QAV Investing Podcast

This week Tony's back from the horse sales and dives straight into a Pulled Pork on WEB Travel Group, the B2B hotel bed-banking business spun out of the old Webjet. We also cover negative gearing changes and how they compare to what Paul Keating tried in the late 1980s, plus a listener question on Servcorp's recent price wobble, portfolio comparison notes from listener Toby, and the usual after-hours chat covering Topgolf, Bugonia, Spider Noir, and the eternal genius of Steve Austin running in slow motion.

Portfolio updates, myth killer, buy lists, and this week's episode notes.

On this episode Cameron flies solo while Tony is down the Gold Coast doing something involving horses. He covers the market fallout from Trump's surprise bombing of Iran, explains why he's hitting pause on new buys through confession season, and does a Pulled Pork on Big River Industries (BRI), a 120-year-old timber and building materials company that is quietly turning itself around. There's also a defence of value investing as an all-weather strategy, prompted by a VanEck opinion piece in the AFR.

This week Tony runs a full Pulled Pork on TIP (TeamInvest Private Group), a Sydney-based value investing education and funds management company with a flywheel business model, private equity arms, and a QAV score of 0.2 sitting frustratingly below its sentiment sell line. We also cover the Australian budget fallout, rising US bond yields, the oil price squeeze, and what all of it means for the ASX. After hours: Project Hail Mary, Rivals season two, Carnal Knowledge, The Cannonball Run, and a spirited Eurovision debrief.

On this episode, Cam and Tony work through a busy news week — the ASX's longest losing streak since 2018, oil prices going nuts, the UAE ditching OPEC, and Greg Abel's first real run at the Berkshire AGM without Warren holding the mic. Tony does a Pulled Pork on Kaiser Reef (KAU), a small Aussie gold miner that went from explorer to profitable producer after snapping up the Henty Gold Mine in Tasmania — worth a look but it's a Josephine right now. After hours: Wuthering Heights gets a surprise thumbs up from Tony, Cam can't stop raving about the 1967 Lee Marvin noir Point Blank, and Nick Cave's first novel gets a second read.

On this episode we check in on the dummy portfolio (running at double the market over the last year), chat about the Trump assassination attempt security shambles, and Tony does a full Pulled Pork on AMA Group — Australia's largest listed smash repairer, a turnaround story that's clawing its way back to profitability after a brutal post-COVID debt hangover. We also cover the Joe Longo ASIC farewell, the SDI acquisition update, MMI's share consolidation, and Greg Abel's first Berkshire Hathaway letter.

This week we kick things off with the Iran war's knock-on effects for oil markets, the Australian economy, and why the banks are quietly raising their bad debt buffers while the stock market ignores all of it. Plus Tony does a full Pulled Pork on Cuscal (CCL), the payments infrastructure company that's been flying under the radar because of a dodgy GICS code, and we chat Duratec's massive defence contract win, the Hamish Douglass tell-all, and News Corp's dodgy share count data.

This week we dig into the chaos of Trump's Strait of Hormuz oil blockade, and why the ASX is shrugging off the end of the world. Tony does a Pulled Pork on Perth property developer Peet (PPC) — a 130-year-old land syndicator with a Goldman Sachs-driven strategic review swirling around it — and we get a Stock Doctor data alert affecting 100+ dividend-paying stocks that every QAV investor needs to know about. After hours: Rory McIlroy at Augusta, John Candy, Otis Redding, and mangrove seeds.

Everything fell off a cliff in March, and this week we spend a good chunk of the episode trying to figure out which stocks have genuinely reestablished sentiment versus which are just dead cat bounces. Plus we talk about ASIC wanting more jail time for insider trading, using Stockopedia for buyback metrics, PNR's hidden annual report, Perenti (PRN) CEO change, CGF (Challenger Financial) sell line check, and Tony does a Pulled Pork on Tower Limited (TWR). After hours: horse racing, Jeff Beck, Joni Mitchell, a Quebec duo who speak in made-up space language, and Cameron built his own AI-powered ebook reader app.

