Actions Speak Much Louder Than Words — QAV Weekly Update 2026-09-25

Hi QAVVERS,

Well this week has been a lit­tle busier than some. I actu­al­ly had to sell some stocks, which is unusu­al. Mar­kets are obvi­ous­ly chaot­ic at the moment, so it isn’t sur­pris­ing that some rip­ple effects will appear, but all-in-all, I think the mar­kets are absorb­ing the inher­ent bonkers state of things quite well. Too well, per­haps?

But I’m not paid to prog­nos­ti­cate on such mat­ters. Well above my pay grade. QAV does­n’t ask for, nor require, prog­nos­ti­ca­tion.

As my new QAV Mot­to goes:
“OURS IS NOT TO REASON WHY, OURS IS JUST TO SELL AND BUY”

AUSTRALIAN MARKET UPDATE

The All Ordi­nar­ies closed Thurs­day at 8,897 and the broad­er ASX 200 end­ed the week low­er, extend­ing its run to five loss­es in the past six weeks:

• The ASX 200 fin­ished Thurs­day down 0.72% at 8,702 and the All Ords fell 0.66% to close at 8,897.
• The share­mar­ket fell on Thurs­day as oil surged above US$100 a bar­rel, fol­low­ing steep loss­es on Wall Street where tech and AI stocks con­tin­ued to be sold off.
• August labour force data released Thurs­day showed Aus­trali­a’s unem­ploy­ment rate rose to 4.6%, the high­est since late 2021, even as employ­ers added 39,500 jobs, rough­ly dou­ble the 20,000 econ­o­mists expect­ed. The ABS cau­tioned that a tran­si­tion to its new Labour Force Sur­vey col­lec­tion mod­el may have had an “unin­tend­ed impact” on the August esti­mates.
• The RBA meets 28 and 29 Sep­tem­ber, where a rate increase from the cur­rent 4.35% cash rate is wide­ly expect­ed; mar­kets price a hike as near-cer­tain, with any sur­prise hold seen as the big­ger mar­ket mover.
• Flash PMI data released mid-week showed pri­vate-sec­tor activ­i­ty grew at the slow­est pace in three months, with ser­vices cool­ing and fac­to­ry out­put plung­ing, while RBA Assis­tant Gov­er­nor Sarah Hunter warned rates may need to rise again if infla­tion pres­sures per­sist.
• Ear­li­er in the week on Tues­day the mar­ket found brief sup­port from a tech ral­ly, with infor­ma­tion tech­nol­o­gy the strongest sec­tor, up 2.67%, led by Mega­port up 4.3%, NextDC up 3.8%, and Life360 up 2.9%.

US MARKET UPDATE

The S&P 500 is on track for a down week, sit­ting around 7,700 through Wednes­day’s close after pulling back from Mon­day’s ral­ly above 7,760:

• The Fed hiked its overnight lend­ing rate for the first time in three years on Sep­tem­ber 16, mov­ing the tar­get range to 3.75%-4%, and its dot plot sig­naled at least one fur­ther hike this year.
• The 10-year US Trea­sury yield surged to above 5.12% on Wednes­day, its high­est since 2007, after S&P Glob­al PMI data showed pri­vate-sec­tor activ­i­ty expand­ing at its fastest pace in more than five years in Sep­tem­ber, with both ser­vices and man­u­fac­tur­ing record­ing accel­er­at­ing infla­tion­ary pres­sures.
• Fol­low­ing the Fed rate hike, odds of anoth­er quar­ter-point increase in Octo­ber rose to 66.4% from 55% the day pri­or, per CME Fed­Watch.
• On Wednes­day, the S&P 500 shed 0.75% to close at 7,706.03, while the Nas­daq Com­pos­ite declined 1.13% to 26,936.04, and the Dow Jones Indus­tri­al Aver­age fell 352.10 points, or 0.68%, to 51,511.59.
• Ear­li­er in the week, chip­mak­ers surged on Mon­day as ear­ly signs of suc­cess for Meta Plat­forms’ AI agent sparked enthu­si­asm; Meta jumped 11% and Advanced Micro Devices topped $1 tril­lion in mar­ket cap.

So, let’s get into my week­ly updates and see where we are at.

All the Best,
Cam

---

QAV MYTH KILLERS

Actions Speak Much Louder Than Words


As I’ve prob­a­bly men­tioned, dur­ing the last week I’ve been lis­ten­ing to Shostakovich’s Sev­enth Sym­pho­ny, aka the Leningrad, over and over. I’ve also been watch­ing a 2016 BBC doc­u­men­tary about the Leningrad pre­mière. It’s been called “a leg­endary moment in Sovi­et polit­i­cal and mil­i­tary his­to­ry” and for good rea­son.

Two ques­tions I’ve been think­ing about are: why the hell would you try to put on a con­cert when peo­ple are dying of star­va­tion and a city is under siege? And… what invest­ing par­al­lels can I learn from this sto­ry?

Read the full arti­cle →

STOCK ANALYSIS OF THE WEEK

Aus­tralian Mem­bers can check out the stocks we trad­ed in QAV Aus­tralian Light port­fo­lios this week.

