Phigital Monopoly: IGL — QAV AU #928

QAV AU 928 CLUB VIDEO

[00:00:00]

Cameron: To QAV. QAV Aus­tralia, uh, episode 928. is the 14th of July, 2026. RIP Sam Neill

Tony Kynas­ton: Yeah, vale. You a Sam Neill fan?

Cameron: Well, he was one of those actors, like I don’t go, “Oh, I’m gonna watch the lat­est Sam Neill film,” but he’s been in so many great films and, and I just showed Fox The Bicen­ten­ni­al Man last week, old, uh, Chris Colum­bus, Robin Williams android thing, and Fox real­ly enjoyed it. And Sam

Tony Kynas­ton: Reil­ly

Cameron: is in that.

He’s the guy that buys him orig­i­nal­ly and gives him his rights and treats him, you know, rel­a­tive­ly well. he did a good job but, you know, of great films. Uh, my favorite Sam Neill film be, uh, well I remem­ber, prob­a­bly Dead Calm, um, Dead, Dead Calm.

Tony Kynas­ton: Take care. Yep

Cameron: Calm since it came out, but I love that film.

Tony Kynas­ton: Mm-hmm.

Cameron: Love Nicole in [00:01:00] that, loved him in that. And then The Hunt for the Wilder­peo­ple.

Tony Kynas­ton: Haven’t seen that

Cameron: Real­ly good film.

Tony Kynas­ton: Okay. check it out. I might have to replay Death in Brunswick the next cou­ple of days.

Cameron: God, yeah. I haven’t seen that since the ’80s or when­ev­er it came out too.

Tony Kynas­ton: Yeah.

Cameron: Yeah, that was shock­ing

Tony Kynas­ton: Yeah. Well, I, I was sur­prised at how old he was, 78. I thought he was younger than that. He’s pre­served very well

Cameron: And I just saw like a Tik­Tok like last week of him and Jeff Gold­blum vis­it­ing him in, at his prop­er­ty in New Zealand. They were sit­ting at a piano play­ing lit­tle duets and singing togeth­er, and it was sweet. You know, these two guys have obvi­ous­ly known each oth­er since at least Juras­sic Park. I don’t know if they knew each oth­er before that, but yeah.

Tony Kynas­ton: I mean, I must admit, I, I grew to like Sam Neill more as a human than as I did as a, an actor. Took a long time for me to like him as an actor. I found him fair­ly wood­en and, and, um, y- I guess I grew up with [00:02:00] him, so I think prob­a­bly my first expo­sure would’ve been Reil­ly: Ace of Spies, which I thought was a, I thought was a very lame ABC attempt to do James Bond.

And, uh, they had this, you know, square-head­ed wood­en actor from New Zealand try­ing to pass him­self off as a secret agent. Just did­n’t wash with me. But, um, as I gr- like espe­cial­ly lat­er in life, like COVID with his ukulele lock­down videos and his auto­bi­og­ra­phy, which was ter­rif­ic I thought, I just grew to appre­ci­ate him more than him as an actor.

But

Cameron: did seem to be a nice guy I was

Tony Kynas­ton: yeah

Cameron: always came across as a down to earth good bloke

Tony Kynas­ton: And I think also too what I learned was what I used to crit­i­cize as bad act­ing, he open­ly admit­ted. Like he said, “I nev­er went to dra­ma school. I was a cam­era­man. They threw me in front of the cam­era when they could­n’t find some­one for a doc­u­men­tary.” Yeah. He worked for,

Cameron: wow

Tony Kynas­ton: like it’s, it was some gov­ern­ment agency in New Zealand back in the ear­ly days of, um, [00:03:00] like in the ’60s basi­cal­ly.

And I think he was either the sound man or the cam­era­man. And, um, yeah, they were film­ing some sci­en­tif­ic doc­u­men­tary some­where, and they did­n’t have a, a cam­era on, on-air per­son­al­i­ty, so they grabbed him as a young bloke

Cameron: it’s a bit like um what’s his face David um British doc­u­men­tary

Tony Kynas­ton: David Atten­bor­ough?

Cameron: guy Atten­bor­ough

Tony Kynas­ton: You seen Atten­bor­ough as a young bloke? You could see why he got in front of the cam­era. He was, um,

Cameron: Good

Tony Kynas­ton: an Ado­nis. Yeah.

Cameron: Yeah yeah

Tony Kynas­ton: Yeah

Cameron: con­tin­u­ing the RIPs Sheikh Hamad bin Khal­i­fa Al Thani

Tony Kynas­ton: It’s either senior or the junior

Cameron: Well he was the father Emir the senior

Tony Kynas­ton: Okay

Cameron: away a cou­ple of days ago The father of mod­ern Qatar

Tony Kynas­ton: Oh, sor­ry, I’m con­fus­ing him. I’m sor­ry. Uh, uh

Cameron: as a What who do you think he was

Tony Kynas­ton: [00:04:00] The guy they had the funer­al for last week

Cameron: Oh that was uh Khome­i­ni Khome­i­ni

Tony Kynas­ton: sor­ry

Cameron: He was the guy that took Qatar uh from as a basi­cal­ly a back­wa­ter coun­try when he took over I think in the late ’70s and turned it into a pow­er­house by focus­ing on LNG I think made it the world’s largest exporter of LNG and then start­ed invest­ing all of their mon­ey in glob­al assets through uh some sort of a sov­er­eign wealth fund

Tony Kynas­ton: Mm-hmm.

Cameron: And um took pow­er through a via a blood­less coup from his father And then

Tony Kynas­ton: Haven’t we all?

Cameron: and then uh 12 or 13 years ago when he was ear­ly 60s he did a peace­ful tran­si­tion to his son He he um resigned and hand­ed pow­er to his son and But yeah he I mean it’s it’s a guy [00:05:00] basi­cal­ly launched Al Jazeera um turned Qatar into a soft pow­er coun­try But amaz­ing sto­ry He uh real­ly built it up And you know I remem­ber vis­it­ing Doha when we were head­ing to Europe in our last big Europe trip when­ev­er that was 20 Did a quick stop in Doha and um son obvi­ous­ly was uh every­where then It was his face that was plas­tered every­where But amaz­ing place uh to vis­it Doha It’s real­ly state of the art mod­ern city

Tony Kynas­ton: Yeah, I haven’t been there

Cameron: uh RIP SpaceX uh is now well and tru­ly the share price is below its IPO I think it’s it’s 139 today Uh float­ed at like 170 It’s down to 139 [00:06:00] so there you

Tony Kynas­ton: vale, all the super funds who hold, uh, US index ETFs.

Mm

Cameron: yeah Well Tony my first ques­tion for you today is oil Brent ver­sus WTI As I said in my uh So last week when they start­ed bomb­ing each oth­er again Iran and the US I had a look at the oil chart and thought it was a buy the Brent chart And then but when I ran my scripts over the week­end my script came back and said WTI was a buy but Brent was a Josephine And I look at the charts and they look exact­ly the same And I said to Claude What’s going on And it did the num­bers and basi­cal­ly the way I’ve got my 3PTL rules set up it’s look­ing for a shoul­der to do the H2 and WTI bare­ly had one that it could draw it through Brent did­n’t [00:07:00] It was like 50 cents below where it need­ed to be for a shoul­der So it was like I said Look if I eye­ball it I’d draw this And it was like Well you can do what­ev­er the hell you like but you you gave me the rules and the rules say no shoul­der so do what you will So I thought well what would you do How do you eye­ball these things Tony Do you think Bren­t’s a buy or not a buy

Tony Kynas­ton: I’ve, I’ve got it as a sell. Um

Cameron: Real­ly Wow

Tony Kynas­ton: I’m look­ing at Stock Doc­tor, so let me just call up what. See, I– you sent me the link to what you use in, uh, Trad­ing Eco­nom­ics, but I can’t get a month­ly graph out of Trad­ing Eco­nom­ics. I can only get a week­ly if I.

Cameron: of my month­ly graph You

Tony Kynas­ton: Okay, let me have a look at the screen­shot. Yep, I did get it. Sor­ry. Uh, ba, pa, pa, pa, pa

Cameron: how you’d get a sell out of that

Tony Kynas­ton: No, using your graph you can’t. In, um, in Stock Doc­tor it’s pret­ty close.[00:08:00]

Cameron: Right

Tony Kynas­ton: It’s, above its sell line in what you’re graph­ing. Um, and so this gets back to what we saw dur­ing com­ing out of COVID when we start­ed look­ing at the buy line fol­lows the sell line. And, um, ’cause we can’t draw a buy line here ’cause there’s no H2, is there?

It’s just a point. And the,

and

Cameron: yeah

Tony Kynas­ton: and the feel­ing out of COVID was when we saw this kind of graph was, well, it’s just a point, but the price is going up, so why would­n’t we treat it as a buy? And it’s above its sell price accord­ing to Trad­ing Eco­nom­ics any­way, so it looks like a buy. But the risk is, of course, as soon as we get a month with a down­turn, we’re gonna get a H2 and it might drop back into being a Josephine quick­ly

Cameron: Yeah

Tony Kynas­ton: of the month.

Yeah

Cameron: Well you know the way I again the way I’ve writ­ten my three PTL rules and this is not just for com­modi­ties but for every­thing is it’s look­ing for what it calls a shoul­der Do you call it a shoul­der

Tony Kynas­ton: We do, yeah. That was Dylan who came up with [00:09:00] that

Cameron: Right So it’s not a peak it has to You know it’s if you draw a line between the H1 and where the of the trough is um there has to be some­thing jut­ting out uh an elbow a shoul­der what­ev­er you want It’s not a it’s not a peak because the it’s uh low­er than the pre­vi­ous price the pre­vi­ous mon­th’s price But you you you know we we take it as a valid sig­nal

Tony Kynas­ton: Well, I think, um, if I’m under­stand­ing you cor­rect­ly, the, the point, we need to see, um, a left and a right point either side of the cur­rent H2 before we can call the H2 tech­ni­cal­ly. So I’m, I’m not see­ing a H2 on the graph you sent me. It’s just a point at the moment

Cameron: Yeah Well that’s what it’s say­ing So you know it’s say­ing for there was no

Tony Kynas­ton: Mm-hmm.

