Despite strong index performance, earnings across the ASX’s largest companies have stagnated — and in some cases gone backwards. Dion explains why this disconnect matters, how passive flows and valuation expansion have distorted outcomes, and why investors can no longer rely on size, dividends or franking credits as proxies for long-term success.

Speaking with James Dunn, he makes the case for greater vigilance, higher portfolio turnover, and what he calls the need to “be disloyal” to so‑called blue chips whose best days may already be behind them. The discussion also explores why mid‑caps and globally scalable businesses may offer more resilient sources of growth in an increasingly challenged Australian economy.

Watch the full interview to hear why yesterday’s market leaders may not be tomorrow’s winners — including what advisers could be telling clients instead.