Qav Podcast

In this episode of QAV, Cameron and Tony kick off the new financial year with tributes to Lalo Schiffrin and Bill Moyers before diving into end-of-year portfolio roundups. They compare the dummy portfolio’s 19.87% gain against the STW’s 13.61%, dissect U.S. portfolio returns versus the S&P 500, and unpack Tony’s concentrated seven-stock strategy. Listener Trent shares his 21% return confession, there's a debate on ditching the Altman Z-score in favour of the Piotroski F-score. They then explore commodity dynamics and deep-dive into GR Engineering Services (GNG) as their Pulled Pork pick, before wrapping up with culture picks—from Nick Cage flops to Nina Simone grooves. 

It’s cold, the markets are weird, and the boys are back. Cameron and Tony kick things off with oil-patch whiplash, Iran–Israel theatre, and Trump’s “Mission Accomplished 2.0” tweet-storms. Portfolio numbers, confession-season land-mines, and sudden 30 % face-plants (looking at you, **AMI**) follow. Tony spotlights surprise winners (**OML**, **SHA**, **SRG**, **GNG**) and takeover bait (**STO**, **THL**), while ASX cops an ASIC probe for dropping the tech ball. Virgin’s second-shot IPO, Karoon’s Brazilian land-grab, and a pulled-pork deep dive on **COG** round out the finance. After hours: jazz-piano Goldblum, Kelly’s Heroes, and Peter Ellyard’s octogenarian optimism. 

In this special QAV episode, Cameron and Tony are joined by Navarre Trousselot, founder and CEO of Navexa, Australia’s homegrown portfolio tracking and tax-reporting platform. The episode kicks off with a charming tale of how Navarre’s first entrepreneurial venture was Pokémon card arbitrage as a 10-year-old, laying the groundwork for his investing instincts. The trio then explores the serious end-of-financial-year business: tax-loss harvesting, the nuances of capital gains strategies, and how Navexa’s AI-powered tax tools are evolving. Navarre shares exclusive insights from aggregated Navexa user data—what the top-performing portfolios look like, what they’re holding (spoiler: lots of Bitcoin), and how often they trade. The conversation wraps with some existential musing on crypto, AI, and investor psychology.

In this episode of QAV, Cameron and Tony kick off with a discussion on the political tension in the U.S. and what Trump’s moves with the National Guard might foreshadow, then slide into serious investing updates. There’s news on Perenti (PRN), NRW (NWH), and Findi (FND), with a nod to confusing results and sovereign risks. Judo (JDO), BOQ, and QBE get coverage too, as does the SOL–Brickworks merger and what it means for index fund flows. Cameron ponders the shocking long-term flatline of Telstra (TLS), while Qantas (QAN) and Perseus (PRU) get some love for outperforming. Tony wraps up with a pulled pork on Fleetwood (FWD), highlighting modular housing, mining village profits, and capital risk. There’s also a review of the film _Ballerina_ and some off-topic Doctor Who and Shakespearean riffing.

In this week’s QAV episode, we sit down with the ever-dashing Tobias Carlisle, founder of The Acquirer’s Fund (ZIG, DEEP), author of The Acquirer’s Multiple, and deep value maverick, to dissect the state of value investing in the era of AI-driven hype. We cover the brutal cycles of deep value, AI vs. human decision-making in funds, the madness of quantum computing valuations, and how Toby’s trip to China left him unconvinced by the West’s collapse narrative. We also drill into oil, Ford ($F), and the implications of passive investing’s stranglehold on market direction. Plus, Buffett worship, civil war exit strategies, and why Americans don’t get Aussie piss-taking.

In episode 821 of the QAV Podcast, Cameron and Tony kick things off with tales of gas outages and cold showers before diving into the markets. They review the portfolio performance, explain the HLS sell-off, and unpack the latest antics of Donald Trump’s tariff diplomacy. Stocks under the spotlight include VVA (Viva Leisure) with their eyebrow-raising stake in Gorilla X Labs, NRW’s legal wrangle over the Whyalla port, and a deep-dive pulled pork on ANZ. The ANZ segment touches everything from executive turnover, the bloated One Platform app, substance abuse allegations, and the Suncorp acquisition, to Cameron’s prediction that the whole thing will be scrapped in favour of an AI-driven rebuild. Sprinkle in some talk about robot security Roombas, the legacy of Damien Broderick, Sparks’ new album, and Japanese punk, and you’ve got another vintage QAV session.

