QAV AU 901 — Broccoli Investing

by Cameron Reilly | Jan 7, 2026 | Australia, Blog, Investing Podcast, Podcast Episodes

The first QAV episode of 2026 opens with a wide-rang­ing dis­cus­sion that blends val­ue invest­ing dis­ci­pline with geopol­i­tics, mar­ket psy­chol­o­gy, and one very detailed stock tear­down. Cameron and Tony debate the lim­its of guests who can’t tol­er­ate push­back, why val­ue invest­ing is the “broc­coli diet” of finance, and whether opti­mism in glob­al equi­ty mar­kets has reached dan­ger­ous lev­els. From US mil­i­tary actions in Venezuela and their impli­ca­tions for oil mar­kets, to Wall Street’s unan­i­mous bull­ish­ness for 2026, the episode cir­cles back to a core QAV prin­ci­ple: pre­dic­tion is frag­ile, process is durable. The sec­ond half dives deep into Fenix Resources, unpack­ing how ver­ti­cal inte­gra­tion can cre­ate a moat in iron ore, even at the small­er end of the pro­duc­tion scale.