QAV AU 847 (v2) — The Reilly Sentiment Ratio

 

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Cameron: Wel­come to QAV Aus­tralia. Tony, episode 8 47. This is the 25th of Novem­ber, 2025. 25, 11 25 today. Tony, how you doing? What’s good?

Tony Kynas­ton: Good. Uh, weath­er’s good at the moment. It, uh, it’s fined up. All of a sud­den it’s gone from like 12 degrees to 22, 23 in like 24 hours.

Cameron: Oh, that sounds love­ly.

Tony Kynas­ton: golf

Cameron: No, I,

Tony Kynas­ton: smashed my dri­ver. Dun­no how it just hit a good shot and the head just kept on going. So that’s,

Cameron: wow.

Tony Kynas­ton: that’s all right. try and be as quick as I can. A rise in hold­ings, and I’ve done a rise before, but it was quite a few years ago. It’s back on the bot­tom of our buy list. It’s QAV score is 0.1, so it’s the very last stock, uh, and I’ve includ­ed it today A ’cause it’s new on the buy list, but B, because it’s, um, a large a DT stock, so it will suit, um, large share­hold­ers. I’ve owned the stock in the past, I dun­no. Now, uh, it’s, it comes out of a [01:05:00] uh, float back in 2010 of a com­pa­ny called QR Nation­al, as you’d expect is a, a rail haulage com­pa­ny in Queens­land. And, uh, it was list­ed orig­i­nal­ly as QR Nation­al and then changed its name to Aur­i­zon Hold­ings. The mar­keters got a hold of it. Um, it’s, it’s basic busi­ness is haul­ing coal from the Queens­land mines to ter­mi­nals on the coast. if you don’t like that, if you’re not, um, if you are ESG ori­ent­ed and don’t like a haulage com­pa­ny, then look away. Now. they do make a bit of a, um, a play with the state­ment that haul­ing around Aus­tralia using rail is a, is the best, uh, or the low­est emit­ter, uh, of car­bon then com­pared to rail, com­pared to road. Or, uh, air. So they do make some claim to, um, to be less car­bon inten­sive, but any­way, you can make your own deci­sion on that. [01:06:00] Um, it, it’s start­ed off life own­ing the rail tracks, which I think it now leas­es from the Queens­land gov­ern­ment. it also allows com­peti­tors, uh, onto the rail net­work and, but it’s also diver­si­fied away a lot from coal from the Bowen Basin to the Queens­land coast load­ing it on ships.

It now does a lot of iron or haul, um, haulage. It does a lot of grain haulage. it runs the rail net­works between Dar­win and almost all the way to Ade­laide, so in, in the Out­back and as well over in wa. So it’s diver­si­fied away a lot from coal. but it still still does a lot of coal haulage. Uh, what else can I say about it? That’s prob­a­bly all I wan­na say about it. In that sense, it was list­ed, um, the list­ing was fair­ly con­tentious. I remem­ber ’cause I was, um, invest­ing around the time when it was list­ed. Uh, the sort of the­mat­ic was that this was a gov­ern­ment owned busi­ness and gov­ern­ment [01:07:00] owned busi­ness­es when they were tak­en out of gov­ern­ment own­er­ship into pri­vate hands had a bump because, um, pri­vate own­er­ship could do more with the cost base, more with effi­cien­cy, um, was less behold­en to unions, that kind of thing. And cer­tain­ly that had been the case with some of the list­ings before that, most notably CSL. Uh, but, um, over the years, even though the stock price went up, it’s now back around where it was when it list­ed some 15 years before. So, uh, it list­ed $2 55. Um, price today is, I’ll have a quick look. It was around $3 some­thing, $3 10, I think I did the analy­sis. Uh, no, 3 53. So it’s, it’s actu­al­ly climb­ing, but it could get back around to its list­ing price back in May of this year. Um, they report­ed bad num­bers in their lat­est results, so they report­ed a 25% fall in net prof­it after [01:08:00] tax. And, uh, they, they claimed that the group earn­ings were pres­sured by weak­er bulk haulage, con­tainer­ized freight loss­es, impair­ments, um, due to, to com­pa­nies not being able to, to pay them and high­er restruc­tur­ing and legal costs.

