QAV AU 826 — Soundtrack Legends to Stock Spreadsheets

Audio of AU Club

Cameron: [00:00:00] Wel­come to QAV au TK.

It’s, uh, ch

qua. I know.

Tony Kynas­ton: cat

Cameron: No,

Tony Kynas­ton: Why not?

Cameron: yeah, it could be Cav, eh, I dun­no. I’m going, I’m stick­ing with, yeah. Well that’s even got a u in it, does­n’t It

But they just ignore it. I’m, I’m stick­ing with QAV. This is, uh, the 1st of July. Hap­py new finan­cial year, Tony 2025.

Tony Kynas­ton: Year.

Cameron: before we get into the hap­py,

Tony Kynas­ton: finan­cial, year. We

Cameron: the only, that’s the only year you care about.

Uh, and unlike recent years, this has been a pret­ty hap­py, uh, enter the finan­cial year for us. Um. RIP, Lalo Schiffrin and Bill Moy­ers. Though before we start two absolute leg­ends and sort of heroes of mine, um, for my entire adult life, both passed away in the last few days. You’re a [00:01:00] big fan of either of those.

Tony Kynas­ton: fan of Lalo. I don’t know, bill Moy­ers. Um, yeah, I think there were so many good movies and TV shows in the sev­en­ties that Lalo did the sound­track for. Just

Cameron: Oh my God. I was going over these and it’s fun­ny because I, um, I lis­ten to him a lot. He’s in my playlist, but recent­ly re-watched Enter the Drag­on, which is one of his, the theme to enter the drag­on is absolute­ly epic. And I was talk­ing to Chris­sy like last week when we were watch­ing it about Lalo and this and that and the oth­er, and his career and with.

Dizzy Gille­spie and all that kind of stuff, and then he passed away. But yeah, enter the drag­on. He did 127 film sound­tracks, includ­ing Enter the Drag­on Mis­sion Impos­si­ble, the orig­i­nal Dirty Har­ry Cincin­nati kid. Bul­let, cool hand. Luke the Eagle has land­ed THX 1 1 3 8, and Kel­ly’s heroes among many, many, many, many oth­ers.

Tony Kynas­ton: theme song for Kel­ly’s Heroes. That was the head of MGM records, burn­ing

Cameron: Who, wrote it[00:02:00]

Real­ly?

Tony Kynas­ton: I

Cameron: Wow.

Tony Kynas­ton: togeth­er a, a choir, the, what­ev­er his name is, singers, and they, they had the hit with burn­ing bridges. It was a hit in Aus­tralia.

I think It got close to num­ber one

Cameron: Real­ly

Tony Kynas­ton: well in the us, but yeah. And just the

Cameron: well, bill.

Tony Kynas­ton: of thing of, Hey, we’re

Cameron: I.

Tony Kynas­ton: a about these guys rob­bing a bank across ene­my lines and the Ger­mans by the bridges up, comes back with a song called Burn­ing Bridges about a girl who’s a boyfriend.

It’s just like,

Cameron: Why not?

Tony Kynas­ton: yeah.

Cameron: Easy mon­ey. Um, bill Moy­ers was one of the great news­men of the US in the last 50, 60 years. He start­ed off, his first claim to fame was, he was Lyn­don Bain, John­son’s press sec­re­tary and, uh, cam­paign man­ag­er when he ran against Kennedy, but um, then became his pri­vate sec­re­tary, end­ed up. Leav­ing him, uh, they had falling out over Viet­nam, I think, among oth­er [00:03:00] things.

But then he went on and, and pro­duced a whole bunch of great doc­u­men­taries, was a news­man at PBS and CBS over the years when I first dis­cov­ered him 35 years ago when, uh, my guru Bob gave me Bill Moy­er’s six hour, uh, inter­view with Joseph Camp­bell. Um, the hero with a thou­sand faces. Yeah. The hero me if he did this long inter­view is what made Joseph Camp­bell famous before he made that Joseph Camp­bell was, you know, no one inside of small groups of aca­d­e­mics, but real­ly was­n’t famous.

And it was that, that the books came out of the, the doc­u­men­tary sat down and inter­viewed him for like six hours and put the whole thing out on PBS, I think, and that was had a big impact. On my inter­est in ancient his­to­ry and, and mythol­o­gy and phi­los­o­phy when I was 19 or 20, when Bob gave it to me.

So yeah,

Tony Kynas­ton: was that pre Star Wars or after Star Wars? with,

Cameron: it was,

Tony Kynas­ton: Joseph.

Cameron: no, it [00:04:00] was after Star Wars. It was like 88 I think, when that came out. But, but Lucas had,

Tony Kynas­ton: Hmm.

Cameron: stud­ied under Joseph Camp­bell, so, you know, he’d tak­en all of Joseph Camp­bel­l’s stuff.

Tony Kynas­ton: star Wars is the clas­sic hero with a thou­sand faces.

Cameron: Yeah.

Yeah, yeah, Well, you know, lots of clas­sics before that. But, uh, you know, Camp­bell artic­u­lat­ed the, the sto­ry arc cir­cle, I guess, for Lucas to sim­pli­fy and, and, um, make the arch, the mod­ern arche­type for it. Any­way, so there you go. Back to invest­ing port­fo­lios, Tony.

Wow. Um.

Tony Kynas­ton: con­ver­sa­tion.

Cameron: I know, but you know, this is sort of an after hours con­ver­sa­tion.

I can, I can, I’ll do it lat­er. We’ll, we’ll fin­ish it lat­er. Um, end of finan­cial year report. Uh, dum­my port­fo­lio fin­ished up near­ly 20% 19.87% for the finan­cial year ver­sus the [00:05:00] STW up 13.61% accord­ing to Navexa. Great year for the index. Uh, but, uh, dp, not quite dou­ble, but pret­ty good. My super port­fo­lio not as good.

It was up about 13.5%. My QAV light for the finan­cial year, all four port­fo­lios grouped togeth­er was up 15.17%. So, beat the index, but only by a cou­ple of points.

Inter­est­ing­ly, the,

Tony Kynas­ton: hang on, Just,

Cameron: hmm.

Tony Kynas­ton: you’re doing there to group all the like port­fo­lios togeth­er, but how many stocks is in that group port­fo­lio?

Cameron: Yeah. Whether it be 60 ish, 50 to 40 to 50 to 60. Yeah.

Tony Kynas­ton: it’s

Cameron: So I know it gets close to

Yeah.

Hug. Yeah. It’s the one of the prob­lem with the groups. Yeah. I can break ’em out, but I haven’t both­ered. I’ll do that in a minute. Um, here’s the inter­est­ing thing. The stock­o­pe­dia US port­fo­lio for our [00:06:00] finan­cial year, the last 12 months.

Was fin­ished at 28.5% up ver­sus the s and p 500, up 13.63%, exact­ly the same as the STW in Aus­tralia, 13.6%. What are the odds of that,

Tony Kynas­ton: That’s very strange.

Cameron: isn’t it?