Cameron: [00:10:00] For WTI there was one even though if you look at the WTI chart it looks exact­ly the same a straight line goes down But it said when you break down the num­bers uh where’s my notes here It says The machine anchors on the recent April peak when both oils spiked to around 105 to 110 before falling over Then it needs a sec­ond point and the only one it’s allowed to use is the May close May only counts if it sits at or above the halfway mark between April and June ie did the drop keep accel­er­at­ing or start to flat­ten out WTI’s May cleared its halfway mark by sev­en cents so it got a steep recent line that today’s price sits above Buy Bren­t’s May missed its halfway mark by 55 cents so the machine threw out the recent peak and fell all the way back to the 2022 high to draw the line instead [00:11:00] where it gave me an H1 because it could­n’t find an April Same spike same col­lapse same bounce The sys­tem slapped oppo­site labels on them because one mon­th’s close wob­bled by a dol­lar

Tony Kynas­ton: Yep.

Cameron: Any­way

Tony Kynas­ton: Yeah, look, it’s all fair­ly arbi­trary, isn’t it? ‘Cause we don’t have a clear sec­ond peak.

Cameron: Yeah But you

Tony Kynas­ton: Yeah

Cameron: know gut feel I’d say it’s prob­a­bly a buy see­ing as it’s bounc­ing back up But as you say it’s you know as we said when we sold our oil stocks like a month ago or when­ev­er it was you know this is gonna be a buy again in a cou­ple of weeks I can just feel it you know

Tony Kynas­ton: Gut feel is def­i­nite­ly

Cameron: that was gonna hold

Tony Kynas­ton: No, gut feel is it’s, it’s a buy for sure, and that’s why we came up with the buy line fol­low­ing the sell line. So if you look at the graph you sent me, if you can’t get a H2 where you are now, you go back to the pri­or H1 and, and pri­or H2, which is that big sort of descend­ing line all the way back into two thou­sand and two.[00:12:00]

And, um, it’s a buy from there. And now we do have a, a, an L1, L2, so we can draw a sell line, and it’s above that. So in terms of the last buy sell lines we can draw, it’s a buy. And it’s just that you can’t make sense of the cur­rent one ’cause we haven’t got a sec­ond month for our H2 peak, except as you say, um, in the cod­ing for crude

Cameron: Yeah I think when my script was try­ing to write it though when it went back to the 2022 it was using April as the H2 April 2026 There must­n’t have been a um fudge line between that So it said Well there is a new buy line It goes between those two peaks if you know what I’m say­ing

Tony Kynas­ton: No, I’m sor­ry. You [00:13:00] don’t have– I’ve got your screen­shot. It does­n’t have the months on it, so let me work back. The cur­rent, the cur­rent month there must be June, I guess. No, that’d be the cur­rent date. Then you got June, then you got May. Oh, April real­ly high up.

Cameron: Yeah

Tony Kynas­ton: Oh, no, I think it’s, um. Oh, okay.

Cameron: You go through like

Tony Kynas­ton: Yeah, right

Cameron: 2025 is the H2 Oh I don’t think

Tony Kynas­ton: Yeah, I was going back,

Cameron: could

Tony Kynas­ton: back into twen­ty twen­ty-five.

Cameron: Yeah

Tony Kynas­ton: Yeah.

Cameron: Any­way we

Tony Kynas­ton: Any­way

Cameron: more time on it I’m gonna treat it as a buy I think

Tony Kynas­ton: Yeah, but the risk is, of course, is that every­thing gets resolved next week and we get a H2,

Cameron: Yeah

Tony Kynas­ton: down­ward, but

Cameron: Yeah

Tony Kynas­ton: Yeah

Cameron: Yeah that’s the risk RRL Reg­is Resources has walked away from Vault Min­er­als after Gen­e­sis’s lat­est takeover bid Reg­is Resources will not sub­mit a coun­ter­pro­pos­al to acquire [00:14:00] Vault Min­er­als to match a supe­ri­or deal from Gen­e­sis Min­er­als fol­low­ing Gen­e­sis’s unso­licit­ed bind­ing pro­pos­al this month They have said what’s hap­pened to the price The price is uh down a bit today as a result of that I guess or maybe just the mar­ket being down Don’t know sucks cause I’ve added Reg­is Resources to a cou­ple of my port­fo­lios the last uh cou­ple of days the mar­ket’s down today so I think it’s prob­a­bly just fol­low­ing that

Tony Kynas­ton: Yeah, and we, we talked about it last week, and I guess it’s, it’s, it’s worth an update today. Um, I think the ques­tion was from Paul: What do you do if you’re a Vault share­hold­er? ‘Cause Vault was on the buy list last year and prob­a­bly even this year. Um, and, you know, now that we have board accep­tance of the, the, um, Gen­e­sis Min­er­als offer, you can decide whether to sell on, um, on mar­ket, which [00:15:00] I would def­i­nite­ly do if it was above the, the, um, offer price, which I think it might be slight­ly, but I haven’t checked it recent­ly.

Um, or you can roll over. And so I ran Gen­e­sis Min­er­als through, uh, and gave it a QAV score this week, and it’s actu­al­ly. I’m get­ting a score of point zero eight. Uh, so it’s not, it’s not a buy, but it’s not too far off. So if you want­ed to, to avoid pay­ing CGT rollover, um, you could do that. You will pay some CGT ’cause it’s a part cash offer.

Uh, and then if you roll over into Gen­e­sis, you can three point trend line trade it from there and, uh, see how it goes, um, if you want to avoid CGT. So it, it, it would come down to what your cap­i­tal gains tax looks like, um, I think in this case. Not a bad option rolling over into Gen­e­sis, um, ’cause it’s, it’s not on the buy list, but it’s not too far off.

So it’s a, it’s a rea­son­ably scor­ing com­pa­ny. Um, and you get rollover relief, so that’s gonna be an issue. But also, I would think if Vault trades [00:16:00] above the buy, the buy price from Gen­e­sis, I’d sell out and you’ll cop CGT. So it’s, it’s, um, it’s hard to give a. That’s, that’s the gen­er­al advice, but it comes down to your own cir­cum­stances, I think.

Cameron: Good Got a few emails from a few mem­bers this week Toby Made a bit of a mis­take with my 32 for last finan­cial year Cor­rect­ed results below He actu­al­ly came in at 25 instead of 32 Still not a bad year Well done Toby His aver­age since he start­ed the worst pos­si­ble time to start a port­fo­lio Feb­ru­ary 2022 um is uh 16 over that peri­od of time per year

Tony Kynas­ton: Pret­ty good. Hmm

Cameron: which is pret­ty good Uh Trent QAV returned 16 this year so three years on a trot mid­teen returns was a tale of two halves was up [00:17:00] about 40 at the end of Decem­ber and went back­wards in the sec­ond half So uh yeah like his last He also start­ed in 22 um return for that year was 136 He obvi­ous­ly start­ed a bit lat­er than poor Toby and myself Toby came in at neg­a­tive 13 that year Uh FY23 he got 88 FY24 18 21 and FY26 So he’s had three good years a fair­ly active year with 12 sells over the peri­od so almost 50 turnover but was spread across the year Over the FY I’ve held 28 stocks and 15 have pos­i­tive­ly con­tributed to over­all return this year Biggest rule break of the year was QPM which I did not sell as it broke through three PTL and then rule one and I have held all the way to it going into [00:18:00] admin­is­tra­tion last week So

Tony Kynas­ton: Oh no

Cameron: Well thank you for your hon­esty

Tony Kynas­ton: Yeah

Cameron: Trent good job Hope­ful­ly les­son learned there Um Over the year I’ve been allo­cat­ing more to the QAV process and hold 20 posi­tions Typ­i­cal­ly I’ve held 15 as the val­ue of the port­fo­lio has grown The one thing I’ve strug­gled with is men­tal­ly accept­ing the increased size of ini­tial parcels it is a good thing but scary to put an increas­ing­ly large chunk of cash at risk

Tony Kynas­ton: That’s inter­est­ing. Hmm

Cameron: in a fol­lowup email why his FY25 result was so good I think port­fo­lio sort of were neck and neck with the mar­ket last year around 13 from mem­o­ry and he said he just had a bunch of win­ners you know that just real­ly did well Half a dozen stocks that just killed it and it’s the luck of the luck of the draw some­times you know We have a big [00:19:00] big uni­verse of stocks uh in our buy lists and depend­ing when you get in you can get half a dozen win­ners or you can get two or three win­ners and half a dozen makes a big dif­fer­ence

Tony Kynas­ton: Yeah, it’s sam­pling.

Cameron: inter­est­ing The what The uh scary bit

Tony Kynas­ton: Yeah, I thought so. I mean, I, I was­n’t quite sure whether he meant the total port­fo­lio size was scar­ing him or whether he meant every time he goes to buy some­thing, it’s a large chunk to, to put into the, into a trade. So, um, I gue- guess a cou­ple of points there. It, it’ll get eas­i­er as you go along because it’ll become more like tokens rather than dol­lars.

Um, at a cer­tain point, it all becomes a game rather than nec­es­sar­i­ly mov­ing dol­lars around. That’s, that’s my expe­ri­ence any­way. Um, but even if that’s the case, I mean, he, he can have a big­ger port­fo­lio and, and small­er ADTs per trade, um, like if he holds twen­ty-five stocks rather than twen­ty, um, and until he gets used to allo­cat­ing, uh, larg­er chunks of mon­ey to him.

