Tony Kynaston playing golf.

QAV started in 2019 as a podcast about Tony Kynaston’s approach to value investing. Since then it has turned into a vibrant community of value investors who learn Tony’s QAV system and help others to become successful investors.

Tony and his co-host Cameron Reilly have known each other for about 20 years. Tony was a fan of Cameron’s early podcasts in 2004-2005 and they gradually developed a friendship. Over the years they collaborated on a number of projects, including a book and a film, and they and their families travelled the world together.

In early 2019, as they were wrapping up their film project, Tony suggested they work on a podcast together. He had recently been on another podcast (produced by Cameron’s sons) where he briefly explained the investing methodology that he had developed over 25 years, which he had used to become wealthy. Cameron suggested they do a detailed podcast about that investing system.

That became the QAV Podcast.

From time to time, people ask to see Tony Kynaston’s historical returns. He’s talked about them a couple of times on the podcast, the most recent episode being #547.

    • FY03 10%
    • FY04 98%
    • FY05 35%
    • FY06 38.4%
    • FY07 41.4%
    • FY08 -19.9%
    • FY09 -31%
    • FY10 115%
    • FY11 32%
    • FY12 0.8%
    • FY13 39%
    • FY14 6.5%
    • FY15 6.6%
    • FY16 14.3%
    • FY17 12.4%
    • FY18 1.2%
    • FY19 -10%
    • FY20 14.2%
    • FY21 19.4%
    • FY22 -17% (Tony’s wife Jenny retired and they started pulling money out of the portfolio to live on)

As you can see, there have been good years, average years, terrible years and great years. It’s the long-term average that counts.