So, uh, they, and they also pro­vide the guid­ance at the low­er end of, um, of, for growth. So, um, a sub­dued earn­ings out­look div­i­dend per­for­mance was also below mar­ket expec­ta­tions. Final div­i­dend of 6.50 cents fell short of the 6.90 cents expect­ed, and this com­pa­ny is dri­ven by its div­i­dend. So that was­n’t good. but inter­est­ing­ly enough, the, the mar­ket digest­ed that now the share price is going up again, uh, because of the action that’s been tak­en. So announced 250 job cuts this year in answer to its prof­it decline, and they also increased their share buy­back pro­gram. Um, and the oth­er thing that’s kind of [01:09:00] keep­ing the mar­ket inter­est­ed is that they are think­ing about what to do with the Queens­land Rail Net­work. And the AFR back in August 18 report­ed that a rise in Chief exec­u­tive, Andrew Hard­ing said, no deci­sion has been made on whether to sell or keep the com­pa­ny’s Queens­land Rail Net­work, which earn steady income from oper­at­ing and main­tain­ing rail tracks. But the CEO con­firmed Hori­zon had been ask­ing poten­tial buy­ers to put a val­ue on its net­work. And there’s been a few arti­cles around like that. One from the week before in dis­cus­sions to sell $4 bil­lion stake in Queens­land Rail is in talks to sell up to 49% of its Queens­land Rail tracks a key piece of infra­struc­ture for the export of coal seek­ing bids of up to 4 bil­lion to arrest slid­ing prof­its and restore investor con­fi­dence. largest rail freight busi­ness and its advi­sors have invit­ed pri­vate infra­struc­ture investors, hedge funds and insur­ers. To take a high­ly con­fi­den­tial look at the 2,670 kilo­me­ter Cen­tral Queens­land Coal Net­work, [01:10:00] a sale of a minor­i­ty stake in the net­work or spin­ning it off via the merg­er would be the biggest shake up of the hori­zon since it was pri­va­tized back in 2010, et cetera, et cetera.

So there’s a, a lit­tle bit of work going on there. So per­haps that’s com­ing down to the sharp end. Um. There’s a few oth­er arti­cles about that too, uh, and maybe the mar­ket’s get­ting excit­ed about the spin­off of that, um, coal Haulage Busi­ness and Net­work. But the oth­er thing that may be get­ting excit­ing, excit­ed about was on the front page of today’s AFR there’s a sto­ry announc­ing that Mac­quar­ie Group’s infra­struc­ture arm is launch­ing a takeover for Cube Logis­tics, QUBE, which is part par­tial­ly a com­peti­tor, cer­tain­ly in the infra­struc­ture space for logis­tics. And I’m draw­ing along Bow here and say­ing that that could lead to con­sol­i­da­tion in the indus­try. Um, may or may not, but cer­tain­ly was a bit of an eye­open­er, I think in this space. I would clas­si­fy this com­pa­ny as a bond proxy. We’ve talked about [01:11:00] them before. They’re kind of com­pa­nies like say Rim­ple Bay, is pos­si­bly where, uh, hori­zon takes its coal to. So that’s Rim­ple Bay is the ter­mi­nal, which loads the, the coal ships and has a steady income stream of con­tract­ed work and then pays a, a high div­i­dend based on its mar­gin for doing that con­tract­ed work. So it’s a bond proxy. So in oth­er words, it’s a, you give me your mon­ey as an investor for a while, I’ll give you a div­i­dend coupon, and the busi­ness will still be around in 10 years time to pay you back. Um, I would’ve thought a ZJ would make a good fit with a large super fund or for a large super fund. And the, the large super funds have been busy hoover­ing up. Um, infra­struc­ture type assets and then tak­ing them off mar­ket, uh, to put into their own super funds as unlist­ed assets, uh, and the likes of Syd­ney Air­port come to mind in cer­tain toll roads.