But it’s a [00:20:00] good prob­lem to have, real­ly

Cameron: Yeah Yeah Jim Hi Cameron and Tony Men­tioned in my last email that I’ve been a mem­ber of Straw­man for a sim­i­lar peri­od to QAV Inter­est­ing to hear how how oth­ers are invest­ing et cetera How­ev­er I’ve enjoyed is the reg­u­lar CEO/CFO inter­views that Andrew hosts You get a real vari­ety of per­son­al­i­ties some real spruik­ing of their com­pa­ny but oth­ers are gen­uine­ly inter­est­ing when talk­ing about their core com­pe­ten­cy and com­pa­ny strat­e­gy Cou­ple that have been on Straw­man rep­re­sent some of the QAV favorites such as DUR Exec­u­tive Direc­tor Chris Oates SXE CFO Christo­pher Dou­glas What has come to mind when lis­ten­ing to the inter­views on Straw­man is how it would be great to hear the two of you inter­view some of the QAV favorites also like an extra spe­cial Pulled Pork Any­way thought I’d throw the idea out there Feel free to ignore and keep doing what you’re doing well I thought yeah that’s a great idea and and I have know from time to [00:21:00] time when Tony’s done a Pulled Pork I send the com­pa­ny an email or ping some­body on LinkedIn and go Hey we just cov­ered your com­pa­ny think­ing they’ll go Oh thanks That’s great but noth­ing I haven’t reached out to the CFO or any­one and said Hey why don’t you come on But once or twice maybe but not a lot But think­ing yeah I’m more than hap­py to do that if peo­ple would find it inter­est­ing The ques­tion is do I do it in advance of your pulled pork or to coin­cide with your pulled pork or after you do a pulled pork reach out and say invite them on to come on like a few weeks lat­er or some­thing like that Do you have a pref­er­ence

Tony Kynas­ton: Um, no, I don’t have a pref­er­ence. I think it makes sense to reach out to any­one on the buy list, real­ly. Just do a cold call email to, um, the investor rela­tions peo­ple at those com­pa­nies sug­gest­ing that you’re on our buy list. We’ll prob­a­bly talk about you in detail. Would you like to come on the show? It might be the way to go.

Yeah.

Cameron: Sounds like fun I’m

Tony Kynas­ton: Yeah.

Cameron: that so thank you Jim He also says Attached is my Straw­man [00:22:00] port­fo­lio per­for­mance which mir­rors my real life port­fo­lio Since since March 2021 his per­for­mance is 20.5 per annum and the last 12 months it was 64.3

Tony Kynas­ton: Very good.

Cameron: Bonkers Good job Jim Con­grat­u­la­tions Well done

Tony Kynas­ton: I think, from mem­o­ry Straw­man keeps a league table, so he must be pret­ty close to the top this year any­way. Mm.

Cameron: Jor­dan Hi hey Cam Had a crazy year this year I was up 52.75 for the FY ver­sus 6.16 for the ASX 300 Beat­ing the mar­ket by 8.5 times was not some­thing I would’ve thought was pos­si­ble espe­cial­ly fol­low­ing uh fol­low­ing a val­ue invest­ing method So once again big thank you to Tony for devel­op­ing the sys­tem and you mak­ing him [00:23:00] talk about it every week I don’t even know if I would be invest­ing in stocks with­out find­ing QAV

Tony Kynas­ton: Oh, that’s, that’s– I mean, that’s a good, that’s good feed­back on two counts. The, the sec­ond one’s prob­a­bly more impor­tant than the first one. Great results, but, you know, it’s, um, th-this is why I stay involved in QAV. It’s to get peo­ple into the, into the stock mar­ket and get­ting them to do it them­selves and avoid­ing fees and under­stand­ing, you know, there’s a way through it all, um, that you can do your­self

Cameron: Yeah And and blessed be you Tony for doing that I’m sure you’re buy­ing your way into the heav­en you don’t believe in Um

Tony Kynas­ton: Yeah, with imag­i­nary mon­ey.

Cameron: I am now track­ing at dou­ble mar­ket since I start­ed invest­ing in Novem­ber 2022 with my port­fo­lio up 20 per annum ver­sus the ASX 300 9.56 per annum I wish I had [00:24:00] some insight about how I did it but it real­ly is just fol­low the sys­tem With two small kids if any­thing it can take me a cou­ple of weeks at times to replace things And I think that’s a real­ly good uh insight You know we’ve talked about this before but I remem­ber in the ear­ly days of doing this I was like trig­ger fin­ger check­ing my port­fo­lio six times a day If any­thing became a sell I’d be like Oh oh I’ve got­ta sell it Oh quick Oh I bet­ter do a buy list and you know pan­ick­ing at some point I remem­ber you telling me Just stop check­ing and I did and it was scary for a while And I I was check­ing it like I check my weight which is like four times a day No once a day real­ly but like these days it’s just like eh you know you know it does­n’t real­ly know mean I don’t leave it weeks but um you know and I have a respon­si­bil­i­ty to the LITE mem­bers to trade stuff and that kind of stuff so I’ll [00:25:00] get on it But a day here a day there I know it all comes out in the wash It does­n’t real­ly make a huge amount of dif­fer­ence over five years right It’s it’s you know as you often say like one stock which is one fif­teenth or one twen­ti­eth of your port­fo­lio over a day or two or three there’s real­ly no pan­ic And and as we’ve seen before some­times you don’t sell some­thing then you go to sell it a day

Tony Kynas­ton: Cor­rect.

Cameron: it’s no longer a sell and you go Oh okay Some­times it falls through the floor like we’ll talk about in the Amer­i­can show But remem­ber Leslie the pool com­pa­ny I bought a

Tony Kynas­ton: Yes

Cameron: went up 10 in a week and I was like You beau­ty it this morn­ing It was down 27 my buy price

Tony Kynas­ton: Mm-hmm

Cameron: So it dropped 40 up 10 in a week and then dropped 37 in three weeks for some rea­son or four weeks or what­ev­er And I don’t know why No no news either time about any­thing So it’s I’m I’m assum­ing gam­ma squeeze and shorts and [00:26:00] some­thing going on But um any­way some­times it bites you on the ass Some­times it goes the oth­er way So you know you just it all

Tony Kynas­ton: Yeah. And if you watch things reli­gious­ly, you don’t real­ly guard too much against being bit­ten on the ass, ’cause if it’s drop­ping 40% quick­ly, even if you, even if you’re alert to it quick­ly, I mean, maybe you get out when it’s dropped 30%, but it’s drop­ping like a stone as you’re sell­ing. So it’s not a big dif­fer­ence.

Yeah

Cameron: Yeah Jor­dan also says that he’s been uh build­ing a back­test­ing regres­sion test­ing sys­tem and he’s been using Fable to check his code offered to share it with me And I said fun­ni­ly fun­ny that I’ve spent the last few days using Fable to build a back­test­ing sys­tem So

Tony Kynas­ton: Oh, wow

Cameron: halfway through cod­ing mine so we’re shar­ing notes on how to deal with splits and con­sol­id The big things I’m try­ing to work out are how to deal with splits and con­sol­i­da­tions and how to deal with uh com­mod­i­ty uh

Tony Kynas­ton: right

Cameron: I’ve built my [00:27:00] com­mod­i­ty auto­mat­ed com­mod­i­ty uh 3PTL sys­tem in the last few months I can now plug it into this so yeah I’m just plug­ging all my bits and pieces into a back­test­ing sys­tem work­ing with Fable cause w you know these new mod­els are insane­ly good So I’m hop­ing in the next week or so I’ll have some­thing for you to play with

Tony Kynas­ton: That’d be fan­tas­tic. So

Cameron: Huh

Tony Kynas­ton: the com­mod­i­ty trad­ing track­ing sys­tem, is that get­ting close to being able to release for use?

Cameron: Release for use

Tony Kynas­ton: for mem­bers to use

Cameron: No Mem­bers don’t wan­na do any­thing them­selves They just rely on me to do stuff for

Tony Kynas­ton: Okay.

Cameron: you know

Tony Kynas­ton: Can you share it with me?

Cameron: Yeah Well why don’t you just You you don’t trust my charts each week

Tony Kynas­ton: No, I do. I use your charts each week, but if I do a buy list halfway through, I’ve got to go and eye­ball it myself

Cameron: Oh well that takes you two sec­onds to go and eye­ball one [00:28:00] chart like you know

Tony Kynas­ton: Okay, well don’t share it with me then I’ll keep doing it man­u­al­ly. It’s fine. I mean I,

Cameron: I’ll

Tony Kynas­ton: I

Cameron: share my code with you It’s okay Don’t get like that Jeez Um yeah I’ll make a reminder to do it Yeah no I’ve been using it for um mm cou­ple of months now Um it’s good Yeah I I basi­cal­ly use um Trad­ing Eco­nom­ics so you’ll need a um pre­mi­um account with Trad­ing Eco­nom­ics to get the data and then it it yeah basi­cal­ly just grabs their data and runs my core uh 3PTL code base which y I have like a uni­fied code base now that applies it to stocks as well as com­modi­ties Um has the same rules in it so Cause it’s been a con­stant of refine­ment [00:29:00] over eh a cou­ple years real­ly You know tweaks

Tony Kynas­ton: imag­ine, yeah.

Cameron: Hmm

Tony Kynas­ton: Very good

Cameron: Um all right To do to do What have you got TK That’s all I got

Tony Kynas­ton: Okay, a cou­ple of things. Um, the. I– Might be a bit of a, a brag here, but, um, there’s l- If peo­ple do what I do, which is to look at the rolling year record sec­tions of the Fin Review to see whether the mar­ket’s, you know, hav­ing lots of highs or lots of lows and which stocks are in, um, you know, have, have reached a rolling high or a rolling low.

Uh, there’s, there’s real­ly thin pick­ings on the rolling high side of things of the ledger. Um, and last Fri­day, uh, which I guess relates to Thurs­day’s trad­ing, there was only sev­en com­pa­nies which had reached the, their 12-month high on Thurs­day, and, uh, two of them were, um, QAV buy list stocks that I own. So [00:30:00] that was quite pleas­ing to see Chal­lenger and QBE reach their 12 months highs when most of the mar­ket was, um, was going down.

So that was nice.

