Thu, Jan 19, 2023 5:47PM • 1:07:25

Cameron  00:06

Welcome back to QAV everybody. This is QAV 603. We’re recording Tuesday the 17th of January. How are you, TK?

Tony  00:18

Very well. You stuffed up my intro — I was gonna say “hello motherfuckers!”

Cameron  00:26

We try and keep this show clean, Tony, we’ve got a clean rating on the network. So, yeah. Mother, mother, mother flippers, try that.

Tony  00:36

I was referencing Derry Girls that we were talking about before.

Cameron  00:39

I know, it’s a great show. Well, it’s been a good week in the markets, Tony.

Cameron  00:45

The market was on a bit of Viagra last week. It was going up every day. It dipped a little bit this morning, but then last I looked it sort of had recovered from that. I’m not sure if it’s recovered all the way, but… No, it’s still down, I think, still down today by 0.21%. Not too bad. But one of the good things about that is, well, not good, one of the bad things is the STW — our benchmark — has shot up in the last week and it’s making us look bad still. It’s doing really well. But anyway…

Tony  00:45

It has.

Tony  01:17

In the short term.

Cameron  01:19

In the short term.

Tony  01:20

It’s just taken a slight lead; we’re still coming around the turn. Got plenty of time to catch up.

Cameron  01:27

More than a slight lead for this financial year, it’s got a huge lead. But yeah, we’ll catch up. Before we get into the portfolio updates, let’s talk about commodity updates, because I had some issues with that this morning. Somebody, one of our astute listeners, pointed out to me that I had coking coal down as a Josephine, but that it might actually be a buy. I shot you some emails, I think the chart I’ve been using was out of date. It was a September ’22 chart that I had forgotten was not staying current. I’m using Bar Charts there. When I looked at the January ’23 coking coal chart, it actually looks like it’s a by again. You’re using a different chart, I think, you were using Trading?

Tony  02:18

Yeah, I’m using the one that’s in the scorecard, which is Trading Economics.

Cameron  02:23

Not in my copy of the scorecard.

Tony  02:26

Oh, hang on, sorry, let me just open up the scorecard. I’m using Bar Chart as well. I’m just clicking on the link that’s in the scorecard.

Cameron  02:37

Okay. So, when you click on that, if you look at the title it says September ’22 and that’s where the price finishes.

Tony  02:43


Cameron  02:44

But it’s now January ’23.

Tony  02:47

Ah, okay. Sorry. Gotcha. Sorry, just for clarity, I was thinking of the normal coal chart, the thermal coal chart.

Cameron  02:53

Year, right. So, if you look at the coking culture in Bar Chart for January ’23, its code is U7F23. Definitely looks like it’s above the second buy line, and it’s picked up in the last couple of months, actually. November ’22 it was down at 273, now it’s trading at around about $309. This is the Australian coking coal price. So, I think coking coal is actually a buy.

Tony  03:19

Yeah, I think you’re right.

Cameron  03:21

So, thank you to whoever pointed that out. Good work. Thank you for checking our work, as always.

Tony  03:29

So, that means we’re going to have to update this each month with a different link, aren’t we?

Cameron  03:33

Yes. And I’ve actually made a note of that now beside the chart in my thing, so I remember to do it. Most of our charts update, you don’t have to pull up a new one all the time, but this one, unfortunately, you have to do that. So, coking coal, I can’t exactly remember the coking coal companies, but I think…

Tony  03:53

Stanmore and Coronado from memory.

Cameron  03:56

Good ol’ SMR: the one that I bought when I shouldn’t have bought it but has done very well anyway despite the fact that it was a Josephine at the time. So, anyway, that’s that. A few other changes on the commodity list this week; I think copper was a buy again, isn’t that exciting? So, is that C6C? Is that our big copper stock?

Tony  04:18

C6C, it is, and Sandfire from memory, too.