Amer­i­can Mem­bers can check out the stocks we trad­ed in QAV Amer­i­can Light port­fo­lios this week.

Tony did a Pulled Pork on Focus Min­er­als (FML) this week, a debt-free, sin­gle-mine gold pro­duc­er near Cool­gar­die trad­ing at a PE of four while com­pa­ra­ble gold stocks sit at ten or twelve. Find the full deep dive at the pod­cast link below.

This week on the Amer­i­can pod­cast I did a Pulled Pork on Vil­lage Super­mar­ket (VLGEA), a fam­i­ly-run gro­cery chain that has been qui­et­ly oper­at­ing on the Nas­daq for near­ly 90 years after a Greek immi­grant found­ed it in 1930s New Jer­sey. Check out the full episode at the link below.

---

BUY LIST

Each week, we pro­duce a buy list based on our val­ue invest­ing sys­tem that we share with our QAV Club mem­bers. The intend­ed pri­ma­ry pur­pose of this buy list is for club mem­bers to use as a ref­er­ence for com­par­ing their own buy list. In the­o­ry, all of our buy lists should look pret­ty sim­i­lar each week.

AUSTRALIAN BUY LIST

QAV Val­ue Invest­ing Buy List (AU) 2026-09-19

U.S. BUY LIST

QAV Val­ue Invest­ing Buy List 2026-09-21

---

PORTFOLIO PERFORMANCE

We com­pare our per­for­mance to what we think is the most rel­e­vant bench­mark (SPDR 200 in Aus­tralia, S&P500 in the USA), but if you’re new to invest­ing, these com­par­isons might not mean much. Instead, you can com­pare our per­for­mance to the top-per­form­ing Super Funds in Aus­tralia and see why an ama­teur active investor (who has a sys­tem to fol­low) can out-per­form most of the “pro­fes­sion­als”.

We pub­lish a fresh per­for­mance snap­shot once a month. Week­ly noise does­n’t tell you much in a val­ue-invest­ing sys­tem — what mat­ters is the trend.

Sep­tem­ber 2026 per­for­mance snap­shot.

Aus­tralian Mod­el Port­fo­lio: No trades this week.

Amer­i­can Mod­el Port­fo­lio: No trades this week.

---

Become a QAV Light Member today and start your investing on the right track

If you want to find out what we’re trad­ing in QAV Light each week, sign up to become a mem­ber. You’ll get an email from me every Mon­day let­ting you know what we’re buy­ing and sell­ing in that port­fo­lio. You can choose to copy our trades or not. It’s the eas­i­est way to start your rules-based invest­ing career… and you don’t even need to know the rules. I’ll fol­low the rules for you. It’s a good first step to even­tu­al­ly becom­ing a QAV Club mem­ber and learn­ing how to run the sys­tem by your­self.

QAV LIGHT: Some­one already cleared the way.

(Note: Amer­i­cans inter­est­ed in join­ing QAV Light or Club please go here instead.)

---

Add QAV America — US stocks, the same QAV method

Already a QAV mem­ber? You can add QAV Amer­i­ca as your sec­ond mem­ber­ship at 50% off — US-list­ed stocks, the same QAV approach, billed in AUD through this site (just one pay­ment to keep an eye on). Add QAV Amer­i­ca →

Not a QAV mem­ber yet? Join QAV first, then you can add QAV Amer­i­ca at the 50% mem­ber rate.

---

THIS WEEK’S EPISODES

Our is Not to Rea­son Why: QAV AU #948

You Can’t Stop The Fruiter­er: Vil­lage Super­mar­ket: QAV Amer­i­ca #71

STOCK NEWS AND UPDATES

A1M

AIC Mines Lim­it­ed announced an investor pre­sen­ta­tion regard­ing the acqui­si­tion of a cop­per project.
Investor Pre­sen­ta­tion — Cop­per Project Acqui­si­tion

BRI

BIG RIVER INDUSTRIES LTD released its annu­al report to share­hold­ers cov­er­ing full-year finan­cial per­for­mance and oper­a­tions.
Annu­al Report to share­hold­ers

NMG

New Murchi­son Gold released its 2026 annu­al min­er­al resource and ore reserve state­ment detail­ing updat­ed resource and reserve esti­mates.
2026 Annu­al Report

UBS

Switzer­land’s upper house vot­ed to require UBS to back 90% of for­eign sub­sidiary invest­ments with Com­mon Equi­ty Tier 1 cap­i­tal, a sig­nif­i­cant reg­u­la­to­ry defeat that the bank esti­mates will require approx­i­mate­ly $16 bil­lion in addi­tion­al cap­i­tal and $2.5 bil­lion in annu­al costs.
UBS Los­es a Big Round in Switzer­lands Cap­i­tal Fight

COMMODITIES

No sig­nif­i­cant com­mod­i­ty sta­tus changes this week.

DISCLOSURE

Please review our trad­ing and dis­clo­sure pol­i­cy.

SIGNING OFF

SSDD!

• Cam

---

That’s it for the week!

QAV A GOOD SHAREMARKET!

Got a ques­tion? [email protected]