Cameron: One of them is Skin Can­dy which I’d nev­er heard of before

Tony Kynas­ton: Mm-hmm.

Cameron: I had to look them up They’re like a online jew­el­ry busi­ness uh ma uh store

Tony Kynas­ton: Mm-hmm.

Cameron: Yeah

Tony Kynas­ton: Yeah. Good. Okay

Cameron: them And Like A Podi­um

Tony Kynas­ton: Yep

Cameron: That’s uh one of the big win­ners That’s sur­pris­ing

Tony Kynas­ton: Why is it sur­pris­ing?

Cameron: Oh well I think uh they uh anoth­er Bris­bane based uh lit­tle com­pa­ny that I think we talked about

Tony Kynas­ton: Yeah, they’ve been on the buy list a cou­ple of years ago, yeah

Cameron: Yeah yeah yeah I just you know I haven’t heard You know they haven’t hit

Tony Kynas­ton: Yeah.

Cameron: for Oh hold on No they’re based in Perth I haven’t um paid any atten­tion to them but they were one of the top per­form­ing stocks

Tony Kynas­ton: Hmm.[00:31:00]

Cameron: Hmm

Tony Kynas­ton: Good on them. Any­way, that was a bit of a hum­ble brag. Um, but it’s always nice to see QAV stocks reach­ing their 12-month highs. Uh, the oth­er arti­cle that, um, caught my atten­tion was, uh, about Aussie AI stocks. Uh, and they were focus­ing on, of course, the stocks that sup­port data cen­ters and sup­port, um, the build-out for infra­struc­ture for AI.

But, uh, we’ve had a cou­ple of win­ning stocks in the QAV port­fo­lios, um, in the last 12 months or so. SXE, South­ern Cross Engi­neer­ing, and GNP, Genus­Plus, and they’ve done very well and, um, I guess I haven’t paid much atten­tion to them. I would have done a Pulled Pork on them at both a cou­ple of years ago, I think.

Uh, and they’ve been doing very well. But then, um, what I, I had­n’t put two and two togeth­er, but of course, both of them are, are, um, doing real­ly well because they’re sup­port­ing the growth in data cen­ters and [00:32:00] in the, in elec­tric­i­ty con­nec­tions for AI. Um, so, uh, one of the com­ments, if I can open, uh, if I can open my arti­cle.

Excuse me for a minute Hi. I

I sent myself a. Yeah, here we go. I sent myself a, a, um, PDF and it’s trun­cat­ed the arti­cle. But, uh, if I go back to the orig­i­nal, uh, elec­tri­cal ser­vices stocks, South­ern Cross Engi­neer­ing, Elec­tri­cal Engi­neer­ing, and Genus­Plus, whose order books are expand­ing from the grow­ing invest­ment in data cen­ters, pow­er infra­struc­ture, and elec­tri­cal net­works.

Um, and that was the pick of one of the, uh, fund man­agers that the AFR was inter­view­ing. Uh, and they quote, “The mar­ket is still under­es­ti­mat­ing the dura­tion of this invest­ment cycle.” The chap’s name is Bark­er, said, “We’re see­ing pro­ject­ed project pipelines extend­ing into 2028 and 2029, which give these busi­ness­es far stronger rev­enue vis­i­bil­i­ty than they had a few years ago.”

So any­way, just, um, a lit­tle bit more of an insight onto, uh, two of the stocks which have [00:33:00] done well for us. I had­n’t real­ized they were being boost­ed by their involve­ment in, um, sup­port­ing the infra­struc­ture build for AI

Cameron: Hmm There you go Good for them

Tony Kynas­ton: Yeah. And then the last thing I have to do is a Pulled Pork, which was a request on IGL, which is IVE Group

Cameron: Good old IGL Been around for years on our buy list on and off

Tony Kynas­ton: It has, has­n’t it? And I did– I’ve done a Pulled Pork on it, which was, uh, quite a while ago. Um uh, and the– in doing this one, um It’s, uh, it’s c- real­ly changed over the last few years, so I was quite, um, quite inter­est­ed in, in doing this one, even though I think it’s, uh, it’s got a, a QAV score of.11, but it’s cur­rent­ly a Josephine, so I’ll say that in advance.

Uh and it has a rea­son­able ADT. It’s about $300,000, so it’s not, um, not over­ly big, but it would suit a [00:34:00] lot of lis­ten­ers. Um, so who are they? Well, they’re IVE Group. Code is IGL. Um, they’re Aus­trali­a’s largest print com­pa­ny, and I guess you could also call them a mar­ket­ing com­pa­ny. And, uh, they, uh, well, they claim they’re the largest com­mer­cial print­er in the South­ern Hemi­sphere.

They employ over 2,000, uh, staff across Aus­tralia. Uh, they, uh, I guess are real­ly cen­tered on com­mer­cial print­ing, espe­cial­ly in the retail cat­a­log space, uh, cor­po­rate mail­ers, but they also now, uh, print pack­ag­ing and mag­a­zines. Uh, and that’s prob­a­bly at least half of its oper­a­tions. But they also, uh, do a lot of, um, you know, one-off com­mer­cial print­ing at high vol­ume.

They do a lot of, uh, car­ton-based print­ing now and pack­ag­ing print­ing. They do. They have a very large dis­tri­b­u­tion busi­ness, so third-par­ty [00:35:00] logis­tics, um, inven­to­ry man­age­ment. Uh, they have a huge house­hold let­ter­box dis­tri­b­u­tion net­work. Um, and they also now get into the cre­ative side of things, too. So they do dig­i­tal mar­ket­ing, brand­ing, social media mar­ket­ing, et cetera, uh, and are pret­ty strong on per­for­mance track­ing.

So, um, that’s, that’s the busi­ness in a nut­shell. Um, one of the large print­ers in Aus­tralia, and in fact now, giv­en a few acqui­si­tions, it’s, it’s the largest, and it’s pret­ty much a monop­oly busi­ness when it comes to, um, par­tic­u­lar­ly print­ing cat­a­logs any­way. Uh, so to give a bit of a back­ground to the con­sol­i­da­tions that have gone on recent­ly, uh, and they’ve s- they’ve had a strat­e­gy with­in the busi­ness called Now to 2030, and the whole part of that busi­ness was to, uh, get oper­a­tional syn­er­gies, reduce oper­at­ing costs, increase mar­gins, and large­ly through acqui­si­tions, but also through con­sol­i­dat­ing their print­ing works into lar- very [00:36:00] large facil­i­ties, but one in Syd­ney and one in Mel­bourne.

So in the last, uh, 12 months or so, they’ve, uh, uh, acquired a com­pa­ny called Dai­ly Press, and, uh, that was a Syd­ney-based, um, social media and per­for­mance mar­ket­ing com­pa­ny. They acquired Impres­su Print, um, and they were actu­al­ly part of Domi­no’s Piz­za Enter­pris­es. Uh, so that gave them point-of-sale busi­ness­es and a, a pr- a print hub in Bris­bane, and they also acquired a com­pa­ny called Bud­get Mail Ser­vices, um, which is a direct mail com­pa­ny.

Uh, so that’s, that’s some, some of the recent small­er busi­ness­es that they’ve been acquir­ing. But the big game chang­er f‑for them was a com­pa­ny called Ova­to Group, and Ova­to Group was a rebrand of a com­pa­ny for­mer­ly known as PMP, one of the oth­er big print­ers in Aus­tralia. And back in twen­ty twen­ty-two, [00:37:00] they, uh, bought quite cheap­ly the assets from PMP out of admin­is­tra­tion.

Uh, and, uh, that, that gave them a lot of syn­er­gies, it ga-it gave them mar­gin improve­ment, and it con­sol­i­dat­ed their posi­tion as the biggest print­er, um, in Aus­tralia. So that was a real game chang­er for them. Um, before that, Ova­to, Ova­to or PMP was the, the, um, the larg­er of the two, I think. Uh, but, um, they lost a cou­ple of cat­a­log busi­ness­es, uh, accounts.

Um, they did some merg­ers of their own, which did­n’t go as well, and they entered into vol­un­tary admin­is­tra­tion in July twen­ty twen­ty-two. Uh, they. Then the IVE Group, uh, stepped up to acquire the key print­ing and fin­ish­ing oper­a­tions for six­ty mil­lion dol­lars, which they paid for out of cash reserves. And, uh, that was less than the [00:38:00] price of a sin­gle new com­mer­cial print­ing press, so they real­ly bought things on the cheap.

And because of that takeover of at least of the assets and, and Ova­to going into admin­is­tra­tion, they were the lar- only largest, uh, or they were the largest and only, um, web off­set print­er in the coun­try. And, uh, because of that, the, that par­tic­u­lar trans­ac­tion drew scruti­ny from the ACCC, um, but they cleared the deal and they acknowl­edged that if, uh, IVE Group did­n’t buy the assets, then Ova­to would sim­ply shut down and they would have to be scrapped and that would dis­rupt a lot of the print­ing busi­ness that was going on in Aus­tralia.

And, uh, even the, the retail­ers, the super­mar­kets in par­tic­u­lar, who are big, uh, print­ers of cat­a­logs, sub­mit­ted to the ACCC that even though they did­n’t like, um, that, uh, they were, uh, faced with a monop­oly provider, it was bet­ter than, um, los­ing the PMP, uh, [00:39:00] assets, um, and hav­ing to, uh, you know, prob­a­bly cut back on their cat­a­log, uh, print­ing.

So, um, that, uh, went through the ACCC. Um, not only did, uh, this com­pa­ny absorb Ova­to’s assets, but they also took over a lot of their clients, includ­ing, um, major retail­ers and pub­lish­ers. Uh, and then they grad­u­al­ly scaled down and

Com- com­plete­ly, uh, sor­ry Cam, I’m get­ting a call on my phone. Did you hear that? No? Good. I’ve stopped it.