Cameron  04:21

I’ve got my little list of comm stocks here. Let’s see who else. 29 Metals, I don’t think that ever comes up on our buy list. Eris Resources, Aurelia Metals are in copper. C6C is the big one. What else looks familiar down here? Helix Resources: I think they’ve been on the buy list before. Oz Minerals. Apparently Zimplats has some exposure to copper according to this list. We really don’t treat them as a copper company.

Tony  04:53

No, it wouldn’t be.

Cameron  04:55

Anyway. So, there you go, that’s exciting. What else do we have in the comm stats changes this week? Platinum’s a Josephine, aluminium is a buy, and zinc is a buy.

Tony  05:04

Oh, well zinc I think was also South 32. It’s one of their big metals, so that’s good for them.

Cameron  05:11

Right. Let’s see, what have I got in terms of zinc? What looks familiar here? Aurelia Metals.

Tony  05:21

Again, I think it really is more gold than zinc, I would have thought.

Cameron  05:24

Right, okay. Helix comes up in this list as well.

Tony  05:25

Aurelia could be gold/copper from memory.

Cameron  05:26

Okay. Metals Australia, MLS, has some exposure to zinc, maybe. Oz Minerals again, obviously Rio Tinto. Yeah, S32, Sandfire resources has some zinc exposure, apparently. Superior Lake Resources, which I thought was SLR. It says it’s SUP here, so I don’t know about that. Maybe SLR is something else. Anyway, that’s the only ones that really jumped out at me as something we’ve seen before. And what else did I say? Aluminium?

Tony  06:01

Mh-hmm. CAA.

Cameron  06:03

Yeah, Capral, CAA, and South 32 have some aluminium exposure — 50% I’ve got noted here. I’ve got it down as 50% aluminium.

Tony  06:13

Yeah, from memory it’s got both bauxite and what they call alumina, which we call aluminium. So, that should be good for them.

Cameron  06:21

So, if anyone’s looking at any of those stocks, you can check those out. Portfolio updates. Well, I did my weekly report this morning. The dummy portfolio since inception, which for new listeners is the second of September 2019, is up about 17.5% per annum CAGR versus STW, the benchmark, which is up about 7.8% per annum over that period. So, we’re doing two- and a-bit times still.

Tony  06:49

Sorry to interrupt, but that’s why I don’t get fussed about underperforming the STW for the financial year.

Cameron  06:54

I know. It’s fine. We’re all cool.

Tony  06:58

But for new listeners.

Cameron  07:00

Yes. People do ask me to report on the financial year numbers, though, so they can see how they compare and how their portfolio compares to how we’re doing. We’re up about 8% for the financial year versus the STW, which is up about 20%. So, it’s having a corker year. Of course, it usually won’t always stay that way, but that’s how it’s doing right now. Last thirty days SMR is up 30%, CVL is up nearly 17%, LAU is up 14.5%, BFG’s up 10.5%, NCK is up 10%, and then there’s a bunch of others. So, good month for SMR, up 30%.

Cameron  07:01

Well, and that makes sense if, as you pointed out, coking coals just become a buy again.

Cameron  07:18

Yeah, thank you SMR. The Light portfolios, well, I think last week when I mentioned the light portfolios, we were almost double the STW. Well, the STW caught up this.

Tony  07:56

Oh really?

Cameron  07:57

Yeah, it’s ahead of us now in terms of Light as a group, the STW had a blitzer week. So, it trumped us again, not by much, but it’s ahead of us again. What else have I got in my things to talk about? Collins Street, our friends at Collins Street value fund down in Melbourne. We’ve had them on the show a couple of times, I think. Michael Goldberg runs Collins Street Value Fund. Lovely guy, pretty much a value investor with his own…

Cameron  08:25

… Twist of lemon on there. Like all value investors, they do it their own way. But I got their quarterly report in an email the other day, had a look. For comparison, our DP December quarter for the end of 2022 was 7.26% per annum using CAGR. They’re reporting for the December quarter 8.37%, but that’s net returns, and I assume that just means you take your starting point, you take your endpoint, and you calculate the difference. Is that what net returns means as a calculation?

