QAV S04E31 — Rule #1

This week we talk about why MML crashed after it announced its quar­ter­ly results. How Tony uses “Rule #1” to avoid los­ing mon­ey. Lots of inter­est­ing things going on with oil at the moment. How merg­ers and acqui­si­tions can be a sig­nal of late mar­ket cycle behav­iour. Why FMG’s huge div­i­dend pay­out is a sig­nal of things chang­ing with the com­pa­ny. RIO’s results in Stock Doc­tor. How Tony updates his score­card in the ear­ly stages of report­ing sea­son. His pulled pork this week is CCV. How to cal­cu­late the per­for­mance of a port­fo­lio with a lot of cap­i­tal in and out flows. And the idea of adding ROE>20% as an item to the check­list.

Tran­script avail­able here.