While rate hikes, inflation, and budget uncertainty have dampened the spirits of many equity investors, one corner of the market is quietly thriving.

In this latest episode of The Rules of Investing podcast, Joel Fleming (Portfolio Manager, Microcap Equities) sits down with James Marlay (Livewire Markets) to explain why he thinks the investment opportunity in Australian microcaps is undeniable, revealing why the most exciting opportunities often lie in the market’s least efficient spaces.