Tony  08:25

Very much.

Cameron  08:26

Usually for funds managers, net returns mean they’ve taken their fees out and any costs they’ve had as well.

Cameron  08:37

Oh, right. But it doesn’t tell me how they calculate it. Is this a CAGR calculation?

Tony  09:06

It should be, but as we know, it could be weighted by time or weighted by funds invested, or whatever.

Cameron  09:20

Yeah. Well, for CAGR we’re 7.26, but when I looked at our starting balance and our ending balance, it’s up about 8% over that December quarter. Their twelve months return they’re reporting as -7.63% while ours was +1%. So, we’re doing okay compared to the Collins Street folks, but not taking anything away from them. By the way, the rest of their numbers: two years annualised 7.7%, three years annualised 15.36% — which I think, you know, three years is roughly the amount of time that the dummy portfolio’s been running. As I said before, it’s about 17%. So, a little bit better than that. Their annualised return since inception is 14.46%. They don’t really say when that was, but their five-year annualised is 14.09%. So, they do good. We do a bit better, but they do okay. That’s all my list of things to talk about, TK, what’s on your list?

Tony  10:28

Quite a few things, actually. So, we have another question I saw come in late about a CEO transition, and this always seems to be an issue for people: when do we raise a red flag when the CEO leaves? I wanted to come back to a question raised last week, I think it was last week, about Fortescue Metals Group and the fact that their CFO had just resigned unexpectedly and before their financial results come out next month. I noticed in the Financial Review that that’s not the first senior finance person to leave Fortescue. Guy Debelle, who resigned as 2IC from the RBA, went across to work for Fortescue, has only lasted a number of months and he’s left as well. So, there’s something funny going on, I think, in the finance department or Fortescue Metals Group. Could be coincidence, could be that, you know, the company’s pivoting towards all its green, new investments, and that’s not working out for some of the finance staff. I don’t know. But it’s pretty close to a red flag, I think, when you see that happening. And as I said last week, I wouldn’t sell the shares. I don’t own them, but I wouldn’t sell them straightaway, I’d watch what the market does. But, you know, I’d be getting out at the first sign of a downturn.

Cameron  11:39

Well, it has had a bit of a downturn. On the 13th of January, so late last week, it was trading at $22.93. It actually got over $23 briefly. It’s now trading at $21.91, so it’s dropped by 10% in the last few days.

Tony  12:00

Yeah, well, I mean, everyone’s situation is gonna be different tax wise, etc., but I’d be inclined to sit this one out and bench Fortescue until some more clarity or until a bit of time goes past and the new CFO comes in and everything’s hunky dory again. But yeah, it’s looking pretty strange when senior finance people leave quickly.

Cameron  12:19

So, you would sell it if you held it?

Tony  12:22

Yeah, I think so.

Tony  12:23

I’m red flagging it. And that’s just-I’m being ultra conservative. It couldn’t be all good, but it’s just… I mean, looking at it objectively, and I know they’ve come out and tried to paint a rosy picture on why people are leaving, but two senior people, one from outside in a senior role with the RBA lasted six months. And again, you know, he’s saying personal reasons for the reason why he’s leaving, the current CFO’s saying personal reasons for the reasons why he’s leaving. But it’s an inconvenient time to say the least for Fortescue, and that to me raises questions.

Cameron  12:23


Cameron  12:54

And everyone always has personal reasons.

Tony  12:56

Yeah, and I could be wrong; I’m being conservative, they could all be kosher and hunky dory and it could go on and on. And also, too, the latest downturn in the price could also be for just iron ore underlying reasons. I know that the Chinese are trying to put together a cartel across all of their buyers to get better prices out of Australian iron ore producers, so that could also be depressing the share price at the moment,

Cameron  13:19

When the New South Wales premier has to resign because of the photos of him wearing a Nazi uniform come out, no doubt it will be personal reasons as to why he has to leave. Nothing to do with the Nazi uniform.

