Gold, Glory, and the Art of the Deal: New Financial Year Results Roundup: QAV AU #927

QAV AU 927 Club Video

[00:00:00]

Cameron: Wel­come to QAV Aus­tralia, episode 927, the 7th of July 2026. The first show of the new finan­cial year. We’ve got lots of reports from mem­bers, do our own reports. But my first ques­tion to you, TK, apart from ask­ing why you look like you’re sun­bathing in your, uh, office there, is how many ships do you think crossed the Strait of Hor­muz in the last 24 hours, Tony?

Tony Kynas­ton: I don’t know. I’ll say six

Cameron: Mm, uh, that was last week. That would’ve been true. Five last week, I think when I looked. in the last 24 hours.

Tony Kynas­ton: okay.

Cameron: Nor­mal­ly 60 to 100. Uh, I don’t know, I did­n’t look at the details, but, uh, it’s about 30, 40%, 20%, depend­ing on how you take the aver­ages. But it’s still a long way from back to nor­mal, but it is increas­ing, uh, which is pos­i­tive for the glob­al econ­o­my

Tony Kynas­ton: Well, I hope so. I mean, it’s, [00:01:00] it is pos­i­tive if it goes up, if it keeps trend­ing up like that, sure. But still wor­ries me quite a bit that mar­ket’s got­ten ahead of itself, um,

Cameron: Yes

Tony Kynas­ton: in the Mid­dle East. still no deal done. So,

Cameron: Yeah.

Tony Kynas­ton: I saw an arti­cle this morn­ing say­ing that, uh, last time when lift­ed sanc­tions in return for a deal, bil­lions of dol­lars went into ter­ror­ism, state-spon­sored ter­ror­ism.

So, I mean, I can’t see the Israelis being hap­py with a deal as it cur­rent­ly stands.

Cameron: Hmm.

Tony Kynas­ton: way to go

Cameron: Hmm. Any­way, uh, the US econ­o­my, you know, is, um, not great any­way. Soft June jobs report. Pay­rolls, uh, were just, rose just 57,000 in June ver­sus the 113 to 115,000 that was expect­ed. [00:02:00] Unem­ploy­ment dipped to 4.2 from 4.3, but US econ­o­my’s not doing great. But, uh, stock mar­ket, Dow sur­passed 53,000 and set a fresh clos­ing record on Mon­day the 6th of July.

Every­thing’s up. Semi­con­duc­tors were down, but then they were back up. I see Broad­com announced overnight that they’ve extend­ed their deal to make cus­tom chips with Apple until 2031. There were some updates from some oth­ers as well. Tes­la dropped. Sort of SpaceX is rebound­ing a lit­tle bit. Alpha­bet joined the Dow just before the mar­ket closed.

So despite all of that, soft econ­o­my, um, stock mar­ket does­n’t care. Well,

Tony Kynas­ton: Unem­ploy­ment at 4.3 is pret­ty good. Um, yeah, I mean, there’s. It, it’s prob­a­bly weak­er than it was a year ago before the tar­iffs came in and oil prices spiked, but oth­er­wise it’s not too bad

Cameron: Well, it’s a K‑shaped [00:03:00] econ­o­my, as they keep say­ing. High end of town is doing well. Peo­ple are strug­gling, I think.

Tony Kynas­ton: Mm-hmm.

Cameron: Prices are still up. I don’t know where the eggs are at or the gas is up there. I, I filled up my car the oth­er day and was sur­prised at the, the petrol prices here are back down to nor­mal already.

We’re, I don’t, I don’t know why. We’re not get­ting any oil. Well, I don’t know where we’re get­ting the oil from. We must be get­ting some­thing. Any­way, on the Aus­tralian side of things, uh, mar­ket has been not too bad, I think. Start to the new year, let me see where it’s at today. Down a bit today, but if I look at the one year lev­el, you know, we’re at just over 9,000.

We were up as high as 9.4 in March. We’re kind of back to where we were about a year ago. We were about 9,000 a year ago, back to 9,000 now, so it’s been a side­ways year for the mar­ket. Our [00:04:00] port­fo­lios, as we said last week, have done pret­ty well, and we’ll get into some of the user updates, uh, mem­ber updates short­ly.

But, um, I wan­na talk about Don­ald Trump’s cryp­to efforts, Tony, just for shits and gig­gles. Great arti­cle in the, in The New York Times I read this week. Near­ly a mil­lion investors lost a total of $3.8 bil­lion on Trump cryp­to coin, while he has made $2.2 bil­lion since he start­ed his sec­ond term, includ­ing some­thing like 680 mil­lion, I think, out of his cryp­to efforts.

$636 mil­lion on his cryp­to efforts accord­ing to his lat­est finan­cial dis­clo­sure. So his fans lost 3.8 bil­lion buy­ing his coins while he made $640 mil­lion prof­it from their loss­es.

Tony Kynas­ton: Well, he’s a fan­tas­tic trad­er, [00:05:00] isn’t

Cameron: And I’m sure those peo­ple all still sup­port him as well. That’s,

Tony Kynas­ton: peo­ple who are, who are using the cryp­to as a way of donat­ing to him, weren’t they?

Cameron: Yes. Yeah, that’s true. Mm-hmm.

Tony Kynas­ton: But yeah, it’s, it’s, it’s shock­ing. It’s quite f- I mean, in some respects, a lot of the stuff that goes on goes on any­way, it’s just under oth­er pre­vi­ous pres­i­dents it was hid­den. so it’s kind of nice it’s out in the, in the light of day, but, but it’s, that’s, I don’t think it was going on to this extreme and this brazen­ly

Cameron: I think if any oth­er pres­i­dent had made $2.2 bil­lion dur­ing their first year in the White House, there would be. things would be said. Yeah.

Tony Kynas­ton: That’s, that’s the oth­er thing too. It’s like it’s, it’s news­pa­pers are cov­er­ing the sto­ry, but I’m not hear­ing it com­ing up in Con­gress at all as a prob­lem, any sort of cen­sure or impeach­ment or any­thing like that

Cameron: Well, he con­trols the Con­gress any­way. I mean, so con­trols the Sen­ate still till the [00:06:00] midterms, if they actu­al­ly hap­pen, which I’m doubt­ful about.

Tony Kynas­ton: I’ve got­ta, I’ve got­ta say though, if I can just, sor­ry, butt in there. one thing he isn’t doing a good job on was cel­e­brat­ing the 250th anniver­sary of the US, despite the fact he’s the com­mem­o­ra­tive dol­lar bill and the US pass­port at the moment. I re- remem­ber quite vivid­ly the 200th cel­e­bra­tions in 1977.

It was a real­ly big deal, and there was much nation­al cel­e­bra­tion, and tall ships in the har­bors in New York, and bicen­ten­ni­al parades and fire­works and, you know, thou­sands and thou­sands and thou­sands of peo­ple on the, in the Mall cel­e­brat­ing. You could have fired a can­non down the Mall dur­ing Trump’s 250th cel­e­bra­tion.

All it would’ve got­ten was cov­ered in algae from the reflect­ing pool. It’s just a deba­cle

Cameron: But did they have a WWE wrestling match on the front lawn of the White House, Tony? Come on

Tony Kynas­ton: 80th birth­day. That was­n’t the [00:07:00] 250th cel­e­bra­tion.

Cameron: right

Tony Kynas­ton: The 250th cel­e­bra­tion was a lot of kiosks and stalls down the mall sell­ing crap which no one was buy­ing, and a few hun­dred peo­ple march­ing up and down with Myer hats on

Cameron: And he gave a speech warn­ing about the dan­gers of com­mu­nism. He got one of Roy Cohn’s old speech­es, his men­tor’s speech­es from the McCarthy days and just recy­cled. He got to warn about the Russkies, the Sovi­ets, the unions com­ing for them for their, com­ing for their chil­dren

Tony Kynas­ton: I saw a, I saw a pic­ture of, uh, it could have been AI fake for all I know. It was attrib­uted to one of the, I think The Wall Street Jour­nal or some­one. But, um, there was a, a pic­ture on one of the Wash­ing­ton gov­ern­ment build­ings, I think it was the Depart­ment of Jus­tice from mem­o­ry. pic­ture of, um, George Wash­ing­ton and the, and the head­line was, “Our F- Our Found­ing Pres­i­dent.” then a pic­ture of Don­ald Trump, cap­tion was, “Our Great­est Pres­i­dent.”

Cameron: Sure, sure

Tony Kynas­ton: [00:08:00] 250 years of evo­lu­tion right there, I think.

Cameron: Well, uh, yeah, George Wash­ing­ton famous­ly admit­ted to, uh, uh, chop­ping down a cher­ry tree and said, “I can­not tell a lie.” Trump was like, “I can­not tell the truth.” So, you know, that’s the evo­lu­tion that they’ve had over that 250 years. Back to the mar­ket, Tony, before we get into results, um, SDI, our, our favorite den­tists have been removed from the index.

The sale to the Chi­nese den­tist. Chi­nese watch, Moth­er. A Chi­nese watch. Chi­nese Den­tists has been, uh, com­plet­ed. They’ve been removed from the ASX offi­cial list. We hold, well, we did hold that in one of the light port­fo­lios. Bought it Novem­ber 25. It’s up 48% as of it being delist­ed. Um, how do I reflect that in the light port­fo­lios?

Just mark it [00:09:00] as a sale

Tony Kynas­ton: Yeah. I mean, um, we talked about this when the takeover was hap­pen­ing, and I, I said we should sell it it delists. That’s the best way to get your cash quick­ly. Um, i‑in real­i­ty, if we were actu­al­ly a share­hold­er in SDI, we’d wait for them to send us a check, and it’d be on their timetable, so it could take a few months.

But yeah. Well, even­tu­al­ly we’d get a check for the, uh, uh,

Cameron: Go to check

Tony Kynas­ton: price. Or sor­ry, the, the takeover price.

Cameron: So up near­ly 50% in a lit­tle over six months, so that’s not too bad.

