QAV Weekly Update 2026-11-13

Hi QAVVERS,

Nice to have TK back in the stu­dio this week!

So Jensen Huang is out of Nvidia (for the moment, we’ll see what hap­pens next, when things set­tle down) and the share price has col­lapsed. I made a Tik­Tok about it today actu­al­ly. You can check that out below. What it means for NVDA and the AI boom is any­one’s guess. Will it make it eas­i­er for Chi­na to catch up in the AI race? Again, it’s any­one’s guess, but I’d have to think that any­thing that dis­rupts Nvidi­a’s progress is good for Chi­na. Is it good for the world? We’ll have to wait and see.

The AORD is down today (but still up for the week) and the S&P500 closed about neu­tral last night, so I guess mar­kets are still work­ing it all out. Let’s get into the details.

AUSTRALIAN MARKET UPDATE

The All Ordi­nar­ies rose 0.75% over the five trad­ing ses­sions to Thurs­day 12 Novem­ber 2026, clos­ing at 9,274.20.

The hous­ing fig­ures released this week were rather less cheer­ful. The ABS report­ed that the num­ber of new home loans fell 15.0 per cent in the Sep­tem­ber quar­ter com­pared with June. Investors led the retreat, with their new loan num­bers down 30.6 per cent, the largest quar­ter­ly fall on record. That was the third con­sec­u­tive quar­ter­ly decline in investor loan num­bers. For banks and prop­er­ty-linked com­pa­nies, that points to a thin­ner pipeline of new busi­ness, how­ev­er cheer­ful the index looks. (www.abs.gov.au)

CBA, mean­while, report­ed approx­i­mate­ly A$2.8 bil­lion in unau­dit­ed cash prof­it for the three months end­ed 30 Sep­tem­ber. There was more pres­sure on bor­row­ers, though. Home-loan arrears more than 90 days over­due increased 7 basis points dur­ing the quar­ter to 0.80 per cent. For bank investors, the risk is that more over­due mort­gages even­tu­al­ly turn into loss­es that eat into earn­ings. (www.commbank.com.au; announcements.asx.com.au)

The bank also took a big­ger charge for loan loss­es. Com­pared with the sec­ond-half FY26 quar­ter­ly aver­age, loan impair­ment expense rose from A$234 mil­lion to A$300 mil­lion, an increase of approx­i­mate­ly 28 per cent. Loan-loss charges come out of earn­ings, so the cost of bor­row­er stress ulti­mate­ly lands with share­hold­ers. (www.commbank.com.au; announcements.asx.com.au)

US MARKET UPDATE

The S&P 500 rose 3.25% over the five trad­ing ses­sions to Thurs­day 12 Novem­ber 2026, clos­ing at 7,592.40.

Amer­i­can employ­ers added 165,000 jobs in Octo­ber, accord­ing to the pay­rolls report released on 6 Novem­ber. Unem­ploy­ment edged down from 4.2 per cent to 4.1 per cent. The BLS also revised August and Sep­tem­ber up by a com­bined 84,000 jobs. For con­sumer-fac­ing busi­ness­es, a firmer jobs mar­ket can mean more cus­tomers with mon­ey to spend. (www.bls.gov)

Infla­tion was mov­ing more slow­ly, but prices were still going up. The Octo­ber CPI report, released on 10 Novem­ber, showed a month­ly increase of 0.4 per cent after 0.6 per cent in Sep­tem­ber. Core prices, which exclude food and ener­gy, rose 0.3 per cent for the third month run­ning. For retail­ers, slow­er infla­tion offers lit­tle com­fort if cus­tomers are still using up their bud­gets on the essen­tials. (www.bls.gov)

There was also an unusu­al gap in the infla­tion report. The BLS could not pub­lish the twelve-month change in the head­line CPI because the gov­ern­ment shut­down had pre­vent­ed col­lec­tion of the Octo­ber 2025 com­par­i­son data. That leaves investors with a patch­i­er view of infla­tion, mak­ing con­fi­dent bets on the next rate move hard­er to jus­ti­fy. (www.bls.gov)

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QAV MYTH KILLERS

On the Cult of Personality and Its Consequences

# On the Cult of Per­son­al­i­ty and Its Con­se­quences

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 COG Finan­cial Ser­vices, a bro­ker aggre­ga­tor pick­ing up busi­ness on the back of EV novat­ed leas­ing. Full episode is at the link below.

This week’s Pulled Pork on the Amer­i­can show was Horace Mann Edu­ca­tors Cor­po­ra­tion (HMN), an insur­er that has spent near­ly 80 years sell­ing car, home, life, and retire­ment prod­ucts exclu­sive­ly to teach­ers. Check the pod­cast link below for the full break­down.

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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) 2026-11-07

U.S. BUY LIST

QAV Val­ue Invest­ing Buy List 2026-11-09

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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.

Past per­for­mance is not a reli­able indi­ca­tor of future per­for­mance.

Novem­ber 2026 per­for­mance snap­shot. Data as at 31 Octo­ber 2026.

Aus­tralian Mod­el Port­fo­lio: No trades this week.

Amer­i­can Mod­el Port­fo­lio: No trades this week.

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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: He already knows where they are.

Past per­for­mance is not a reli­able indi­ca­tor of future per­for­mance.

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

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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 →

Past per­for­mance is not a reli­able indi­ca­tor of future per­for­mance.

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

Past per­for­mance is not a reli­able indi­ca­tor of future per­for­mance.

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THIS WEEK’S EPISODES

Squig­gles With­in Ranges: QAV AU #955

Father of Amer­i­can Edu­ca­tion: QAV Amer­i­ca #78

STOCK NEWS AND UPDATES

COMMODITIES

This week the big changes to com­modi­ties were the fol­low­ing:

Com­mod­i­ty	Sta­tus
Gold (USD)	BUY
Coal (ther­mal)	JOSEPHINE
Crude Oil	JOSEPHINE
Cop­per	JOSEPHINE
Plat­inum	BUY
Steel	BUY
Nick­el	JOSEPHINE
WTI Crude	JOSEPHINE

TIKTOK OF THE WEEK

Watch this week’s video on Tik­Tok

DISCLOSURE

Please review our trad­ing and dis­clo­sure pol­i­cy.

SIGNING OFF

SSDD!

• Cam

Space­craft Pub­lish­ing Pty Ltd trad­ing as QAV is a Cor­po­rate Autho­rised Rep­re­sen­ta­tive (CAR 001292718) of MF & Co. Asset Man­age­ment Pty Ltd (AFSL 520442). Gen­er­al advice only. This infor­ma­tion is gen­er­al in nature and does not take into account your per­son­al objec­tives, finan­cial sit­u­a­tion, or needs. Past per­for­mance is not a reli­able indi­ca­tor of future per­for­mance.

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That’s it for the week!

QAV A GOOD SHAREMARKET!

Got a ques­tion? [email protected]