Tony  13:31

Well, he better watch out for Al Pacino and the hunters coming after him.

Cameron  13:38

Yeah, I just wanted to know if he was at the same party that Prince Harry was at when he wore a Nazi uniform. Was it just, like, you know, privileged white men wear Nazi uniform day? I’m not privileged, so I don’t get those invites.

Tony  13:54

They claim it’s funny, and that’s the sad part, isn’t it?

Cameron  13:56

I’ve got a pretty dark twisted sense of humour, but even I can’t really find humour in that.

Tony  14:02

Well, and I also forgive twenty-one-year-olds for mucking up. I mean, that’s, you know, I wouldn’t want my twenty-one-year-old self dragged out into the press at the moment, because I would have made mistakes for sure. And everyone does. But it goes kind of one of two ways: he’s twenty-one, he’s excited about his twenty first party and he makes a mistake. Okay, that’s entirely plausible. Or given his political persuasion, he’s twenty-one and things “I’m gonna stick it up those woke bastards, I’m going to be really out there and edgy and provocative.” And he puts a Nazi uniform on.

Cameron  14:33

I don’t think “woke” was the thing when he turned twenty-one, was it?

Tony  14:39

Anti-liberalism certainly was, so, yeah, he was just trying to be provocative. And we’ll never know which one the answer is. If it’s the second one, it’s a problem, but if it’s the first one, I’d gloss over it.

Cameron  14:49

I like the fact that some senior ranking Liberal Party member down there started attacking the person that apparently was going to leak this story as a coward. It’s like, blame the leaker, not the person who did the thing that’s being leaked. Attack the leaker. I think in the Psychopath Epidemic I wrote about one of the symptoms of a psychopathic culture is when you attack the people that reveal the dirty things that are going on or the bad news. You attack the listeners — shoot the messenger? You shoot the messenger.

Tony  15:22

Play the man, not the ball, to use rugby terms, yeah.

Cameron  15:25

So, when you see them attacking those people, I’m like, okay, well, that says a lot about the culture of New South Wales Liberal Party. Well, anyway.

Tony  15:34

And it was leaked by a New South Wales Liberal member anyway.

Cameron  15:37

Supposedly. I don’t think they know who it was yet, right, but that’s the suggestion.

Tony  15:42

They haven’t named the person who was threatening to release it, but it was actually released by a cabinet minister in the Liberal Party.

Cameron  15:49

Oh, wow. So, things are afoot?

Tony  15:53

Yeah, absolutely. He’s coming into an election, there’s a bit of jockeying going on. But yeah, it’s a bad situation.

Cameron  15:59

Yeah. Moving right along.

Tony  16:01

Yeah. So, that was Fortescue Metals Group. I did the mortgage rate survey last week following on from the Reserve Bank cash rate rise, and I gave it a week or two, a) because it was Christmas, and b) because sometimes the banks don’t pass on the rate rises straightaway and the bank’s mortgage rates have risen. I get an average of 6.82, which I’m plugging into our spreadsheets now as our test to see whether the yield is above the mortgage rate. I say 6.82 without any sort of sense of confidence, because the banks deliberately make it hard to compare their rates. So, unless you submit an application and they personalise the rate for you, it’s pretty hard to compare. So, I tried to take the standard variable home loan rate with a few standard features, and use their comparison rate because they’ve got all sorts of discounts and rate changes for whether you have 80% equity or sorry, 20% equity, or 30, or 10, or whatever, and what kind of other features you want, whether you want a credit card with it, blah, blah, blah, and there’s honeymoon rates going on there, too. So, look, it could be 6.5, it could be 6.8, it’s in that sort of ballpark, so I’ve landed on 6.82 as the average.