Tony Kynas­ton: Yeah

Cameron: anoth­er exam­ple of us find­ing ex- uh, some­thing that was cheap and some­body agree­ing with us that it was cheap

Tony Kynas­ton: Bit like Vault Min­er­als we can talk about.

Cameron: We’ll get into that in a minute. Um, my, uh, so let’s talk about your and my port­fo­lio results for the finan­cial year, Tony.

Tony Kynas­ton: Mm-hmm.

Cameron: Um, how did you go?

Tony Kynas­ton: Good. Uh, s- I ruled off [00:10:00] 17.5%, um, which was main­ly cap­i­tal growth, I think of about 12 and a half and then f- rough­ly five of div­i­dends. So that worked well. I think the STW was around six, includ­ing div­i­dends, so not quite triple mar­ket, but cer­tain­ly dou­ble mar­ket. I mean, it was, um, it was a tale of two halves.

The first half, I think when we had this con­ver­sa­tion after the six months, I was up some­thing like 35%. So I’ve back in per­for­mance terms from there ’cause the shares I own went back­wards. I had a bit of a stum­ble on Karoon dur­ing the East, and I, I did­n’t, uh, get out of that too bad­ly, but I did lose a lit­tle bit of mon­ey on that. and I bought Chal­lenger, which has gone up since then, so it’s not too bad. But yeah, stocks like, uh, Per­en­ti and Perseus, which were my two best per­form­ers, have come back a bit. Perseus with the gold price retreat­ing. So but still, um, [00:11:00] I was hap­py with the result

Cameron: Well, you did bet­ter than me. I, my super port­fo­lio closed at 9.84 ver­sus 5.8, so not even quite dou­ble mar­ket for the finan­cial year. It was up 19.8% at the end of Jan­u­ary, so yeah, it sort of halved over the last six months or five months of the finan­cial year. Took a big hit. Um, was down neck and neck with the index at one stage at the end of, the mid­dle of March.

Um, but as I said to you in my email, I hold one, I held like nine stocks in that port­fo­lio, and some are, you know, heav­i­ly over­weight­ed. I think at some peri­od when I could­n’t buy stuff, I end­ed up buy­ing dou­ble shares in a few things. And I’ve got­ta fig­ure out how to unwind that now. Um, you’ve been in this [00:12:00] sit­u­a­tion before, I think

Tony Kynas­ton: Yeah, I mean, uh, uh, I have been in it and I, I haven’t unwound it, which is one of the rea­sons why I have a con­cen­trat­ed port­fo­lio.

Cameron: Right

Tony Kynas­ton: ’cause basi­cal­ly if you, if you do buy dou­ble posi­tions, which we’re some­times forced into when there’s not much to buy, if you have like a run­away win­ner, which can get over­weight in the port­fo­lio, you can can get, um, con­sol­i­dat­ed. the only way to do it is work out what the hold­ing should be if you had 15 stocks and then as you have sale from some­thing that’s over­weight, you know, buy two posi­tions with the pro­ceeds

Cameron: I’ve been wait­ing to do that, but, uh, I don’t tend to have to sell stuff.

Tony Kynas­ton: Yeah.

Cameron: That’s the prob­lem

Tony Kynas­ton: That’s been the nice thing about this last 12 months, isn’t it? I think I’ve done one trade in the whole year

Cameron: Yeah. I mean, I sold KAR and VEA recent­ly, but, uh, yeah, I haven’t had to sell much in the last few months. [00:13:00] But, um, yeah, I’ve got­ta try and, I’ve got­ta try and fig­ure out how to get my total num­ber of stocks up because I had a cou­ple of win­ners this year, NWH, PRN, PRU, but that’s real­ly it. I did­n’t have a lot of the big win­ning names because I think I’m spread too thin­ly

Tony Kynas­ton: Real­ly? Well, I’m spread even thin­ner and I had some of those win­ning names.

Cameron: Yeah

Tony Kynas­ton: done well and PRN’s done very well. I’ve had both of those.

Cameron: Yeah.

Tony Kynas­ton: Yeah.

Cameron: Well, it was­n’t enough to get me up there, so them’s the breaks

Tony Kynas­ton: Yeah

I mean, I, I, it is a bit sta­tis­ti­cal, isn’t it? As we’ll see from some of the lis­ten­ers’ num­bers as well.

Cameron: Yeah

Tony Kynas­ton: yeah, I, I don’t know. I don’t have the answer. You know, 15 stocks is what every­one says we should be hold­ing.

Cameron: Yeah

Tony Kynas­ton: I take the point of view that if I hold less stocks, um, I’m gonna diverge more from the, from the index.

Maybe I’ll have a bad year because of [00:14:00] that, but I have a good year, it’ll be real­ly good. And like, you know, as I said, this year it’s triple mar­ket so, um, yeah, I, I don’t know. I real­ly don’t know the answer between con­cen­trat­ed and more thin­ly. Um, as you say, you, you, you’re prob­a­bly more like­ly to pick up on the rock­et ship because you’ve got more, more goes at try­ing to get it. Um, but, you know, with a. I, I don’t, I don’t know if, if that’s the rea­son why we’ve dif­fered in our port­fo­lio because I’ve got a more con­cen­trat­ed port­fo­lio than you do,

Cameron: Hmm.

Tony Kynas­ton: but I out­per­form. So I think it’s just, yeah, it’s just prob- prob­a­bilis­tic, I would think

Cameron: Yeah. I look, I’m just look­ing, I, I do hold Stan­more Resources, which I bought Decem­ber last year at $2.42. It was up to $26

Tony Kynas­ton: You bought it at $2 and it’s up to 26

Cameron: It [00:15:00] was, uh, in, in a month ago, and now it’s down to $3.48. So

Tony Kynas­ton: Seri­ous­ly? It went all the way up to 26 and then back to three.

Cameron: Yeah. Yeah, I don’t know what’s going on with that. I had­n’t heard any­thing. I haven’t been fol­low­ing it, but,

Tony Kynas­ton: some kind of cor­po­rate action in there

Cameron: yeah. Any­way, um, we’ve got a bunch of. Well, not a bunch, but quite a few good, uh, emails from peo­ple which we’ll get into. Um, I’ll start with Paul’s. Paul says, “Vault Min­er­als, VAU, on the QAV buy list about six months ago, has received an updat­ed offer from Gen­e­sis Min­er­als, GMD.

The offer includes 0.7629 new Gen­e­sis shares, plus 47 and a half cents in cash per Vault share, imply­ing total con­sid­er­a­tion of $5.274 per Vault share. [00:16:00] Maybe Tony can give us a sum­ma­ry of what to do in cir­cum­stances of a takeover by a com­pa­ny not on the QAV list. And I also not­ed, um, that RRL, Reg­is Resources, is bid­ding for Vault.

They’re in a bid­ding war with Gen­e­sis by the looks of it. I added, I added RRL to the light port­fo­lio yes­ter­day only, and noticed this only after­wards. Um, what are your thoughts on the Vault Gen­e­sis thing, Tony?”

Tony Kynas­ton: Yeah, well, I guess it’s, it’s the same answer gener­i­cal­ly, not just this par­tic­u­lar sit­u­a­tion. Um, I, I always like to wait for the board to accept, and they haven’t at the moment because there’s two suit­ors fight­ing it out. that’s the kind of sig­nal for me to think about sell­ing the stock or wait­ing for a takeover to roll over. it’s a. If the acquir­er is on the [00:17:00] buy list, then I would con­sid­er just let­ting things roll over because you do get cap­i­tal gains tax relief in that sit­u­a­tion. And I, I don’t know what sit­u­a­tion is, but he should think about that, and what tax he’ll have to pay. Um, if, if he sells the bid­ding process, he’ll be pay­ing CGT. The, case, the Gen­e­sis has at least a par­tial scrip com­po­nent, so still pays some CGT if he accepts their bid. Um, on the cash com­po­nent, then he’ll get cap­i­tal gains tax relief rollover, um, on the, on the scrip com­po­nent. I’m not sure about the Reg­is bid. I haven’t looked at that yet. Um, but yeah, so it’s always a bit of a wait­ing game. Try and, try­ing to pick the right time to or, or roll over is, um, nev­er an exact sci­ence. you’re always check­ing the price ver­sus the, I mean, the [00:18:00] stock price of the tar­get ver­sus the bid price. if there’s a big gap there, there might be an arbi­trage for you. If it’s, if it’s the stock price has got­ten ahead of the bid, you might wan­na sell some of the stock. Um, that can be a sign, though, that the mar­ket thinks there’s a big­ger bid com­ing. So it’s, it’s always a dif­fi­cult one. so yeah, my, my gen­er­al rule of thumb is wait for the board to accept. I guess you run the risk that it nev­er gets to that stage and the, the bid­ders leave, and then the price comes back down again. but, um, it’s still a QAV stock, and it should still have of, um, upside poten­tial going, going for­ward. So, um, the oth­er thing to, to watch out for is to check the share­hold­ings. Um, so if the has a large share­hold­ing in the acquir­er already, which is often­times up around twen­ty per­cent because that’s the.

nine­teen point nine’s the lim­it, um, that they can hold with­out launch­ing a bid. That can, that can be enough to scare off, uh, any oppos­ing [00:19:00] bids. So, that might be enough to con­vince me to sell if the price is around the bid price and there’s no oth­er bid­ders and some­one’s got a large stake, it may not be con­test­ed. But yeah, um, hap­py to roll over into a stock on the buy list, which gives you a tax break as well. Uh, but gen­er­al­ly, I wait for the board to accept, um, before mak­ing a deci­sion.

Cameron: Right Good. Well, again, this is QAV stock in play

Tony Kynas­ton: Yes, exact­ly

Cameron: All right. Well, let’s get into some,

Tony Kynas­ton: it’s a gold stock too, and I, I noticed on your buy list this week you had gold as a buy,

Cameron: Hmm.

Tony Kynas­ton: I had a look at it and it looked pret­ty close, so maybe it’s pulled back since you had a look at it. Do you have any com­ments on the gold price and why you think it’s a buy?

