The AORD had a good week, but will it last? Iron ore is a buy! CCP is a buy! Boards sound alarm on a recession ‘we have to have’; More on the Betashares AAA idea; investors are getting nervous; Pulled Pork: VVA Leisure (VVA); updates on C6C; MLX; URW; CCP.



[00:00:00] Cameron: Welcome to QAV 625, TK. It’s the 20th of June, 2023. How’s the weather in Sydney, Tony?
[00:00:17] Tony: We’ve been blessed. It’s absolutely perfect. Beautiful winter weather. Sunny. We haven’t had rain in weeks, if not longer. It’s lovely. How’s Brisbane?
[00:00:27] Cameron:
Brisbane’s been cool. It’s been nice. You know, I went down to the park with Fox at about five o’clock yesterday afternoon, so we could do the ninja course as he likes to do. Time trials on the ninja course. I had to wear a tracksuit. It’s the one day of the year I actually wore a tracksuit outside ‘cause it was a bit nippy.
[00:00:46] Tony: Did you have your best Brisbane track suit on? Was it three stripes, two stripes, one stripe?
[00:00:51] Cameron: Three stripes, Adidas all the way. Three stripes. Yeah. The full Adidas, man. We’re an Adidas family. Chrissy loves nothing more than getting us all to wear Adidas. What? History, what?
[00:01:01] Tony: You know the history of Adidas, don’t you?
[00:01:02] Cameron: I have read about it, yeah.
[00:01:06] Tony: The Nazi history of Adidas.
[00:01:08] Cameron: Yeah. The Nazis made all the best stuff, man. Say what you want to say about the Nazis.
[00:01:16] Tony: They had good uniforms.
[00:01:16] Cameron: They did. Hugo Boss uniforms, you know, the architecture.
[00:01:22] Tony: True.
[00:01:23] Cameron: What I always say is, you know, say what you want about Hitler, but at least he killed Hitler. The All Ords, Tony, has had a good week.
[00:01:32] Tony: Yes. Thank goodness. Finally.
[00:01:33] Cameron: I feel like it’s messing with me a little bit, you know? I’m like, yeah,yeah,yeah . You want me to take you seriously, but I’m not taking you seriously. You’ve done this to me before, All Ords.
[00:01:47] Tony: No, this time it’s different. No, I’m good now. Yeah, well, the US market is getting excited that Jerome Powell’s gonna start to put the brakes on interest rate rises, which means it brings the interest rate cuts that much closer. So, they’re all getting excited over there. I’m not sure. I think it’ll be interesting, in terms of Australian’s point of view, I think it’s gonna be an interesting earnings season coming up. When is it now? August. So, a little over six weeks away, I guess. And just to see what kind of effect inflation’s having on our companies. And yeah, where the market goes from there, who knows? Again, people are gonna try and look through a crystal ball as to whether inflation is coming down, whether it’s been tamed, and therefore where interest rates are going up or down. And that will be the driver of the market, I guess. But you know, from our point of view, we’re just plodding along looking at individual stocks and how much cash they’re throwing off.
[00:02:39] Cameron: Yeah. All the analysis I see by the pundits and the forecasters in the Financial Review and places like that is that there’s another couple of interest rate rises coming locally from the RBA.
[00:02:50] Tony: Yep.
[00:02:50] Cameron: So, I know that the market’s gonna cry in its coffee when that happens. The girl is crying in her latte, as The Sparks said on their recent song. But anyway, it’s up. I mean, I’m happy for an up week. At least I could buy some stuff this week.
[00:03:04] Tony: Yeah.
[00:03:05] Cameron: I think I finally closed out the light portfolio that I started at the end of last year. It’s taken six months to finally get to spend all the money.
[00:03:15] Tony: Wow.
[00:03:15] Cameron: You know, after rule 1ing stuff on a weekly basis and sitting on cash for a long time. And it’s funny, we were talking last week about cash and I wanna talk a little bit more about that later on in the show, but, here we were last week trying to figure out what to do with all the cash. I’ve spent it all this week: yesterday and today I’ve spent all of the cash that I was sitting on in our portfolios because iron ore is a buy. Woo!
[00:03:43] Tony: Yay!
[00:03:43] Cameron: For how long, we don’t know.
[00:03:46] Tony: And again, it’s kind of sentiment driven. The Chinese Communist Party came out and started to talk stimulus packages again for their economy, which the iron ore pundits took as being bullish. But the CCP also came out and said, “hey, we’re a bit dependent on Australian iron ore. Let’s try and find somewhere else to buy it from.” So, maybe in the long term it’s not that great, but in the short term, everyone, yeah, went Woohoo.
[00:04:10] Cameron: Did you see the clip I posted on Facebook from the new season of Utopia talking about military expenditure?
[00:04:17] Tony: No.
[00:04:18] Cameron: It’s great. It’s Rob Sitch sitting in a room with all of these generals and guys in suits, and they’re looking at this massive Military budget increase that we need, gonna spend billions and billions of dollars. He goes, “and why, why do we need to spend all of this money all of a sudden on defence capability? “Oh, to protect ourselves against regional players.” He goes, ” which regional players are we protecting ourselves against?” And they’re like, “oh, just regional players. You know, no one specifically.” He goes, “oh, I’ll just say a word. I’ll say a country, and if you agree with it, just nod. Right?” And he says, “China,” and they nod. He says, “right. And why do we need to protect ourselves from China? What is it we’re actually protecting?” And they’re going, “oh, just general capability, you know,” blah, blah, blah. He goes, ” just nod if I say something that you agree with. Is it our trade routes?” They’re all nodding. “Yeah. We need to protect the trade routes. You’re right.” He goes, “and who is our number one trading partner in the region? Would it be China?” “Yeah.” He goes, “so we’re spending this money to protect ourselves from China interrupting our trade with China.” They’re like, “yep.” He goes, “alright, makes perfect sense now.” Anyway.
[00:05:32] Tony: Yeah, I’ve seen that one before. I must’ve seen it on the episode.
[00:05:34] Cameron: Oh, that’s not a new one? I thought that was a new one.
[00:05:37] Tony: No, it’s an old one.