So won­dered why Hori­zon was­n’t in that camp, giv­en that it’s, um, [01:12:00] uh, part of its busi­ness any­way is reg­u­lat­ed. It’s mono monop­o­lis­tic a defen­sive infra­struc­ture busi­ness. Um, but I think, uh, one of the rea­sons why it’s has­n’t been picked up by Super­fund is because of the, the ESG con­cerns with, um, with, uh, the coal expo­sure.

So like 70 plus per­cent of Hori­zon’s EBITDA is still coal relat­ed, which is the net­work. and the haulage busi­ness. And even though those vol­umes are con­tract­ed and sta­ble, the mar­ket provi applies a per­ma­nent ESG dis­count and assumes a long-term vol­ume decline. Um, anoth­er thing which is that made super funds a bit wary about buy­ing a stock like a ris­ing, is that. At the moment, it’s not going through a peri­od of high cap­i­tal invest­ment, but it has in the past and there’s been a need to upgrade. It’s, um, it’s net­work, it’s rail net­work, um, it’s, it’s, uh, rolling stock or it’s trucks. [01:13:00] So it’s, uh, trail­ers on the, um, behind the engines, uh, and what they call cor­ri­dor main­te­nance.

So the land around the, uh, the rail­way. Um, so it does have a, a high CapEx usage, which is not nec­es­sar­i­ly appeal­ing to And I think the last case, last sort of rea­son for it is that it’s no obvi­ous growth sto­ry. So it’s a mature busi­ness, um, which is not a bad thing because like I. Super funds will take on those low growth busi­ness­es if they either can com­bine them with oth­er low growth busi­ness­es.

So often­times if they buy one air­port, they buy oth­er region­al air­ports as well and try and look with some syn­er­gies through, um, man­age­ment or com­bin­ing ’em togeth­er there. but they haven’t had a bite of the hori­zon. But per­haps if there’s con­sol­i­da­tion in the indus­try, that may change and that might some inter­est because the share price has been going up this sec­ond half of the year and based on bad results.

So some­thing’s up. Um, I guess, um, in sum­ma­ry, it’s not, it’s not a bro­ken busi­ness. It’s not expen­sive. [01:14:00] It’s, uh, it’s gonna be around for a long time. It still has some monop­oly like char­ac­ter­is­tics, uh, but I think it prob­a­bly needs a cat­a­lyst before it sees a real upturn in share price more than it’s now.

Any­way, some of the analy­sis I read said that. The, uh, non coal bulk haulage rates had to prob­a­bly dou­ble in scale to make it attrac­tive to off­set coal. Um, coal has had a bit of a vol volatile out­look in terms of its, um, its ship­ments and so some kind of, uh, state sta­bil­i­ty has to come to the coal mar­ket to make this some com­pa­ny more attrac­tive. and I guess, you know, once one takeover bit appears, I think it might gar­ner some inter­est in this com­pa­ny. So, um, that’s what’s going on with the busi­ness. I can look at the num­bers now, so it’s a large A DT stock, 14.3 mil­lion. Uh, stock price for my [01:15:00] analy­sis was $3 51, which is greater than iv, one of a dol­lar six and IV two of $2 42 actu­al­ly greater than con­sen­sus tar­get of 5%.

So we don’t often see that, but it is, in this case, can’t buy it for book or book plus 30, which is $3 and 3 cents. So it’s, um, trad­ing above that yield is near­ly 4.5%, which is not bad, but we don’t score it ’cause it’s not big­ger than, um, the mort­gage rate. Uh, Stock Doc­tor, finan­cial health and trend is strong and steady.