Cameron: Uh, I think it’s a buy because my script said it was a buy. But I, I will point out that, uh, Ed [00:20:00] dis­cov­ered an error, not in my script, but in the s- the buy, uh, the com­mod­i­ty list. Some of my Excel cod­ing was look­ing at the wrong stock for that, so I had to do a new ver­sion of it last night. Um, I think it was most­ly.

Tony Kynas­ton: gold?

Cameron: No, it was cop­per. It said cop­per was a sell, but it’s in fact a Josephine. I’m just bring­ing up the gold price chart now Yeah. So I did look at this yes­ter­day when it came out. So it has been recov­er­ing. If I, if I draw a sec­ond buy line from its peak of Feb­ru­ary through the shoul­der, I guess, in, uh, May, it’s above that just.

Tony Kynas­ton: That’s what I thought. Yeah.

Cameron: Yeah, it’s just above the sec­ond buy line again, and well and tru­ly [00:21:00] above its sell line, I think. Sell line prob­a­bly starts in Octo­ber ’22 and goes through Sep­tem­ber ’23 or some­thing

Tony Kynas­ton: Last time I had a look, the sell price was around 2,500

Cameron: that’d be about right. Yeah. So yeah, it’s pick­ing back up. Nowhere– It’s got a long way to go to get back to its high that it was at back in Feb­ru­ary, but, uh, yeah

Tony Kynas­ton: I did notice it brought a lot of stocks onto my buy list this week, hav­ing gold as a buy.

Cameron: Yeah, mine too.

Tony Kynas­ton: Mm.

Cameron: Uh, well, when I say a lot too, uh, RRL and KAU.

Tony Kynas­ton: Oh, okay. I

Cameron: Oh, and Aure­lia Met­als as well.

Tony Kynas­ton: Right.

Cameron: Three

Tony Kynas­ton: new Murchi­son, which I’m gonna talk about in, in a bit

Cameron: Don’t, don’t know who they are, but they’re not on mine. Well, into some mem­ber emails, uh, some crazy sto­ries. All good. Jim, “Hi Cameron, hap­py to report a 74.5% gain over this finan­cial year. The fol­low­ing stocks are [00:22:00] the top per­form­ers over the course of the last one to three years, which make up just over half my port­fo­lio.

Thank you both again, as I did­n’t know what I was doing pri­or to dis­cov­er­ing QAV and imple­ment­ing a sys­tem that works. Regards, Jim.” Some of the stocks that he men­tioned, SXE up 421%, VYS,

Vysone, up 366, SRG up 279, WGN up 240, Durat­e­ch, DUR, up 173, CVL up 124, KOV up 100, and PRN up 99%. So that’s an incred­i­ble result, Jim, 75%. Good, good selec­tion of stocks you must have had in there Toby

Tony Kynas­ton: Thanks for shar­ing

Cameron: Hi. Toby says, “Evening Cam and TK.” Um, oh, this is just ask­ing for a pulled pork real­ly. Um, “147 com­pa­ny pulled porks could not find a pulled pork on N‑W- [00:23:00] NHW IGL and Son.”

Tony Kynas­ton: I think

Cameron: Who’s

Tony Kynas­ton: of those, but, um, that’s,

Cameron: NHW? NHW. Does he mean NWH?

Tony Kynas­ton: No, I think so. That’s what I thought he meant

Cameron: NRW. Um, yeah, I said, like I, I was pret­ty sure you’d done all of those, but they must pre­date when I start­ed the list sort of four years ago or some­thing, so

Tony Kynas­ton: So I can go back and look at those, that’s fine. Sun­corp I did recent­ly, but, uh, IVE Group and, and, uh, W I can do again. Sure

Cameron: Look, he says also, “Accord­ing to Navexa FY26, we had a 32% return and all time since Feb­ru­ary 2022,” which in, uh, I will add, was the worst pos­si­ble time to start a port­fo­lio, ’cause I know that’s when I start­ed the light port­fo­lio. Uh, he’s up 17%, um, since then, so that’s ter­rif­ic. Well done, Toby Ed. [00:24:00] I told Ed, I always get a lit­tle bit– I always feel a lit­tle bit queasy when I see emails com­ing from Ed, because he had a real­ly bad run for the first few years.

And every time I get an email from Ed in my inbox, I’m like, “Oh no, Ed’s gonna tell me he had anoth­er bad year.” And I’ll be like, “What are you doing, Ed?” But for the first time, uh, a hap­py email from Ed. “Hi, Cam. Here’s some results for you. Hap­py for you to read out on the pod­cast. But before you do, just wan­na say I’m extreme­ly grate­ful to TK for shar­ing his knowl­edge.

I’ve learnt just so much, and to be frank, I don’t know any­where else one could learn what I’ve learnt. They say you pay for your edu­ca­tion one way or anoth­er. Via TK has been cheap­er than the school of hard knocks for sure, though I did give myself a few upper­cuts in the ear­ly days. So thanks, TK, and thanks, Cam, for get­ting him to stump up for the show each week.”

You know, it’s a hot, a hot pok­er iron I have to use Ed, but, uh, it’s, it’s worth the trou­ble that I go to. ” Any­way, it’s been a jour­ney for sure. Much more shit­house than pent­house, as you can see, and it’s been hard to stay faithful/focused [00:25:00] to the sys­tem dur­ing those times. It’s easy when every­thing is green, but when it goes red and trig­gers rule one week after week, it’s hard to stay the course, and los­ing mon­ey is nev­er much chop.

The first three years were a bit hard to swal­low, but hey, I’ll admit, I did­n’t fol­low the rules to a T all the time.” We sh- we should say, “Fol­low the rules to a TK.”

Tony Kynas­ton: that’s

Cameron: TK, yeah. That’s a T‑shirt. “I do now, and the results are start­ing to show. I’m now even con­fi­dent to con­tribute fur­ther funds from the sale of a cou­ple of IPs that were under­per­form­ing.

I’ll report on those funds next year. Some things I’ve done which have neg­a­tive­ly affect­ed my results in the last 24 months, because they could have been bet­ter. Trimmed posi­tions, name­ly PRU, PRN, QBE. They were dou­ble and some­times triple posi­tions, and my nerves led out, and yet are still per­form­ing.

What’s that about flow­ers and weeds? Let go of QAN and TLS. No rea­son that would hold water, just [00:26:00] emo­tion­al. A dis­like of both com­pa­nies did­n’t help. Now back hold­ing QAN with my big boy pants on, as I think Vanes­sa’s doing okay. So that I don’t make sil­ly 101 mis­takes, I’ve added an addi­tion­al sheet of rules that I lay over the top of the buy list after it has iden­ti­fied the top picks.

It stops me from mak­ing dumb mis­takes. It’s attached, and I’m hap­py for you to share. Bet­ter still, if any­one has more to add and share back, that would be great.” I haven’t added that to my notes for this week because we’ve got a big show, but I’ll do that next week. “Past year, I’ve been doing a week­ly buy list every Sun­day, even when I don’t need to fill a posi­tion, as it gives me an oppor­tu­ni­ty to see sen­ti­ment change ear­ly in the buy list, and I also have a rit­u­al where I check my com­modi­ties on the posi­tions I hold.”

And that’s prob­a­bly why I picked up that my cop­per thing was wrong. Sys­tems and process­es, I guess. Any­way, here’s how our per­son­al and SMSF QAV com­bined port­fo­lios have done from Share­sight. 2022 finan­cial year was down [00:27:00] 4.5%. I think he start­ed halfway through that. ’22 to ’23, up 8.3%. He does­n’t have what he’s bench­mark­ing against, but these would have all been under­per­form­ing, I guess, from the time.

’23 to ’24, up 3.7%. ’24 to ’25, up 13.32%, which I think is about neck and neck with the bench­mark last year. ’25 to ’26, up 15.49%, which is close to triple mar­ket for this year. Still chas­ing that elu­sive dou­ble mar­ket, maybe FY27. I sent him an email going, “Well, you did triple mar­ket this year. I as- I assume you mean over the long haul you wan­na get up to dou­ble mar­ket,” which is fair enough.

Um, on a per­son­al note, they’re going on a hol­i­day, so there you go. That sounds like fun. But he’s gonna be doing, uh, QAV via Star­link every Sun­day, so as they’re on their trip. So, uh, good to get a hap­py email from Ed. Yeah, those first few years were rough, and I know Ed’s, uh, got a pret­ty [00:28:00] big ADT require­ment as well.

So he’s, like you and I with my super port­fo­lio any­way, we’re stuck in the ASX 200, 300. Uh, and, you know, you asked the ques­tion to me in an email this week, why don’t our port­fo­lios per­form to the same lev­el as the offi­cial QAV port­fo­lios? And I said, maybe it’s the large cap/small cap diver­gence. We’ve looked at that before in the past, and I can’t remem­ber where we’ve come down on that, hon­est­ly

Tony Kynas­ton: Yeah, I, I think when we looked at it before, long term, it tends to go in cycles. So yeah, it

Cameron: Hmm

Tony Kynas­ton: caps have done bet­ter than large caps at the moment, but then the future, large caps could be doing bet­ter than small caps. But we’re, we’re. Or at least I’m play­ing in the large cap space.

Cameron: Hmm.

Tony Kynas­ton: Um, yeah. I was also won­der­ing whether, you know, the mod­el port­fo­lio does­n’t have any tax con­se­quences and it does­n’t have bro­ker­age and things like that. [00:29:00] I don’t know what kind of, kind of dif­fer­ence that makes. I mean, I haven’t had much bro­ker­age this year because I’ve only sold about one share,

Cameron: Mm-hmm

Tony Kynas­ton: so that won’t be mak­ing a big dif­fer­ence.