Tony Kynas­ton: and p 500 would­n’t have div­i­dends accu­mu­lat­ed either, would it? But the STW does. I think so. They, the cap­i­tal appre­ci­a­tion will be

Cameron: That’s true. Um, accord­ing to the finan­cial review, it said the ASX uh, end­ed up 10% best year since 2021. So I guess we have to say thank you Don­ald Trump for, uh, you know, just doing such a great job of, uh, run­ning

the US econ­o­my. Why don’t you give us your results and I’ll break down the light results while you’re doing that.

Tony Kynas­ton: Yeah.

[00:07:00] so I’m using Share Site, which is a bit dif­fer­ent to Navexa, but should be the same in terms of report­ing. My per­for­mance was 17.85%, so, uh, not quite dou­ble mar­ket, but beat the index, which was love­ly.

Cameron: And you are, and you are still sit­ting on like five or six stocks.

Tony Kynas­ton: Yeah, I think I’ve got sev­en from mem­o­ry.

Cameron: Wow.

Tony Kynas­ton: con­cen­trat­ed, which is a good thing because my best per­former Par­en­ti is up 65%, includ­ing div­i­dends over that, over the course of the finan­cial year. So, uh, know, works well when you have a stock like that in a con­cen­trat­ed pfo, uh, port­fo­lio. My worst stock was MMS Mc, uh, McMil­lan. Shake­speare, which I think I sold dur­ing the, uh, any­way, I’m not sure it, it was down 15%. Um, and of the oth­er ones, I’ve got some Bank of Queens­land in there, which I’ll include even though it’s, uh, was bought because Jen­ny was a board mem­ber, which she’s. She’s resigned from. [00:08:00] Um, but it has, it’s on the buy list now and it has been on the buy list.

I’m hap­py to include it. It was up 50%, uh, QBE. The insur­ance com­pa­ny was up 31%. And PRU min­ing the gold min­er up 18.7 inter­est­ing. One was super retail group, SUL, uh, up 15%, but that includ­ed a 12% div­i­dend yield. So that’s main­ly div­i­dends. Um, which, you know, ’cause I’ve held it for a while, uh, now on a yield basis tak­ing over well and tru­ly from the cap­i­tal per­for­mance.

So yeah. So been a good year for the port­fo­lio.

Cameron: Wow. Well, con­grat­u­la­tions on that. Um, I’ve got the break­down for the indi­vid­ual light port­fo­lios and their very vary­ing 22.1. Our first port­fo­lio is up 9% for the finan­cial year, as was 22.2, up about 8.7. So [00:09:00] they under­per­formed. 22.3 was up 16.4% and 23.1, the last port­fo­lio was up 24%.

Tony Kynas­ton: Wow. What drove

Cameron: F that was, uh, PRN per, well, there’s quite a few.

Par­en­ti PTI was up 69%. SRG was up 68%. SSM was up 60%.

Tony Kynas­ton: Wow.

Cameron: KOV was up 34%. So it had a, uh, you know, a hand­ful of. Good win­ners this year. Um, but the oth­ers did not. Uh, but the dum­my port­fo­lio’s best per­former was SRG up 79%

for the year.

Uh, also P‑R-N-S-R‑V up 47 KOV. 34 CVL up 27 PPM up 23. It had a lot of real­ly good, like [00:10:00] dum­my port­fo­lios got 1, 2, 3, 4, 5, 6, 7, 8, 9 stocks that were up over 20% in the finan­cial year.

Plus anoth­er cou­ple KSC and IGL that were up 19% for the finan­cial years. So, um, yeah, just a bunch of great win­ners. Some of which I think we’ve hold for quite a long time. Uh, SRG we only bought in August last year, so Wow. All of them. You know, what a great year. It had PRN, um, yeah. Bought that in May last year.

So any­way, there you go.

Tony Kynas­ton: Very good.

Cameron: So, um, I did jump on QAV Club Face­book page ear­li­er today and ask peo­ple to share their, uh, finan­cial year per­for­mance with us and nobody did yet. So thanks for that. Um, if any­one wants to share your per­for­mance with us [00:11:00] over the course of the next week or what­ev­er, or. You can share it pri­vate­ly or pub­licly.

But yeah, let us know how you did. We wan­na know how you per­formed. Hold on. Here we go. Trent. Trent did get back to us. Good on you, Trent. Sol­id back-to-back returns with QAV hit­ting 21% this year. Once again, sur­prised at how much divs made up of return, which was boost­ed this year to year. Cap­i­tal returns and spe­cial div­i­dends.

He calls out HLS and P. PM cur­rent­ly hold 15 posi­tions ful­ly sold 11 over the peri­od. So a fair bit of turnover, but was spread across the year, not all around Trump Lib­er­a­tion Day over the finan­cial year, I’ve held 26 stocks and 15 have pos­i­tive­ly con­tributed to over­all return. Biggest rule break of year was par­tial sell­ing some win­ners, which has neg­a­tive­ly impact­ed return­ers.

Both are now high­er than when I sold. Well, con­grat­u­la­tions on, good on you for being hon­est. Con­fess­ing. It’s con­fes­sion­al. This is our, uh, QAV con­fes­sion sea­son. Uh, but uh, there [00:12:00] you go.

Tony Kynas­ton: Good. Well, thanks for shar­ing Fred, and well done. That’s great.

Cameron: Yeah. Yeah. So if any­one else wants to share your results with us, uh, we’d love to hear more.

Hope­ful­ly every­one had a good year. Uh, what else you got to talk about today? Tk?

Tony Kynas­ton: Well, uh, noth­ing in the news sec­tion, uh, but I’ve got a pulled pork on grain engi­neer­ing if you’ve got noth­ing else.

Cameron: I just wan­na talk briefly about Edia and ZED scores. Uh, for tho I know a few peo­ple are using Stock­o­pe­dia and my Wikipedia check­list, and I’ve been going back­wards and for­wards over Zed scores again. Uh. ’cause they’re kind of annoy­ing. And the, I’m doing a pulled pork on our US show today for a Kore­an steel com­pa­ny, posco.

And when I was doing a drill down on it, um, I real­ized that [00:13:00] the, it had two Z scores and stock­o­pe­dia, the a z the one I down­load is a Z two. But then when I looked on the front page of Stock­o­pe­dia, they were report­ing a Zed one, which was about half the, I think the Zed two was about 3.8. So it got over my 3.5 cut­off and got a score.

But the one on the front page of Stock­o­pe­dia for their um, pro­file had a 1.8, which was the Zed one. So I did this deep dive on Zed scores again, ’cause I’d for­got­ten my Z score. Uh, um, what­ev­er, how, what it is and how it works. And there are dif­fer­ent Zed scores for dif­fer­ent sec­tors. So, uh, I know you know this, but for those of you out there, like me who don’t know this, Alt­man devel­oped the Zed score stuff in the six­ties and he was look­ing at man­u­fac­tur­ing com­pa­nies in the US and you know, what led some of them to go bank­rupt and, and oth­ers not to, and that’s now the Z one.

