The Contrarians: The Contrarians with Adam and Adir

How Adam Runs Luxury Escapes and Builds Great Teams

The Contrarians — Fri, 23 Oct 2026 18:00:00 GMT

Adam and Will go inside the way Luxury Escapes is actually run, from the decisions Adam still personally signs off on to the systems, people and mental models behind one of Australia's biggest travel businesses.

Adam explains why CEOs should never become blockers, why he dislikes traditional strategy days, how Luxury Escapes stays entrepreneurial with hundreds of employees, what makes a great salesperson, how he thinks about culture and when it's time to move someone on.

They also unpack Luxury Escapes' competitive advantages, its approach to brand and marketing, sustainable growth over inflated valuations, and why Adam treats mistakes very differently depending on whether someone was taking initiative or simply failed to act.

CHAPTERS

01:33 - The Schwab Method: How Adam Runs Luxury Escapes
08:32 - Why Adam Still Signs Off Every Deal
15:42 - Speed, Decisions and Never Being The Blocker
28:04 - Sales, Culture and Building High-Performance Teams
39:49 - Competitive Advantage, Growth and How Adam Thinks About Mistakes

LINKS

Adam recently joined Sarah Grynberg on A Life of Greatness to discuss building Luxury Escapes, taking risks and why success is about more than money:
Listen on Apple Podcasts

Listen on Spotify

Luxury Escapes:
https://luxuryescapes.com

BlueRock:
https://www.bluerock.com.au/thecontrarians

Acquire Intelligence:
https://acquire.ai/contrarians

Braze:
https://www.braze.com/

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https://www.thecontrarianspod.com/

Anthropic’s $2tn Fever Dream, Firmus Tanks AI Globally, Maas' Week from Hell and is Software Dead?

The Contrarians — Mon, 19 Oct 2026 18:00:00 GMT

Adam and Adir unpack the latest fallout from Australia’s surcharge ban, the rise of PayID and PayTo, Victoria’s new auction rules and a software developer recreating products like Photoshop with AI.

Then they turn to the growing cracks in the AI boom: the Firmus fallout spreading through CoreWeave and other data-centre names, MAAS Group’s brutal sell-off and aggressive buybacks, and Anthropic’s extraordinary growth, and whether a potential $2 trillion valuation can possibly be justified.

01:58 - Ticket Bots and Radiohead

07:15 - Springvale, Retail and PayID

14:12 - The Surcharge Ban

29:17 - Europe’s Biggest Companies Quiz

38:09 - AI Clones Software

44:31 - Property Density and Victoria’s New Auction Rules

53:25 - Firmus, MAAS, Anthropic and The AI Bubble

We're delighted to announce the next Contrarians Live, hosted at BlueRock!

Join us on the 8th December in Melbourne CBD for the best live pod recording in Australia. Special guests to be announced. Get your tickets now at the link below:

https://events.humanitix.com/the-contrarians-live-at-bluerock

Join us on Substack for articles, news and more: The Contrarians

Soul Patts: The $18bn ASX Giant Most Australians Have Never Heard Of

The Contrarians — Fri, 16 Oct 2026 18:00:00 GMT

Adam, Adir and Scott Middleton from Terem Capital take a deep dive into Washington H. Soul Pattinson, the $18bn ASX giant hiding in plain sight.

They trace Soul Patts from its pharmacy roots through Brickworks, New Hope, NBN and TPG, unpack how permanent capital and patient dealmaking have compounded across generations, and examine the investment philosophy that has made the company one of Australia’s most enduring businesses.

Then they tackle the harder question: after more than a century of extraordinary results, is Soul Patts’ premium valuation still justified today?

00:08 - The Soul Patts Story

18:43 - How Soul Patts Compounds Wealth

30:10 - Is Soul Patts Too Expensive?

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Firmus’ IPO Fails with guest John Stensholt, MAAS Falls 40%, Swipejobs’ $2bn IPO, Melbourne Marathon Chaos

The Contrarians — Mon, 12 Oct 2026 18:00:00 GMT

Adam and Adir unpack the fallout from Melbourne Marathon weekend, the surprising decline in alcohol consumption and the latest consequences of Australia’s surcharge changes, before John Stensholt joins the show to break down the spectacular collapse of Firmus’ planned ASX float.

They dig into what went wrong with the $44 billion IPO, what it means for Oliver Curtis and MAAS Group, and where the data-centre story goes from here, before turning to Katrina Leslie’s remarkable Swipejobs story and its potential multi-billion-dollar listing.