Um, I would’ve paid tax, I would think, at some stage, but prob­a­bly on year’s finan­cial year rather than this year’s because it’s just fin­ished. So yeah. Um,

Cameron: Good point

Tony Kynas­ton: inter­est- inter­est­ing to, to work out what the dif­fer­ence is

Cameron: Scott emailed me his results. Oh, sor­ry. Yep

Tony Kynas­ton: uh, it is, it’s, it’s always con­sis­tent­ly small caps that are under­perf- that out­per­form large caps, at least in the QAV uni­verse, then maybe we do have to have a larg­er port­fo­lio and low­er the ADT enough so you’re hav­ing a, you know, 50 share port­fo­lio of small caps.

I mean, I’ve tried that in the past, and it. all it’s done is gen­er­ate more admin with­out out­per­for­mance, so it did­n’t seem to work. But yeah, it does seem, always, but [00:30:00] often­times the mod­el port­fo­lio does bet­ter than, um, than my hold­ings for some rea­son

Cameron: Yeah. Have we done a regres­sion test­ing analy­sis on this, like a for­mal one?

Tony Kynas­ton: No

Cameron: Maybe I should try and build some­thing that does that

Tony Kynas­ton: Mm-hmm.

Cameron: some­how. Uh, had a chat actu­al­ly dur­ing the week. Fun­ny, I got an email from one of our mem­bers ask­ing me if I’d ever heard of, um, pre­mi­um data ser­vices run by a com­pa­ny out of WA called Nor­gate.

And I had a look at their web­site, said, “No, nev­er come across them.” And they’ve been around since the ear­ly ’90s, I think. So I tracked down their CEO via LinkedIn and sent him an email, and he replied going, “Yeah, you and I actu­al­ly met at a par­ty in Perth 20 years ago.” My o- one and only time I’ve ever been to Perth, I was invit­ed over there for.

My co-host on G’day World for a while, Richard [00:31:00] Giles, was doing some tech indus­try event over there, and he had me out as a guest speak­er. It’s like 2005, ’ 6, some­thing like that. And this guy was there. He goes, “Yeah, yeah, we met.” I was like, “Oh, okay.” Um, any­way, uh, so we had a, we had a Face­Time call, and we talked through his ser­vice that he’s got.

They’re just chang­ing data providers, um, back-end data providers, and, uh, when I sent him the sort of fun­da­men­tals that we’re look­ing at, he goes, “Yeah, we, we can’t help with a lot of that until we fin­ish the tran­si­tion.” But he’s keen to do some­thing with us, uh, when they get through that. He said he’ll get back to me in the next few weeks when they bed it down.

But the rea­son I men­tion it is because he said, um, they’ve got, like, decades of data that they can use for regres­sion test­ing and can help us with all of that, so

Tony Kynas­ton: Yeah, fan­tas­tic.

Cameron: might be able to plug some­thing like that in in the future into a [00:32:00] Claude-built regres­sion test­ing sys­tem

Tony Kynas­ton: Mm-hmm.

Cameron: Scott emailed me, “Cam, here are my results for the finan­cial year.

I’ve includ­ed my year­ly results since start­ing, and I’m grate­ful I stuck with the process after a tough start. Um, my best per­former last year was SXE with DUR, CVL, CLX, and PRN also giv­ing some good returns.” Fun­ny that, almost exact­ly the same list of stocks as, uh, Jim sent through, I think. Um, and his results going back, he start­ed, uh, 2022.

His FY23 says part year, he was down 8%. FY24 up sev­en, uh, FY25 up 12, FY26 up 26.57. So since incep­tion, that puts him at 13.65. Does­n’t say what the index has been, but, um, [00:33:00] I’d guess it’s prob­a­bly– That’s– That– I’m guess­ing that would be about dou­ble mar­ket. Don’t know ex-his exact start date, so it’s hard to, uh, cal­cu­late.

But, uh, well done. Good year, 26 and a half per­cent, Scott. Well done. Daryl, “Cam, here’s my results. Very good year in aggre­gate and a sig­nif­i­cant improve­ment over last year, which was basi­cal­ly flat for me. Few big loss­es and two very big increas­es from GNP and NWH. Some of the sell loss­es may have been due to my ear­li­er 10%,” he says, “through PTL,” but I think he means rule one.

“I moved to 20% in ear­ly Decem­ber 25,” I think. Um, he also has an over­seas stock on this, IBKR. They’ve tak­en a, a hit recent­ly too, I think. Any­way, “Over­all, I think my returns would have been bet­ter had I not been restrict­ed by my super fund allo­ca­tion lim­its. Nev­er­the­less, my win-loss ratio has improved from last finan­cial year’s [00:34:00] 55 to 45 to 70 to 30, so that’s good.”

And he’s got a whole table of results here. Big win­ners, NWH, GNP, Genus Plus, um, Par­en­ti. Uh, and his total was 33.7, but that includes his one NASDAQ stock. I asked him if he backed that out what the per­for­mance was, and he said it was more like 34%. It was a lit­tle bit bet­ter. So again, well done,

Tony Kynas­ton: Well

Cameron: Daryl. Great year

Tony Kynas­ton: Yeah, well done, Daryl. Thank you, and thanks for shar­ing. Uh, I noticed on the email that Daryl sent through that, um, had a rea­son­ably large port­fo­lio too, terms of num­ber of stocks. So

Cameron: Yeah

Tony Kynas­ton: there’s that whole thing about is the size of the port­fo­lio mak­ing a dif­fer­ence to per­for­mance?

Well, has a big port­fo­lio and it’s done well

Cameron: I won­der if he sold some of these though. So is this, you know, the sum that I think he’s got [00:35:00] out of, like there’s neg­a­tive returns, I assume they were replaced and he’s just giv­en us the total for the year.

Tony Kynas­ton: Right

Cameron: Like West African Resources and, uh, MA Finan­cial Group, Karoon Ener­gy, EHL. Yeah.

Tony Kynas­ton: That’s

Cameron: But

Tony Kynas­ton: posi­tions. Okay

Cameron: yeah. But thank you to every­one for shar­ing.

Tony Kynas­ton: Mm-hmm.

Cameron: you know, as I’ve said last week, you know, the, the proof of QAV as a sys­tem is in the pud­ding, and par­tic­u­lar­ly mas­sive props to all of you who start­ed in the dark days, the dark ages of, um, our mod­el. And hav­ing the, hav­ing the dis­ci­pline and the fore­sight, I guess, to stick with it. I mean, I remem­ber hav­ing this con­ver­sa­tion with Ed dur­ing the dark times.

We– Ed’s nice enough to take me out to lunch every now and again and, and I always say the same thing when it, when we’re hav­ing bad years is, “If [00:36:00] you come up with a bet­ter sys­tem that’s more log­i­cal or ratio­nal, rea­son­able, and makes more sense, tell me ’cause I’m sure Tony will wan­na know.

Tony Kynas­ton: Absolute­ly.

Cameron: if there’s a bet­ter sys­tem, let me know what it is and we’ll inves­ti­gate it.”

But, um, you know, when your basic the­sis is find com­pa­nies that are gen­er­at­ing cash and buy them at a dis­count, then hold them for as long as you can and sell when the rules tell them to s- tell you to sell and, you know, it’s, it’s hard to find a, a more ratio­nal test­ed sys­tem than that. But, you know, the real­i­ty is, and I post­ed an analy­sis of the QAV, uh, mod­el port­fo­lio results going back to 2019.

In the, you know, near­ly sev­en years we’ve been run­ning that, we’ve had two spec­tac­u­lar years and the rest have been aver­age. We’re up a lit­tle bit, down a lit­tle bit, you know, it’s trundling along. And then we have every, you know, five years on aver­age, we have a [00:37:00] spec­tac­u­lar year, and then we’ll prob­a­bly go back to anoth­er four or five aver­age years.

Some will suck, some will be okay, and then we just get anoth­er good one and it’s just, you got­ta accept that that’s how it works, right?

Tony Kynas­ton: Well, yeah, but i- it’s a, it’s a cer­tain type of psy­chol­o­gy that you, you, or a cer­tain type of per­son­al­i­ty that can do that. It’s, it’s, you know, like, you know, there’s plen­ty of analo­gies. It’s like play­ing cards at the black­jack table. You don’t get dealt black­jack every hand. You got­ta. you can’t get up and walk away and say, “I’ll just come back for the black­jack hand.”

It’s got you got­ta, you got­ta play all the cards as they’re dealt. So hav­ing the patience and the per­se­ver­ance to, to, be there when the mar­ket is good to you. But, um, that’s what the sys­tem’s designed to do. It’s, you know, it’s we’re not going broke in the oth­er years, and I think in most of those years, if not all of them, we still out­per­form the index.

So it’s not like we’re los­ing mon­ey dur­ing those years. We’re just not get­ting a mas­sive out­per­for­mance. Um, [00:38:00] but yeah, so the sys­tem’s designed to, to keep us afloat, and then we. But it’s like fish­er­men, we’re out in the, out in the lake, and then we catch a, a nice fish once every five years

Cameron: Yeah, even like look­ing at Ed’s results from 2021, like his first year he did lose, he was down 5%, 4.5%. Every oth­er year he was up, up 8%, up 4, up 13. Under­per­form­ing the index, but s- or, or match­ing it last year, but still up, not los­ing mon­ey, as you said, you know

Tony Kynas­ton: Yeah, and I mean, that’s the oth­er ben­e­fit of, of doing this as pri­vate indi­vid­u­als is if we were a fund man­ag­er, then in some of those years peo­ple would be redeem­ing their mon­ey and say­ing, “Oh, yeah, it’s not work­ing. I’m gonna go and take the mon­ey and go some­where else.”

Cameron: Hmm

Tony Kynas­ton: And of course, that’s often the year before the the big year

Cameron: Yeah

Tony Kynas­ton: maybe that’s one of the rea­sons why fund man- man­agers are under­per­form- uh, under­per­form the index because they get huge redemp­tions in, in a [00:39:00] down year. But, um, as indi­vid­ual investors, we can ride that through,

Cameron: How does that affect the f- fund man­ag­er if they get redemp­tions?