Cameron: Yeah

Tony Kynas­ton: okay. Um, they grad­u­al­ly scaled down and they com­plete­ly closed the Ova­to flag­ship man­u­fac­tur­ing facil­i­ty in War­wick Farm in twen­ty twen­ty-three, and they shift­ed the vol­umes to, uh, an auto­mat­ed hub in Sil­ver­wa­ter and Hunt­ing­wood and in Sun­shine in Vic­to­ria, and even­tu­al­ly they’ve rolled those into, um, into their own bespoke, uh, large facil­i­ties.

[00:40:00] The Ova­to acqui­si­tion, though, was an over­whelm­ing suc­cess for the IVE Group, and this is where I think the com­pa­ny’s, um, finan­cials have dif­fered from when I last did the Pulled Pork on them. So, um, the, uh, first year post-acqui­si­tion, which was FY twen­ty-three, uh, the assets direct­ly con­tributed a hun­dred and thir­ty-six mil­lion in rev­enue, uh, which meant that, um, rev­enue was up twen­ty-sev­en and a half per­cent, uh, because they picked up all those extra clients, uh, in the, um, in the trans­ac­tion.

And, uh, they also increased mar­gin because of the syn­er­gies that they could do. So their mar­gins went from just under thir­teen per­cent up to eigh­teen per­cent. And, uh, in the FY twen­ty-four and twen­ty-five finan­cial reports, IVE con­firmed that they achieved all the cost syn­er­gies they thought they would, um, which is kind of rare in acqui­si­tion land that some­one, uh, actu­al­ly achieves all the syn­er­gies they think they would.

Um, so group rev­enue was up twen­ty-sev­en point sev­en [00:41:00] per­cent. Cash flows were up from nine­ty-six mil­lion in twen­ty-two up to a hun­dred and twen­ty-eight mil­lion in twen­ty-five. And NPAT went from thir­ty-three mil­lion in FY twen­ty-two to fifty-two mil­lion in FY twen­ty-five. So it was a very good acqui­si­tion for them, and it’s, I guess it’s not sur­pris­ing giv­en it gives them monop­oly-like char­ac­ter­is­tics in the, in the print­ing mar­ket and the cat­a­log deliv­ery mar­ket.

And it’s some­thing that War­ren Buf­fett would always talk about. He likes to own monop­oly, uh, com­pa­nies. Uh, he see- sees that their moats are the widest and they’re the, the, um, the best per­form­ing, high­est mar­gins, and hard­est to com­pete against. So this might be, um, a War­ren Buf­fett type stock if, um, if you wan­na take that point of view to it.

Um, inter­est­ing his­to­ry. Goes back a long way. So the busi­ness was found­ed by Oscar Selig, who was an Aus­tralian World War I vet­er­an, and when he came back from World War I, he start­ed a busi­ness called The Link, [00:42:00] which pro­duced a com­mu­ni­ty news­pa­per in Bal­main. And then, um, to sus­tain the con­tin­ued edi­tions of The Link, he decid­ed to ver­ti­cal­ly inte­grate and launched a, a small com­mer­cial print­ing shop known as Link Print­ing.

And so for sev­er­al decades, the, that com­pa­ny focused on local­ized com­mer­cial print­ing in and around Syd­ney. But in the ear­ly six­ties, Oscar’s son, Gor­don Selig, took over con­trol. Uh, he rec­og­nized that the com­mu­ni­ty print mod­els were cap­ping the com­pa­ny’s growth, and he start­ed to expand into oth­er high-vol­ume com­mer­cial con­tract print­ing busi­ness­es.

Through­out the ’70s and ’80s, the com­pa­ny moved out of small local premis­es and scaled oper­a­tions dra­mat­i­cal­ly, uh, and they start­ed heavy indus­tri­al print­ing hubs across West­ern Syd­ney. And then in the late 1990s, Gor­don’s sons, Jeff and Paul Selig, uh, took over or joined the, the exec­u­tive team in the busi­ness, and they also, [00:43:00] um, real­ized that, uh, being a stand­alone print­ing com­pa­ny, um, was under threat due to the rise of dig­i­tal mar­ket­ing.

And so they began to, uh, diver­si­fy across dif­fer­ent sec­tors. Um, they inte­grat­ed data-dri­ven com­mu­ni­ca­tions, point-of-sale retail dis­play busi­ness­es, dig­i­tal tele­mar­ket­ing, e‑commerce plat­forms, and the logis­tics, uh, side of deliv­er­ing cat­a­logs into their busi­ness. Uh, at that stage, the brands oper­at­ed under a col­lec­tive, uh, head­ing called Blue Star Group.

Um, one of the busi­ness­es was called IVE EDI, and even­tu­al­ly, uh, the com­pa­ny list­ed in twen­ty fif­teen under the tick­er IGL. Uh, they then rebrand­ed all those sub-brands into IVE Group, and they then start­ed to acquire com­peti­tors, first­ly Franklin Webb, and then the takeover of Ova­to in 2022. Um,

The, um, uh, next major change was in 2024 when the exec­u­tive [00:44:00] chair­man, Jeff Selig, passed away, and then they appoint­ed from out­side, uh, a CEO, Matt Aitken. So they’re now, even though, um, two of the sons are still on the board, uh, they’re now run by an out­sider, uh, since 2024. Um, they’ve gone on a, uh, cap­i­tal, uh, cap­i­tal or inten­sive­ly allo­cat­ed cap­i­tal to cre­at­ing super sites, one in Vic­to­ria, one in Syd­ney.

The, um, super site in Syd­ney is called Kemps Creek, and, uh, it’s just opened this year, and it’s 44,000 square kilo­me­tres at Kemps Creek. And, um, that, that facil­i­ty focus­es on pack­age print­ing, um, which they expand­ed into with the acqui­si­tion of a busi­ness called Jack­pack, which is, um, was print­ing on, uh, pack­ag­ing.

Um, so that’s how the busi­ness has expand­ed and grown through acqui­si­tion, uh, and its his­to­ry. But I want­ed to spend a lit­tle bit of time talk­ing about the [00:45:00] cat­a­log m- um, side of things because work­ing at Coles Myer, I had a fair bit of expo­sure to, uh, cat­a­log, um, print­ing and deliv­ery and, uh, it’s, um, it’s a very inter­est­ing busi­ness which, um, does­n’t get much of a spot­light on it gen­er­al­ly.

Um, but, uh, the, the two major super­mar­kets in Aus­tralia, and I guess the small­er ones as well, and some of the oth­er retail­ers, uh, like Super Retail Group, have made, um, a big invest­ment in being able to print cat­a­logs which dis­play their lat­est, uh, prod­uct, uh, dis­counts and have them dis­trib­uted to house­holds on a week­ly basis, and that dri­ves a lot of, uh, foot traf­fic into stores.

And in fact, that was kind of test­ed by Coles when, uh, when IVE took over Ova­to, Coles decid­ed that it did­n’t like hav­ing, um, only one sup­pli­er in the mar­ket, [00:46:00] and so they ceased their nation­al let­ter­box drops, um, in 2020, part­ly because of the COVID pan­dem­ic, because they’ve. You know, it was dif­fi­cult for peo­ple to actu­al­ly drop, uh, the let­ter­box mail­ers for Coles, but also because of the, um, uh, more rapid adop­tion of online, um, retail­ing dur­ing that COVID time, but also because they did­n’t like the idea of hav­ing one sup­pli­er for a major cost in their busi­ness.

Um, so they launched a dig­i­tal con­tent hub called Coles and Co to replace the paper cat­a­logs, and that was, um, that was a major blow to IVE Group, so they lost a $40 mil­lion, um, print­ing con­tract and, uh, Coles kept a, a small num­ber of, um, cat­a­logs phys­i­cal­ly print­ed to hand out in stores, but basi­cal­ly cut it out, uh, from deliv­ery.

But y- after four years of doing that, um, they qui­et­ly returned to print­ing cat­a­logs in late 2024, [00:47:00] and in Feb­ru­ary 2025, uh, Matt Aitken, the, um, MD or, uh, yeah, MD of IVE offi­cial­ly con­firmed to share­hold­ers that Coles had ful­ly returned to the let­ter­box chan­nel, um, along­side oth­er major retail­ers like Bun­nings and Har­vey Nor­man.

So what Coles found was while the dig­i­tal plat­forms pro­vid­ed great tar­get­ed mar­ket­ing, um, the super­mar­kets dis­cov­ered that they real­ly did have a, have a reliance on, uh, those week­ly let­ter­box drops which high­light­ed their spe­cials, and that did dri­ve foot traf­fic into the stores. So I know when I was with the super­mar­kets, they were always try­ing to reduce the cost of cat­a­logs.

They were always try­ing to trim how many they deliv­ered, but they were always stum­bling because as soon as they cut too far, their sales would go down. So it’s, it’s com­ing into the busi­ness cold, you would think, “Why are they spend­ing all this mon­ey, $30 to $40 mil­lion a year on print­ing and deliv­er­ing cat­a­logs?”

But it real­ly does dri­ve, um, [00:48:00] foot traf­fic via prod­uct, uh, dis­counts to the right house­holds, um, from, through their mar­ket­ing arm. So it’s a, a big thing for them. Um, I guess a cou­ple of oth­er things to talk about with cat­a­logs. So, uh,

IVE got into the, um, dis­tri­b­u­tion side of, uh, of the busi­ness, um, when it took over Ova­to’s, uh, assets. Um, and they picked up some­thing like 12,000 cat­a­log walk­ers, both through that and the acqui­si­tion of a com­pa­ny called Salmat, um, which was, uh, I guess the biggest play­er in, uh, in the mar­ket in terms of deliv­er­ing cat­a­logs.

Salmat did­n’t have much on the print­ing side, so it did­n’t have the ver­ti­cal inte­gra­tion that, uh, IVE does. And so Salmat actu­al­ly went into liq­ui­da­tion back in about 2022, I think, um, after being around for a long time. I cer­tain­ly dealt with them when I was at Coles Myer. Uh, but they decid­ed [00:49:00] that they would be bet­ter off sell­ing their dis­tri­b­u­tion, um, to, um, IVE and then sell­ing off some oth­er assets.