Stock edia equal­i­ty rank is 80, which isn’t too bad, the S score is sev­en out of nine, which is good. The over­all stock, EDIA stock rank was 82 and it falls down on momen­tum. only ranks 53. ’cause as I said, until the last cou­ple of months, the share price has been going down. Uh, the PE is near­ly 17 times, but it’s not the high­est or the low­est, so we don’t score it for that. is good. It’s, it’s trad­ing at 4.21 times. So that’s the attrac­tive part of this busi­ness is it’s throw­ing off lots of cash. [01:16:00] Notwith­stand­ing the fact that from time to time it does have to invest back in itself as well. From, for a CapEx point, from a CapEx point of view, earn­ings per share fore­cast growth is 16% and ques­tion­able by some of the ana­lysts I read about, uh, look­ing at this com­pa­ny. But even so, even if it does get, do 16% earn­ings per share fore­cast, it does­n’t score on our growth over PE any­way. Growth over PE is only 0.97. Uh, does­n’t have an own­er, founder and direc­tors have very neg­li­gi­ble own­er­ship in this com­pa­ny, and that was a. Anoth­er inter­est­ing tid­bit I thought is the com­pa­ny’s been run for about 10 years by an ex, I think it was Rio Tin­to, uh, senior man­ag­er, um, who I guess might be ruin­ing the fact they left Rio Tin­to.

But I won­der when, um, 10 years or long is enough for this per­son, um, and whether they may counter coun­te­nance a roll­out or a spin­off of the rail net­work or part of the rail net­work to try and get, uh, the share price mov­ing again. [01:17:00] Um, cer­tain­ly the right time to do it. I mean, you can’t roll out, you can’t spin off that net­work when the share price is high.

It does­n’t make any sense. When the share price is low, you can get a, um, an attrac­tive bid, which makes it, uh, more achiev­able. How can I sum­ma­rize? This com­pa­ny lacks, sor­ry, the, I should sum it up. First of all, um, the total qual­i­ty score is sev­en out­ta 16 or 44%, and the QAB score is 0.1. the com­pa­ny lacks qual­i­ty.

We’re giv­ing it 44%. Um, stock­er Pdia was a bit more gen­er­ous, but it’s cer­tain­ly, uh, made up for by stronger cash flow, so it gets onto our buy list on that side of things, plen­ty of recent oppor­tu­ni­ties for the com­pa­ny. obvi­ous­ly the coal side of the busi­ness. Whilst being volatile is, uh, an ESG mark­down, um, on its val­u­a­tion. It’s, it’s recent­ly had a lot of dis­rup­tions to its haulage busi­ness, either because of, um, floods or cyclones or indus­tri­al action. there have been some derail­ments which have shut down their net­work for a while. So it’s, it’s, um, a lit­tle bit volatile from that [01:18:00] point of view. As I said before, um, there is CapEx draw­downs from time to time, and there’s also reg­u­la­to­ry risk, um, not just around ESG, but also per­haps on the, on the pric­ing that they have to get agreed by the gov­ern­ment for the, um, Queens­land, uh, coal haulage on the pos­i­tive sides. Um, if they do spin off some of the rail line assets, that may lead to a re-rat­ing of the rest of the com­pa­ny. Um, and it’s, uh, its val­u­a­tion it also gives them a poten­tial use of funds to go after con­sol­i­dat­ing in the haulage space as well them­selves, but at the low end of their share. Graph there, I think, um, poten­tial­ly a takeover, a takeover tar­get.

And if they do, some­how split the coal busi­ness, I think it makes ’em even more attrac­tive. So that’s what, uh, is prob­a­bly occu­py­ing the board­’s minds at the moment. So that’s A‑S-J-A-A-S-J-A-Z‑J, sor­ry, hori­zon Hold­ings?

Cameron: Any expla­na­tion [01:19:00] why they’re called All Hori­zon au? Is it Aus­tralian Hori­zons? Is that what it’s play on? Mm-hmm.

Tony Kynas­ton: I mean, it was, yeah, like I said, I, I remem­ber it being a fair­ly con­tentious list­ing. There was lot of con­jec­ture that the Queens­land gov­ern­ment had a fair­ly effi­cient role net­work going on. So the val­u­a­tion that was slow to that was too high. And then about a year or two lat­er, the mar­ket has got a hold to rebrand it.

So it’s always had a kind of spin side to the val­u­a­tion on this com­pa­ny. And it did, it did go up in price, but now it’s back down to a lit­tle bit above where it float­ed.

Cameron: All right. Thank you, Tony. A hori­zon. I’ll email their CEO and let him know after hours.

Tony Kynas­ton: Well, thank you for putting me on the Pluribus. That was fan­tas­tic. We, um,

Cameron: How many episodes have you watched?