Tony Kynas­ton: they go broke. They close the, they close the fund

Cameron: Right, but it should­n’t affect their per­for­mance unless they have to shut it down, I guess.

Tony Kynas­ton: nie

Cameron: Hmm. And look­ing at, uh, Scot­t’s num­bers as well, like down 8% that first year, 2022-’23, which was the worst year pos­si­ble, as I said. Um, then up 7, up 12, up 26. So, you know, yeah, you’re not even los­ing mon­ey. I mean, maybe one, one, uh, once in a blue moon you will have a bad year where you go back a lit­tle bit, but, um, you just got­ta stick around until the cycle kicks in again

Tony Kynas­ton: Yeah, and I, I won’t put words in their mouths, but I know a lot of times when we’ve had peo­ple say, “Hey, I under­per­formed this year,” and they’ve shared their results with us, they’ve then gone on to say, “Because I did­n’t apply the sys­tem or because I, know, got cold feet [00:40:00] and changed or back to my old way of fol­low­ing advice or what­ev­er.”

So does take a bit of time as well to trust enough in the sys­tem to, to, stay invest­ed and fol­low the rules

Cameron: Which is, you know, why I’m hop­ing as more mem­bers have been around through these cycles and they report their num­bers and we pub­lish their tes­ti­mo­ni­als, not that you can believe. I, I’m not sure how many peo­ple believe tes­ti­mo­ni­als when they see them on a web­site, right? Because there’s a lot of fake tes­ti­mo­ni­als out there.

Just go to Temu. But, um, you know, enough evi­dence. You know, what I often say is, to new mem­bers is, if I talk to them, you know, “Don’t believe me, join the Face­book group and go and ask, ask peo­ple,” right? “Ask our mem­bers that have been around five years whether or not the, the sys­tem works,” right? Don’t, don’t lis­ten to us.

We could be full of shit, right? Just go and ask, go ask the mem­bers if it works. Any­who, that’s all [00:41:00] I’ve got. TK, what you got?

Tony Kynas­ton: Uh, I think we’ve cov­ered most of the stuff that I had. Um, I had a– did a full sort of down­load for myself, um, yes­ter­day, and I got a cou­ple of com­pa­nies that had audits, but they weren’t in your list. Um, so I, I don’t know if you need to run anoth­er macro to update your list or not. Maybe there’s been some more report­ing recent­ly. Have you that recent­ly?

Cameron: No, I haven’t run an audit for, I think since March. I did check the oth­er day. Um, who are the com­pa­nies that you’re talk­ing about?

Tony Kynas­ton: So I had BC8, NMG, and SPL. Um, some of those were, were recent­ly on my Yeah

Cameron: BC8 are in my list. Yeah, let me just, um, fil­ter by this [00:42:00] and I’ll tell you why they did­n’t make it. BC8

Tony Kynas­ton: No, I know they made it ’cause I went to their annu­al– Well, their, what do you mean, their half finan­cial s- year state­ments

Cameron: No, I’m say­ing why they’re not on my buy list

Tony Kynas­ton: Oh, okay. I don’t know if they’re on my buy list, but they’re in my down­load

Cameron: They had a QAV score of 0.06

Tony Kynas­ton: Yeah, okay

Cameron: for me. So what are you say­ing? They’re not. W- w- w– Then I did­n’t have them con­firmed as an audit, is that what you’re say­ing?

Tony Kynas­ton: as

Cameron: Right.

Tony Kynas­ton: yeah

Cameron: Yeah, yeah. I mean, I don’t real­ly both­er unless they turn up on the buy list and I don’t have one, and then I go, “Oh, okay, I bet­ter go check their audit sit­u­a­tion,” apart from doing the bulk run a cou­ple of times a year.

Who are the oth­ers? BCA

Tony Kynas­ton: Uh, NMG and SPL

Cameron: NMG, yeah, I don’t have them. They had a– Oh, they had a pos­i­tive score,.206

Tony Kynas­ton: Hmm. Which is [00:43:00] why I’m doing a Pulled Pork on them.

Cameron: Oh, hold on. Well, why are they on my buy list? They had, did­n’t, they did­n’t pass the sen­ti­ment test

Tony Kynas­ton: Oh,

Cameron: Accord­ing, accord­ing to my script

Tony Kynas­ton: They, they passed it, they passed it accord­ing to me today

Cameron: Let me just look at the chart lat­er

Ooh, okay. Yeah, that’s a, that’s a funky chart

Tony Kynas­ton: A funky chart.

Cameron: Yeah. Well, their cur­rent price is 0.05 cents.

Tony Kynas­ton: Uh-huh.

Cameron: so the Google chart is, uh, very, uh, blocky. If I look at the Yahoo chart, they’re well below their buy line. Yeah. B- Yahoo chart. And I use Yahoo num­bers.

Tony Kynas­ton: Ah,

Cameron: f- my script uses Yahoo Finance. So the. Yeah, it,

Tony Kynas­ton: I’m using Google.

Cameron: yeah.

Tony Kynas­ton: Hmm

Cameron: Um, who was the last one you talked about?

Tony Kynas­ton: Uh, hang on. Uh, [00:44:00] SPL. That might be the same, same thing then, is it?

Cameron: They’re not in my list at all

Tony Kynas­ton: Let me have a look

Cameron: SPL. Hmm.

Tony Kynas­ton: I got them

Cameron: Star Phar­ma­cy

Tony Kynas­ton: Yep. Uh,

Cameron: Yeah

Tony Kynas­ton: I They’re def­i­nite­ly a buy on the chart lat­er. Um, they may not have a high QAV score, so that’s prob­a­bly why you haven’t got them

Cameron: Well, they would still be in my scor­ing sheet. They’re on my down­load

Tony Kynas­ton: So I sim­ply took a down­load and then took all the stocks with a, I think it was a price to oper­at­ing cash flow less than a record of sev­en and ran them through and this one came up

Cameron: Aver­age dai­ly trade, $862. No, $862,000. Okay. Um

[00:45:00] Hmm. Yeah, I don’t know. My, my what­ev­er– For what­ev­er rea­son, they got fil­tered out of my scor­ing chart. Not exact­ly sure why

Tony Kynas­ton: Yep. They may have just become a, a sen­ti­ment, pos­i­tive sen­ti­ment today

Cameron: Yeah, that would­n’t block them from my scor­ing cod­ing. Usu­al­ly they just, they won’t be on it if they’re not mak­ing mon­ey or their Pr/OpCaf is too high.

Tony Kynas­ton: Nie

Cameron: I’m just try­ing to look at the, um. Oh, there you go. Stock Doc­tor says price to cash flow neg­a­tive $376

Tony Kynas­ton: Yeah, I’ve got them, you’re right, I’ve got them down here as a zero. QAV score of zero. So

Cameron: Okay

Tony Kynas­ton: I picked them up then on my down­load.

Cameron: That’s why that’s why my code co- gave him the kibosh. All right, so who you doing again? NMG?

Tony Kynas­ton: NMG, yeah. Nut­meg. I keep think­ing of those. I think I

Cameron: Nut­meg.

Tony Kynas­ton: Nut­meg.

Cameron: [00:46:00] Yeah

Tony Kynas­ton: New Murchi­son Gold. Gold stocks. Gold stocks are back on the buy list

Cameron: gold, Ger­ry, gold

Tony Kynas­ton: Uh, so assum­ing gold is a buy when you lis­ten to this, and you should go and have a, a check if you’re think­ing about buy­ing this stock. You on the buy list this week. ADT of just under a mil­lion bucks, so nine hun­dred and twen­ty-nine thou­sand, um, which is good because for a lot of now we’ve had stocks that have been on the buy list before with high ADTs or very small stocks with, um, low ADTs when you’re on the buy list. it’s good to see this one. obvi­ous­ly they’re an Aus­tralian gold pro­duc­tion and explo­ration com­pa­ny, but they oper­ate in the Murchi­son gold field, hence their name, that’s near Meekathar­ra in West­ern Aus­tralia. And Meekathar­ra is about sev­en hun­dred and fifty Ks north­east of Perth and, um, in the out­back, um, but it is a gold pro­duc­ing area. [00:47:00] the com­pa­ny was called Oragold, O‑A-U was the code, and they rebrand­ed in Novem­ber twen­ty twen­ty-four. and it– they did that to reflect the fact that they, uh, they had a fair­ly diverse, um, peri­od in their his­to­ry pri­or to f- uh, con­sol­i­dat­ing in the Murchi­son area, they changed their name to reflect that.

But it also coin­cid­ed with when, uh, one of their mines start­ed to ship gold, so it was a sort of switch, a bit of a, clos­ing of the door on being an explo­ration com­pa­ny and then open­ing the door of a, um, an actu­al prof­it-mak­ing com­pa­ny. So that’s prob­a­bly the big thing that’s hap­pened in the last year. Uh, they– their share price has gone up a lot, um, in the last twelve months from some­thing like one cent a share to and a half, and it’s been as high as sev­en cents. So though it’s a, it’s, it’s a, a [00:48:00] pen­ny sort of stock, it’s gone up a lot in the last twelve months. their core oper­a­tions are the Gar­den Gul­ly Gold Project, um, and that is a six hun­dred and sev­en­ty-sev­en square kilo­me­ter in the, what’s called the Abbots Green­stone Belt in the, uh, Murchi­son gold area. And the, the ten­e­ment has a lot of, um, resources, uh, esti­mat­ed to be about three hun­dred and fifty-nine thou­sand of gold. and but with­in the Gar­den Gul­ly project is the Crown Prince Gold Mine, that’s their prin­ci­pal or pri­ma­ry cash gen­er­at­ing open pit oper­a­tion. Um, and it start­ed com­mer­cial pro­duc­tion late last year, so it’s only been going for six to nine months. Um, but they are also explor­ing a‑across their ten­e­ment hold­ing, and dur­ing the year they’ve had a cou­ple of, um, announce­ments about, [00:49:00] uh, high grade dis­cov­er­ies. So, um- cou­ple of those are, are near their oper­a­tional mine and, and in fact, one of the dis­cov­er­ies is below the oper­a­tional mine, which looks like it, um, will increase the mine life quite sig­nif­i­cant­ly. Um, of the inter­est­ing things about, uh, their, com­pa­ny is that it does­n’t have its own pro­cess­ing plant. So they have a kind of sym­bi­ot­ic rela­tion­ship with a com­pa­ny called West­gold Resources, uh, peo­ple may have heard of before. I think West­gold was on the buy list, uh, in the

Cameron: Hmm. Mm-hmm

Tony Kynas­ton: near­by. Um, their 36 call– or their, their, uh, Blue­bird mill, which is their plant for, uh, extract­ing gold from ore, is about 36 kilo­me­ters away, they have a deal with, uh, New Murchi­son Gold, uh, so that, uh, New Murchi­son can process their ore through [00:50:00] the Blue­bird plant, uh, al- almost like a whole­saler.