They had a big out­sourc­ing cen­ter in the Philip­pines. Uh, and then going into, um, vol­un­tary admin­is­tra­tion and liq­ui­da­tion and doing a big cap­i­tal return to share­hold­ers via the way of a div­i­dend, and then wind­ing itself up. So they, they kind of threw in the tow­el, um, because of all the com­pet­i­tive pres­sures in the indus­try.

And that ben­e­fit­ed IVE again, who start­ed to ver­ti­cal­ly inte­grate print­ing and dis­tri­b­u­tion of the cat­a­logs. Um, so IVE now has 14,000 peo­ple that they hire each week to hand walk leaflets into peo­ple’s let­ter­box­es, which I, I find stag­ger­ing real­ly, and, um, kind of inter­est­ing that it has­n’t been able to be dig­i­tized.

Um, and when Coles tried, they could­n’t bet­ter the b- the ben­e­fits of phys­i­cal­ly deliv­er­ing a cat­a­log. So Coles and Woolies both print some­where between five and sev­en mil­lion cat­a­logs per [00:50:00] week, and then have them dis­trib­uted by hand into peo­ple’s let­ter­box­es. Um, IVE though has got­ten a bit, um, bet­ter at doing this and they, um, they use a lot of tools like, uh, geo­de­mo­graph­ic clus­ter­ing, um, using their own data ana­lyt­ics plat­forms.

They do tar­get­ed deliv­ery based on, um, sub­urbs and what’s called CCDs, so Cen­sus Col­lec­tion Dis­tricts, which are down to 200 house­holds. Uh, they fil­ter on income, house­hold size, and lifestyle pro­file, and then they, um, for­mat which cat­a­logs and, uh, can go to which areas to, uh, kind of micro-mar­ket the cat­a­logs, uh, to, uh, end users.

Um, so some­times a retail­er might send a 32-page pre­mi­um cat­a­log to a high dis­pos­able income sub­urb while dis­trib­ut­ing an, an eight-page best val­ue leaflet to more bud­get-con­scious post­codes, for exam­ple. Um, IVE call this the phy­gi­tal, [00:51:00] P‑H-Y-G-I-T-A‑L approach. Nev­er heard of that term before, but it’s a com­bi­na­tion of phys­i­cal and dig­i­tal.

And what they do is they fre­quent­ly include QR codes on the, um, the fly­ers that go out to let­ter­box­es, and then they, um, they look at when a cus­tomer or when a house­hold scans the cat­a­log, the retail­er can track, uh, which demo­graph­ics are con­vert­ing, um, and going in store to take up the offers. So it’s a bit more sci­en­tif­ic than it was when, um, when I was there, when it was just, uh, try­ing to, uh, almost by tri­al and error, cut out sub­urbs and see how the sales react­ed.

Um, the oth­er thing that IVE has done is to do a lot of work with the, uh, co- the infra­struc­ture for col­la­tion and deliv­ery. So now, um, in the past, what would hap­pen was, um, s‑se­mi-trail­ers would deliv­er bun­dles and bun­dles, pal­lets of cat­a­logs to indi­vid­ual garages where [00:52:00] these walk­ers would then col­late them and then go on their rounds to deliv­er them.

That, uh, that col­la­tion activ­i­ty is now done in the, in the logis­tics, um, part of the busi­ness by IVE, and they can do it in a tar­get­ed and auto­mat­ed way and then pro­duce, um, bun­dles for the, uh, house­holds or the deliv­ery walk­ers to send to house­holds. Um, and that gives the retail­ers, again, a, a bet­ter way of tar­get­ing which cat­a­logs are sent to which hous­es, um, and to do it effec­tive­ly and effi­cient­ly.

Um, and there’s also been a lot of work done cross-ref­er­enc­ing the loy­al­ty pro­grams at Coles and Wool­worths, Fly­buys and Every­day Rewards, um, which they can then cross-ref­er­ence to the let­ter­box drops and see, um, via the trans­ac­tions on the cards what’s actu­al­ly occurred. And so that, that does improve their return on mar­ket­ing invest­ment as well.

So, um, a lot of sort of smarts going into cat­a­log dis­tri­b­u­tion now. And prob­a­bly the last link in the chain to talk about, which is, uh, [00:53:00] again, I find inter­est­ing, is that again, when, um, when I was work­ing with Coles and oth­er brands at Coles Myer on, on their mar­ket­ing, they would always be fair­ly skep­ti­cal about how many cat­a­logs were actu­al­ly deliv­ered.

And there was always anec­do­tal evi­dence that some­one would, um, a walk­er would, uh, you know, just dump the cat­a­logs in the bin some­where or, um, you know, we had pho­to­graph­ic proof that there were cat­a­logs being dumped in creeks around Mel­bourne, for exam­ple. And, you know, tho-those would be tak­en back to the print­ers and the, and the walk­ing com­pa­nies as indi­vid­ual cas­es and that they would be dealt with then, but it was still a large­ly man­u­al process.

But now what hap­pens is the, um, IVE, uh, group has an appli­ca­tion called IVE Hub, IVE Hub, which is an app on the smart­phone. The cat­a­log walk­er must open the app, tap Start Walk, and they begin their des­ig­nat­ed ro-route. The GPS in the phone, um, can plot where the walk­er is phys­i­cal­ly going. They can, um, [00:54:00] let them know if they’ve strayed out­side of their, uh, their assigned dis­trict.

And then, um- Once the walk­er fin­ish­es, they sub­mit a dig­i­tal dec­la­ra­tion that they’ve deliv­ered all the cat­a­logs to the house­holds they were sup­posed to, and then IVE super­vi­sors can con­duct a, a sam­pling audit and, uh, look at the GPS to see that the walk­er actu­al­ly walked through the routes and then can approve the pay­ment for the walk­er, um, again, using their, their, uh, IVE Hub appli­ca­tion.

So that, that’s the way they now man­age the four­teen thou­sand, um, con­trac­tors and improve the deliv­ery ver­i­fi­ca­tion for the retail­ers. Um- But, you know, to me it’s just stag­ger­ing that’s still going on these days, that four­teen thou­sand peo­ple are walk­ing print­ed cat­a­logs around to peo­ple. But at this stage any­way, the retail­ers haven’t been able to crack get­ting off that, um, that, uh, gr- that train, I guess, of cost.

So, um, I find that very inter­est­ing. And of course, it’s the back­bone for [00:55:00] IVE, um, to do that and to keep the retail­ers hap­py, and it’s, it seems to be work­ing for IVE any­way. Um, hav­ing said that, though, their lat­est half results were a lit­tle soft. So, um, there has been a bit of a slow­down in retail, uh, because of all the things going on with inter­est rates and, um, oth­er impacts with oil prices, et cetera, um, on the con­sumer’s, um, spend­ing dol­lar.

Uh, but the soft­ness in retail was ex- off­set a lit­tle bit by mar­gin expan­sion for IVE. Um, and prof­it was slo- slight­ly down, but large­ly because of the cost of inte­grat­ing the print­ing plants into the Kemp facil­i­ty in Syd­ney. So quick­ly, uh, to look at their results for the half, uh, rev­enue was down six per­cent, mar­gin was up two per­cent, and prof­it was down ten per­cent.

Uh, so it has­n’t all been smooth sail­ing for this monop­oly busi­ness, but, um, I guess once they get Kemp up and run­ning, that might turn around a bit. In terms of QAV num­bers, uh, the price that I did the analy­sis at was two dol­lars sev­en­ty-nine, [00:56:00] uh, which is above IV1 of one six­ty-eight, but below IV2 of three twen­ty-four, and fif­teen per­cent below con­sen­sus tar­get.

Um, the com­pa­ny is both a star growth stock and a star income stock in Stock Doc­tor, so it gets, uh, extra points on our check­list for that. And of course, that pret­ty much guar­an­tees the finan­cial health is strong and the trend is steady in Stock– steady in Stock Doc­tor. Stock­o­pe­dia give it a qual­i­ty rank­ing of sev­en­ty-nine, which I thought was a lit­tle bit low.

F score is five out of nine. Um, but, uh, yeah, I think that’s on the back of those weak­ish num­bers in the first half. But over­all, they still give it a rank­ing of nine­ty-five, so it still scores pret­ty well in Stock­o­pe­dia as well. Uh, PE is eight point five times, which is in the mid­dle of the range, so we don’t score it for that.

Pr/OpCaf is four point sev­en times, so it’s throw­ing off lots of cash, which is good. Um, we can’t buy it for book val­ue or book plus thir­ty. Book plus thir­ty is dol­lar eighty-eight. And I should also [00:57:00] high­light with all those acqui­si­tions, there’s lots of good­will, and so NTA is a lot low­er than that as well.

But we can’t score it for being able to buy it for book val­ue or book plus thir­ty. And nor can we score it for growth. Earn­ings per share growth is only fore­cast at two per­cent, so we can’t score it for growth over PE, which is only point two eight. Uh, we can score it for yield. It’s a high yield­ing com­pa­ny, um, which is throw­ing off six point four five per­cent yield at the moment.

And we can’t score it, uh, for own­er founder, even though the Selig fam­i­ly still have a share­hold­ing. They s- have sold down recent­ly. They’re down to about four point four per­cent, and Paul Selig remains on the board. But that’s not enough to, uh, give th- this com­pa­ny an own­er founder score, even though obvi­ous­ly they do have a long his­to­ry of the Selig fam­i­ly involve­ment.

Uh, over­all qual­i­ty score is at fifty-three per­cent, eight point five out of fif­teen. QAV score of point one one, and it is a Josephine at the moment, but, um, you know, it could come back into [00:58:00] buy ter­ri­to­ry going for­ward. So a lot to like about the com­pa­ny and its mono- monop­oly sta­tus. Um, the risks, uh, I guess, are com­ing through in its F1 num­bers that, uh, they’re very reliant on retail, uh, doing well.

Um, but yeah, it’s, uh, it’s a lot stronger than when I looked at it last time.