Tony Kynas­ton: well,

Cameron: Well, four.

Tony Kynas­ton: Real­ly,

Cameron: Yeah.

Tony Kynas­ton: Lov­ing it. It

Cameron: It’s an inter­est­ing premise, isn’t it?

Tony Kynas­ton: great. It’s got all the best parts of the matrix, you know, plug­ging into the hive mind and, [01:20:00] and uh, solv­ing the pro­duc­tiv­i­ty issues. Just if you wan­na fly a plane, you just walk in and fly the plane.

’cause you plug into the hive mind if you wan­na, you know, clean up some­one’s house. You just walk up and clean up some­one’s house just to tag and hand over. very inter­est­ing.

Cameron: And I real­ly like, and spoil­ers for peo­ple who haven watched it, but I real­ly like the premise that he set up. There’s the, the. One scene where Ray Sea Hearn’s char­ac­ter Car­ol is ask­ing her main hive mind girl­friend con­tact thing about why they’re going to force her to join the hive mind. And she says, if you saw some­one drown­ing, would you wait for them to ask you to save them?

And she goes, you think I’m drown­ing? And she goes, yeah, you just dun­no it yet, like the premise that they’re all hap­py and they’ve, you know, they’ve found peace and hap­pi­ness as part of the hive mind. They see that she’s mis­er­able and they’re like, well, we want you to come and join us. And it has all these over­tones of reli­giousy cul­ty things, Mor­mons [01:21:00] knock­ing on your front door, et cetera, et cetera.

But, uh, yeah. Inter­est­ing.

Tony Kynas­ton: Great

Cameron: premise are like, well, we’re hap­py. We want you to be hap­py. Come join us.

Tony Kynas­ton: some, it’s real­ly shot. Well, it’s some great moments of whim­si­cal humor. Like, you know, like they, the, the league char­ac­ter wants to meet the oth­ers. Half a dozen peo­ple who speak Eng­lish and weren’t tak­en over at the same time, and they all jump on planes and get flown into Bil­bao and Spain, and you see all the air­lin­ers land at the same time and just

Cameron: Yeah.

Tony Kynas­ton: into the, into the ter­mi­nal at the same time.

Uh,

Cameron: Yeah.

Tony Kynas­ton: great.

Cameron: I was read­ing an inter­view, uh, Bob Odenkirk was inter­view­ing Ray about the show and he had­n’t seen it, and she was explain­ing how it sort of blends this sort of sci-fi hor­ror tropes with just com­e­dy,

Tony Kynas­ton: Hmm.

Cameron: like typ­i­cal Vince Gilli­gan, though in all of his shows, he’s able to just make it fun­ny along the way, find the

Tony Kynas­ton: Yeah.

Cameron: humor in [01:22:00] vio­lence or tragedy or what­ev­er it is.

He’s, he’s a great writer.

Tony Kynas­ton: um, uh, cher­ry pick­ers, upside down going, oh, hi Car­ol. As she walks across. Yeah.

Cameron: Yeah, but you haven’t watched the chair com­pa­ny yet.

Tony Kynas­ton: No, I, I only heard about it last night for the first time.

Cameron: Did­n’t I tell you about it?

Tony Kynas­ton: I don’t think so.

Cameron: I’m sure I did tell you about it. Yeah, yeah, yeah, yeah.

Tony Kynas­ton: No,

Cameron: About this, this, this, this guy who’s, he’s giv­ing a talk in front of his com­pa­ny. He sits on the chair and the chair col­laps­es and he believes there’s a huge con­spir­a­cy going on from the chair com­pa­ny. And he just becomes com­plete­ly insane dri­ven by uncov­er­ing this con­spir­a­cy.

Um, I dun­no if you like it, like it’s typ­i­cal Tim Robin­son com­e­dy. It’s like com­plete­ly off the wall. Trip­py, uh, real­ly bizarre, but we dig it.