So there’s a, there’s a con­tract arrange­ment so that West­gold off­takes, uh, ore from and then, uh, they get a price for that ore, and then West, uh, West­gold, refines the ore and, and onsells it. Uh, West­gold also have a 20, near­ly, a near 20% stake in New Murchi­son, so it’s all kind of wrapped up togeth­er, um, is a kind of inter­est­ing sort of arrange­ment. good thing about that for New Murchi­son Gold is that it’s a very low CapEx mod­el. So their only CapEx real­ly is to the gold mine that’s pro­duc­ing the ore and to do the explo­ration. so they’ve gone from, zero prof­itabil­i­ty to $120 mil­lion in cash reserves in, uh, the last 12 months. so every time they sell uh, [00:51:00] uh, West­gold and it goes through the, the pro­cess­ing plant at Blue­bird, um, they get paid and, uh, it’s with­out hav­ing to have the CapEx invest­ment in the pro­cess­ing plant.

It, it just flows straight through to their bot­tom line. So it’s a, a pret­ty good arrange­ment for them. A cou­ple of things which, which struck me as being inter­est­ing about the com­pa­ny as well is that, they oper­ate in this, uh, Murchi­son area that’s ca- offi­cial­ly called the Abbots­green­stone Belt. the, um, area where their ten­e­ment space is. and it’s prov­ing very, um, resource rich, um, they have announced dur­ing the years. thought to myself, well, if, if, uh, West­gold’s in the area, if this Belt has, um, plen­ty of resources, why has no one devel­oped it before? And what I found, um, in research­ing that was quite inter­est­ing.

So over the years, peo­ple have acknowl­edged that the area, [00:52:00] does have some good, uh, resources in it. But, uh, since going back to the gold rush­es in the 1800s, the area was frac­tured into dozens of tiny inde­pen­dent­ly owned prospec­tor leas­es. And then for decades, indi­vid­ual small-scale min­ers and junior explo­ration com­pa­nies held small iso­lat­ed sec­tions of the belt.

Like they, they were often called postage stamp sec­tions of the belt. So a kind of a, a quilt pat­tern, checker­board quilt pat­tern of var­i­ous small hold­ings. And no one was able to, um, those ho- hold­ings because peo­ple, um, were stub­born­ly, um, hold­ing out to devel­op it them­selves or for a high price before they sold. Um, past attempts to con­sol­i­date the area failed, and, um, no one was able to build a sig­nif­i­cant or uni­fied project foot­print. Um, the oth­er thing that, that, [00:53:00] uh, changed in the last few years is that area geo­graph­i­cal­ly had been cov­ered in, um, a, a soil lay­er. know, over, over the years through geo­graph­i­cal move­ments, um, a lay­er had come across to lie above the, the gold-bear­ing deposits.

And so old tech­niques of, of, um, explo­ration had hid­den the fact that there was a lot more gold in the area than peo­ple first thought too. So that was kind of dri­ving down the price that peo­ple would be, uh, were, were offer­ing to pay for these ten­e­ments. then, um, cou­pled with the fact that peo­ple did­n’t want to sell, uh, the, the area had­n’t been con­sol­i­dat­ed. so What, uh, what hap­pened was that, um, NMG was able to con­sol­i­date these, these leas­es, but it did it through a very inter­est­ing and sneaky way. Um, they wait­ed for anoth­er com­pa­ny called Doré Min­er­als to con­sol­i­date most of the [00:54:00] area, and then they pounced on Doré Min­er­als and made them an offer, to issue them shares in, uh, New Murchi­son Gold in return for them, uh, sell­ing all the leas­es that they had been able to, uh, con­sol­i­date. and, um, they then put togeth­er the over­all, the, the patch­work quilt, if you like, into a big blan­ket area. So I should, I should say that pri­or to being called Ora Gold, the com­pa­ny was called Thun­der­lara. And Thun­der­lara, um, did a deal to issue 11 mil­lion shares to Doray Min­er­als instead of cash, which was a good thing for Thun­der­lara because it was able to keep its cash for, um, explo­ration in the area. And issu­ing scrip to Doray was good for them because they, they kept the upside if, uh, if there was any upside in what Thun­der­lara did. um, Thun­der­lara [00:55:00] already owned 78 square kilo­me­ters called the Gar­den Gul­ly Project, um, which was right in the mid­dle of the Abbots belt. And then Doray had 13 ten­e­ments and, and they sur­round­ed and abutted Thun­der­lara’s land. And so, um, they were able to put togeth­er 530 square kilo­me­ters, um, with this deal with Doray Min­er­als. Um, so that was, uh, that was good for Thun­der­lara. The oth­er thing which, um, which real­ly helped this deal that, uh, the acqui­si­tion from Doray meant that they, or man­dat­ed that they hand over all the his­tor­i­cal geo­graph­i­cal, and drilling data that they’d accu­mu­lat­ed. And so that saved Thun­der­lara mil­lions of dol­lars in dupli­cat­ing the explo­ration work, and it gave their geol­o­gists an imme­di­ate data map, which could help them spot the, var­i­ous gold ore veins. And that [00:56:00] direct­ly led to this high-grade dis­cov­ery at Crown Prince, which has become their mine. So, that worked out well for them, and I guess Doray sh-shared in that upside as well. since the, since the mine has opened, um, they’ve turned prof­itable, but they, but in that same time peri­od, they’ve also found an extra 47%, in what they call the glob­al min­er­al resource esti­mate, so the MRE for the, for the ten­e­ments. So hav­ing all that, uh, geo­graph­i­cal map­ping data and has giv­en them a quick, a quick leg up to be able to explore the ten­e­ment, and it’s a very large ten­e­ment to explore, so they have to be fair­ly tar­get­ed in how they do it. And they’ve released a cou­ple of results in the last 12 months which, which sug­gests that there’s, you know, near­ly half again what they thought was under the ground. So that’s, that’s a good result for them. Um, What else can I say about them? Uh, they, they oper­ate, they [00:57:00] had oper­at­ed on the March-Sep­tem­ber finan­cial year, but they’ve now, uh, moved to June 30th finan­cial year.

So, so six month­ly up until March, their num­bers were good. Um, they gen­er­at­ed two hun­dred mil­lion in rev­enue, and that flowed through to the bot­tom line net prof­it of a hun­dred and twen­ty mil­lion dol­lars, which meant they went from los­ing point nine cents per share to mak­ing a dol­lar eleven in, uh, in a space of 12 months.

So they’ve turned prof­itable, they’ve increased their resources, so every­thing’s kind of work­ing out for them, in the, um, in this acqui­si­tion of the Doray, uh, ten­e­ments. I think that’s prob­a­bly about all I can say. Um, like I said, they, their his­to­ry goes back to, uh, back to March 2001, um, the, when they list­ed it, uh, as Thun­der­lara, uh, Explo­ration Lim­it­ed then even­tu­al­ly short­ened to Thun­der­lara. at that [00:58:00] stage they were for 20 years, um, look­ing across a lot of explo­ration, uh, min­er­als. So they were, um, both active in WA and the North­ern Ter­ri­to­ry, tar­get­ing ura­ni­um, cop­per, zinc, nick­el, um, and also some gold. But then in 2019, they decid­ed to piv­ot towards gold and they changed their name to Ora Gold, um, is a fair­ly gener­ic name I guess for a, a gold min­ing com­pa­ny.

Um, they got rid of a lot of their oth­er resource assets, focused on gold, con­sol­i­dat­ed, um main­ly into WA, uh, and then start­ed to pur­chase ten­e­ments, um, in this, uh, Murchi­son area, and that became the Gar­den Gul­ly project. And then even­tu­al­ly, as I said before, they did a deal with Doray, took over their ten­e­ments and then changed their name again to where it is now, New Murchi­son Gold, as they, uh, con­sol­i­dat­ed the ten­e­ment [00:59:00] and became, um, uh, an oper­at­ing mine. So that’s where they are now. Um, QAV num­bers are quite good, so the price is four point sev­en cents. no bro­ker­age cov­er­age on this, uh, stock, so we don’t get a con­sen­sus tar­get. We do get an IV1 of six cents, so it’s below that, which is good. pay­ing a div­i­dend, so we can’t score them for that.

Stock Doc­tor finan­cial health is strong. is recov­er­ing, and I like recov­er­ing, finan­cial sit­u­a­tions, so, um, we give it, they score a two for that. Stock­o­pe­dia give it a qual­i­ty rank­ing of six­ty-eight, which is not. It’s okay, it’s not great. But their F score is eight out of nine, how­ev­er, so I could­n’t

Cameron: Hmm.

Tony Kynas­ton: why that would be.