But [00:14:00] non-man­u­fac­tur­ing busi­ness­es have dif­fer­ent. Ways that they use their assets and account­ing, et, et cetera. So the Z two is used for non-man­u­fac­tur­ing, non-finan­cial firms. We know finan­cial firms and Zed scores don’t real­ly work very well. So I’ve been using Zed too because a lot of the com­pa­nies that end up in our buy list aren’t man­u­fac­tur­ing in the US.

A lot of them have been finan­cial firms where we ignore it and ship­ping and you know, retail and stuff like that. But, um, the prob­lem is that. Some, like this Kore­an steel man­u­fac­tur­er should have a Z one, so I need to have Z ones and Z twos, and I’ve run out of fields that I can use. You’re only allowed to have 25 fields in a stock­o­pe­dia down­load, and I’ve used them all up.

So I got back to the point where I’m like, should I just delete the Zed score alto­geth­er and [00:15:00] not wor­ry about it? It is some­what of a. Uh, cau­tion around poten­tial bank­rupt­cy. Um, but, you know, uh, we have oth­er, we, we look at the F score, the Petro­vsky F score. Um, we look at their cash gen­er­a­tion, we look at dif­fer­ent things.

So I, I don’t know, I’m, I’m won­der­ing if I should just. Rely on the oth­er finan­cial met­rics and remove the Z score alto­geth­er because it’s get­ting very com­pli­cat­ed in the us My think in Aus­tralia, and we, you know, when I was orig­i­nal­ly build­ing the Wikipedia thing and I was com­par­ing, uh, our Stock Doc­tor check­list and the com­pa­nies on it, and then look­ing at the stock­o­pe­dia and the Zed scores.

And a lot of the com­pa­nies that ranked very well in our check­list in Aus­tralia when I used stock, uh, uh, Stock Doc­tor had bad look­ing zed scores in Wikipedia. But [00:16:00] I can’t remem­ber if I was look­ing at Zed one or Zed two and if it was Zed one and it’s based around man­u­fac­tur­ing. Most of the com­pa­nies on our check­list in Aus­tralia aren’t man­u­fac­tur­ing.

’cause we don’t have a lot of big pub­licly list­ed man­u­fac­tur­ing busi­ness or min­ing and finan­cials and tele­coms and what­ev­er the hell else it is. So the, prob­a­bly the, the Zed score does­n’t make a lot of sense with those. At least the Zed one does­n’t. Um, but, and then in the US, I mean they do have man­u­fac­tur­ing in the US but the man­u­fac­tur­ers that I’m com­ing up with, like these guys are actu­al­ly Kore­an any­way, not us.

And POSCO is as we’ll see in the, when we get to the US pork, pork in their US show, it’s kind of, it’s not state owned any­more. It was orig­i­nal­ly state owned. It was pri­va­tized, but. The analy­sis that GPT gave me was that the, the South Kore­an gov­ern­ment aren’t gonna allow POSCO [00:17:00] to fail because it’s sort of, it’s the sev­enth or eighth largest steel man­u­fac­tur­ing com­pa­ny in the world, cen­tral to their indus­try, cen­tral to their trade.

Very, very key oper­a­tor. So it’s not gonna go bank­rupt is my point. Um, it’ll get bailed out. At the very worst by the Kore­an gov­ern­ment, it’s not gonna fail overnight. And if some­thing goes back­wards, we have, you know, our cell trig­gers to exit it. If things start to go bet­ter. We have steel com­mod­i­ty things to get us out if the steel price goes back­wards.

I’m won­der­ing if I should just cut it all togeth­er, tk.

Tony Kynas­ton: Yeah, I, I think you should. I thought we already had, did­n’t we dis­cuss this? while ago. Uh, hap­py to

Cameron: No, I

Tony Kynas­ton: is more rel­e­vant, um, to what we need, which is a finan­cial health score. I total­ly respect the PIOTROVSKY score, but, um, I, I could nev­er get it to a whole heap of sense. Like when we were com­par­ing [00:18:00] stocked the Stock Doc­tor for the Aus­tralian com­pa­nies, um,

Cameron: The F score or the Z score.

Tony Kynas­ton: score

Cameron: Oh, right. The F score has a lot of over­lap with the stock­er.

Tony Kynas­ton: Stock

Cameron: Uh, finan­cial health score. Yeah.

Tony Kynas­ton: yeah. Which was inter­est­ing. I always thought that was inter­est­ing because they, I think from lim­it­ed of the Alt­man score. And how Stock Doc­tor orig­i­nat­ed, they’re both com­ing at it from the same They both went to look at failed com­pa­nies and then worked out which met­rics, um, could pre­dict it and then invert­ed them and said, if you had, if you’re a long way from those scores, you were a good com­pa­ny of your, your abil­i­ty to keep going and not go bank­rupt.

So sur­prised that they, they, you know, both, um. They, they did­n’t cor­re­late. But any­way, but yeah, we’ve, we found the Zed score just from expe­ri­ence bounc­ing all over the place and not being any­where near as help­ful as the F score, least in our [00:19:00] world.

Cameron: Yeah, I mean, when it comes to man­u­fac­tur­ing firms, I’m not so sure, but I, I think we have enough pro­tec­tions in place. Um, I think it’s okay. One of the inter­est­ing things about it though, is it seems to scare off, uh, like a low Z score scares off big funds in the us, uh, which means that some of these stocks.

That score well with us have a low Zed score, and that might be why we’re see­ing val­ue in them, because they’re not very favor­able to big US funds that get scared off by that, along with a num­ber of oth­er things. So any­way, I’ll talk about it. I want get to POSCO lat­er on, but I just want­ed to run that idea past you just ditch­ing it all togeth­er.

Tony Kynas­ton: we can, we’ll talk about this on the US show, or maybe not, but um, POSCO is a steel com­pa­ny, steel man­u­fac­tur­er.

Cameron: Well, pri­mar­i­ly still. Yeah,

Tony Kynas­ton: the steel price [00:20:00] doing?

Cameron: good ques­tion. Um,

let me see.

It’s a cell.

Tony Kynas­ton: mm-hmm.

Cameron: Yeah, well, you know, we don’t own it any­way, but I’m still gonna talk about it. I just tell peo­ple, yeah, don’t buy it. It’s been going down. Every­thing’s going down. Actu­al­ly. Com­modi­ties, a lithi­um is a buy. Lithi­um turned around now, a mil­lion turned around. But

Gold’s a Josephine.

Tony Kynas­ton: coals now are, are by again.

Cameron: It has been, uh, for a week or two I think. Yeah.

Tony Kynas­ton: I just noticed today, yeah, I could­n’t work. I was, I almost did a pulled pork on Yanko, but, um, if any­one wants me to do that, let me know. I’ve done it before, but now that ther­mal coals are by, it’s, it’s turned up. I.

Cameron: Yeah. Um. Alu­minums are buy lithi­ums are buy, but wheat became a Josephine this week. Mag­ne­sium zinc became [00:21:00] josephine’s crude oil. We men, I men­tioned, I think last week it was a bi briefly, and then it became a Josephine. But yeah, gold with the, I don’t know, recov­ery of some­thing. Um, tar­iffs, what­ev­er’s, I dun­no.

For some rea­son gold has now stopped. Its, uh, joy ride briefly.

