QAV AU 845 – Michael Goldberg Returns: Gold, AI, and Value Investing in 2025

by | Nov 11, 2025 | Australia, Blog, Investing Podcast, Podcast Episodes

Michael Gold­berg from Collins Street Asset Man­age­ment returns to the show after three years. We dive deep into how val­ue invest­ing has fared through the tur­bu­lence of recent years — from post-COVID strug­gles to the renewed upswing of 2025. Michael dis­cuss­es his firm’s 14%+ annu­al returns, the long-term patience required for under­val­ued stocks, and the sur­pris­ing per­sis­tence of “cheap” com­pa­nies that stayed cheap for years. We explore Astron Lim­it­ed (ATR) and its rare earths project in Vic­to­ria, delve into min­er­al sands, gold funds, and the life­cy­cle of com­modi­ties, and tack­le the hot top­ic of AI’s eco­nom­ic impact, from effi­cien­cy gains to work­force dis­rup­tion. They fin­ish with thoughts on Sev­en West Media’s merg­er, the AI-dri­ven hype around the Mag­nif­i­cent Sev­en in the US, and how val­ue investors can nav­i­gate an over­heat­ed tech mar­ket with­out los­ing their cool.

QAV AU 844 — AI Freeze, Buffett’s Billions

by | Nov 4, 2025 | Australia, Blog, Investing Podcast, Podcast Episodes

In this episode of QAV Aus­tralia, Cameron and Tony dive into the lat­est mar­ket tur­bu­lence, with infla­tion data rat­tling investors and the RBA expect­ed to hold rates steady. They explore Jerome Powell’s com­ments about a hir­ing freeze tied to AI—prompting a dis­cus­sion about automation’s impact on jobs, uni­ver­si­ties, and long-term mar­ket dynam­ics. Cameron updates lis­ten­ers on com­modi­ties (near­ly all in buy ter­ri­to­ry), port­fo­lio per­for­mance (the dum­my up 31% YTD and the Light port­fo­lios up 35%), and the sale of Lind­say Aus­tralia after a long run-up. Tony pro­vides a deep pulled pork on Con­nec­tion Mobil­i­ty (CXZ), analysing its high depen­dence on a sin­gle GM con­tract and the risks around its renew­al. They also talk Berk­shire Hathaway’s $584 bil­lion cash hoard, poten­tial breakup risk post-Buf­fett, KKR’s his­to­ry, and retail woes at Wool­worths, Bun­nings, and beyond. The episode wraps with Mel­bourne Cup tips, Tony’s horse update, and the duo swap­ping music and book recommendations—from Mor­phine to Hein­lein.

QAV AU 843 — Disclaimer of Opinion

by | Oct 29, 2025 | Australia, Blog, Investing Podcast, Podcast Episodes

Tony and Cam dis­sect mar­kets, laugh at polit­i­cal the­atre, and surf through a wave of port­fo­lio updates. They cov­er the CSL slump, the First Guardian super fund mess, gold mania on Tik­Tok, cap­i­tal rais­ing at Cash Con­vert­ers, a pulled pork on Euroz Hart­leys, and the messy sus­pen­sion of DGL. Plus: min­ing booms, cryp­to scams, kung-fu bruis­es, and an unex­pect­ed love let­ter to Jer­ry Lewis.

QAV AU 842 — Fresh Meat By Candlelight

by | Oct 22, 2025 | Australia, Blog, Investing Podcast, Podcast Episodes

In this episode of QAV Aus­tralia, Cameron and Tony dive into a live­ly mix of mar­ket chaos, cor­po­rate dra­ma, and a lit­tle Fight Club phi­los­o­phy. They unpack recent hits and miss­es across the QAV port­fo­lios — from EROAD’s (ERD) 34% crash and CFO res­ig­na­tions, to SRG Global’s (SRG) impres­sive surge after acquir­ing TAMS. There’s plen­ty of red-flag talk too, includ­ing San­tos’ (STO) CFO depar­ture, Findi’s (FND) pub­lic trou­bles, and ongo­ing merg­er ten­sion with South­ern Cross Media (SXL). Tony cel­e­brates a “win” on the government’s super tax back­flip, while Cameron pokes holes in the gold rush fren­zy cur­rent­ly grip­ping Mar­tin Place. The episode clos­es with a clas­sic Pulled Pork deep dive on Dusk Group (DSK) — a sur­pris­ing­ly resilient retail­er of can­dles, dif­fusers, and home fra­grances with an intrigu­ing turn­around sto­ry. There’s ban­ter, there’s bal­ance, and there’s even a lit­tle Scors­ese film talk at the end.

QAV AU 841 — Activism, Audio & Agency: Gabriel Radzyminski on Fixing Value Traps

by | Oct 15, 2025 | Australia, Blog, Investing Podcast, Podcast Episodes

In this episode, Cameron and Tony sit down with activist investor Gabriel Radzymin­s­ki, founder of San­don Cap­i­tal, to dis­sect the art of activist val­ue invest­ing in Aus­tralia. Gabriel explains how he iden­ti­fies mis­priced assets, why val­ue invest­ing isn’t dead, and how activism can unlock val­ue when man­age­ment mis­align­ment or agency con­flicts keep com­pa­nies from real­is­ing their poten­tial. The dis­cus­sion zeroes in on the brew­ing storm around South­ern Cross Media (ASX:SXL) and its pro­posed merg­er with Sev­en West Media (ASX:SWM) — a deal Gabriel argues is a “nil-pre­mi­um reverse takeover” that dis­en­fran­chis­es share­hold­ers. The con­ver­sa­tion dives deep into gov­er­nance, board behav­iour, pas­sive invest­ing, and the moral haz­ards of Australia’s list­ing rules. Expect sharp insights on cap­i­tal allo­ca­tion, cor­po­rate incen­tives, and the eter­nal ten­sion between share­hold­ers and boards.

QAV AU 840 — Buffett’s Last Big Deal (And Why It Probably Isn’t)

by | Oct 8, 2025 | Australia, Blog, Investing Podcast, Podcast Episodes

In this episode, Cameron and Tony open with a cel­e­bra­to­ry mood as both the QAV dum­my and Light port­fo­lios out­per­form the ASX by wide mar­gins, with the Light port­fo­lio up over 32% year-to-date. They reflect on faith in the sys­tem — buy­ing under­val­ued, well-run com­pa­nies and let­ting “physics do the work.” The con­ver­sa­tion moves through val­ue-invest­ing phi­los­o­phy, a recap of recent mar­ket and RBA news, War­ren Buffett’s lat­est Berk­shire Hath­away move, and stand­out per­form­ers like EDU Hold­ings. They pre­view next week’s guest, activist investor Gabriel Radzymin­s­ki, before div­ing into Tony’s Pulled Pork on Har­mo­ny Corp (HMY), an online lender show­ing strong growth and prof­itabil­i­ty. After the invest­ing talk, the con­ver­sa­tion detours into film, music, and phi­los­o­phy — with Cameron prais­ing Tarkovsky’s Stalk­er and Asimov’s I, Robot, and the pair mus­ing on AI, fas­cism, and the dan­gers of short-term think­ing in cap­i­tal­ism and democ­ra­cy. The episode clos­es with their trade­mark mix of mar­ket insight and cul­ture chat — from Peter Lynch’s anti-AI stance to Lyle Lovett and Sparks’ new EP.

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