01:34 - Melbourne Marathon Chaos

12:48 - Retail, Furniture and Property

15:40 - Is Australia Giving Up Alcohol?

19:52 - The Surcharge Ban and The ATO Backflip

25:40 - Australia’s Public Sector Productivity Problem

34:03 - John Stensholt On The Firmus IPO Collapse

59:30 - MAAS Group’s Firmus Fallout

1:05:24 - Swipejobs’ $2bn IPO Story

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Blackmagic Founder Cage Match, More Cettire Drama and is Bending Spoons the Real Deal?

The Contrarians — Fri, 09 Oct 2026 18:00:00 GMT

Adam and Adir unpack the ugly founder and shareholder battle at Blackmagic Design, what it says about minority ownership and why a strong shareholders agreement matters.

They then revisit Cettire after Dean Mintz buys another $2.7 million of shares and debate whether taking the company private could make sense, before turning to Bending Spoons’ acquisition of Miro and whether its highly leveraged “cigar butt” strategy can really create lasting value.

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Firmus IPO: Emergency Pod. What we know so far.

The Contrarians — Fri, 09 Oct 2026 00:28:00 GMT

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Jim’s Inflation Catastrophe, Credit Card Surcharge Backlash, Codan Goes Parabolic, Iran’s Negotiation Fail, Joby Takes Off and Mike’s Apology

The Contrarians — Mon, 05 Oct 2026 18:00:00 GMT

Adam and Adir unpack the fallout from Australia’s credit-card surcharge changes, why retailers and consumers may both end up worse off, and whether the policy risks adding more inflationary pressure. Mike apologises for GTAVI misinformation, discussing Codan’s extraordinary growth and valuation, and dig into Joby Aviation, autonomous aircraft and the future of flying taxis.

00:00 - Queenstown, Tourism and GTA 6

20:45 - Credit Card Surcharges and Retail

54:02 - Iran, Energy and Geopolitics

1:04:21 - Australia’s Biggest Tech Businesses

1:09:35 - Codan’s Incredible Run

1:17:43 - Joby, Flying Taxis and The Future Of Flight

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Retail Disaster, Firmus Goes to the Moon (Allegedly) and is Private Equity’s Golden Run Ending?

The Contrarians — Fri, 02 Oct 2026 19:00:00 GMT

Adam and Adir unpack the brutal sell-off across Australian retail, where names like JB Hi-Fi, Nick Scali, Temple & Webster and Myer sit in the cycle, and whether the downturn is starting to create long-term bargains. They also dig into Mass Group’s surge, Firmus’ extraordinary valuation trajectory and the risks around the data-centre boom, before turning to private equity and why the industry is suddenly struggling to find exits. 00:00 - Retail Gets Crushed 11:46 - Mass Group and Firmus 23:58 - Private Equity Runs Out Of Exits Join us on Substack for articles, news and more: ⁠https://www.thecontrarianspod.com/⁠

AI Money Furnace, Lottery Deep Dive, Fair Work Loses the Plot and AirTree Fight Goes Public

The Contrarians — Mon, 28 Sep 2026 19:00:00 GMT

Adam and Adir dig into whether businesses are actually generating enough economic value from AI to justify the enormous amount being spent on it, before unpacking a controversial Fair Work ruling involving an Uber driver. They also take a deep dive into The Lottery Corporation’s monopoly economics, digital migration and valuation, before turning to the increasingly public intrigue around AirTree, Eucalyptus and the AFR.

00:00 - Intro and The Grand Final Public Holiday

05:15 - Coles, Finish and Dishwasher Tablet Pricing

12:28 - The Cost Of Eating Around The World

20:10 - Is AI Actually Creating Economic Value?

41:33 - Uber and The Fair Work Commission

51:20 - The Lottery Corporation Deep Dive

1:20:39 - AirTree, Eucalyptus and The AFR

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Meta Comes Back, JB Hi-Fi Gets Cheap, and Hello World’s $135m Acquisition Gets Weird

The Contrarians — Fri, 25 Sep 2026 19:00:00 GMT

Adam and Adir dig into Meta’s latest AI push and the risks of handing autonomous agents access to your personal data, before turning to JB Hi-Fi’s battered share price and whether GTA 6 can really move the needle. They also unpack Hello World’s $135 million acquisition of Crown Currency Exchange, and why the size, structure and disclosure around the deal raises so many questions.