My only guess is that Stock­o­pe­dia might be look­ing at a twelve-month sort of finan­cial and they’ve been mak­ing mon­ey for six to nine months per­haps, that was inter­est­ing. The val­ue rank, how­ev­er, is nine­ty, and the over­all rank is eighty-nine, so it’s still not bad in Stock­o­pe­dia. [01:00:00] is just under four times, which is, um, uh, well there’s only two, uh, halves where they’ve, uh, had a PE, so it is the low­er of the two. so we’ll score it for that. It’s a new three-point trend line upturn, appar­ent­ly if you use Google Sheets, which the bread lat­er does. there is con­sis­tent­ly increas­ing equi­ty, which is good. Pr/OpCaf is only three point six times, so, uh, very, very good as well. net equi­ty per share is slight­ly below two cents, so we can’t score it for buy­ing of the book. have fore­cast growth because there’s no bro­ker cov­er­age. inter­est­ing­ly enough, Stock Doc­tor reports direc­tors hold­ing two per­cent. How­ev­er, I did a bit of dig­ging around on Google, and Gem­i­ni says it’s more like twen­ty per­cent, because the CEO con­trols a com­pa­ny called Ragged Range Min­ing Pro­pri­etary Lim­it­ed, which holds, um, a bit over ten per­cent, and oth­er board mem­bers hold shares via trust.

So, The, if you just do a down­load, it [01:01:00] says that there’s not enough to score it for an own­er founder. if you look at the under­ly­ing share­hold­ings, there prob­a­bly is, but none of the f, who hold those shares were around from the start, which goes way back. so I could quib­ble and say we, we could poten­tial­ly count these as own­er founders because they came in dur­ing the gold piv­ot um, which is a good thing. But we’re not gonna need it any­way, I don’t think, because, um, uh, there’s, the, the qual­i­ty score is twelve out of twelve, hun­dred per­cent, and the QAV score is point two eight. So you could say there’s prob­a­bly some upside to that because th- it’s got those strong board hold­ings. West­gold also holds eigh­teen per­cent, so there’s a, anoth­er cor­ner­stone investor. but, but a good score any­way. Risks and oppor­tu­ni­ties. ob- the obvi­ous risk I think is around the gold price, whether it goes up or down from here, who knows? but if you buy it and then gold becomes a sell, you might, or at least a Josephine, you m- you might not be [01:02:00] able to buy it. It’s prob­a­bly a long way from being a sell, so you’ll be okay, but cer­tain­ly it could become a Josephine again quick­ly. Uh, on the oper­a­tional side, the Blue­bird mill is work­ing for them cur­rent­ly, but it is a risk. you know, if that, it’s a sin­gle mill, so if it does face tech­ni­cal down­time for main­te­nance or what­ev­er, that could slow them down. If it, um, it does, uh, when the con­tract does need renew­al, that could be on less favor­able terms. Uh, so, you know, they’re, they’re. It’s work­ing for them now, but it could be used against them in the future. Who knows? West­gold still hold, um, eigh­teen per­cent, uh, of the com­pa­ny, so, uh, you know, they, they might s- um, see a win-win sit­u­a­tion as a bet­ter out­come. I don’t know. cur­rent­ly, they’re still oper­at­ing only, only out of one mine, so there’s always a, a risk for a sin­gle mine oper­a­tor that, um, the weath­er goes against them or there’s, um, you know, uh, some kind of, uh road­block [01:03:00] some­where that affects the site, um, or, or it needs to be shut for main­te­nance or what­ev­er, that could affect the prof­itabil­i­ty of the com­pa­ny. Um, there is scope though to expand, and I would­n’t be sur­prised though if they do oper- open a, anoth­er mine, um, in quick, quick time. But, um, we’ll see. Uh, what else can I say about it? Uh, prob­a­bly the fact that it’s trad­ing at such a low share price, it indi­cates that there’s lots of shares on issue, and would be because of their issuance of shares to Doré, um, their deal with West­gold. West­gold took a stake last year or maybe a bit over twelve months when they were doing this deal on the, uh, Blue­bird off­take. Um, and, uh, so that meant anoth­er issuance of shares. And so there’s over point eight bil­lion ordi­nary shares on issue. So it’s a very, uh, large reg­is­ter and, you know, that, that requires sig­nif­i­cant buy­ing vol­ume to move the price up, [01:04:00] um, or down, I guess. But it has been mov­ing up, so that’s a good thing. But, um, it is some­thing to keep in mind that there’s lots of, of shares on issue. Uh, they may well do a stock con­sol­i­da­tion, which would prob­a­bly help. On the pos­i­tive side, uh, this is gonna be, Well, the shares over the last twelve months have been dri­ven by deal flow by announce­ments.

So the, the, um, increase in min­er­al resources, the, um, find­ing of resources below the cur­rent mine has all been received very well. so that could con­tin­ue because there’s still a large amount of ten­e­ment that they’ve got to explore. and the oth­er thing too is that, uh, as I said before, the, the par­tic­u­lar area has had this soil over­lay, which until recent­ly, with the advent of, um, uh, bet­ter sur­vey­ing tech­niques that, you know, use mag­net­ic res­o­nance and things like that and air­craft sur­vey­ing to, um, to look below the sur­face, uh, it’s only becom­ing appar­ent now that this area is [01:05:00] much, much rich­er than it was pre­vi­ous­ly thought.

So that, that’s gonna work out well for them as well. the, you know, the, the fact that they’ve prob­a­bly saved a cou­ple of hun­dred mil­lion dol­lars in not hav­ing to build their own, uh, tail­ing stand, their own, um, plant, is work­ing well for them as well. Every dol­lar gen­er­at­ed goes, you know, falls through onto the bal­ance sheet as free cash. Um, and so that does build a safe­ty cush­ion for any of those risks I spoke about before. If they have to close the, the, or run the plant slow­er because of main­te­nance rea­sons or the same at Blue­bird, um, they’ve got a bit of a cush­ion there, so that’s good. Um, they do have rigs out in the ten­e­ment, so I would­n’t be sur­prised if there’s some more announce­ments about fine, so that sh-should sup­port the share price as well. and there’s also the poten­tial oppor­tu­ni­ty that West­gold decides that they might just take over NMG. inter­est­ing. They’ve, their mod­el is [01:06:00] to hub and spoke things. So kind of won­dered why, if they were thir­ty-six Ks away from Murchi­son area, why did­n’t they take over this ten­e­ment them­selves? But it seems like they, um, they’re a much big­ger gold com­pa­ny. focus on big­ger resources, but they have what they call a hub and spoke. So they take in oth­er ten­e­ments in, in case they strike it big, and then they might, um, do a deal with them. So I would­n’t be sur­prised at, at some stage in the future if, uh, this com­pa­ny does­n’t become part of West­gold as well. any­way, new on the buy list and with a new name, New Murchi­son Gold

Cameron: And the title for this episode is Aura the Explor­er, or Doré the Exploré. I’m not sure, one of those two.

Tony Kynas­ton: Very good.

Cameron: Thank you, Tony. But yeah, if you look at the Yahoo ver­sion of the bread lat­er, it’s below its, uh, sec­ond byline any­way. After hours, Tony, believe [01:07:00] you had a win

Tony Kynas­ton: I did, yes. Our horse, Stars of Dom, won at Flem­ing­ton on Sat­ur­day, which was

Cameron: Okay. Con­grat­u­la­tions

Tony Kynas­ton: And luck­i­ly enough, Steve Mabb was in Vic­to­ria hol­i­day­ing, so all the way up from, uh, War­rnam­bool, I think, to, to get to the race

Cameron: Wow

Tony Kynas­ton: uh, a, have a drink with him in the win­ners’ bar after­wards, which was always nice.

Cameron: Nice

Tony Kynas­ton: And then he was, uh, trav­el­ing back this way, so he stopped off at the RACV Resort, which is near our house, and we caught up for din­ner last night again, which was love­ly

Cameron: So he drove all the way down from Queens­land?

Tony Kynas­ton: I, I don’t know. I don’t know if it’s. Pos­si­bly. I don’t know if he’s got a hire car or not. I did­n’t ask. They’re cer­tain­ly cov­er­ing the miles down here, though. They’ve been out to the Yarra Val­ley, they’ve been to Mel­bourne, been down to the Great Ocean Road, and they’re head­ing off to Phillip Island today,

Cameron: Nice. See the Pen­gies

Tony Kynas­ton: Yeah. I said to him, “What are you doing down here in July? It’s just, like,

Cameron: Hmm.

Tony Kynas­ton: and wet.”

Cameron: Hmm.

Tony Kynas­ton: uh, he said he likes the, [01:08:00] the cold after Bris­bane’s heat, so

Cameron: Hmm. Yeah.

Tony Kynas­ton: get that

Cameron: although we haven’t had a win­ter here yet, but, uh, it was 13 this morn­ing. I actu­al­ly had to put some wool­ly socks on, but it’s 28.7 in my office already now, so there you go. Hmm

Tony Kynas­ton: real­ly? Wow. I dare say it’s prob­a­bly about 12 degrees where I am at the moment. That’s the, that’s the, with the sun, sun shin­ing on me

Cameron: And I’ve got ther­mal cur­tains and the shiny mir­ror stuff on my glass to block the heat out, and it’s still near­ly 30 degrees in my office. No, Bun­nings, the, the, the Aus­tralian Temu, yeah Well, uh, my, my picks for this week, Tony. You ever heard of Budgie?

Tony Kynas­ton: No. I

Cameron: I had­n’t.

Tony Kynas­ton: a kid

Cameron: I, unless it start­ed a band in the ear­ly ’70s.

Uh, I only dis­cov­ered these guys this week, but [01:09:00] appar­ent­ly Metal­li­ca fans might know them ’cause Metal­li­ca’s cov­ered a lot of their songs over the years. But they’re a Welsh heavy met­al band from the ear­ly ’70s. But, you know, it’s like ear­ly ’70s heavy met­al, right? So it’s more like Zep­pelin, Black Sab­bath.

Not as dark and goth­ic as Black Sab­bath. More like Zep­pelin sort of R&B, catchy riffs. Trio, I think. Real­ly dig­ging it. They only did three or four albums. Um, but real­ly dig­ging their grooves. Real­ly good, yeah. Been into that last cou­ple of days, lis­ten­ing to a lot of that. Deep Pur­ple’s new album came out.