Cameron  17:12

And for new listeners, Tony, can you just explain again why it matters, what the mortgage rate is and why we use that in the checklist?

Tony  17:20

Yeah, we do it as a test to see whether the yield on a company is strong enough to pay off our mortgage if we happen to be borrowing funds to invest.

Cameron  17:29

And why do we do that?

Tony  17:30

It’s just a positive. So, for my personal way of investing, I’ve always had a mortgage against my house which I’ve then drawn down to invest in the share market, and it’s a bonus if the company yield can pay off the mortgage for me. I mean, ideally, and we’ll talk about this when we get into questions later on, the ideal situation — which we’ve been in before — is you buy a house, you mortgage it as much as you can, you draw that money down, you put it in the share market, you target QAV companies with a strong yield, and then their dividends pay for your house mortgage, so you’ve got a free house. It’s costing you nothing to live there. Plus, you’ve also got a lot of exposure to the share market. And even if you’re just getting index-like returns, the dividends are covering the fees. It’s a free hit. So, yeah, that’s a benefit, which is why it scores an extra point on our checklist.

Cameron  18:22

Thank you. Horses, this is something close to your heart.

Tony  18:25

It is, and I’m raising it for two reasons. One, we sold a horse for a good price last week. We had a colt out of a mare we own called Furyk, and it sold for 450,000 against the reserve of 250,000. So, it was a very, very bullish horse sale at the Magic Millions, so we were happy. But I want to raise it now and put it in the category of predictions, but the last time… So, the Magic Millions set new records for the highest priced horse sales this time round. Last time it happened was January 2008, when things were bullish and there was free money floating around and people were paying up for horses, and it didn’t end well after that. So, I’m hoping history won’t repeat, but just to let people know, it’s a frothy economy out there still even though underlying it’s not great.

Cameron  19:15

Is that one of the legs of your stool that you always talk about.

Tony  19:18

It’s not, and again, like, I hate to make predictions, but it certainly caught my attention.

Cameron  19:25

So, it may indicate that there’s way too much money floating around out there, and it’s sort of peak frothiness at the moment.

Tony  19:33

Yeah, it’s going into risky assets. So, you wouldn’t say horses are anywhere near as good quality companies on the share market.

Cameron  19:41

Well, that one you just sold for twice what you wanted to get for it sounds like it was pretty good.

Tony  19:45

It was, yeah, and that’s the classic survivor bias.

Cameron  19:50

Let’s not talk about all the ones that ended up as dog food. Let’s not talk about those, but this one, yeah.

Tony  19:56

So, that’s why I raised it. Just again, for what it’s worth, I’m not gonna change what I do, but it’s another harbinger of the top of the market, I think. I wanted to just put a general call out to QAVers for feedback on what sort of fees they think they’re saving by doing it themselves. I know a lot of our listeners have come across from Super funds or have had money in manage funds or have been using people to advise them on investing, through direct accounts or whatever. We have had lots of good feedback from people saying that their returns are really good and are getting better returns than what they were getting in the past. But I’m just interested to know, have people got experience in how much they’ve been saving in fees? Is it nothing, 1%, 2%, 3%? Because there are still fees involved in doing it yourself. A lot of people will set up a Super fund, they’re paying a subscription to us and Stock Doctor, or whatever. I’d just be interested in knowing what the savings are on fees, because I think that’s not as important as the returns — because good returns trump everything — but it gets lost, I think, the fact that some people are out there paying even 4% in fees. And if you think about the classic way fund managers charge fees, is they typically have 1-2% for their admin, and they’ll charge 10% of outperformance, or even 20% of outperformance, which can add up to a high number which they then take off your return. So, I just thought it’d be good, just as a touchstone, to highlight the fact that even if you’re, you know, maybe not getting the returns you thought you would, you’re perhaps saving on the other end from fees. So, it’d be lovely if people could come in and tell us what they’re saving on fees.