Australian consumer confidence hits a 53-year low, the US Treasury's own balance sheet revealing effective insolvency (liabilities nearly eight times assets), and the Iran war closing the Strait of Hormuz and sending aluminum prices surging 6%. A listener question from Darryl about buyback scoring. Tony delivers the episode's Pulled Pork on **Brookside Energy (BRK)**, an ASX-listed, Oklahoma-based shale oil producer drilling in the Anadarko Basin. After hours covers Tony's ChatGPT-powered horse racing scraper breakthrough, Cameron's Nick Cave obsession, Apple TV's *Friends Neighbors*, and a recommendation for Seth Rogen's time-travel comedy *Future Man*.

In episode 912 of QAV Australia (recorded 24 March 2026), Cameron and Tony open with geopolitical commentary on the Iran-US-Israel conflict and its impact on oil prices, before reassuring panicked listeners that market chaos is cyclical and the QAV rules — including the three-point trend line and Rule One sell signals — are designed exactly for moments like these. Tony delivers a deep-dive Pulled Pork on Karoon Energy (KAR), the upstream oil producer. Other stocks touched on include Viva Energy, Santos, Central Petroleum, Pepper Money (CGF's revised lowball takeover offer), Harmony (HMY hitting a Rule One sell), and the messy Humm/Credit Corp takeover situation involving the Takeovers Panel. After hours, Tony recommends juggling comedian Michael Rayner ("The Broken Juggler") and the political memoir *All's Fair*, while Cameron raves about Jackie Chan's *Police Story*, David Lynch's obscure 1993 HBO miniseries *Hotel Room*, and the 1944 film *Gaslight*.

In this episode of QAV, Cameron Reilly and Tony Kyneston navigate a world of "prolonged conflict" and "supply disruptions," examining the ripple effects of Middle East tensions on global oil, fertilizer, and food security. They dive deep into Australia's precarious fuel security, noting the country holds significantly less than the internationally mandated 90-day buffer. The investment discussion focuses on the "Pulled Pork" of the week, **BSP Financial Group (BFL)**, the largest bank in Papua New Guinea and the South Pacific, which Tony argues is unfairly valued as a high-risk "frontier" stock despite its dominant market share and high return on equity. The duo also discusses the RBA's interest rate dilemma, the "Wild West" of Gen Z using unregulated AI for financial advice, and the 2018 MIT experiment proving quantum entanglement.

In this episode of QAV, recorded on March 10, 2026, Cameron and Tony navigate a week of absolute market chaos triggered by escalating tensions in the Middle East and the resulting volatility in energy prices. The duo pays tribute to the legendary Brisbane entertainer Jamie Dunn (the man behind Agro) before diving into the "ready, fire, aim" nature of the current market, where a single Trump tweet can swing oil prices by 30% in a matter of hours. In the Club episode, Tony provides a comprehensive deep dive into Viva Energy (VEA), examining its shift from Coles Express to the "On the Run" (OTR) branding, the challenges of domestic refining, and the impact of illegal tobacco sales on convenience margins. They also touch on the "death of software" era, Cameron’s success in coding a new commodity checker using AI, and why having a mechanical investing system is the only way to stay sane when the world feels like it's in a "black and white" prize fight.

In this episode of QAV Australia, Cameron and Tony navigate the sudden market volatility triggered by the outbreak of conflict between the US, Israel, and Iran. The duo explores the "biggest threat in 50 years" to global oil supplies, specifically the disruption of the Strait of Hormuz and its inevitable impact on energy prices and shipping. Amidst the global tension, they find silver linings in a massive 45% takeover jump for dental manufacturer SDI Limited and a scheme implementation deed for Cue Energy Resources by Horizon Oil. The episode also features a deep dive into the "material uncertainty" surrounding retail company Cettire, a five-year milestone review from a dedicated member, and a "Pulled Pork" analysis of Central Petroleum (CTP).

