Over the past few episodes, we’ve galloped through our Spring Racing Carnival series - from the “stayers” built to go the distance, to the “wet-track wonders” that hold their footing when conditions turn tough. And now, as we thunder down the home straight, it’s time for the Photo Finish. In this final instalment, we’re doing things a little differently. Rather than our usual stock-by-stock format, we’ve set up a series of head-to-head matchups - five pairs of closely matched companies, each vying for line honours. Our guests will weigh in on which business they’d back, and why. It’s a chance to see how professional investors think when they’re forced to make the hard calls, where conviction meets comparison, and small details separate a winner from the pack. Joining me to make those calls are Nick Pashias from Antares Equities and Marcus Ryan from Yarra Capital Management. Please note this episode was filmed on 22 October 2025.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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