Cameron  21:36

Okay, well, if anyone wants to share that, you can shoot me an email at and I’ll let Tony know.

Tony  21:44

Yeah, thanks.

Cameron  21:44

Let’s talk about Confession season.

Tony  21:46

Yeah, we’re into it. And I noticed today a number of retailers have come out with their final list of results, and their sales and results are doing roughly 20% above the consensus forecast so they felt the need to come out during confession season, which as we know is the month before reporting season. Under ASX and ASIC, I guess, rules they have to come out if they have a reason to believe that the consensus is misleading the market and update people. So, this could be a one off because retail has had a good half and may not be the future, in terms of the sales may come off again this half as interest rates have risen. And certainly, during COVID retailers did well, and when people couldn’t travel the money was going into retail. So, they may have had all their good. But anyway, we’re in confession season, be alive to the fact that people are going to come out with interesting announcements, and they may affect their shares one way or the other. People should be ready and watching their share portfolio over the next couple of weeks to see if they need to make a change.

Cameron  22:52

Apparently, George Pell kicked off confession season just before he passed last week. He confessed that he thought Pope Francis was a dipshit and running the Catholic Church in the wrong direction. And then conveniently went, well, let’s not get into where he went. Wherever it is, it wasn’t good enough, or bad enough, or enough enough, but that’s my personal opinion.

Tony  23:18

Yeah, mine too, I’ve got to say. And, you know, he’s been through the courts. He was convicted, got off, spent time in jail. So, it’s pretty hard to run a court case on very, very old evidence. But what really annoys me with Pell is the Melbourne solution.

Cameron  23:34


Tony  23:34

He was the person that, for people we don’t know, who thought it was a great idea if someone came and complained about the priests molesting their child, they’d just go lawyer up and Stonewall and try and starve the other person with fees. And it was just a terrible thing for a Christian to do, I think.

Cameron  23:50

For anybody to do.

Tony  23:52

Well, particularly for a Christian. You’re right, for anyone, but particularly for someone professing those values.

Cameron  23:57

Yeah, but like, you know, you know my take on the history of Christianity is replete with violence, oppression, racism, antisemitism. When people go, “well, that’s not very Christian.” I go “actually, that’s absolutely Christian because Christianity has been raping and pillaging its way around the world for nineteen hundred years.” Well, a bit less; since Theodosius in 390 CE. Yeah, and as I had to explain to a few people over the last few days, when the High Court reviewed the Pell decision, they didn’t declare he was innocent. They didn’t look at the evidence. All they said was, and this still blows my mind, is actually the jury shouldn’t have been able to reach a conclusion based on the evidence they were presented with. They shouldn’t have been able to reach a conclusion beyond reasonable doubt. They should have had some doubt, and therefore they nullified the jury’s finding, and he was acquitted. But that’s nowhere near the same thing as declaring he was innocent of the charges, they just put a question mark over the jury’s conclusion which in and of itself is quite extraordinary, I think. It doesn’t happen very often that, you know, but I think it has something to do with the high-profile nature of the person involved in the case and all that kind of stuff.

Tony  25:18

And potentially of the persuasion of the High Court, too, well, allegedly, I shouldn’t say that.

Cameron  25:24

I don’t know anything about the persuasion of the High Court. But yeah, it was a very extraordinary event.

Tony  25:29

It does blast a hole through the system. If you’re gonna be judged by a jury of your peers, and they’re swayed by emotional evidence as well as physical evidence, and they find you guilty, and then the high court comes along and says, “well, actually, if it had’ve been a jury of lawyers, they would’ve let you off.” It’s like, well, what do we have here? A system of review by law or review by peer?

Cameron  25:52

Any who. Let’s talk about lithium.