In this episode of QAV Australia, Cameron and Tony dive into the February reporting season. They provide an update on the QAV portfolios, take a dive into Parenti (PRN) and its recent price drop, as well as a comprehensive "Pulled Pork" analysis of Challenger (CGF) amidst potential Japanese takeover interest and regulatory changes. Between technical chats about wheat commodity sell lines and the "monstrous" growth of passive investing, the hosts find time for Michael Caine impressions, and a look at the latest global geopolitical and AI-driven absurdities.

In this episode, recorded on February 17, 2026, Tony and Cameron reflect on the legacy of actor Robert Duvall before diving into a deep critique of "gas giant" stocks and the lack of visible depreciation on the income statements of US tech titans. The pair discuss the current "josephine" state of the market, where high-quality stocks are coming off their highs, leading to a barren buy list and several trendline sells including Rice Growers (SGLLV), Plenty Group (PLT), and Myer (MYR). The episode features a detailed analysis of the Aeris Resources (AIS) acquisition of Peel Mining, a deep dive into ANZ’s recent performance boost under its "ANZ 2030" strategy, and a "Pulled Pork" segment on the Global Value Fund (GVF), where Tony explores the influence of investing legends Chris Cuffe and Miles Staude.

In this episode of QAV Australia, Cameron and Tony navigate a particularly turbulent period for the ASX, noting a buy list that recently shrank to just three stocks amidst a broader market correction. The duo discusses the fallout for software companies like **Reckon (RKN)** and **Xero (XRO)** as the "AI penny drops," the impact of the RBA’s unexpected rate hike, and the dramatic 24% jump for **Pepper Money (PPM)** following a takeover bid from Challenger. The episode features a deep dive into **Atlas Pearls (ATP)**, examining the unique (and labor-intensive) world of Indonesian pearl farming, before wrapping up with a "gritty" after-hours segment covering everything from *Game of Thrones* prequels to Baz Luhrmann’s new Elvis documentary.

In this episode, Cameron and Tony navigate a complex week of market shifts, political manoeuvres, and a "Sell America" sentiment that continues to gain traction. The duo celebrates the massive success of **Duratec (DUR)**, which has tripled in value, and cover announcements from a range of buy list stocks. Tony provides a deep-dive "Pulled Pork" analysis of **CTI Logistics (CLX)**, highlighting its strong WA-based assets and unique property management strategy. The conversation also touches on the "disintermediation" of banks via Coinbase, the drama surrounding **HUMM Group’s** takeover panel objections, and a look at the potential economic impact of AI on wages.

In this episode of QAV Australia, Cameron and Tony brave the Australian heat to discuss a mix of music history and high-stakes value investing. The duo pays tribute to the late Midnight Oil drummer Rob Hirst, reflecting on his iconic sound and the band's cultural impact. Turning to the markets, they analyze the record-breaking success of hedge fund manager Chris Hohn, whose old-school value approach netted $28 billion in a single year. The episode features a deep dive into the complex takeover saga surrounding Humm Group (HUM), weighing the company's strong commercial leasing profits against its controversial buy-now-pay-later (BNPL) pivot and ongoing governance battles involving founder Andrew Abercrombie and Credit Corp. Finally, they wrap up with portfolio updates showing significant outperformance in both Australian and US dummy portfolios.

In this episode, Cameron and Tony dive into the complex geopolitical and economic landscape of early 2026, examining China’s record trade surplus and the stalling impact of US tariffs on manufacturing. They explore how the AI boom has acted as a primary driver for US growth, potentially masking the drag created by trade restrictions. Closer to home, the duo discusses Australia’s manufacturing dependencies and the rising influx of Chinese EVs and renewable energy assets. The heart of the episode features deep dives into listener-driven data, comparing the QAV process against "buy and hold" strategies, and the Club edition contains a "Pulled Pork" analysis of **Stanmore Resources (SMR)**. From managing red flags in stocks like **Fleetwood (FWD)** to the nuances of superannuation-approved ASX 300 lists, this episode balances high-level macro theory with the practical, rules-based discipline of value investing.

