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

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