[00:05:38] Cameron: Oh, okay. Iron ore is a buy. So, FEX, FMG on our buy list this week, CCP became a buy. Our old friends CCP and FMG. It’s like good old times, the good old days are back, Tony. It’s 2019 all over again.
[00:05:55] Tony: Well, it’s funny. After doing this for decades, you do get the same names cropping up on the list all the time. There’re plenty of other new ones, too. But yeah, they fall off, they come back on, they fall off, they come back on.
[00:06:08] Cameron: Fortescue Metals and the Chinese Communist Party, CCP. Credit Corp, the other CCP. Yeah, so, You know, I was able to get rid of nearly all. There were a few hundred bucks left from the portfolios, but nearly got it all. Speaking of which, I did post this on their forums, et cetera, and I spoke to you, and I spoke to Steven Mabb after last week’s show. So, we were talking about Steven Mabb’s suggestion that we take our cash and we put it into Beta shares’ AAA ETF. When I went to do that for the light portfolios last week, I suddenly realized that, you know, we’re not playing with a lot of money in those portfolios. We started with 20 grand in capital for each of them. And so, I’m sitting on 2, 3, 4 grand in cash. I was last week, anyway. And I realized that if it’s paying a 4% annual dividend less a small fee and it gets paid out monthly, and if we were really buying and selling shares, like these are dummy portfolios, but if we really were, and we had brokerage costs every time we bought and sold something, I needed to factor in the brokerage cost into what, you know, the amount of money that we’re gonna get out of this thing. And I did a spreadsheet to work it out, and worked out that, you know, let’s say you’re using SelfWealth and its $10 brokerage in and out. So, $20 every time you buy and sell one of these ETFs. And the dividend is returning — let’s say you put in $3,000. If you bought $3,000 worth of AAA, it would be returning about $2.30 a week. So, I’d need to hold it for at least nine weeks in order for the interest, the dividends, to cover, neutralize the brokerage costs, let alone profit from it. And, you know, nine weeks sounded like a long time for me to be sitting on cash. Usually, it might be a couple of weeks here or there, but you don’t really know. It could be a day. Could be six months. So, I spoke to you, I spoke to Steven Mabb, and we kind of agreed after I did the spreadsheet and worked it out; I think the minimum you would need, again, if you’re using something like SelfWealth or low-cost brokerage play, then you would need to be at least buying $30,000 for it to work out. If you’re holding it for a week, you know, any more than that, you’re in the money. But yeah, so just keep a, keep a, keep an eye on that folks. If you’re thinking about if you have to go to cash again and you’re thinking about putting it into something, just make sure you factor in your brokerage costs.
[00:08:39] Tony: Yeah. And the fact that it pays a dividend on a monthly basis, and you may not even get a dividend if you only put it in there for a couple of weeks. So, all those, all those things are part of the mix. So, yeah, it’s been interesting. It’s thanks to Steve for highlighting it to us. I guess it’s got a place and a use, especially if, like these days with interest rates being so high, it’s, I actually wonder gonna be 4% paid monthly, that will suit some people. But I did little bit of a dig around on the internet after we had that discussion. And I, I went as far as Macquarie Bank, they’re offering 5.1% now just for the depositing for, I think it was three months. So, there’s some, certainly some decent interests out there if people have some money they want to tie up for a short period of time.
[00:09:21] Cameron: Right. This gets back to the yield curve inversion.
[00:09:24] Tony: It does, yeah. The interest rates are rising, so deposits are paying more, and it’s been a deposit war going on. We’ve talked about the Mortgage War, but there’s also a deposit war, which Macquarie Bank, I think is probably winning, which is attracting customers to, to their bank away from the other ones.
[00:09:38] Cameron: I remember the great deposit war of 2023. Well, according to the Financial Review, Tony, boards around Australia think we’re about to have a recession we have to have, again.
[00:09:51] Tony: Oh, what a terrible term that is. We don’t have to have it. Did you see what I, I posted? There was a graph in, I think it was the Financial Review, might have been in one of the email services I read. But it said that, of the current inflationary amount, there’s two types of causes for that inflation. One is supply driven, one’s demand driven. We spoke about this last week, supply driven as all the things that we spoke about, which are energy prices and imported goods and things like that where the price is high. But, you know, and I think transitory. But that’s making up more than half of the current inflation, which means that demand driven inflation, which is the cash and people’s pockets, looking for a place to spend, is only up 3% of inflation. So, you know, that’s within the 2 to 3% range the RBAs charged with looking at. So, why on earth are we raising interest rates to try and kill off something which is transitory when the underlying demand inflation is, is probably transitory as well as the covid cash dries up. But yeah, it’s still within the acceptable range.
[00:10:59] Cameron: Yeah. In this article, Tony, I read in the Fin a couple of days ago, “‘boards sound alarm on a recession we have to have,’ says directors from major companies, including Telstra, NAB, and Coles, warn a recession might be inevitable, but say that avoiding government giveaways and wasteful spending and lifting productivity would lessen its severity. Leading company Chairman Graham Bradley has described the economy as poised precariously on the cliff edge of recession.” I wonder if Chat GPT wrote that for him. “Telstra Chairman, John Mullen, has rated a recession of 50/50 chance…” He’s rated it a 50/50 chance. Well, we’re either gonna have one.
[00:11:39] Tony: Yeah.
[00:11:40] Cameron: Or we won’t have one. Oh man. That’s why he gets paid the big bucks, John Mullen, Tony, not everybody can come up with that kind of reasoning.
[00:11:48] Tony: So, how come the headline isn’t “large cap CEO sits on fence? Or ” large cap chairman sits on fence.”