In this wide-ranging QAV Australia episode, Cameron and Tony move from bushfires devastating Victorian horse studs into geopolitics, central bank independence, and the increasingly overt political pressure being applied to the US Federal Reserve. From Kevin Rudd’s exit as ambassador and Trump’s campaign against Jerome Powell, the conversation pivots into market consequences, portfolio performance, and a remarkable year for QAV Light portfolios, which have dramatically outperformed the index. The second half dives deep into practical investing questions from listeners, covering portfolio construction, gearing, drawdowns, and franking credits, before closing with a detailed “pulled pork” analysis of Kip McGrath Education. Along the way, they explore competition dynamics in retail, the limits of diversification, and why growth has quietly dominated returns over the past year.

The first QAV episode of 2026 opens with a wide-ranging discussion that blends value investing discipline with geopolitics, market psychology, and one very detailed stock teardown. Cameron and Tony debate the limits of guests who can’t tolerate pushback, why value investing is the “broccoli diet” of finance, and whether optimism in global equity markets has reached dangerous levels. From US military actions in Venezuela and their implications for oil markets, to Wall Street’s unanimous bullishness for 2026, the episode circles back to a core QAV principle: prediction is fragile, process is durable. The second half dives deep into Fenix Resources, unpacking how vertical integration can create a moat in iron ore, even at the smaller end of the production scale.

The final QAV episode of 2025 is a wide-ranging year-end wrap that blends portfolio performance, market structure, and deeper system thinking. Cameron and Tony review an exceptional six-month run for QAV portfolios, with multiple stocks delivering triple-digit returns, before drilling into what actually drove those results. Tony presents a data-heavy “Pulled Pork” analysis that isolates growth over PE as a potential explanatory factor behind this year’s outperformance, raising the possibility of a future refinement to the QAV scoring system. The conversation then moves through global market performance, leadership changes at Woodside, takeover drama at HUM, crowd psychology, housing constraints, and the economics of modern media, closing with books, TV, and reflections on how fast time now seems to move.

In this Christmas edition of QAV Australia, Cameron is joined by QAV member Scott Meehan for a wide-ranging, candid conversation about what it’s really like to start investing from scratch. Scott shares his journey from complete beginner to disciplined system-based investor, explains why QAV appealed to him amid the noise and hype of financial media, and reflects on the emotional shift from constant portfolio-watching to calm, rules-driven decision-making. The episode explores patience, timing versus luck, the psychology of drawdowns, the temptation of “10-bagger” narratives, and why boring, repeatable processes tend to win over time. It’s a grounded, human look at investing as lived experience rather than theory, with insights into portfolio management, profit-taking dilemmas, and why ignoring stories and focusing on numbers is harder — and more valuable — than it sounds. 

In this episode, Cameron and Tony survey a market that’s losing some momentum in iron ore while rapidly pivoting toward copper as the next structural commodity story. They unpack Fortescue’s move into Peruvian copper, the implications of slowing Chinese infrastructure investment, and why AI data centres are turbo-charging copper demand globally. The discussion ranges from takeover battles in West African gold, Buffett succession intrigue at Berkshire Hathaway, and a sharp critique of Australia’s compensation schemes for failed investment products. The episode closes with a deep “pulled pork” analysis of Aeris Resources, exploring why copper-gold producers are back on the QAV buy list despite capital-raising risks.

This week Tony and I wander through a very QAV-ish mix of market weirdness, portfolio updates, almond conspiracies, and Bond-level misogyny. COG and ERD get the chop, AMA consolidates, several new stocks rotate in, and the dummy and Light portfolios continue to absolutely embarrass the index. Tony reveals his own monster year, we unpack strange board moves at Aeris Resources, applaud EarlyPay’s buyback, and then TK delivers a beautifully nerdy pulled pork on Select Harvest (SHV)— complete with bee-logistics, frost-blowers, and almond geopolitics. We finish with digressions into Alien Earth, baccarat, TikTok nutrition fear-mongering, and Tony’s racehorse winning at 26-to-1. A normal episode, in other words.