00:00 - Meta and The AI Race

18:55 - JB Hi-Fi, GTA 6 and Consumer Spending

28:54 - Hello World’s $135m Crown Currency Acquisition

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Commercial Property Cycle, Retail’s Comeback, Aged Care and Finding Value Where Nobody’s Looking: with Commercial Property Gun, Tim Slattery

The Contrarians — Wed, 23 Sep 2026 19:00:00 GMT

Tim Slattery joins Adam and Adir to unpack his journey from becoming an ASX CEO at around 30 to selling APN Property Group to Dexus for more than $300 million and starting again with ASA Real Estate Partners. They dig into commercial property cycles, industrial and office markets, why shopping centres survived the e-commerce threat, and the unloved sectors, including specialised care property, where Tim sees opportunity.

This episode was part of a paid partnership with ASA Real Estate Partners. We thank them for supporting the pod and keeping all of our content free.https://www.asarep.com/Join us on Substack for articles, news and more: https://www.thecontrarianspod.com/

Firmus Goes to the Moon, Anthropic’s Profit Problem, Founder Tax Chaos, Breakthrough Victoria Death March and Xero's Year from Hell

The Contrarians — Mon, 21 Sep 2026 19:00:00 GMT

Adam and Adir unpack Anthropic’s unusual approach to profitability, the extraordinary valuation being floated for Firmus and what could eventually unwind the economics of the AI boom. They also dig into Australia’s founder tax changes, Breakthrough Victoria and the National Reconstruction Fund, before turning to Xero’s executive pay fight, US strategy and brutal share-price decline.

00:00 - Adir's Gaming Sesh

12:31 - The US Open and The Focus of Winners

16:09 - Victoria’s Pothole Crisis

22:46 - Anthropic’s Economics and The AI Bubble

38:03 - Firmus and The $50bn Valuation

44:36 - Australia’s Founder Tax Changes

1:02:29 - Breakthrough Victoria and The National Reconstruction Fund

1:14:11 - Xero’s Pay Revolt and Strategy Problem

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Ask Us Anything: How Do We Get Real People Into Politics? + When Is It Time To Pivot? (with Chris Judd)

The Contrarians — Fri, 18 Sep 2026 19:00:00 GMT

Live from The Commons in Cremorne, Adam and Adir are joined by Chris Judd for a special Ask Us Anything episode.

This week:

How do we attract more capable people into politics?
What would actually improve productivity in Australia?
When should founders, investors and operators pivot, hold course or walk away?

Got a question you want answered? Drop it in the comments!

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HMC Capital Comeback Tour and AFG Fights Housing Slump: With Star Fund Manager Luke Larrative

The Contrarians — Wed, 16 Sep 2026 19:00:00 GMT

Luke Larrative joins Adam and Adir to unpack how Seneca approaches active investing, why its small-cap fund uses an unusually aligned fee structure, and where he still sees opportunities in an increasingly passive market.

They dig into Australian Finance Group’s mortgage and lending business, HMC Capital’s brutal repricing, HealthCo and Healthscope, DigiCo, private credit and why the market may be overlooking some very cheap assets.

00:00 - Luke Larrative and Seneca

16:05 - AFG Deep Dive

32:14 - HMC Capital Deep Dive

40:11 - HealthCo, DigiCo and Private Credit

This episode was part of a paid partnership with Seneca Financial Solutions. We thank them for supporting the pod and keeping all of our content free.

Visit https://senecafs.com.au/ to learn more.

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Live Show, Macro Investing King Chris Judd joins, Apple’s $3,500 Foldable Bet, Australia’s Housing Mess, Cogstate and the Firmus Moneyshot

The Contrarians — Mon, 14 Sep 2026 19:00:00 GMT

Adam and Adir record live from The Commons in Cremorne, covering Australia’s worsening housing and rent crisis, Apple’s rumoured folding iPhone, the company’s pricing power, and whether AI’s frontier model economics can survive customers moving to cheaper alternatives. Chris Judd then joins to talk markets, uncertainty, inflation, US debt, Cogstate, MAAS Group, Firmus, data centres, founder-led investing and why the best returns often come from backing people prepared to think differently.