Oh, it’s back up.

Tony Kynas­ton: It’s a Joseph thing though. It’s not a cell.

Cameron: No, it’s Josephine. God, I don’t, would­n’t even know how to, I’m look­ing at the

chart right now on,

Tony Kynas­ton: way from

Cameron: yeah. It’s got a crazy look­ing chart since, uh, the elec­tion, since the US elec­tion had just rock­et­ed up. I dun­no what that’s telling you. Yeah. Around the US elec­tion, it was trad­ing at 2040 US dol­lars, and now it’s trad­ing at $3,319.

Yeah. [00:22:00] Um, actu­al­ly look­ing at gold today, it’s, uh, back to being a buy again. It’s turned around since I did it yes­ter­day. Go fig­ure.

Yeah. Well, there you go. I’m gonna have to change my sheet yet again. Um, well that’s all I’ve got. Tony,

Tony Kynas­ton: All right. How about a pulled

Cameron: wan­na do your, do your pulled pork?

Tony Kynas­ton: Yeah, gr engi­neer­ing ser­vices code is GNG. Now, I, I find it on our pulled poor of stocks we’ve cov­ered, but it, I think we may have, I may have talked about it years and years and years ago, but any­way, I’m going to go over it today. It did­n’t ring too many bells with me.

And it’s pos­si­bly because like a lot of stocks in our buy list, it’s, um, it’s in the. Engi­neer­ing ser­vices field. So we have a num­ber of stocks I’ve cov­ered, um, in that space, and this is one of them. A DT is $380,000 [00:23:00] trad­ed per day. So it’s a rea­son­ably large stock. Um, will suit a lot of lis­ten­ers. Based in Perth, but it does have offices in Bris­bane, Indone­sia, and it oper­ates in Africa.

And it also has a, sub­sidiary in the US based in Tuc­son, Ari­zona. it was called Han­lon Engi­neer­ing, but it’s now. Uh, under the GR Engi­neer­ing Ser­vices ban­ner, from their web­site, GR Engi­neer­ing is a lead­ing engi­neer­ing con­sult­ing and con­tract­ing com­pa­ny that spe­cial­izes in pro­vid­ing high qual­i­ty engi­neer­ing, design and con­struc­tion ser­vices the min­ing and min­er­al pro­cess­ing indus­tries. ser­vices cov­er all aspects of the project life­cy­cle from the ini­tial eval­u­a­tion and study phase through to design con­struc­tion. Com­mis­sion­ing and oper­a­tional sup­port. So we’ve seen com­pa­nies like this before. They’re, they’re min­ing ser­vices com­pa­nies. [00:24:00] GR Engi­neer­ing spe­cial­ize in mine, fea­si­bil­i­ty stud­ies, design and con­struc­tion, project man­age­ment and con­sult­ing. they also have a divi­sion that pro­vides sim­i­lar engi­neer­ing ser­vices to the oil and gas indus­try in Aus­tralia and South­east Asia. I guess one thing that might dif­fer­en­ti­ate them a lit­tle bit is that they often pro­vide fixed cost fixed max­i­mum price, uh, solu­tions, uh, when they’re ten­der­ing for busi­ness and they often do turnkey solu­tions to, uh, con­struc­tion projects as well. Uh, they op they oper­ate a num­ber of dif­fer­ent brands, and their sub-brands include. Mi, A‑M-I-P-A‑C and Par­a­digm Engi­neer­ing, and they, they tend to be, uh, well, they are lead­ing providers of con­trol sys­tems, oper­a­tional tech­nol­o­gy and engi­neer­ing ser­vices in the min­er­al pro­cess­ing iron ore and ener­gy sec­tors. Uh, the process con­trols, busi­ness [00:25:00] deliv­ers, con­trol sys­tems, automa­tion and dig­i­tal solu­tions for key clients, such as First Quan­tum BHP, Rio Tin­to Glen. Core tech­nol­o­gy, OC Ted­dy and oth­er small­er con­glom­er­ates. So, only are they. Doing fea­si­bil­i­ty stud­ies on mines, then build­ing the mines or the pro­cess­ing plants, but they’re also, uh, uh, pro­vid­ing engi­neer­ing ser­vices to the pro­cess­ing side of the busi­ness.

So just help­ing to dig on or out­ta the ground, for exam­ple, but also, um. Pro­cess­ing it before it goes over­seas. uh, that’s gr engi­neer­ing in a nut­shell. share, the share price has been doing well late­ly, and it tends to bump up when they announce con­tract wins. And they’ve had a num­ber of those in the last six months, includ­ing on the 20th of June this year. So last week basi­cal­ly, or 10 days ago, they won the. A con­tract for engi­neer­ing, pro­cure­ment and con­struc­tion [00:26:00] for the expan­sion of the exist­ing Eloise cop­per pro­cess­ing facil­i­ty in North Queens­land. For a IC mines, val­ue was 77.6 mil­lion, includ­ing pro­vi­sion­al sums. Um, that sort of caught my eye because a IC is also a QAV. Stock. Um, the code is a one m and on the day that that, uh, announce­ment was made, the stock jumped 7.3%. like­wise, in April, uh, they won a con­tract from Hori­zon Min­er­als. HRZ is the code. was to do engi­neer­ing stud­ies work to sup­port the refur­bish­ment and repur­pos­ing of the Black swan pro­cess­ing plant for gold pro­duc­tion. Like­wise, the stock was up three over 3% on the day of that announce­ment. And back in Sep­tem­ber, announced that they had been award­ed a $25 mil­lion con­tract to, uh, upgrade and com and recom­mis­sion the Wood­lawn [00:27:00] pro­cess­ing plant for a com­pa­ny called Devel­op Glob­al, and the stock was up 5.3%. that, uh, announce­ment.

So this is some­thing to be aware of, I guess if you’re inter­est­ed in look­ing at this com­pa­ny to pur­chase, it’s gonna be, um, news dri­ven and dri­ven la lot by con­tract wins. The stock price has also been mov­ing up they’ve announced their results. And their most recent half results for Decem­ber 24 was strong. rev­enue for the half up till the end of, uh, Decem­ber 24 uh, was $272 mil­lion ver­sus $187 mil­lion for the sec­ond half in 23. end­ing Decem­ber, 2023, net prof­it was 21 mil­lion for the same peri­od ver­sus 14 mil­lion. Earn­ings per share was 12.68 cents for the most recent half ver­sus 8.50 cents per share a year before.

So all of those con­tract wins are hav­ing a mate­r­i­al effect on the bot­tom line for the com­pa­ny [00:28:00] and in their half year­ly announce­ment, uh, the MD said dur­ing the. Sec­ond half net cash flows from oper­at­ing activ­i­ties was $56.1 mil­lion, result­ed in the cash bal­ance of 111.8 mil­lion at 31st Decem­ber, 2024. The high­er cash gen­er­a­tion meal bor­row­ings, low cap­i­tal inten­si­ty, and excel­lent project deliv­ery, all con­tributed to the main­te­nance of a robust and sta­ble bal­ance sheet. Uh, so that’s, you know. A, a few ticks there from the qual­i­ty side of things. last­ly, just to look at the last five years, the share price has gone from 86 cents up to $3 25, so near­ly a four four­fold increase over the last years.