Cameron 12:46
This is why you got fired from being the editor of the Financial Review, Tony. It was when you make those sorts of calls that got you fired. Telstra chairman said he “takes a buck each way, really.” From my position on top of the ivory tower, I can tell you with an extreme level of confidence we’re either going to have a recession or we won’t. I mean, it’s really that simple. “Sydney hydro director Tony Sheppard warned that the resources sector won’t save us this time from another recession we may have to have.” But later on, it was quoting Boral Director Jacqueline Chow, and it also said, “Miss Chow, a director of Coles, Charter Hall, Boral and NAB.” I was like, can’t she get a real job? She’s a director of four companies. Really?

Tony 13:39
It is a real job.

Cameron 13:40
Just director of everything?

Tony 13:42

Cameron 13:43
Do you think she has separate business cards for each one of those?

Tony 13:45
She’s made it into the Directors Club.

Cameron 13:47
Ah, the Directors Club.

Tony 13:49
Yeah, that’s the one where if there’s a vacancy, they ring up and say, “this this person who’s on your board. How does she vote? With you or against you?” “Oh, always with us.” “Oh, great. You’re hired. You’re on our board, too.”

Cameron 14:01
We’re not casting any aspersions on Miss Chow, you’re speaking generally. Broadly, that’s what happens. It said she had, “shifted from a quiet confidence Australia would not experience a recession to a moderate concern that it would.”