Cameron: And I’ve held a few parcels of it in var­i­ous port­fo­lios since April last year and they are up 14. So haven’t shot the lights out but haven’t gone back­wards either so guess that’s okay. Aver­age. Thank you Tony. you. Eagle. Phig­i­tal, phig­i­tal, that.

Tony Kynas­ton: Yeah.

I did too. I thought you would.

Cameron: yeah phig­i­tal

Tony Kynas­ton: I had­n’t heard of it. Yeah. And I remem­ber at the time they were just start­ing to do that, they were actu­al­ly– When I was at Coles, they were actu­al­ly just drop­ping, um, GPS track­ers into the walk­ers, you know, phys­i­cal­ly putting GPS track­ers into the cat­a­log bun­dles to make sure the walk­ers were deliv­er­ing cat­a­logs.

Cameron: [00:59:00] Hmm.

Tony Kynas­ton: thing at Coles Myer was that, uh, each of the Coles Myer busi­ness­es had a dif­fer­ent print­er and a dif­fer­ent cat­a­log deliv­ery com­pa­ny. So Salmat, PMP or, um, IVE back in, uh, in its, um, its ear­li­er incar­na­tions. Uh, and, um, IVE was cer­tain­ly show­ing a lot of, um, promise in terms of its abil­i­ty to use GPS track­ing, but it still was­n’t enough to, to over­come this, the retail­er’s hes­i­tan­cy to have one sup­pli­er, which is, um, you know, poten­tial­ly a neg­a­tive for them.

And I think from what I read, Coles is like­ly to con­tin­ue to, to retreat back to dig­i­tal mar­ket­ing, even if it costs them some sales, just to be able to keep some pres­sure on IVE and its price for sup­ply­ing the cat­a­log print­ing busi­ness to them.

Cameron: Mm.

Tony Kynas­ton: It’s all about being a mer­chant in, uh, in super­mar­ket land.

Cameron: How long before they have drones that just [01:00:00] shoot deliv­ery peo­ple if they don’t deliv­er them uh on time and prop­er­ly.

Tony Kynas­ton: Yeah, well, I don’t know, but I would have also thought how long before you can just send some­thing to your phone? You know, here are your, here are the great prod­uct deals for you this week. I guess they’ve been try­ing to do that with the loy­al­ty pro­grams and the apps on the phones, but, um, it has­n’t, at this stage any­way, it has­n’t been as effec­tive as, as walk­ing a cat­a­log into a let­ter­box.

Cameron: Hmm. Yeah it seems weird that in 2026 that’s still a thing.

Tony Kynas­ton: Yeah, it does, does­n’t it?

Cameron: years ago.

Tony Kynas­ton: Yeah.

Cameron: But I know Chris­sy loves sit­ting there flick­ing through cat­a­logs. When­ev­er we go to Aldi she takes a cat­a­log. I’m like, what? Why? She goes, oh I like, I like look­ing through it. Kill me now. That’s my view of every­thing.

Tony Kynas­ton: Hmm. Yeah, and I mean, they, they, I, I for­get what the num­bers are now, but they– I’ve come across the num­ber of trees that were cut down to print these cat­a­logs, and it’s enor­mous. I, I know a lot is done via recy­cling of paper these days, but it’s still a large num­ber of trees that are [01:01:00] felled to feed this, uh, main­line addic­tion to cat­a­log retail­ing in Aus­tralia.

Cameron: Hmm. Okay. Hours Tony.

Tony Kynas­ton: Yeah. So, um, I’ll let you talk about The Rolling Stones, but their new album’s pret­ty good. I’ve been enjoy­ing that. Um, Jen­ny’s been away up in Syd­ney vis­it­ing. Oh, sor­ry, Mel­bourne, vis­it­ing with Alex this week, so I haven’t. I’ve been try­ing to watch things that, um, we would­n’t both watch togeth­er. So I’ve been going, going back through some old movies, and there, there’s been some real­ly inter­est­ing B‑grade movies I had­n’t seen before from, like, the ’90s and ear­ly 2000s, which I’ve caught up on.

You may have seen some of them. And like, I’m devel­op­ing a real taste for a sort of failed, ambi­tious attempt at, you know, a good, real­ly inter­est­ing, good movie. Um, I kind of for­give their, their, um, short fallings because they’re, you know, they’re out there try­ing some­thing new. But, uh, three that I came across this week and watched and enjoyed, um, [01:02:00] uh, Con­fes­sions of a Dan­ger­ous Mind.

I don’t know if you’ve seen that one. Sam Rock­well film. Yeah, there you go.

Cameron: Rock­well.

Tony Kynas­ton: Yeah.

Cameron: can do any­thing.

Tony Kynas­ton: Yeah. He can, can’t he? Yeah.

Cameron: He’s one of my.

Tony Kynas­ton: Yeah. I loved it too.

Cameron: Clooney direct­ed that.

Tony Kynas­ton: Clooney’s first direct- direc­to­r­i­al debut and con­se­quent­ly, um, Julia Roberts has a bit of a part in it. Brad Pitt has a quick cameo in it. Um, and it’s about the, uh, the chap who, um, start­ed a lot of game shows in the US when TV was becom­ing big, The Dat­ing Game, and even­tu­al­ly The Gong Show.

And if you. I, I went back and had a look at some of the clips of The Gong Show, and Sam Rock­well does an amaz­ing imper­son­ation of the com­pere of The Gong Show. Very dis­tinc­tive style, yeah.

Cameron: Hmm.

Tony Kynas­ton: Yeah, but, but great film. Um,

Cameron: Yeah I I real­ly enjoyed that.

Tony Kynas­ton: I did too,

Cameron: seen.

Tony Kynas­ton: B grade.

Cameron: but think it was prob­a­bly one of the first films where I real­ly you know noticed Sam Rock­well. I’m not.

Tony Kynas­ton: Right.

Cameron: [01:03:00] that or the remake of um uh Restau­rant at the End of the Uni­verse. What’s the orig­i­nal one called.

Tony Kynas­ton: Guide.

Cameron: Hitch­hik­er’s Guide. yeah. when he was in that. But.

Tony Kynas­ton: Yeah, right.

Cameron: he he was Zaphod Bee­ble­brox I think in the.

Tony Kynas­ton: Oh, okay.

Cameron: remake of that.

Tony Kynas­ton: Yeah, right.

Cameron: Uh but yeah that’s. Yeah I saw that I was like oh god I haven’t seen that for years. He’s he’s good fun Sam.

Tony Kynas­ton: Yeah, I missed it the first time round, but I enjoyed it this time. Uh, anoth­er one called Shoot ‘Em Up, which is, um, just a, as it says, a gun. Clive Owen, yep, but also Mon­i­ca Bel­luc­ci and, um,

Cameron: Oh.

Tony Kynas­ton: Paul Gia­mat­ti. So,

Cameron: Yeah.

Tony Kynas­ton: yeah. And like full of, full of piss takes on itself. Mon­i­ca Bel­luc­ci play­ing a lac­tat­ing hook­er is, um, kind of, kind of, uh, apt, I thought.

Um, but yeah, just a shoot up from start to fin­ish, and it– And, uh, you know, just a piss take as well on the genre, which I real­ly [01:04:00] enjoyed. Yep.

Cameron: I haven’t seen that but I do love Clive Owen. I always thought he should’ve been Bond.

Tony Kynas­ton: Yeah, I did too. Yeah, I did too. Uh, and then, um, Revolver, an, an ear­ly Guy Ritchie film which I had­n’t seen before. Uh,

Cameron: I think.

Tony Kynas­ton: in fact, I think I might have saw it, but I just came back to it.

Inter­est­ing– Like, it was inter­est­ing watch­ing it the sec­ond time through. It’s, it’s again, very ambi­tious. It’s try­ing to talk about the ego and putting your ego aside, and the free­dom that would give you, and the con­trol it would give you on your emo­tions and your life and stuff. Um, but it’s a very mud­dled film.

And I think it was large­ly, uh, influ­enced by, is it Kab­bal­ahism? The, the Madon­na, the reli­gion or mys­ti­cism that Madon­na- Madon­na embraced when she was going out with or mar­ried to Guy Ritchie. So he’s dab­bled in some of the mys­ti­cism with that. But,

um,

sim­i­lar to some of the stuff we’ve talked about before, where, you know, you just– every­one’s part of the uni­verse, and you should­n’t.

You know, your ego is [01:05:00] a, is a decep­tion and, you know, get over it and give your­self over to the uni­verse and you’ll do a lot bet­ter. Um,

Cameron: Hmm.

Tony Kynas­ton: again, very ambi­tious with its themes, uh, but a very mud­dled film as well.

Cameron: Writ­ten by Luc Besson.

Tony Kynas­ton: Yeah.

Cameron: Ritchie appar­ent­ly.

Tony Kynas­ton: Ooh.

Cameron: Look­ing it up now. Luc Besson was the man back in the day. I.

Tony Kynas­ton: he?

Cameron: don’t think he’s done any­thing that I’ve seen and liked in decades.

Tony Kynas­ton: Oh, no, Valer­ian. You haven’t seen– We showed you Valer­ian, I think, when you were in Cana­da.

Cameron: Valer­ian.

Tony Kynas­ton: Yeah.

Cameron: through it because I just, I was jet lagged.

Tony Kynas­ton: Right. I think it’s bril­liant.

Cameron: the Pro­fes­sion­al, La Femme.

Tony Kynas­ton: Oh.

Cameron: The Fifth Ele­ment. Oh, in the ’90s he could do no wrong.

Tony Kynas­ton: Yeah. Big fan of Luc Besson.

Cameron: Hmm. La Femme Niki­ta. Uh, well, what have I– the Rolling Stones’ new album, as you said, uh, real­ly great. it on the oth­er morn­ing and Chris­sy goes, “What’s [01:06:00] this?” And I’m rolling. She says, she goes, “It’s not much good.” And I was like,

Tony Kynas­ton: Oh.

Cameron: I, I said, “Like, you got­ta like The Stones.”