00:00 - Live From The Commons

03:07 - Australia’s Housing and Rent Crisis

19:02 - Apple’s Folding iPhone

30:30 - AI Models and Data Centres

35:10 - Chris Judd Joins Pod

46:31 - Chris Judd’s Macro View5

8:18 - Cogstate

1:03:37 - MAAS Group and Firmus

1:16:02 - Founder-Led Investing

A big thank you to the team at The Commons for hosting our first live episode of the pod (or something like that). You can link to their website here: https://www.thecommons.com.au/

Link to Cerutty Macro Fund: https://ceruttymacrofund.com.au/

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Is Yo-Chi our next Decacorn, AI Comes for the Lawyers and should CEOs also take Board Seats

The Contrarians — Fri, 11 Sep 2026 19:00:00 GMT

Adam and Adir debate whether founders and senior executives should be allowed to sit on external boards while running a business, before turning to the coming pressure on big law fees as AI starts breaking the traditional leverage model. They also unpack Yo-Chi’s extraordinary rise, its reported billion-dollar-plus valuation, global expansion plans, store economics, and why timing, product and execution can turn a good retail concept into a monster business.

01:05 - The CEO Board Seat Debate

09:26 - AI Comes For Big Law

24:29 - Yo-Chi’s $2bn Valuation

29:54 - Why Yo-Chi Worked

38:55 - Yo-Chi’s Global Upside

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Expert360 Heartbreak, CTM is Back, Iran Stalemate gets less Stale and The Athlete Rich List

The Contrarians — Mon, 07 Sep 2026 19:00:00 GMT

Adam and Adir unpack Expert360’s painful sale, why founders need to think carefully about golden windows, and what CTM’s return to the ASX says about survival, short sellers and investor risk. They also dig into Iran’s blockade problem, student politics at Monash, Alastair Clarkson’s messy North Melbourne exit, and the athlete rich list quiz that turns into a bigger conversation about brand, equity and celebrity power.

00:00 - Intro
12:20 - Alistair Clarkson & North Melbourne
25:08 - Student Politics at Monash
36:17 - The Athlete Rich List Quiz
50:30 - Iran and the Straight of Hormuz
1:02:30 - Expert360
1:16:04 - CTM

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Try Braze

Retail Deep Dive: Kogan shows the money and Cettire close to the edge

The Contrarians — Fri, 04 Sep 2026 19:00:00 GMT

Australia’s retail stocks are getting smashed, but Adam and Adir think the sell-off could finally be creating opportunities in businesses like JB Hi-Fi, Kogan and Koala.

Meanwhile, Cettire has lost 95% of its value in two years and its latest results raise even more questions about how long the luxury retailer can keep going.

00:00 Australian Retail Stocks Are Getting Smashed
12:41 Kogan, Temple & Webster and Koala
16:40 Cettire’s Collapse & The Art of Contrarian Investing

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Try Braze

Canva’s Investor Dumpster Fire, Xero’s Shareholder Smackdown, CTM’s Lifesasver Deal and GTA's $3.5bn Bet

The Contrarians — Mon, 31 Aug 2026 19:00:00 GMT

Adam and Adir unpack the investor fight building around Canva, AirTree and the painful question of when early backers should finally get liquidity. They also dig into Xero’s shareholder revolt, Corporate Travel Management’s surprise rescue deal, Zoox’s lost upside, the return of hardware startups, and why Disney might be one of the rare businesses with almost every major competitive power.

00:00 - Defcon Merch and Tansu’s First Week
07:14 - Zoox
16:31 - Vanguard Smart Glasses
23:05 - Leo Esaki's Five Don'ts
27:47 - Disney's Hidden Powers
35:53 - GTA VI
43:13 - Eureka Pet Co.
48:20 - Victoria's Crime Problem
58:04 - Canva
1:13:19 - Xero's Shareholder Revolt
1:20:40 - CTM

The first 20 listeners to use code "TCfirst20" at Tanssu.com will redeem the offer mentioned in this week's episode: https://www.tanssu.com/discount/TCfirst20. Add “The Set” to your cart in any colour. Then at checkout, the code will remove the cost of the tote.

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OpenAI Burns Billions, Temple & Webster Gets Crushed

The Contrarians — Fri, 28 Aug 2026 19:00:00 GMT

Adam and Adir unpack the strange economics of AI, with OpenAI burning billions, Anthropic claiming explosive growth, and investors still trying to work out where the real profits will come from. They also dig into Temple & Webster’s brutal share price collapse, the limits of its retail model, and why even strong operators can struggle inside a brutally hard business.

00:00 - OpenAI, Anthropic and The AI Money Problem
14:39 - Temple & Webster Gets Whacked

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