Tony 14:16
A moderate concern. So, the headline is “director in search of a day job calls moderate concern on the economy.”

Cameron 14:30
Representative of the gig economy, Miss Chow, who has four jobs because she can’t get paid enough from one, says… Later on she says, “the federal government needed to avoid making inflation a self-reinforcing problem, including with budget measures to help support households.” So, I thought that spoke to your comments over the last few weeks about it being a self-reinforcing problem, the RBA rising interest rates.

Tony 14:56
It’s the RBA raising interest rates that I think is the flywheel that’s reinforcing it. It’s not the government helping people who are on very low incomes either get a basic wage rise or get some energy cost reduction through some handouts. I think that’s exactly what should be happening. The RBA shouldn’t be raising interest rates, I think is the problem.

Cameron 15:17
Yeah. Well, there you go, but as you said earlier, we just keep doing what we’re doing, trying to find companies that generate a lot of cash that we can buy at a discount. Another article I read in the Fin: “meet the young investors who are semi-retired at twenty-seven.” I’m not one of those, but it just has some more stats on investing in this country that I thought were interesting. We’ve seen a couple of these in the last couple of weeks. Where’s the interesting bit here? Ah, this is based on an ASX study. You know, instead of spending time replacing CHESS, they decided they’d go do a study. I wonder if they used blockchain to do this study. “The ASX study found 57% of lapsed investors pulled out due to changes in personal circumstances, and among female investors, most, 48%, said they would consider returning to investing when they had fewer financial commitments.” I find that’s the way life works. I always have fewer financial commitments.

Tony 16:25
How much did the ASX spend on that research? “I stopped investing because I can’t afford it.”

Cameron 16:30
They paid for it with Bitcoin, Tony, it’s all good. “Of the lapsed investors, 21% plan to return in the next twelve months, up from the 16% with that plan in the 2020 report. Miss Lee plans,” this is somebody they’re talking to, “Miss Lee plans to return to the share market in the next month or two. ‘I think I’ll go more towards ETFs at this point,’ she said.” I thought this was interesting because we’ve talked a lot about this over the last few months. The markets been tough. We were talking about this off air. When I looked the other day, the All Ords was down 6% over the last two years. It’s been like one step forward to step backwards. And I think all of us have felt the pain in our portfolios. I know, you have, I have, it’s been really hard. What did you call it before? The rule one death spiral. You buy something and then you have to sell it because the market goes backwards. And then it goes back up and you buy it again, and the market goes down, and you buy it and it goes down. And it’s been sort of a crazy period. But people tend, you know, I guess it’s human nature if you don’t have a system, people just tend to throw their hands up in the air and go, “oh, this is not working out. This is too hard.” And they go back in when the markets settled down. “I’ll start investing again when the markets settle down.” But as we know, you only really know that the market has settled down once you have some hindsight, right, six months later. We were joking before that the All Ords has been up this week over the last seven days, and it’s done that before and then turned around. But at some point, it will keep going up. And it won’t be until three months later, you’ll go, “oh shit, look at that. It’s going up.” I mean, you can get in then, but you’ve missed out on a lot of that early upside.

Tony 18:43
And that’s the classic retail investor mistake of selling low and buying high.

Cameron 18:49
Yeah. And you go, “oh well, you know, my portfolio is down 5% or 10% over the last two years.” But you’ll make that up and then some when the market turns around, you’ve just got to be in it when the market turns around.

Tony 19:01
Correct. You can make that all up in a month if the market turns quickly. Yeah. No, absolutely. And you won’t be able to pick it, as you say, so that’s why we always try and stay invested.

Cameron 19:12
And for people who are new listeners and haven’t heard Tony talk about his history of annual returns, I actually dug it up the other day and I posted it on the about page of our website to make it easy to find because every time people ask me for it, I can never remember where I put it. So, if you go to qavpodcast **Porky Pig sound effect**

Tony 19:40
Your Chat GPT just went haywire.

Cameron 19:46
That was from the Three Body Problem, the aliens have intercepted our communications. If you go to, you can see Tony’s returns over twenty-odd years. We’ve posted them up there. You see that there are good years, bad years, great years and terrible years. And you’ve just got to stick around for the good years.

Tony 20:13
Every year the Fin Review will do an article where they poll the top fifty economists and stock pickers as to what they think the ASX will be at the end of the year. You know, it’s a dartboard toss, it bears no relation to what happens. So, you can’t know on January 1 whether to invest or not, you’ve got to just keep investing.