Tony Kynas­ton: Yeah. I wan­na check it out. Looks

Cameron: I [01:23:00] men­tioned, yeah, well, I, I haven’t start­ed the Scors­ese thing yet, but I’m look­ing for the right oppor­tu­ni­ty to start that. I, now that we have Apple briefly. Um, as I men­tioned to you, uh, before we start­ed the show, my son in LA Tay­lor sent me a text yes­ter­day going, uh, do you know who this guy is? And, um, this guy was Jim­my Barnes, ’cause he did­n’t know who Jim­my Barnes was.

And then Hunter, my oth­er kid called me 10 min­utes lat­er and said, are you gonna ask me who Jim­my Barnes is too? And he is like, who? What? I was like, oh my God. What coun­try did you grow up in? How do you not know who Jim­my is? Mil­len­ni­al losers.

Tony Kynas­ton: they did­n’t have a work­ing class man for a father. They have a Napoleon medal recip­i­ent.

Cameron: Who sings Flame Trees and Ksan and, you know, all the chis­el songs con­stant­ly in the car. But you know, even Chris­sy was just look­ing out the win­dow at a tree [01:24:00] across the road the oth­er day. She goes, is that one of those flame trees you always sing about? I go, yeah, I think so. I got a, I got two music rec­om­men­da­tions for you this week.

You ever heard of the four Horse­men?

Tony Kynas­ton: Oh, I think I have, is that the bass play­er from The Clash? Is he one of the Horse­men?

Cameron: I doubt it. No. Only made one album and then they broke up. ’cause I think some­body died of a drug over hero­in over­dose. Uh, but Rick Rubin pro­duced it. 1991. Nobody said it was easy. Um, British band. Play this rock that’s sort of a cross between Guns N Ros­es and ac DC. Um, it’s not bad, it’s not great, but I was lis­ten­ing to it this morn­ing.

It came up in a playlist that Spo­ti­fy gave me, and I was enjoy­ing it, kind of, sort of that sort of bluesy, ear­ly nineties blues heavy rock kind of thing. You know,

Tony Kynas­ton: Yep.

Cameron: like sort of, you know, ac DC kind of blends the blues and the [01:25:00] rocks, so there’s a lot of, you know, four bar blues, you know, kind of stuff. Any­way, not bad, but the oth­er thing I’ve been lis­ten­ing to a lot is Ethiopi­an Jazz that a friend put me onto this week.

Um, there’s this fas­ci­nat­ing, I, I’ve lis­tened to quite a bit of Niger­ian jazz, but I nev­er real­ly got into the Ethiopi­an stuff. But there’s this whole thing about, it’s called,

Tony Kynas­ton: that’s, that’s a great line. Oh, I’ve been lis­ten­ing to Niger­ian Jazz, but nev­er got into Ethiopi­an Jazz.

Cameron: I Dun­no Why you find that so amus­ing, but there’s this.

Tony Kynas­ton: Jazz or Ran­dan hip hop

Cameron: There was this peri­od of a decade or so when Hay­ley’s, when Hay SSI

Tony Kynas­ton: Yeah.

Cameron: run­ning Ethiopia, when there was this like bur­geon­ing mod­ern, um, sort of social cul­tur­al epoch and a lot of their musi­cians went to Amer­i­ca and came back and, and put a [01:26:00] jazz over­lay on tra­di­tion­al Ethiopi­an modal music. And then he lost pow­er.

And, you know, one of the mil­i­tary coups hap­pened and it all got crushed. So it all dis­ap­peared. But there was a peri­od of 10, 14 years or some­thing, I think it end­ed in the ear­ly sev­en­ties. And there was a French musi­col­o­gist, a decade or two ago who spent a decade dig­ging up archival record­ings of this stuff and put it out in a series of 30 albums called Ethiopias, QUES, um, cov­er­ing all the major artists of this Ethiopi­an jazz.

And it’s, it’s real­ly unique because it, it’s built around these tra, this tra­di­tion­al Ethiopi­an Ethiopi­an music, which is a very African Mus­lim kind of thing, but uh, with a jazz over­lay on it. So real­ly, real­ly inter­est­ing. Any­way, that’s been my week.