Tony and Cam roll into the final month of 2025 with a wide-ranging episode that swings from the ASX’s latest technology breakdown to fund-manager outperformance, commodity whiplash, and a fresh pulled-pork on Metro Mining. Along the way they dig into Tower’s results, the ongoing Eroad saga, Fleetwood’s abrupt CEO exit, Finbar’s exposure to escalating WA construction costs, and the sudden return of copper, platinum, zinc, and steel to the buy list. Tony breaks down why boehmite and bauxite are shaping up as the next big strategic commodity story with a pulled pork on MMI (Metro Mining), while Cam wraps with a reflection on longevity, friendship, and a centenarian’s hard-won life lessons.

Michael Goldberg from Collins Street Asset Management returns to the show after three years. We dive deep into how value investing has fared through the turbulence of recent years — from post-COVID struggles to the renewed upswing of 2025. Michael discusses his firm’s 14%+ annual returns, the long-term patience required for undervalued stocks, and the surprising persistence of “cheap” companies that stayed cheap for years. We explore Astron Limited (ATR) and its rare earths project in Victoria, delve into mineral sands, gold funds, and the lifecycle of commodities, and tackle the hot topic of AI’s economic impact, from efficiency gains to workforce disruption. They finish with thoughts on Seven West Media’s merger, the AI-driven hype around the Magnificent Seven in the US, and how value investors can navigate an overheated tech market without losing their cool.

In this episode, Cameron and Tony sit down with activist investor Gabriel Radzyminski, founder of Sandon Capital, to dissect the art of activist value investing in Australia. Gabriel explains how he identifies mispriced assets, why value investing isn’t dead, and how activism can unlock value when management misalignment or agency conflicts keep companies from realising their potential. The discussion zeroes in on the brewing storm around Southern Cross Media (ASX:SXL) and its proposed merger with Seven West Media (ASX:SWM) — a deal Gabriel argues is a “nil-premium reverse takeover” that disenfranchises shareholders. The conversation dives deep into governance, board behaviour, passive investing, and the moral hazards of Australia’s listing rules. Expect sharp insights on capital allocation, corporate incentives, and the eternal tension between shareholders and boards.

In this episode, Tony and Cameron sit down with John Abernethy, veteran investor and founder of Clime Investment Management, for an in-depth conversation about value investing, funds management, and the evolution of Australia’s financial industry. John shares stories from his early days at NRMA in the 1980s, the influence of Warren Buffett’s philosophy, and the creative use of convertible notes to bridge value gaps. He explains how Clime evolved into a $1.6 billion multi-asset manager, why self-funding companies like Nick Scali are rare gems, and the challenges of today’s funds management environment. The discussion also covers the rise of managed investment accounts, the importance of dividends, macroeconomic forces, and Clime’s current offerings on the ASX.

In Episode AU 827 of the QAV Investing Podcast, Cameron and Tony kick off with Trump’s latest tariff threats, predict (incorrectly) the RBA’s interest rate decision, and analyse the ASX’s reaction to overnight Wall Street moves. They discuss the impact of criminal allegations on G8 Education (GEM) staff, the 30% surge in Motorcycle Holdings (MTO), and acquisition news about Silk Logistics (SLH). Tony delivers a comprehensive pulled pork on Plenti Group (PLT), a fintech P2P lender with strong metrics and a high QAV score. The show closes with riffs on Black Sabbath, AC/DC concerts, and French philosophy, including Montaigne and The Little Prince.

Commodity and portfolio updates, AMP AGM, WHC buyback, NWH Pulled Pork, GOLD ETF, reinvesting dividends, how the AORD works, Tony’s investment spread.

The bipolar Mr Market, commodity updates, PE clarifications in Bible, Qantas upgrade, ATL owned Camplify acquires European base, Howard Marks raising money, Pulled pork on SLH, Tony’s coffee with SOL CEO, why Tony has always been invested in WAM, advice on how to find a financial adviser, what to do if you’re going away for 2 weeks.