Australian Investors Podcast

Is the US economy a mess? With markets feeling noisy and uncertain, this conversation with Nehemiah Richardson offers a perspective on where the real risks sit — and where they don’t.

In the face of unprecedented social and geo-political unrest, just how unstable is the US economy? Are the AI megacaps papering over the cracks of a weakening middle class?

Today’s episode is with Nehemiah Richardson, CEO of Private Credit at Pengana. We discuss the political climate and assess the real outcomes of Trump’s administration.

Additionally, we ask how a professional private credit investor selects a fund manager. Below you will find links to the reports and investments mentioned in the show as well as the timestamps for the key points discussed:

Links referred to in the show:
- ASIC report into private credit
- TermPlus
- Pengana Global Private Credit Trust (ASX: PCX)
- Pengana Diversified Private Credit Fund (please note this fund is for only available to wholesale investors)

Talking points:
- How healthy is the US consumer right now?
- What can we expect to see from the Trump administration heading into the mid-terms?
- What impact have the tariffs had on businesses in the US?
- Why the current environment is making portfolio construction tricky
- What is the difference between investment grade and non investment grade credit?
- What role does fixed income play in a portfolio?
- How does a professional investor choose what to invest in within private credit?
- What questions does a professional private credit investor ask his fund managers?
- Has the two speed economy in the US changed where professionals are allocating capital to in private credit?
- A checklist for selecting private credit managers here in Australia.
- What is the impact on private credit portfolios if the RBA increases interest rates
- What is the difference between TermPlus, PCX the listed investment trust and Pengana’s private credit fund?
- Why every leader should read Mindset by Carol Dweck

Show partner resources
Visit TermPlus to learn more https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=investors&utm_term=general&utm_content=video

Rask Resources
All services: https://bit.ly/R-services
Financial Planning: https://bit.ly/R-plan
Invest with us: https://bit.ly/R-invest
Access Show Notes: https://bit.ly/R-notes
Ask a question: https://bit.ly/R-quest
We love feedback! https://raskau.typeform.com/to/ZbfHy6IP

Follow us on social media:
Instagram: https://www.instagram.com/rask.invest
TikTok: https://www.tiktok.com/@rask.invest

DISCLAIMER:
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
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In this Australian Investors Podcast episode, your host Owen Rask wraps up the Investment Foundations Series with:


The key takeaways from all 9 episodes in the series


How to apply index investing, asset allocation and automation


Why a simple, low-cost and diversified strategy often wins


How to keep going when markets get tough or noisy

If you want to level up your investment knowledge and take control of your money, make sure to subscribe to the Australian Investors Podcast on Apple, Spotify, or YouTube and revisit all 10 episodes of this series.

Follow us on Instagram and TikTok for more investing insights.

Topics Covered


Index funds, ETFs and the case for passive investing


Portfolio design and rebalancing


Keeping fees low and discipline high


Sticking to the plan when times get tough

Rask Courses


Value Investor Program – Owen's free online training


Rask Core membership – Rask's expert portfolios & stock research, $1 for 30 days!


Rask Invest – Invest directly with Owen

Go deeper and explore more episodes

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. You should consider if the information is appropriate for your situation before acting on it.If you’re unsure, consult a licensed financial planner. The Rask Group is NOT a qualified tax accountant, financial adviser, or tax professional. You can access The Rask Group’s Financial Services Guide (FSG) here: https://www.rask.com.au/fsg.

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast episode, your host Owen Rask continues the Investment Foundations Series with:

- timeless investing principles from Warren Buffett and other legends

- how to think about moats, margins of safety and compounding

- why mindset, patience and simplicity matter more than genius

- lessons from history’s best (and most underrated) investors

If you want to level up your investment knowledge and take control of your money, make sure to subscribe to the Australian Investors Podcast on Apple, Spotify, or YouTube and follow along with this 10-part series.

Follow us on Instagram and TikTok for more investing insights.

- Economic moats and business quality

- Margin of safety and long-term thinking

- The power of compounding and focus

- What separates great investors from average ones

Rask Courses:

- Value Investor Program – Owen's free online training

- Rask Core membership – Rask's expert portfolios & stock research, $1 for 30 days!

- Rask Invest – Invest directly with Owen

- ⁠Buy Gemma’s book “The Money Reset”⁠

- ⁠Ask a question (select the Finance podcast)⁠

Go deeper and explore more episodes - Browse the full series

Show partner resources

Join Pearler using code “RASK” for $15 of Pearler Credit

Get 50% off your first two months using PocketSmith

View Betashares range of funds

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 podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast episode, your host Owen Rask continues the Investment Foundations Series with:


What managed funds actually are and how they work


When active management is worth the cost


How to compare fund managers and watch for red flags


Key tools like active share, fund style, fees and liquidity

If you want to level up your investment knowledge and take control of your money, make sure to subscribe to the Australian Investors Podcast on Apple, Spotify, or YouTube and follow along with this 10-part series.

Follow us on Instagram and TikTok for more investing insights.


What are managed funds and why do they exist?


The difference between active and passive investing


Fund fees, styles, liquidity and performance metrics


How to assess a fund manager and avoid closet indexers

Rask Courses:


Value Investor Program – Owen's free online traininghttps://education.rask.com.au/courses/value-investor-program-course-with-equity-mates/


Rask Core membership – Rask's expert portfolios & stock research, $1 for 30 days!https://www.rask.com.au/landing/etfs-checkout/?level=5&discount_code=INV


Rask Invest – Invest directly with Owenhttps://www.rask.com.au/rask-invest

Go deeper and explore more episodesBrowse the full series at https://www.raskmedia.com.au/podcasts/australian-investors-podcast/

Topics CoveredResources for This EpisodeDISCLAIMERThis podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. You should consider if the information is appropriate for your situation before acting on it.If you’re unsure, consult a licensed financial planner. The Rask Group is NOT a qualified tax accountant, financial adviser, or tax professional. You can access The Rask Group’s Financial Services Guide (FSG) here: https://www.rask.com.au/fsg.
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Australian Investors Podcast episode, your host Owen Rask continues the Investment Foundations Series with:

- the key economic indicators all investors should know

- how inflation, interest rates and GDP growth affect markets

- why the business cycle and unemployment data matter

- using economic data without falling into macro guessing

If you want to level up your investment knowledge and take control of your money, make sure to subscribe to the Australian Investors Podcast on Apple, Spotify, or YouTube and follow along with this 10-part series.

Follow us on Instagram and TikTok for more investing insights.

Topics Covered

- Inflation, interest rates and monetary policy

- Unemployment, GDP and fiscal policy

- Yield curves and recession signals

- How to think about economic data like an investor

Resources for This Episode

Rask Courses:

⁠Value Investor Program⁠ – Owen's free online training

⁠Rask Core membership⁠ – Rask's expert portfolios & stock research, $1 for 30 days!

⁠Rask Invest ⁠– Invest directly with Owen

Go deeper and explore more episodes ⁠Browse the full series⁠

⁠Ask a question (select the Investors podcast)⁠

⁠Visit TermPlus to learn more⁠

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 podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): ⁠https://www.rask.com.au/fsg
Learn more about your ad choices. Visit megaphone.fm/adchoices