrown live from the room, and include:

1. The trio's best and worst (dumbest) investments.

2. How to get started with investing

3. Scott's Firmus update

4. The most expensive emotion in investing

And a few laughs!

Thanks for listening.

Warning: this podcast contains general financial advice only. It is not specific to you as it does not take into account your needs, goals or objectives. So please do not act on the information until you have spoken to your financial planner. Read the PDS and TMD of any financial product before investing. www.rask.au/fsg is where you'll find The Rask Group Pty Ltd's Financial Services Guide (FSG).
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Rewind episode: Sometimes the most useful investing lesson is not another spreadsheet. In this Australian Investors Podcast replay, Owen Rask revisits his conversation with money coach Karen Eley about financial IQ—what you know about money—and financial EQ—how you think, feel and behave when decisions get uncomfortable. The original conversation first appeared on 24 November 2025.

Karen explains why understanding diversification, risk and superannuation matters, but knowledge alone does not stop fear, avoidance or an old money story from driving a decision. Together, she and Owen explore how emotional habits can shape spending, investing and even the way couples talk about finances. They ask what financial wellbeing looks like when your bank balance seems sound but you still do not feel secure.

You will hear practical starting points: define success on your own terms, identify the values behind your goals, try a money-personality exercise, and notice the emotions that surface around a big purchase or a falling portfolio. Karen also shares ways to build financial literacy in small steps and have age-appropriate money conversations with children.

This Rewind is a chance to ask whether your money knowledge and your money behaviour are working together. If you missed Owen and Karen’s original conversation—or want a fresh perspective on the habits behind long-term investing—start here.

Episode resources

– Speak with the Rask Advice team

– Ask a question (select the Investors podcast)

Show partner resources

– ETF investor? Go beyond ordinary with Global X: View all funds

– Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit

– Whatever comes next for your business, power it with Stripe

Rask resources

– All services

– Financial Planning

– Invest with us

– Access Show Notes

– Ask a question

– We love feedback!

Follow us on social media

– Instagram: @rask.invest

– TikTok: @rask.invest

Disclaimer

The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs.

Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision.

Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk.

The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907.
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast conversation, Owen Rask speaks with Dean Price of Washington H. Soul Pattinson about Electro Optic Systems (ASX: EOS) and NexGen Energy (ASX: NXG).

Dean takes us inside Soul Patts’ relationship with EOS: a small initial equity stake, years spent learning the business, and a cash crunch that called for a different kind of support. They discuss why a loan facility, rather than a heavily dilutive share issue, mattered to the company and its existing shareholders—and what it reveals about investing as a long-term partner.

The conversation then turns to NexGen and uranium. Dean explains how Soul Patts developed conviction in energy over time, why nuclear fuel supply became central to its thesis, and how growing electricity demand from data centres has changed the discussion. Owen asks how conviction translates into position sizing when an opportunity is compelling but still carries development risk.

Across both stories, the bigger question is how patient capital works in practice. How do you distinguish a temporary financing problem from a broken investment case? When should you use debt, equity or both? And what can an investor with a long horizon see that a short-term trader might miss?

Listen for a rare look at the research, financing decisions and portfolio thinking behind two contrasting long-term investments.

Episode resources

– Speak with the Rask Advice team

– Ask a question (select the Investors podcast)

Show partner resources

– ETF investor? Go beyond ordinary with Global X: View all funds

– Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit

– Whatever comes next for your business, power it with Stripe

Rask resources

– All services

– Financial Planning

– Invest with us

– Access Show Notes

– Ask a question

– We love feedback!

Follow us on social media

– Instagram: @rask.invest

– TikTok: @rask.invest

Disclaimer

The information in this episode is provided by The Rask Group Pty Ltd and contains general financial product advice only. It does not take into account your objectives, financial situation or needs.

Before acting, consider whether the information is appropriate for you and consider seeking personal advice from a licensed financial adviser. You can read our Financial Services Guide at www.rask.com.au/fsg. If a financial product is mentioned, consider the relevant PDS and TMD, where applicable, before making any financial decision.

Past performance is not a reliable indicator of future performance. Returns are not guaranteed and capital may be at risk.

The Rask Group Pty Ltd is a Corporate Authorised Representative No. 1280930 of Rask Licensing Pty Ltd, AFSL 563 907.
Learn more about your ad choices. Visit megaphone.fm/adchoices