She goes, “I like The Stones.” I’m like, “Nah, you don’t real­ly like The Stones. Like, you don’t go and put a Stones album on.” she likes half a dozen tracks. She goes, “Oh, I like, you know, this or that, and I love ‘Ang­ie’ ” and what­ev­er. I’m like, “Yeah, but yeah, no.” It’s clas­sic. Like, I’m astound­ed.

Tony Kynas­ton: Hey there, Jason.

Cameron: is clas­sic mid-’70s Stones, and they’re in their 80s, and it’s just great riffs. V- a lot of vari­ety. Um, it’s not paint by num­bers. There’s a lot of feel, a lot of heart, a lot of soul in it, I think. Great inter­view with Mick in New York Times this week, uh, just talk­ing about and record­ing and what’s, what it’s like to be Mick Jag­ger at 82 or what­ev­er he is.

Tony Kynas­ton: Wow.

Cameron: Yeah, like, uh, I hand, got­ta hand it to those guys.

It’s, it’s, it’s crazy.

Tony Kynas­ton: I love the, I love the paint­ing on the front cov­er of the album too. [01:07:00] It’s, uh, the, the com­bi­na­tion of the three faces. It’s, it’s fan­tas­tic.

Cameron: Yeah. Yeah, yeah. I think it’s one of Ron­nie’s. I’m guess­ing it’s.

Tony Kynas­ton: Ah,

Cameron: paint­ings.

Tony Kynas­ton: bet­ter then.

Cameron: um, art­work.

Tony Kynas­ton: I have, yeah. Saw a great doc­u­men­tary on his art­work.

Cameron: Right. I’m, I mean, I’m assum­ing, I haven’t looked into it, but I’m assum­ing it’s some­thing that he’s done.

Tony Kynas­ton: Okay. And they used to always have one of Ron­nie’s art­works in a gallery on High Street in Armadale I used to go past. Um,

Cameron: real­ly?

Tony Kynas­ton: yeah. They had a cou­ple of his.

Cameron: Uh, so I’ve been enjoy­ing that. Jack White’s also got a new album out, which man, like, mean, the Stones album is great, but his new album, like every track, riff, i- it’s got a great riff. Like, he is like the mas­ter of riffs. He can pull riffs out of his butt like nobody’s busi­ness. He just, he kin­da gets to write a clean, sim­ple, [01:08:00] singable, uh, catchy riff.

I real­ly got­ta hand it to him.

Tony Kynas­ton: Yeah, right.

Cameron: Some­thing, uh, so we’ve been watch­ing House of the Drag­on based on your rec­om­men­da­tion last week. Cou­ple of episodes in. Not bad, but, um, yeah, I don’t think– It does­n’t have any­where near the sort of inter­est­ing char­ac­ters, I think, that the orig­i­nal Game of Thrones has. But I don’t know if that’s because. say­ing to Chris­sy, I remem­ber when we first start­ed watch­ing Game of Thrones 15 years ago or what­ev­er, and I was like, “What’s going on? Who’s that guy? What’s hap­pen­ing?” you know, after, in the rewatch, all the char­ac­ters are sort of mem­o­rable and clas­sic all that kind of stuff. I don’t know if it’s the same’s gonna be with this.

But Matt Smith, uh, uh, he, he’s start­ing to, uh, grow on me as, uh, the bad Tar­garyen, but I just, you know, he’s just The Doc­tor to me. I keep want­i­ng him to, like, spin around and pull out a son­ic and do stuff.

Tony Kynas­ton: I think he’s real­ly good in it

Cameron: that he’s actu­al­ly John Smith, uh, who’d lost his– [01:09:00] He’d had, like, uh, amne­sia, and he was play­ing the role of a Tar­garyen to infil­trate ’cause the Daleks are involved or some­thing. Um, do you know who Justin Wolfers is? Platy­pus Eco­nom­ics?

Tony Kynas­ton: I do not know

Cameron: He’s an Aussie, lives in the US. He’s an econ­o­mist and he’s got his own YouTube pod­cast web­site some­thing these days called Platy­pus Eco­nom­ics. I saw him on Kola this week. Kola did a big inter­view with him, which was real­ly, real­ly inter­est­ing. so talk­ing about Trump admin­is­tra­tion and what’s going on in the US econ­o­my and basi­cal­ly he’s say­ing it’s just a com­plete clus­ter. Uh, you know, it’s just a com­plete mess. Uh, you know, it’s com­plete­ly bonkers. Every­thing we know, but it was just good hear­ing. He, he was talk­ing about the fact that as an Aussie in the US, he feels like he has the abil­i­ty to call it as he sees it rather than that this is busi­ness as usu­al. [01:10:00] Um,

Tony Kynas­ton: posi­tion

Cameron: yeah.

He’s just talk­ing about how the tar­iffs are bonkers and, you know, every­thing they’re doing is just insane and it’s just. Any­way, worth a watch

Tony Kynas­ton: Yeah, okay, thanks. Includ­ing the lat­est 20%, uh, tar­iff on ship­ping through the Straits of Hor­muz that Amer­i­ca wants to charge

Cameron: I saw an inter­est­ing thing in the New York Times the oth­er day about the US mil­i­tary, what­ev­er the CENTCOM is over there, are claim­ing that in the last cou­ple of months they’ve helped a whole ton of ships, 400 ships, secret­ly pass through the strait by turn­ing off their respon­ders and sneak­ing along the coast of Oman.

Tony Kynas­ton: Mm-hmm

Cameron: Um, and I– my first thought was, “Okay, maybe that’s why we did­n’t run out of oil.” Sec­ond­ly, would you say that out loud when you’re tar­get– when you’re back

Tony Kynas­ton: Yeah

Cameron: fir­ing mis­siles at each oth­er? That seems like a weird thing to be [01:11:00] claim­ing.

Tony Kynas­ton: Yeah. And also too, can you believe it? I mean, an oil tank is a pret­ty big thing, but they– does Trump go, “Don’t look at me, look over there,” and they sneak the oil tanker through? Straits of Hor­muz aren’t that big. Should be able to see it. Yeah

Cameron: yeah

Yeah. exact­ly. So I, I don’t know. I, I thought it was strange claims. Uh, the oth­er thing I was gonna say is that we did a two-day kung fu sem­i­nar on the week­end, um, because five days, uh, a week is not enough, with the, with Andrew Che­ung, Mas­ter Andrew Che­ung, who’s the son of Grand­mas­ter William Che­ung, who’s the head of our s- was the head of our school, but he had an acci­dent four or five years ago, and he’s in a wheel­chair, so his, uh, son runs things now glob­al­ly for us. that was good. It’s the first time we’ve ever met him and got to train with him. He’s only in his mid-30s, but he’s been train­ing obvi­ous­ly with his dad since he was a kid. Real­ly, real­ly pro­fi­cient guy. Does, tour­na­ment fight­ing, and he [01:12:00] was telling us he’s try­ing to bring, um, kung fu tour­na­ments to Bris­bane. Uh, well, he’s try­ing to make them nation­al, which would be fun. Might go and fight in a cou­ple of kung fu, kung fu tour­na­ments when they come here. We’ll see how that goes.

Tony Kynas­ton: Do they have a mas­ter’s divi­sion?

Cameron: Uh, like is that an old per­son­’s divi­sion?

Tony Kynas­ton: Yeah, usu­al­ly over 50s.

Cameron: kung fu.

Tony Kynas­ton: Oh, does it? Okay. Right

Cameron: Yeah. Oh, that’d be good if they did that. Prob­a­bly should be age brack­ets, you would think. Speak­ing of which, did you catch any of the Conor McGre­gor come­back on the week­end? Conor McGre­gor’s come­back fight, um, first 10 sec­onds of the fight, he runs in towards his, uh, oppo­nent, throws a f- jump­ing round kick, uh, miss­es, lands bad­ly on his, uh, oth­er leg and does his leg and falls on the ground and it’s over in a minute. Fight was over. Total­ly insane. [01:13:00] Total­ly insane. And a lot of, lot of sus­pi­cion that he threw the fight, a lot of alle­ga­tions in the Red­dits that he, uh, knew he was gonna lose so he just threw it in the open­ing re- open­ing minute and then was like, “Thank you. Pay­day. I’m, I’m out.”

Tony Kynas­ton: Oh dear. Well, I’d respect him for that, but,

Cameron: like,

Tony Kynas­ton: know

Cameron: peo­ple pay­ing thou­sands of bucks for a tick­et for this thing, and they go along and it’s over in a minute. You, you would be pret­ty annoyed, I imag­ine Any­who, that’s it.

Tony Kynas­ton: Good

Cameron: QAV Aus­tralia for this week. Thank you, TK. Thank you. Con­grat­u­la­tions again to every­one send­ing in their results. Haven’t any– haven’t had any­one give me any bad results, um, so don’t know if they’re like just don’t wan­na admit it or we did­n’t have any bad results. But if you did­n’t have a good year, let, let me know. Tell me why. Let’s, let’s work it out. It’s not us, it’s you though. Obvi­ous­ly, if every­one else had a good year, you did some­thing wrong, but that’s okay [01:14:00] Uh,

Tony Kynas­ton: and talk about Argen­tin­ian

Cameron: p- my super port­fo­lio was only dou­ble mar­ket.

Like, let’s, let’s be clear. Like, you know, as you said, “Oh, you’re com­plain­ing about dou­ble mar­ket?” No, but it was­n’t 52% or 75% as some of these oth­er peo­ple got.

Tony Kynas­ton: Good on them

Cameron: Let’s go talk about Argenti­na.

Tony Kynas­ton: Yeah

Cameron: Oh, man. Do you know much about Javier Milei?

Tony Kynas­ton: I did­n’t until I start­ed res- research­ing it this morn­ing

Cameron: Did you have, did you enjoy that?

Tony Kynas­ton: I did

Cameron: Oh, wow. What a, what a, what a crazy sto­ry this guy’s got. Any­way, let’s go do that. Thank you,

Tony Kynas­ton: All right. Cheers. Bye-bye