Tony Kynas­ton: thank you. I’ll check that out. have you had one [01:27:00] last thing before uh, I go, have you heard of Igna­tia Fer­nan­dez?

Cameron: No.

Tony Kynas­ton: Um, Google her, she was the, I think I’m gonna say Brazil­ian Miss Uni­verse win­ner. And I think

Cameron: Okay.

Tony Kynas­ton: have placed high­ly in the inter­na­tion­al pageant, she’s also a death met­al singer. for her

Cameron: Oh, I have seen that. Yeah. I saw the clip this week. Yeah.

Tony Kynas­ton: Yeah, So it’s just

Cameron: This, yeah. Yeah.

Tony Kynas­ton: doing death met­al. It’s fan­tas­tic.

Cameron: I did see that. It was hilar­i­ous. Yeah. Good for her. I don’t like her chances of being able to speak, uh, a year from now, but, alright, well, this week on the US show, um, we’re doing anoth­er pow­er com­pa­ny, but Kore­an this time and there is an assas­si­na­tion that I get to talk about.

It’s not as blood thirsty as last week’s episodes, not as this com­pa­ny has not been found guilty of manslaugh­ter.

Tony Kynas­ton: good.

Cameron: uh, there, there is some good back­sto­ry [01:28:00] to it. So let’s go talk about, uh,

Tony Kynas­ton: you P.

Cameron: HECO on the US Show.

Tony Kynas­ton: Ken.

Cameron: you tk. Have a good week every­one.

Tony Kynas­ton: Bye.

 

Bernard: Q A V is a check­list-based sys­tem of val­ue invest­ing devel­oped by Tony  Khyne­ston. over 25 years. To learn more about how it works and how you can learn the sys­tem, vis­it our web­site, Q A V Pod­cast dot com dot A U.

This pod­cast is an infor­ma­tion provider and in giv­ing you prod­uct infor­ma­tion we are not mak­ing any sug­ges­tion or rec­om­men­da­tion about a par­tic­u­lar prod­uct. The infor­ma­tion has been pre­pared with­out tak­ing into account your indi­vid­ual invest­ment objec­tives, finan­cial cir­cum­stances or needs. Before you decide whether or not to acquire a par­tic­u­lar finan­cial prod­uct you should assess whether it is appro­pri­ate for you in the light of your own per­son­al cir­cum­stances, hav­ing regard to your own objec­tives, [01:29:00] finan­cial sit­u­a­tion and needs. You may wish to obtain finan­cial advice from a suit­ably qual­i­fied advis­er before mak­ing any deci­sion to acquire a finan­cial prod­uct. Please note that all infor­ma­tion about per­for­mance returns is his­tor­i­cal. Past per­for­mance should not be relied upon as an indi­ca­tor of future per­for­mance; unit prices and the val­ue of your invest­ment may fall as well as rise. The results are gen­er­al advice only and not per­son­al prod­uct advice.

Trans­paren­cy is impor­tant to us. We will always be very open and hon­est about the stocks we own. We will also always give our audi­ence advance notice when we intend to buy or sell a stock that we are going to talk about on the pod­cast. This is so we can nev­er be accused of pump­ing a stock to our own advan­tage. If we talk about a stock we cur­rent­ly own, we will make it known that we own it.

This email is autho­rised by Antho­ny  Khyne­ston. Autho­rised Rep­re­sen­ta­tive Num­ber [01:30:00] zero zero 1 2 9 2 7 1 8 of M F & Co. Asset Man­age­ment Pro­pri­etary Lim­it­ed (A F S L five 2 zero 4 4 2).
No part of this con­tent may be repro­duced in any form with­out the pri­or con­sent of Space­craft Pub­lish­ing.

Quote of the day:

Find­ing exploitable invest­ment oppor­tu­ni­ties does not mean it’s easy to make mon­ey, how­ev­er. To do so requires an abil­i­ty to con­sis­tent­ly, patient­ly, and slav­ish­ly stick with a strat­e­gy, even when it’s per­form­ing poor­ly rel­a­tive to oth­er meth­ods. Few are capa­ble of such action.

What Works On Wall St by James O’Shaugh­nessy