Cameron 20:33
Yeah, keep following the system and you’ll get there in the end. But it’s a long race, and it’s been a particularly tough couple of years as I was saying. The markets been down for a couple of years now.

Tony 20:48
And it may get tougher if we do go into a recession, I’ll flag that quite openly now.

Cameron 20:55
All right. Well, I just wanted to touch on that. Oh, it also said, “high value investors are also apprehensive about risk. While operating with significantly larger portfolios (1.45 million compared with 45,500), the survey found Australia’s high value investors, defined as the top 10% of investors buy wealth and trading volume, are also worried about risk. More than one quarter of high value investors want guaranteed returns up from 9% in 2022.”

Tony 21:26
They’re gonna get it, because like I said, you can sniff around the ETF market at the moment and find some private ETFs and they’re going to return you high numbers. You can put your money into Macquarie Bank term deposits and get 5.1%. risk free. So, yeah, it’s out there if you want it, but that’s not how we make money.

Cameron 21:47
Yeah. It said, “while 66% of high value investors were willing to accept high or moderate variability in exchange for greater potential returns in 2020, by 2023, that had fallen to 48%.” So, from two thirds to less than half of high value investors. Now, you know, roughly 20% less are looking for security guaranteed returns rather than a little bit of risk and reward. So, that’s where we are in the market at the moment according to the ASX study. People are nervous, people are feeling like they don’t know what the future holds. But we are lucky because we do know what the future holds. Skynet. We know that the market always turns around. We just need to be in it to win it.

Tony 22:52
And it might go down further. So, who knows? When we say we know what the future holds, we know what the future holds in the next ten or twenty years if we keep investing. We don’t know what it’s gonna hold next year.

Cameron 23:03
No. But we know that if we just manage the downside, keep investing in undervalued companies, we can get them at a discount.

Tony 23:12
Well, we don’t even know what’s going to happen. I should stop myself though. We don’t even know what’s going to happen in ten or twenty years. We just know that historically, this is the best place to invest our money.

Cameron 23:22
Yeah. And we know that historically, the market goes in cycles.

Tony 23:26

Cameron 23:26
It may not always go in cycles. We can’t absolutely know that 100%. But at least for the last hundred years, that’s what’s happened. We’ve gone in cycles.

Tony 23:37
I have an article I wanted to mention before we leave the news section. I could get on a soapbox about it, but I’ll read the headline and leave it there. The headline is from the Fin Review today: “Levy slams ALP’s bizarre failure on financial advice. Labour’s bizarre failure to meaningfully reform the financial advice sector is leaving younger Australians stranded without guidance in a soaring property market and cost of living crisis, the lawyer who led a review into the system has warned. Michelle Levy said financial services minister Stephen Jones’s plan to adopt only fourteen of the reviews twenty-two recommendations would change very little about the affordability or accessibility of advice. Lack of clarity will also stymie innovation and digital advice by local outfits and stop big overseas players from investing in Australia, she said.” Yeah, I’m not a fan of this guy. And I think every government has a minister for donations. In this case, the Labour government’s big donor base is the trade unions but also the industry super funds, and the review looks like favouring cheap advice only being available through industry super funds. I’m a big fan of industry super funds. They’ve done tremendous things for workers in Australia, or anyone in Australia, and the economy. But, you know, playing politics like this, I think, is a real shame. And we’ve heard this from our own members. You know, if they want to set up an SMSF and they have to go and get a financial advisor to sign off on something that costs $4,000 for a signature, that’s a big friction in the economy which we can just do without. The Levy review would have gone a long way to stopping that. I think AI will go a long way to stopping that if it’s allowed, but it looks like that won’t happen now. So, it’s a real shame this review’s been squibbed, and I’ll leave it there.

Cameron 25:33
You don’t think AI will be allowed?

Tony 25:35
No, I think what’s going to happen is industry super funds will be the only people allowed to offer financial advice cheaply to people, to their members.

Cameron 25:43
I don’t know how they’re going to stop AI from giving people financial advice.

Tony 25:48
Yeah, well, who do you fine? When ASIC comes around and says, “hey, you’ve been recommending stocks without a licence,” what do you do?

Cameron 25:57

Tony 26:00
Sorry, does not compute.

Cameron 26:03
I’m sorry, Dave. I’m afraid I can’t do that.