So it’s been doing very, very well. Uh, it’s been on the bail list, uh, on and off for a long time over those five years. So, um. Peo­ple may already be already be aware of it, may already own it, but, um, cer­tain­ly doing well. [00:29:00] num­bers, the QAV num­bers, I’m using a price of 3 25 and unfor­tu­nate­ly that’s 29% above the con­sen­sus tar­get, which we don’t often see. also above the iv, one of a dol­lar 16 and IV two of $2 and six. So, the price is get­ting ful­ly val­ued. yield is 6.15%, which is above the, uh, aver­age mort­gage rate at the moment. So it scores for that. Uh, Stock Doc­tor finan­cial health is strong and recov­er­ing, so we scored a two for the recov­er­ing side of things and I like to see that Edia qual­i­ty rank is. 93 for qual­i­ty and over­all 98. So it scores well in Wikipedia, the F score is sev­en out of nine, speak­ing of F scores, so very good. Um, what also caught my eye in look­ing at the num­bers was, um, the ROE for this com­pa­ny is, uh, near­ly 60%, 58.9%. So kind of echoes the com­ments that the MD made about the com­pa­ny, um, [00:30:00] being cap­i­tal light.

So. Not just the tech sec­tor, which is cap­i­tal like ser­vices com­pa­ny is also cap­i­tal, like strong, ROE. Uh, PE at the time of the last results was 13.3, which was not the high­est or the low­est. The, the cur­rent PE is a lit­tle bit high­er than that, and scored it on that, it would be neg­a­tive. Uh, it is just out­side the range, but at last results at the end of Decem­ber.

13.3 Pr/OpCaf is 5.71 times. So even though, uh, on a PE basis, it’s get­ting up there and on the val­u­a­tion basis it’s get­ting up there, it’s still throw­ing off lots of cash and on a Pr/OpCaf basis as well with­in our. Our guide­lines, uh, net equi­ty per share is only 44 cents, and they’ve got some good­will from acqui­si­tions.

So the NTA is only 27 cents, so we can’t buy this com­pa­ny for any­where near book or book plus 30. Uh, inter­est­ing­ly enough, in the down­load from Stock Doc­tor, which I used, they have a [00:31:00] neg­a­tive fore­cast earn­ings per share of minus 9%. So it gets a neg­a­tive one for growth over pe, but I find. That. Con­ser­v­a­tive giv­en the pipeline of work the com­pa­ny’s announc­ing and giv­en the strong results recent­ly, I’d be sur­prised if it did­n’t, um, increase its earn­ings per share going for­ward. But, uh, Stock Doc­tor may know some­thing more than we do. Uh, direc­tors hold 11% of the com­pa­ny, includ­ing the own­er, founder Giuseppe or Joe Totaro, uh, owns just over 5% and has had 40 years of.

Min­ing engi­neer­ing expe­ri­ence. So we score it for an own­er. Founder shares, uh, have been ris­ing quite for quite a while, so it’s not a, a recent three point trend line upturn, so we can’t score it for that. Equi­ty is lumpy and not con­sis­tent­ly increas­ing, so we can’t score it for that. Uh, over­all. I’m giv­ing it a nine out­ta 13 for qual­i­ty, which is 69% and a [00:32:00] QAV score of 0.12. it may drop off the bio list, um, if the share price keeps ris­ing, because it’s get­ting close to the bot­tom now. Uh, so. You know, peo­ple, if you’re inter­est­ed, have a look. It may not be there if the price keeps ris­ing, um, in a lit­tle while. on the risk side of things, it, well, it’s a min­ing ser­vices com­pa­ny, so if min­ing has a down­turn or if com­modi­ties have a down­turn, uh, the, the pipeline may dry up. They do. Um, they do though on the pro­cess­ing side have a lot of recur­rent so. They are diver­si­fied away from just get­ting ten­der winds to build mines. So that’s, that’s a good thing. But, um, a min­ing down­turn will obvi­ous­ly affect them and. Uh, they are reliant on con­tract wins to keep their full-time engi­neer­ing staff effec­tive­ly uti­lized.

So I think their, their busi­ness mod­el is to hire a cou­ple of hun­dred engi­neers and then put them to work. And if they don’t have the work, I’m not sure how quick­ly they can get out­ta [00:33:00] those con­tracts. But, um, I. would be a prob­lem if there was a quick and sud­den down­turn in the min­ing indus­try. Uh, I’m also gonna high­light the fact that even though this might be an advan­tage for them from a client point of view, but as we’ve seen in the, in the prop­er­ty devel­op­ment world, fixed price and max price con­tracts may have dif­fi­cul­ty. If there are ris­ing costs, which there have been over the last cou­ple of years, does­n’t, has­n’t been called out as a prob­lem, but, uh, maybe a prob­lem if infla­tion. Know, it keeps dri­ving the costs high­er or there are oth­er prob­lems with the costs increas­es in there on the fixed price con­tract. So that may be a risk for them going for­ward. the strengths are the bal­ance sheet, plen­ty of cash, plen­ty of, um, uh, prop calf, uh, in a cap­i­tal like busi­ness. The own­er, founder is very expe­ri­enced and as I said before, repeat busi­ness on the pro­cess­ing side. So GR engi­neer­ing. Have a look.

Cameron: Thank you tk, and uh, I can tell you when you last did it as a [00:34:00] pulled pork, it was Novem­ber, 2022,

Tony Kynas­ton: Right.

Cameron: 5 43, the mount­ing yard.

there you go. Dun­no why it was called that, but that’s the last time you did it. Uh, GNG, we don’t hold it in any of our port­fo­lios. I can report, I think we have at some point, but we don’t right now.

Speak­ing of port­fo­lios, I was won­der­ing why the light port­fo­lios 2, 2, 1 and 2 2, 2 under­per­form so bad­ly. They had a cou­ple of dead­ly ones. Um, they both held a MI. Which dropped 30% or so the oth­er day, which took the wind out­ta their sails. And the 2, 2, 1 also held HLS

peo­ple may recall that dropped sud­den­ly Heus not too long ago.

So

Tony Kynas­ton: was a

Cameron: it’s [00:35:00] inter­est­ing how.

Tony Kynas­ton: though, so you should have got the cap­i­tal back into the port­fo­lio.

Cameron: Yeah, I am not sure how that shows up in Navexa though, hon­est­ly. So, 2, 2, 1. Let me see. S,

yeah. Cap­i­tal gain down 33%. Income return up 41%, total return, 8.38%. Eh, so we came out of it at a prof­it despite that, but in terms of the per­for­mance cap­i­tal gain wise, it took the wind out of its, uh, the port­fo­lio sails. Um, so it’s inter­est­ing to me like the, if I’m look­ing at the win­ners ver­sus the losers in 2, 2, 1 ver­sus say 2, 3, 1, which [00:36:00] had a 24% return.

