In this week’s 2 Sense episode of the Australian Investors Podcast, Owen Rask and Drew Meredith start with a bigger frustration than any single stock: Australia seems to be spending more time debating how to split the pie than how to grow it.
That sets up a wide-ranging conversation on policy, investing and business ownership. The pair unpack the budget mood music, shifting tax settings and why uncertainty can make it harder for people to take risk, build businesses and create value over the long run.
From there, they revisit CSL and the tension between quality businesses and stretched narratives, touch on fresh private credit chatter, and ask what investors should do when headlines start to outrun fundamentals.
The listener question this week is especially practical: how do you value a private business? Owen and Drew explain why there is no single correct number, when EBITDA multiples matter, why growth and repeatability change the equation, and why the value of a business to its owner can be very different from the price someone else would pay.
If you like your market commentary with a sharper edge, and you want a useful framework for thinking about policy risk, business quality and valuation, this episode is worth your time.