Tony 26:06
Computer says no.

Cameron 26:08
Yeah. All right. Anything else or do you want to do your pulled pork?

Tony 26:12
No, that’s it, pulled pork. The pulled pork today is an interesting one, actually. I went through the list, and as I said before, there are some stocks higher on the buy list than the one I’m going to talk about, but I have talked about most of those before. So, as you were saying before, Credit Corps back on, Virgin UK, I think I saw, was back on this week, I’ve done a pulled pork on those. So, I’ve gone down the list a little way, well, not too far. And I’m going to review a company I don’t know much about. So, it’s been a good exercise for me. The company is called Viva Leisure Group. VVA is the code, and we shouldn’t confuse it with the VEA, which is the Viva Energy Group, which is the Shell network of refineries. It’s unusual to see the same trade name as this propping up a couple of times, because normally the trademark register would stamp that out. But anyway, they must have sorted something out. Viva Leisure Group is not the network of Shell service stations. It’s a fairly large network of gyms operating in Australia and New Zealand, and apparently, they even have some franchise locations in India. So, that was surprising to note. This one is a small ADT stock; they’re trading at 43,000 a day on average. Something about that, as we’ll see as I go through this analysis, suggests that might change because the share price is off about two thirds from its high a couple of years ago, and it’s just starting to turn up again now. And as you’ll see from the analysis, there are some reasons for that. So, 43,000 might be too small for some of our listeners now, but it may grow. So, watch this space, in the coming months and maybe even years. So, in terms of the business, there’s a hundred and sixty locations which Viva operates themselves, a hundred and sixty gyms, and they also have a franchise network they’re the master franchisor for, and they’re called the Plus Fitness group. There’re some a hundred and seventy-five franchise locations for them, as I said before, mainly in Australia, but also some in India. And just one thing about New Zealand and India. Expanding overseas for Australian companies has often been a graveyard, because apart from anything else, just that extra travel component for management can cause problems in terms of keeping your eye on the ball. Technology certainly moved ahead a lot since COVID. We can do Zoom meetings now with, you know, people in India running gyms, but you never know unless you fly out there and have a look whether, you know, the actual gym behind the Zoom call was actually not a mess and whether or not there’s a competitor opened up across the street, etc. So, nothing replaces the Australian management from going around and having a look at these places overseas, except the time and effort to fly to get over there. So, New Zealand’s not too bad. In terms of travel time, it’s about the same as Perth. So, it does add you know, it’s a four-hour flight, so you do lose half a day at least, if not a full day travelling to have a look at those locations. India probably could string something together from Perth and make it maybe a seven-hour flight.

Cameron 29:25
Can’t you just get your guide to get Zoom out on his phone and walk around the gym and then walk outside and show you what’s on the other side of the street, walk up and down the street with his phone?

Tony 29:34
Yeah, absolutely. And you know, the business graveyard is littered with companies that have relied on that. And then when they actually find out why they went broke, it’s because the guy showed you the side of the street he wanted you to see and not the other side of the street where, you know, a big US franchise just opened up in competition with him.

Cameron 29:54
Google Maps Street View, Tony, there’s my tip. Look around. Satellites, man.




Cameron 1:27:35
The QAV Podcast is a production of Spacecraft Publishing Proprietary Limited, authorised representative of AFSL 520442, AFS representative number 001292718. Please don’t make any investment decisions based solely on listening to this podcast. This is presented as general advice only, not personal financial advice. We don’t know your personal financial circumstances. Please see a financial planner before making any investing decisions.



In this episode, Tony provides insights into recent retail sales figures, the market’s reaction, and the concept of ‘confession season’ in the corporate world. Then he conducts a detailed ‘Pulled Pork’ segment on Stealth Group (SGI), a tool retailer, evaluating its financial health, market performance, and prospects.

In the club edition, we also discuss the reasons behind varying member performances (and our own performance), and discuss the importance of sticking to a disciplined investment model.

QAV 721 – Dr No

In 721 we discuss the pain of FND, why Aussie investors keep investing in unprofitable companies, and TK does a Pulled Pork on SRV.

In the club edition only: the myth of the ‘new normal’, why LIC AFIC is selling below its NTA, how Aussie investors can benefit from the AI boom, what we should do about copper prices being up, how to interpret the number of buys going down, how often is TK is making purchases based on factors outside the numbers, and how to interpret the resignation of the PRN CFO.


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