It’s not that much dif­fer­ence, you know, it’s like one or two stocks real­ly that per­form well or don’t per­form well and, uh, that, that can make a big dif­fer­ence. So, ’cause 2, 2, 2, 2, 1 for the finan­cial year, I. It had a cou­ple of real­ly good ones, right? It had a MA up 69%. It had WGN up 65% RRL up 35 MLX up 35, BFL up 31, but it did­n’t have three over 60%.

You know, it just, it was miss­ing that one or two that that would’ve, uh. Maybe kicked its per­for­mance up as well as 2, 3, 1. Any­way, uh, it’s inter­est­ing when I look at its, uh, per­for­mance though, to the 2, 2, 1 port­fo­lio up at [00:37:00] Jan­u­ary, well, not even, yeah, by the begin­ning of Feb­ru­ary it was down 1% for the finan­cial year.

It went from. In August, it was down 5% already for the finan­cial year. As of Jan­u­ary, it was down 1% ver­sus the STW was up 11% at that stage already, so it was under per­form­ing by 12% in Jan­u­ary. From Jan­u­ary to the end of the finan­cial year, it caught up. It end­ed up fin­ish­ing 9% up ver­sus 13.61. So the sec­ond half of the finan­cial year, it actu­al­ly did quite well despite.

Helio and a MI, which is a, a big one. If I look at the begin­ning of June 2, 2, 1 port­fo­lio was up 12.61% for the year ver­sus the STW up 14.3%. So it was catch­ing up and then it had a MI just gut­ted it, knocked it down. So, uh, you know, [00:38:00] luck of the draw.

Tony Kynas­ton: Well, yeah, lack of a draw, but um, it should even add over time. It’s the same process being applied. Just

Cameron: Yeah, I mean y yeah, dif­fer­ent years. I mean, some years. One port­fo­lio does real­ly well.

I remem­ber 2, 2, 2, which under­per­formed this year. If I go back to like a cou­ple of years ago, I. Pre­vi­ous cal­en­dar year. Yeah, no, I remem­ber there was one year, it was up like 25% for the year. Can’t remem­ber which year it was ’cause it had a cou­ple of big win­ners.

So yeah, this year not so well. But over time, if I look at it, yeah, all time it’s out­per­form­ing the index only by a few points, 11% up eight. But it was, it was up 25% April, 2023. It was up 25% ver­sus the STW up 4% over the same peri­od of time. So [00:39:00] yeah, has some good years, has some aver­age years, has some bad years. So keep telling peo­ple it’s sort of, um, the long haul thing, right?

Tony Kynas­ton: Absolute­ly.

Cameron: years, good years, bad years, aver­age years. Just wait­ing for that real­ly good year where you do 30, 40% return and it just sort of puts the wind in the sails for the next few years until you get anoth­er great year.

Tony Kynas­ton: Cor­rect. Yeah,

Cameron: Patience pad one.

Tony Kynas­ton: Well, and the nature of the beast is we don’t know when that good year is com­ing. It’d be great to know when it was, you’d pack up and trav­el the world and come back and invest when that good year was about to hap­pen. But

Cameron: Yeah, and I think it’s the hard­est thing, um, for new investors like myself, uh, years ago to, to appre­ci­ate is it’s not. Dou­bling the mar­ket every [00:40:00] year. It’s one real­ly good year. If you, if you stick to a dis­ci­plined invest­ing sys­tem, buy­ing under­val­ued stocks and hold­ing them as long as you can, um, you know, you, you get one real­ly, real­ly good year and that sort of takes care of the rest of the years.

You just got­ta

keep doing it.

Tony Kynas­ton: get div­i­dends if you hold those stocks long enough where the yield becomes impor­tant can, and the yield itself can out­per­form the index.

Cameron: Right.

Tony Kynas­ton: Hmm.

Cameron: But peo­ple tend to have a cou­ple of bad years or aver­age years

and then go, ah, it’s not work­ing, and go do some­thing dif­fer­ent.

Tony Kynas­ton: Bit­coin.

Cameron: Bye. What I was gonna say, all right, well thank you for GNG Tony, after hours, what you got for me?

Tony Kynas­ton: A, a few things. Uh, Jen­ny and I logged on Expect Expec­tant­ly to watch the new Nick Cage movie on Stan called The Surfer, we turned it off after [00:41:00] about 20 min­utes. It was

Cameron: No,

don’t, don’t tell me that

Tony Kynas­ton: it was so bad.

Cameron: I was, I was gonna get a stand sub­scrip­tion just to watch it.

Tony Kynas­ton: Don’t, it’s like think, think Sum­mer Bay, think home and away. Pro­duc­tion val­ues, script act­ing, and then kind of hor­ror theme to it. And poor script, just poor pro­duc­tion val­ues. Real­ly cliched, did

Cameron: Rot­ten Toma­toes. Crit­ics rat­ing 86%. Audi­ence rat­ing, 46%.

Tony Kynas­ton: well there you go. experts for you, isn’t it? Uh, I thought that was

Cameron: That’s a, that’s, that’s a big split

there.

Tony Kynas­ton: you know, an Aus­tralian pro­duc­tion com­pa­ny has said, how about we roll the dice and put all the mon­ey into the, into hir­ing Nick [00:42:00] Cage and for­get about every­thing else. I’ll just shoot it on my iPhone. Uh, you can do the key­boards, you can, can be lay low and do the sound­track and uh, we’ll go from there and it’s just ter­ri­ble.

We’ll go to the beach. Every­thing will be shot in the car park at the beach, and that’ll be it.

Cameron: Well, I, I dun­no, the direc­tor, Lor­can Finnegan, but he’s got a pret­ty good track record. Like he is, he had a film before this Night­mare Radio, the Night Stalk­er, which sounds right up my alley just from the title, but it’s got a 40%. Raid­ing. Uh, but yeah. Oh man. This just like, sounds like my type of film. Can­dy is a late night radio DJ with a pro­gram where peo­ple call to tell her real hor­ror sto­ries.

One of her lis­ten­ers begins to call her insis­tent­ly can­dy, quick­ly dis­cov­ers that there is a strange con­nec­tion between them. Soon she will find out how far and obsessed fans will­ing to go. Sounds fan­tas­tic. Why does this have like six peo­ple list­ed as a direc­tor? That’s, that’s not a good sign. [00:43:00] Um, okay. I dun­no what the sto­ry with that is.

But his oth­er films know sibo, uh, 74% vivar­i­um 73% with­out name 81%. So he’s got like a pret­ty good track record court.

Tony Kynas­ton: Well, yeah, I mean, I want­ed to like it. I want­ed to, you know, see an Aussie per­son do well or an Aussie pro­duc­tion com­pa­ny do well. But yeah, we just turned it off. It was so bad.

Cameron: Okay.

All right.

else?

Tony Kynas­ton: Oh. But I saw a, seen a cou­ple of doc­u­men­taries recent­ly, which are fan­tas­tic. There’s one on Rob Ford. know who that is?

Cameron: Yeah, yeah. The Cana­di­an pre-Trump. Trump.

Tony Kynas­ton: Lord May­or, when we were over there. And, uh,

about his time as may­or and about

Cameron: I.

Tony Kynas­ton: how he

Cameron: Is he the one who died or was his broth­er who died?