In this episode, Cameron and Tony tackle the political earthquake caused by the breakup of Australia’s Federal Coalition, dig into the implications of the RBA’s latest rate cut, and explore how the U.S. credit downgrade might ripple through markets. We hit hot topics from taxing unrealized gains to a lesson in value investing resilience through the lens of a Tobias Carlisle interview with Rich Pzena. We close with a deep pulled pork on Cettire Ltd (CTT), the controversial drop-shipping retailer that’s either misunderstood genius or speculative flameout. Plus: the ASX plays dumb, and Helen Mirren gets name-dropped twice.

In this episode of QAV Australia, Cam and Tony navigate a turbulent market buoyed by a temporary rollback in US-China tariffs and a curious rally in Bitcoin. They break down the movements in gold stocks like Perseus (PRU), Ramelius (RMS), and West African Resources (WAF), unpack ANZ’s (ANZ) CEO handover and the impact of its Suncorp acquisition, and look into Super Retail Group’s (SUL) Q3 results. The episode also features deep dives into the governance concerns at Macquarie (MQG), a bizarrely massive dividend from Healius (HLS), a skeptical look at luxury drop shipper Cettire (CTT), and a pulled pork segment on outdoor advertising player oOh!media (OML). Cam also shares a personal health win, and the duo wraps up with some recommendations, banter, and a little Van Halen nostalgia.

In this episode of QAV Club, recorded on 6 May 2025, Cameron and Tony unpack the Australian federal election result with the kind of sharp political analysis and irreverent banter you expect. They explore the collapse of support for the Liberal Party, the implications for Peter Dutton, and the broader shifts in Australian voter demographics. Then, they pivot to Warren Buffett’s final Berkshire Hathaway AGM, reflecting on his legacy, investing philosophy, and the future of the company post-Buffett. The episode also includes due diligence on NRW Holdings (NWH), QPM Energy (QPM), and a deep dive pulled pork segment on Motorcycle Holdings (MTO). Plus, there’s a listener question on Healius (HLS), and Cameron fields the perennial paradox of being a Marxist value investor. Oh, and there are motorcycles, AI, and some pointed shots at Donald Trump. Classic QAV.

This week we deep-dive into BIS (Bisalloy Steel Group), questioning whether it’s truly a steel commodity play given its rising price amid a falling steel market. Tony delivers a pulled pork on BIS, exploring their niche in quenched and tempered steel, its use in defence industries, and the company’s recent inclusion in the All Ords. W also tackle discrepancies in price-to-operating-cashflow (Pr/OpCaf) numbers between Stockopedia and manual calculations, and reflect on the sale of Stock Doctor. There’s a reader question on operating cashflow calculations and plenty of banter about sobriety, diet, and what they’ve been watching lately—from _Landman_ to _Face/Off_.

In this post-Easter episode, Cam and Tony chew through the week’s market moves, exploring why the All Ords is up despite a gloomy global outlook. They rip into Trump’s latest Fed-firing fantasies, dissect the economics of tariffs, and wonder if AI will treat us like Yellowstone squirrels. There’s a deep dive on Bank of Queensland’s latest results, plus a pulled pork on gold miner Tribune Resources (ASX: TBR). They close with some existential musings on economic stagnation, robot-run suburbs, and whether humans are about to be the squirrels of tomorrow.

In this episode, Cameron and TK dive into the tumultuous week in the markets, heavily influenced by the Trump administration's tariff announcements and subsequent pause. They discuss the impact on US Treasury bonds, China's long-term economic strategy, and the potential breakdown of global trust in the US economy. They briefly cover portfolio updates, Ray Dalio's perspective on the breakdown of the global order, and company-specific news including Accent Group (AX1), Findi (FND), Comms Group (CCG), Perenti (PRN), Telstra (TLS), and TK's new board appointment at Clime Investment Wealth (CIW). TK also provides a detailed "Pulled Pork" analysis on Cedar Woods Properties (CWP). The episode concludes with after hours.

