Rob Pizzichetta, Founder of Mont Wealth, interviews David Pace, founder of Greencape (2006) and the first Melbourne inductee into the Funds Management Hall of Fame, about his career from KPMG to Merrill/BlackRock and the frustrations with bureaucracy that led him to build a boutique focused on investing, alignment, and culture, including outsourcing operations to Challenger and transparent profit sharing. Pace argues passive growth and benchmarking incentives (including APRA’s underperformance rule) drive risk aversion and large opportunity costs, making this a compelling time for quality active managers who can exploit widening gaps between price and fundamental value. He outlines what to look for in active managers (investment in research travel, performance fees, succession, and conviction), discusses the importance of strong investor relations, and reflects on Australia’s outlook and AI’s labor implications. He also shares his post-retirement activities in music, volunteering, and mentoring.

00:00 Hall of Fame Intro

01:22 Career Origins and KPMG

02:53 Why Greencape Started

04:39 Building Culture and Structure

08:10 Active Versus Passive Shift

12:38 Time Horizon and Performance Pressure

13:52 APRA Rules and Incentives

17:00 What Makes Great Active

19:47 Fees Inhouse and Marketing

22:03 Core Satellite Portfolios

23:02 Conviction Through Drawdowns

24:00 Investor Relations Matters

27:49 Shareholder Advocacy Role

29:15 Passive Versus Active Debate

30:31 Super Funds And MER Trap

33:33 Australia Outlook And AI

36:27 Passive Capital Misallocation

38:09 Bubbles And Valuation Hype

40:42 Life After Retirement

42:43 Final Thanks And Wrap

Paul Keating had the recession we had to have. Now, forty years later, are Australian homeowners staring down the housing correction we had to have?

In this episode of Pizz-Spective, we pull apart the data, the history and the economics behind Australia's cooling property market and ask whether what's coming is a manageable blip or something more consequential.

We start with Cotality's Chart of the Month, which maps every capital city housing downturn over the past four decades. Ten corrections. Ten different stories. And some striking patterns about what causes them, how deep they go, and how fast they recover.

Then we turn to RBA Assistant Governor Sarah Hunter, who this week put the housing market squarely in the central bank's sights, warning that three interest rate hikes in 2026, combined with the Albanese government's landmark negative gearing and capital gains tax changes, could compound in ways the property market hasn't seen before. With states potentially facing a $9 billion stamp duty shortfall, the ripple effects go well beyond Sydney auction clearance rates.

Finally, we dig into one of the most important and most under appreciated pieces of RBA research in recent years. When house prices fall, what actually happens to the economy? How does housing wealth compare to share market wealth in driving what Australians spend? And with 55.8 cents of every dollar of household wealth sitting in residential real estate, just how exposed is the Australian consumer to what happens next in the property market?

The answers, drawn from decades of data, might surprise you.

This episode draws on Cotality's May 2026 Monthly Housing Chart Pack, RBA research bulletin "Wealth and Consumption" by May, Nodari and Rees, and reporting on RBA Assistant Governor Sarah Hunter's comments at the Bloomberg investor forum, Sydney, May 2026.

Pizz-Spective is an independent economics and property commentary podcast. Nothing in this episode constitutes financial advice.

Bull markets don't climb in a straight line. They climb by grinding through fear and right now, there is plenty of it.

Middle East conflict. Energy price shocks. AI over-investment. A jobs apocalypse. Stretched valuations. A Federal budget that just rattled the banking sector. The wall of worry is high, and getting higher.

But here's what history tells us: the higher the wall, the greater the opportunity on the other side.

In this episode, we work through the wall brick by brick separating the genuine risks from the noise, and explaining how Mont Wealth portfolios are positioned to navigate both sides of this complex market environment.

We look at why global earnings continue to do the heavy lifting, what a weaker US dollar means for your international exposure, and why the AI opportunity is far broader and more durable than most investors currently appreciate.

We also tackle what happened in the Australian market this week head on. CBA's 10% single-day fall wasn't just a bad result it was a signal. A signal about bank valuations, slowing credit growth, and the structural risk quietly accumulating inside Australia's most widely held passive investment products. If your portfolio looks anything like the ASX index, this conversation matters.

And we close with the question that sits behind all of it not just what to own, but how to own it. Because in an environment of genuine dispersion and shifting policy, getting the structure right can be just as powerful as getting the asset allocation right.

This episode covers: Wall of worry · Recession dashboard · US stimulus · AI cycle · USD weakness · Global equities · Geographic rebalancing · CBA result · Budget impact · Passive fund concentration · Active management · Superannuation strategy

For general information only. Not financial advice. Speak to your Mont Wealth adviser before making investment decisions.