Tony Kynas­ton: he, he died. His broth­er then I think, became the of Ontario and car­ried on the Ford name and quite as out­ra­geous as his broth­er, but um, was still [00:44:00] in the Trump. Vain. Um,

like it was like watch­ing Trump before Trump. It was the doc doc­u­men­tary’s. Fas­ci­nat­ing. And I guess, you know, we, we were there at the time so it res­onat­ed, but yeah. Well with a look. Very inter­est­ing.

Cameron: What’s it called?

Tony Kynas­ton: oh, I don’t know. It might even be called some­thing like train wreck or car crash or some­thing like that. Yeah.

Cameron: Okay, great.

Tony Kynas­ton: uh, watched the great doc­u­men­tary, uh, on the Go-Betweens recent­ly, which is was, um, I had­n’t seen before. I think it was made in about 2017. It’s called right here, of the Go-Betweens. Yeah. real­ly

Cameron: Oh,

Tony Kynas­ton: Loved it.

Cameron: I can’t believe we haven’t seen that.

Tony Kynas­ton: mm. So users,

you know, for the agent inter­views, but the sort of way they do it is they have, They’ve got a Queens­land, they’re out in the coun­try and they [00:45:00] pull in each muso or each per­son who was involved in the Go-Betweens and them on the veran­da and inter­view them, and then inter­lace film clips and doc­u­men­tary footage as well. So it’s, it’s real­ly inter­est­ing, real­ly good.

Cameron: Oh, wow. I’m gonna have to, where did you, where did you watch that? Do you know where it was?

Fox­tel, Rupert Mur­doch sup­port­er. I don’t know.

Tony Kynas­ton: He sold it.

Cameron: Oh, has he? Oh, oh yes. Right. He sold it to Tel­stra. Was it? To Tel­stra.

Tony Kynas­ton: sold it to, they both sold it to a com­pa­ny. I think it’s pro­nounced DA or Daan or some­thing. It’s a UK

Cameron: okay.

Tony Kynas­ton: broad­cast­er, which

Cameron: Hmm.

Tony Kynas­ton: maybe even worse ’cause I think it’s Sau­di backed or some­thing like that. Or it’s got, I think it’s got, uh, Sau­di mon­ey in it. No one can work out how it makes mon­ey.

Cameron: Right. Maybe it does­n’t, maybe it does­n’t need to.

Tony Kynas­ton: no. It could be mon­ey laun­der­ing. Alleged­ly. I’m being far­fetched. Uh, what else? Um, [00:46:00] the, you seen, there’s a series called The Agency with, uh, Michael Fass­ben­der in it. That’s, we’ve,

Cameron: Oh, okay.

Tony Kynas­ton: Real­ly good,

Cameron: No, I haven’t heard of it.

Tony Kynas­ton: type thing, but it’s set in Britain and great cast, even stars, the ger­bil. Who, um, I don’t nor­mal­ly like, but he was good in it

Cameron: Al,

Tony Kynas­ton: and, um, yeah,

Cameron: you’d be talk­ing about Richard, Richard Gere. That’s who you’re refer­ring to as the ger­bil.

Tony Kynas­ton: yeah.

Cameron: He must be get­ting on.

Tony Kynas­ton: he is. Yeah. So that was good. I real­ly enjoyed that. Quite, quite com­plex. It’s in that sort of British spy mold rather than the Amer­i­can spy mold. Um,

Cameron: Right.

Tony Kynas­ton: lots of agents and things going on and hav­ing, hav­ing to go under­cov­er and keep cov­ers and what hap­pens when they come out and all [00:47:00] that kind of stuff.

But I real­ly enjoyed it. Uh, that was the agency. And then have you, I don’t know if you. it or not, I dun­no if you told me, but like a 10 or 15 minute fan made doc­u­men­tary on Bul­let that Quentin Taran­ti­no So some­one’s tak­en, you know, his uh, book he wrote last year on, um, what’s it called? He wrote a book on

Cameron: Yeah,

Tony Kynas­ton: Yeah.

Cameron: yeah, yeah. I read it.

Tony Kynas­ton: cap, the chap­ter of bul­let. So he must have like done the audio­book for it. ’cause they take his of bul­let and then put their own clips. Under­neath it and it’s fan­tas­tic. It’s real­ly good.

Cameron: Fan­tas­tic.

Tony Kynas­ton: You know, how he was com­pet­ing with, uh, Paul New­man and, um, yeah, just how Goldfin­ger changed the way action movies were shot and cut and then that was used as a tem­plate for Bul­let and Yeah. It’s just, and

Cameron: And Lalo

Tony Kynas­ton: Yep.

Cameron: sound­track. [00:48:00] Yeah. I love the bul­let theme. Oh great.

Tony Kynas­ton: So

Cameron: hors­es golf.

Tony Kynas­ton: Uh, no golf. I’m still, I went and played. So last Fri­day I went and played nine holes with my broth­er-in-law and my back still isn’t right, so I’m just gonna rest that for a bit longer.

Cameron: Alright.

Tony Kynas­ton: from War­wick. Which was nice. So they stayed with my sis­ter in Mel­bourne and I went up there on dur­ing the week and Alex came over and we went, uh, looked, showed them around Mel­bourne and then went and played some kind of fan­cy p putt thing above Flinder Street Sta­tion at the moment.

So we did that

Cameron: Above Flinder Street Sta­tion.

Tony Kynas­ton: yeah, it’s like they’ve got these, um, exhi­bi­tion halls above Fin­lay Street Sta­tion and it was kind of

Cameron: Yeah. Yeah.

Tony Kynas­ton: as, and art. Art instal­la­tion. So there was like a theme to every hole and uh, there was a bar and stuff. So Nice. It was good.

Cameron: Wow.

Nice.

Tony Kynas­ton: um, off Flinder Street, which was love­ly. Sit­ting [00:49:00] out­side on a hilly Mel­bourne night under the heaters. It was great eat­ing

Cameron: Ah, miss Mel­bourne, God damn Bris­bane’s had Mel­bourne weath­er for the last cou­ple of weeks and I’ve been lov­ing it. Just, you know. Put jeans in a long sleeve top on and some my R Williams and you know, a scarf. I think I wore a scarf one day. It was great. Loved it.

Tony Kynas­ton: Yeah, I’m real­ly enjoy­ing the weath­er. It’s, uh, we’re get­ting lots of clear days and then rain overnight, even though it’s like eight or nine degrees. But it’s love­ly. It’s just real­ly nice, crisp, clear weath­er. I.

Cameron: Yeah, I love it.

I miss it.

Tony Kynas­ton: Yeah.

Cameron: And b.

Tony Kynas­ton: Blac is gonna run on Sat­ur­day if he gets in. So a big­ger race.

He’s com­ing off a win. Uh, it may get belt­ed out, but hope­ful­ly he gets a start. watch out for that. I.

Cameron: Right. Good luck on that. Well, uh, my week we went to, I think on pen­sion last week, we were gonna, this, we went to see the, [00:50:00] uh, ora­va Quar­tet. It’s a Bris­bane based quar­tet that’s part of Opera Queens­land. And they did a and played three pieces. Uh, Beethoven’s First String Quar­tet, a Schu­mann. Piano quin­tet.