Tony  25:57

Another phantom living in the sky. I raised it because I spoke last week about wondering what the next thing was that was going to be replace Bitcoin or Afterpay, or, you know, tech stocks, whatever. And I thought it was lithium. And then Livewire today put out their list of the most tipped small caps for 2023. So, this is an annual thing they do, they ask readers of the Livewire email to put in their tips for both large caps and small caps. The small cap one has seven out of ten mining companies on it, and the other three are tech stocks. So, I don’t think the desire to shoot for the moon has gone away from the people who’ve replied to this. And there’s a large number of people replying and giving their tips. Whether or not they invest in those shares is another thing, but these are their tips. But a lot of the seven miners, I think most of them are involved in electrification. So, they’re either lithium or nickel, and some rare earth stocks. And it just boggles the mind, again, that a large number of people can come to the share market and treat it as a casino. As Buffett’s been saying for decades, they’re just hoping to land on a lucky number which pays them a thousand to one when, if they walk down the street, they’re gonna walk past fabulous quality businesses, hardworking businesses that have been around for a long time paying good yields and good returns and they can invest in them cheaply. And I just don’t understand why they do the former and not the latter. I still can’t understand it.

Cameron  27:30

In their defence, they probably don’t understand how to do the latter.

Tony  27:34

Yeah. They follow the stories.

Cameron  27:37

Yes. And it’s natural to want to get the highest possible return as quickly as possible for your money. But the way that you do it is just kind of boring.

Tony  27:51

It is, yeah. That’s why we have to throw out references to the Catholic Church and Christianity.

Cameron  27:58

Al Pacino, Nazis. We have to sex it up.

Tony  28:05

We don’t actually believe that stuff, people, we just throw it in to sex it up.

Cameron  28:08

Well, that’s exactly, you know, what happened with Christianity. You know, they started off going “we had this guy, and he was, you know, walking around, he was a preacher.” “Yeah, what happened?” “Well, he died.” Then they’d go “next!”  And they’d go, ” Oh, hold on. Did I mention that he could walk on water?” “Really? Tell me more.” “Oh, yes. He could walk on water, and he brought people back from the dead!” “From the dead?” “Yeah.” “Are you sure they weren’t just sleeping?”

Tony  28:39

So, the first gospel sold okay, but the fourth gospel, oof.

Cameron  28:45

Speaking of Monty Python, have you ever seen or heard of their German episodes?

Tony  28:51

You mean the joke that won the war?

Cameron  28:53

The two episodes that they did completely in German language for German audiences?

Tony  28:59


Cameron  29:00

It’s on Netflix. I stumbled across it the other day, and I was like, the hell is this? I’ve never heard of this before. And I thought it must be a joke and I started watching it. No, John Cleese, speaking fluent German. All of the sketches are in German, narrations in German, everything’s in German. And I looked it up, and apparently, they did make two episodes completely in German. It was supposed to be a series. It was commissioned by some company in Germany in the mid ’60s. Chrissy was watching it, and Chrissy speaks German, she’s like, “wow, this is like…” You’re watching John Cleese narrate the thing in his, you know, his newscaster thing in German. She said, “he’s got zero accent, that’s amazing.” And I looked it up, it was all phonetic. They had scripts in phonetics that they had memorised, then after two episodes they were like, “we can’t do this anymore. This is too hard.” It takes too much work to have to do the whole thing phonetically. So, none of them spoke German. And the funny thing is, I’ve seen clips of them doing live shows where they lapse into German and start speaking German, and yet none of them can speak German. So, I think they’re either faking the German and I couldn’t tell the difference, or they memorised these things that they did in the ’60s and they can just fall into telling jokes in German. But anyway, that’s it for something completely different. It’s worth checking out. It’s on Netflix, Monty Python, it’s Flying Circus but in German.

Cameron  30:36

Got a pulled pork for us this week, Tony?

Tony  30:38

I do. I have a pulled pork on Seven West Media, SWM.

Cameron  30:43

Oh, yeah.


Cameron  1:06:41

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