Hmm, speak­ing of British heavy met­al. Yeah, yeah, in some iter­a­tion.

Tony Kynas­ton: Yeah, okay

Cameron: I don’t, don’t know if any of the found­ing mem­bers are still there but there’s still a band that calls itself Deep Pur­ple. Um, there’s one or two good tracks on it. Most of them are fair­ly unmem­o­rable, [01:10:00] though. I fin­ished The Colos­sus Tril­o­gy the oth­er night.

Tony Kynas­ton: Yeah,

Cameron: inter­est­ing. You know, the– in the third book when– So I think I briefly told you, but at some point between the sec­ond and third book, the, they, the Mar­tians make con­tact, this advanced ali– I mean, it’s just– Advanced alien intel­li­gence makes con­tact with the human resis­tance and says, “We can help you shut down Colos­sus.”

And they do, and it works, and then the Mar­tians arrive and go, “Hey, con­grat­u­la­tions. We want, we want 50% of Earth­’s oxy­gen to take back to Mars to rebuild Mars.” And then they real­ize that Colos­sus– Colos­sus had been build­ing this thing, and they did­n’t know what it was for. He was build­ing a thing to defend them against the Mar­tians try­ing to come and take their oxy­gen.

So then the humans reac­ti­vate Colos­sus. Uh, secret­ly and then say, “Quick, help us defeat the Mar­tians.” [01:11:00] And Colos­sus goes, “No, I don’t think that’s the right play here. Um, because a mil­lion years from now, uh, we’re gonna have a prob­lem with the Crab Neb­u­la com­ing and, uh, destroy­ing the sun, and we’re gonna need the Mar­tians.

We’re all gonna need to work togeth­er with their advanced tech­nol­o­gy. You’re not– You’re think­ing in human scale time­lines. Eh, we can, we can afford to lose a few bil­lion humans to oxy­gen deple­tion, but long-term for the sur­vival of the species, we need to work with the Mar­tians, so let’s just do a deal.” And, uh, yeah.

Like it’s, it’s a real­ly inter­est­ing– or over the three books, a real­ly inter­est­ing per­spec­tive on an advanced AI intel­li­gence that’s nei­ther good nor bad. It sort of, you know, inst- installs itself orig­i­nal­ly as this benign dic­ta­tor that says, you know, [01:12:00] “Uh, I’m judge, jury, and exe­cu­tion­er, and as long as you do what I tell you to do, you’ll all be okay.”

Um,

Tony Kynas­ton: “I’m the best AI ever”?

Cameron: yeah, yeah, yeah, yeah. Any­way, f- to be writ­ten in the late ’60s, ear­ly ’70s, it’s, um, inter­est­ing. Real­ly, real­ly inter­est­ing. Um, and then after four hours of kung fu on Sat­ur­day, I went and did a four-hour hike on Sun­day with Fox and a bunch of peo­ple from kung fu.

Tony Kynas­ton: Nice. Where’d you go?

Cameron: North­brook Gorge. You ever been there?

Tony Kynas­ton: No

Cameron: Hmm.

About an hour up north. Um, and it was love­ly. Yeah, just walk­ing through lots of just creeks and streams. We had to walk basi­cal­ly through a– we just walked through a creek, knee, knee-high freez­ing cold water. Um, but it was slip­pery, treach­er­ous, a lot of slip­pery rocks, you know, walk­ing in that, but beau­ti­ful.

Yeah, it was fun.

Tony Kynas­ton: Oh,

Cameron: So any­way, that was my week­end.

Tony Kynas­ton: That’s nice. Yeah

Cameron: Hmm. [01:13:00] Chris­sy did­n’t go. She was like, “Cold water? No, thank you. Stay home.”

Tony Kynas­ton: even though it’s hot.

Cameron: No, it’s, well, it’s not that

Tony Kynas­ton: but, um,

Cameron: hard. Mm-hmm.

Tony Kynas­ton: none, none of them’s been that great.

Cameron: Hmm.

Tony Kynas­ton: moun- a movie called The Moun­tain Head. Have you seen that one? It’s just released on Net­flix, I think.

Cameron: I know the Foun­tain­head, but it’s not that

Tony Kynas­ton: based, kind of based on The Foun­tain­head,

Cameron: Real­ly? Oh

Tony Kynas­ton: It’s four bil­lion­aires get togeth­er in a moun­tain retreat, um, and, uh, you know, a shot at

Cameron: Oh, I’ve heard of this

Tony Kynas­ton: and psy­chopaths, and

Cameron: Hmm.

Tony Kynas­ton: them cre­ates an AI which is caus­ing mass sort of upheaval in the world, and one of them reacts that, “Yeah, we should real­ly shut it down.”

And, and he’s like, “No, no, no. This is real­ly good. This is what’s sup­posed to hap­pen.”

Cameron: Hmm

Tony Kynas­ton: You know, and they schemes a way of tak­ing over human­i­ty. They all have a dif­fer­ent take on it. um, it’s, you know, [01:14:00] it’s not a great movie ’cause it’s, um, four bad actors bil­lion­aires which have prob­a­bly nev­er had a, a look at up close to see how they real­ly act and how do, how do I know how they real­ly act?

But I’m pret­ty sure they don’t act the way these guys do. uh, yeah, inter­est­ing premise that, um, the sociopaths who soci­ety get togeth­er and, and, um, you know, deal for their own good rather than for human­i­ty’s good

Cameron: Well, it’s direct­ed by Jesse Arm­strong, who’s the guy behind Suc­ces­sion

Tony Kynas­ton: Yeah, and it’s, it’s, um, Jason Schwartz­man’s in it, so, um, and Steve Carell. But it’s, it’s, yeah, it’s fair­ly– It’s kin­da slap­stick in some ways, that kin­da cringey, slap­sticky Amer­i­can way of act­ing, which I did­n’t like, but, the. What goes on is inter­est­ing, thought-pro­vok­ing. It’s

Cameron: Jesse Arm­strong’s British. He start­ed with Peep Show, which is a good com­e­dy, then did The Thick Of It,

Tony Kynas­ton: Hmm

Cameron: and then went on to [01:15:00] do Suc­ces­sion. Well, Moun­tain­head, by the sound- like that’s. Foun­tain­head, Ayn Rand’s book, is about an archi­tect. He’s basi­cal­ly loose­ly based on Frank Lloyd Wright, who.

Tony Kynas­ton: I was get­ting it con­fused with the oth­er one. Yep.

Cameron: Atlas Shrugged is the one where the bil­lion­aires go to the island and take them­selves out of soci­ety, yeah.

Say, “If you don’t like us, screw you. We’ll just go and move to an island”, and then soci­ety col­laps­es because the doers are no longer there to make stuff hap­pen

Tony Kynas­ton: yeah. well, this is kind of the, the riff­ing on that, the bil­lion­aires were mak­ing stuff hap­pen, which was caus­ing soci­ety col­lapse,

Cameron: Yeah, right.

Tony Kynas­ton: a good thing ’cause

Cameron: Yeah.

Tony Kynas­ton: it to their own ends.

Cameron: Right

Tony Kynas­ton: Yeah

Cameron: That’s all you got for me?

Tony Kynas­ton: Yeah, noth­ing real­ly.

Cameron: Hmm.

Tony Kynas­ton: r- horse rac­ing, catch­ing up with peo­ple. Been up in, up in Mel­bourne vis­it­ing Alex, so yeah.

Cameron: Hmm.

Tony Kynas­ton: been a busy week,

Cameron: Social week.

Tony Kynas­ton: the enter­tain­ing

Cameron: Hmm.

Tony Kynas­ton: enter­tain­ment front

Cameron: [01:16:00] And you’re going to take a week off, uh, in a week or so.

Tony Kynas­ton: Last week in July. Yeah. Yeah

Cameron: So we might have to fudge some­thing. I might have to get AI to replace you for a week.

Tony Kynas­ton: Oh, sure. Hap­py to record on the Fri­day before­hand or the Thurs­day before­hand, or do a Pulled Pork you

Cameron: Oh, good. Love­ly. Insert Pulled Pork here.

Tony Kynas­ton: Hmm.

Cameron: All right, well, let’s go do an Amer­i­can show where we can talk about, uh, a very bor­ing, a very. Tay­lor called me this morn­ing from LA and he goes, “Have you heard about this red card? It’s the biggest thing hap­pen­ing in the media.” I was like, “Well, I’m more wor­ried about his red scare speech than his red card speech.”

But, uh,

Tony Kynas­ton: Che

Cameron: yeah, we’re gonna talk about a very bor­ing insur­ance com­pa­ny. Uh, anoth­er bor­ing, bor­ing stock on QAV Amer­i­ca

Tony Kynas­ton: No, I thought it was real­ly inter­est­ing. It was a good choice

Cameron: It’s inter­est­ing but bor­ing at the same time, you know. It’s noth­ing real­ly excit­ing about it, just insur­ance busi­ness that’s [01:17:00] cheap. Any­who, thank you TK.

Tony Kynas­ton: Yep. Thanks

Cameron: hunt­ing every­one

Tony Kynas­ton: yeah, thanks for shar­ing all your returns, peo­ple. It’s good

Cameron: Indeed. Con­grat­u­la­tions to every­one that had a good year too. And if you did­n’t, email me and tell me what hap­pened and why. Hmm

Tony Kynas­ton: Yeah, that did cross my mind. We had a bit of sur­vivor bias going on there. All the peo­ple who had good results were telling us, but

Cameron: Well, I told you my result.

Tony Kynas­ton: bad results. Yeah

Cameron: My result was okay, but not great. I mean, it was­n’t triple mar­ket, it was still dou­ble mar­ket. Yeah, pret­ty much, yeah.

Tony Kynas­ton: Uh, boy, give you dou­ble mar­ket and you com­plain.

Cameron: I’m not com­plain­ing. I’m say­ing it was­n’t 75%.

Tony Kynas­ton: Yep.

Cameron: Any­way, thank you, TK. See you every­one

Tony Kynas­ton: right,