They had a pianist join them, but the, the, the high­light was the Kovich eighth String Quar­tet. My first time see­ing Kovich per­formed live, and one of my favorite pieces, the Eighth String Quar­tet, which was the one that he, accord­ing to one of his friends, he planned to com­mit sui­cide. Um, around about that time, he said it was his epi­taph.

It starts with his ini­tials. Um, uh, which was one of his motifs. But yeah, a tremen­dous piece of music and it was very well played and so that was great.

Tony Kynas­ton: His ini­tials. So

Cameron: fin­ished,

Tony Kynas­ton: How do you do an s on the, on the string instru­ment.

Cameron: it’s in Ger­man. It’s in Ger­man, yeah, yeah, yeah, yeah, yeah. It’s the whole thing. It,

Tony Kynas­ton: Is he Ger­man?

Cameron: yes. No, he’s Russ­ian.

Yeah.

Yeah. [00:51:00] But it’s hard to per­form Russ­ian ini­tials. No, it’s just his ini­tials in Ger­man. And there’s an H in there, but the H becomes an A in. Some­thing. Any­way. Yeah.

Beau­ti­ful piece of music and, and he, he wrote it. He was in Dres­den, he was in Ger­many when he wrote it. He was in Dres­den vis­it­ing Dres­den in 1960 and was just hor­ri­fied at the, the rav­ages of Dres­den after the bomb­ing in World War ii. And, and it was the, the. The quar­tet was, um, ded­i­cat­ed to the vic­tims of fas­cism and war, but uh, it was also his own, sup­pos­ed­ly his own epi­taph.

He said, no one’s gonna write an epi­taph when I die, so I’m writ­ing my own. And he was con­tem­plat­ing sui­cide at the time. It’s a very, very trag­ic, sad piece of music. But the sec­ond move­ment, it’s quite famous. It’s, um, this mael­strom that sounds like the bomb­ing of Dres­den. And, uh, it’s, um. [00:52:00] Yeah. Mes­mer­iz­ing.

Any who? That was great. We will fin­ished the Right­eous Gem­stones, the final episode of that last night. That was a bonkers end­ing. That was fun. If you haven’t seen that, uh, Wal­ton Gog­gins per­for­mance in the Right­eous Gem­stones is Baby Bil­ly.

my God. Just fan­tas­tic. I’m gonna miss Baby Bel­ly.

Tony Kynas­ton: I haven’t watched the series, but I’ve seen enough clips of it to know who Baby Bil­ly

Cameron: Uh.

Tony Kynas­ton: Yeah.

Cameron: Baby bel­ly. Come on now. His per­for­mance is just so ridicu­lous­ly sub­lime­ly over the top. Wal­ton Gog­gins is fan­tas­tic. Uh, I’m still read­ing the Gor­bachev mem­oirs, which is fas­ci­nat­ing. Did go, did, uh, Cher­nobyl. Um, he’s in sort of 86. He’s in the mid­dle of try­ing to roll out Paris and gls and, um, talk­ing about Cher­nobyl and how the West posi­tioned Cher­nobyl and their, their man­age­ment of it, which he.

Total­ly dis­agreed with the West and Medi­a’s per­spec­tive [00:53:00] of how they man­aged it, which we she’d expect. But, um, uh, inter­est­ing to hear his ver­sion of the whole thing. And, uh, yeah, I’ve been lis­ten­ing to a lot of Lalo Schiffrin and Nina Simone doing, going deep on Nina Simone’s back cat­a­log love and. Nina Simone, but yeah, and Lalo la all the Lalo stuff, not just the film sound­tracks, but the stuff that he did in jazz.

He’s got a jazz mass, which is fan­tas­tic. It’s like a lot of. Sort of clas­si­cal, Mozart type mass music, Catholic mass, but jazz ver­sions of it and his boss Nova stuff and yeah, a lot of what a career? 91, I think he was. Bill Moy­ers too was like 91. The two of them were in their ear­ly nineties. Very, very big, uh, ink Careers, influ­en­tial careers.

So I’m enjoy­ing that. That’s it for me. Yeah. All right. Well, that’s it. Oh, you wan­na talk any­thing more about you? We, we, I cut you off when you were talk­ing about Lalo [00:54:00] at the begin­ning. Kel­ly’s heroes you were talk­ing about.

Tony Kynas­ton: it’s fine.

Cameron: That’s all good.

Tony Kynas­ton: remem­ber that like almost every sort of. Sort of, you know, hard dri­ving detec­tive movie or some­thing in the sev­en­ties, or spy movie had Lalo as the sound­track. It was just so good. He, I think he even

Cameron: Yeah.

Tony Kynas­ton: TV

too. I’m not sure if he did Starsky and Hutch, but he was always, he was

Cameron: Well, mis­sion Impos­si­ble was a Mis­sion Impos­si­ble. Was a TV hero. Yeah, yeah,

Tony Kynas­ton: but it was, that was a bit more pop­u­lar than what he’s known for. It’s that real­ly sort of dri­ving down­beat, more like a bul­let style open­ing sound­track.

Cameron: yeah. Well, and he said the mis­sion impos­si­ble thing, he wrote in three min­utes.

Tony Kynas­ton: Oh real­ly?

Cameron: just, yeah. Um, speak­ing of which, just for, uh, Aussies at home, um, nine news, um, the [00:55:00] tar sequence from Cool Hand, Luke, uh, used by nine news into the nineties. You remem­ber the nine news theme song from the nineties? I can’t play it ’cause we’ll get pinged for copy­right, blah, blah, blah, blah, blah.

But yeah, he was 93, not nine one. His uh, yeah, nine years. Used some of his music. But all the Clint East­wood stuff, the dirty Har­ry’s, all of those. He did a lot of Steve McQueen stuff. Um. Yeah, just mas­sive, mas­sive career and uh, a lot of it’s great stuff. A lot of stuff is for­get­table too, I guess after you can do 127 sound­tracks, but.

Tony Kynas­ton: Yeah,

Cameron: I think if you can do one time­less thing, it’s not too bad in a career, let alone pen

time­less, you know, pieces of music or how­ev­er many he did. He is like John Williams up there, just churned him out time after time, after [00:56:00] time.

Tony Kynas­ton: Very dif­fer­ent sort of style of music to John Williams, but yeah, I agree there

Cameron: Yeah.

Tony Kynas­ton: Yep.

Cameron: Yeah, absolute­ly. Uh, alright, well that’s it. Let’s, let’s go talk Amer­i­ca tk.

have

a good week every­one, or Cav?

Tony Kynas­ton: C.

Cameron: Cav a good week?

Tony Kynas­ton: a, let’s have a good

Cameron: Yeah. Cav a good year.

Tony Kynas­ton: But with the

Cameron: New year.

Tony Kynas­ton: rates next week this time.

Cameron: Oh, you think? Okay.

Tony Kynas­ton: Hmm. Hope­ful­ly.

[00:57:00]

 [00:58:00]