In this episode, Cameron and TK dive into the recent market volatility, largely driven by US tariff announcements. They discuss the importance of sticking to the QAV investing framework during uncertain times, contrasting it with reactive or emotional decision-making often seen elsewhere. The conversation touches on the potential economic impacts of the tariffs, including the logic behind them, the potential for decoupling from China, the historical context of tariffs in Australia, and the possibility of it all being a "grift".

In this episode, TK shares his busy week involving golf, horse racing, and family events, including his daughter's first auction and his upcoming birthday. Cameron updates on the QAV light portfolio's performance, noting it's now beating the index since inception and for the financial year, despite selling EHL and TPG. They discuss Dollarama's acquisition of The Reject Shop (TRS) at a significant premium, speculate on the rationale, and touch on potential challenges for Dollarama in the Australian market. Concerns are raised about Stockopedia following staff departures and data discrepancies, particularly with Price to Operating Cash Flow (PropCAF) figures. The hosts delve into ASIC and the RBA scrutinizing the ASX over CHESS replacement issues and operational risks. They analyze several stocks: Accent Group (AX1) potentially seeing increased stake from Fraser's Group, New Hope Group's positive results and share buyback amidst slumping coal prices, Ramelius Resources' (RMS) controversial acquisition of Sparta

This week we're talking with Steve Mabb, Chairman of the Australian Shareholders Association, about what we can do about the many failures of ASX-listed companies to disclose their results during the most recent reporting season.

Tony and Cameron explore the market's recent volatility and recovery, examining key performances in both their Australian and US portfolios. They dive deep into the curious case of Ramelius Resources, dissecting the company's recent series of announcements that puzzled investors and raised questions around transparency and disclosure practices. Other highlights include a robust discussion on small caps versus large caps in the context of passive investing impacts, strong results from Perseus Mining and Metals X, and an analysis of Shape Australia's promising financial position and future outlook. The episode wraps up with listener questions about portfolio hedging strategies and implications of the Ramelius and Spartan Resources merger.

In this episode, we review recent half-yearly results and market volatility, discussing notable movements in the dummy portfolio compared to the benchmark, as well as significant shifts in commodities such as crude oil. We dive into reporting-season surprises from companies like Qantas, Hello World, Pepper Money, and Karoon Energy, exploring the lack of timely “confession season” disclosures and how that impacts investment decisions. The topic of whether to pause stock purchases during reporting season is debated, expressing our frustration over abrupt CFO departures and earnings “shock” announcements. We conclude with a “Pulled Pork” deep dive on mining services group Perenti (PRN), analyzing cash-flow quirks, forecast earnings, and overall QAV metrics.

In this episode, we review recent half-yearly results and market volatility, discussing notable movements in the dummy portfolio compared to the benchmark, as well as significant shifts in commodities such as crude oil. We dive into reporting-season surprises from companies like Qantas, Hello World, Pepper Money, and Karoon Energy, exploring the lack of timely “confession season” disclosures and how that impacts investment decisions. The topic of whether to pause stock purchases during reporting season is debated, expressing our frustration over abrupt CFO departures and earnings “shock” announcements. We conclude with a “Pulled Pork” deep dive on mining services group Perenti (PRN), analyzing cash-flow quirks, forecast earnings, and overall QAV metrics.

In this episode of QAV, Cameron and Tony navigate the carnage of reporting season, where many QAV stocks have taken a beating. They discuss the brutal market reactions to earnings misses, the underperformance of value stocks relative to growth, and what the latest results say about the overall market sentiment. Despite the doom and gloom, there are bright spots, including Berkshire Hathaway’s latest results and a few standout earnings reports. Tony also revisits the concept of market tops and how investors should be positioning themselves.

Half year reports are playing their usual havoc on some of our stocks, as results disappoint the market. But is the market over-reacting in some cases? Tony thinks so. We're also talking about the RBA's decision to cut interest rates and how that affects our investing decisions. Stocks covered today include FND, AMP, CVL, PPM, and Tony's deep dive is on FSF. He also answers a listener's question about borrowing to buy shares. After hours includes discussions about Babylon, the ACO, racing updates and fasting.