ALL Seasons

All U.S. Episodes

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QAV America 009 — Blame It on the Boogie

Jun 11, 2025

In this episode of QAV Amer­i­ca, Cameron and Tony dis­sect the sur­pris­ing fun­da­men­tals of Jack­son Finan­cial (NYSE: JXN) — a life insur­ance and annu­ities com­pa­ny that’s qui­et­ly throw­ing off “truck­loads of cash” despite con­fus­ing account­ing quirks. Cameron explores the company’s back­sto­ry (strange­ly has noth­ing to do with the Jack­son 5), explains its spin-off from Pru­den­tial, and strug­gles to under­stand how inter­est rates and rein­sur­ance affect its bot­tom line. Tony weighs in on debt man­age­ment, actu­ar­i­al com­plex­i­ty, and where annu­ity prod­ucts fit in the spec­trum of retire­ment options. They also touch on the con­tro­ver­sial new U.S. tax on for­eign investors (with impli­ca­tions for Aussie super funds), and deliv­er a per­for­mance update on the QAV U.S. port­fo­lio — up a stag­ger­ing 54% since incep­tion. This episode is nerdy, weird, and fun­ny as hell.

QAV America 008 — Huawei to Hell: Investing When the World’s Upside Down

Jun 4, 2025

In this week’s QAV episode, we sit down with the ever-dash­ing Tobias Carlisle, founder of The Acquirer’s Fund (ZIG, DEEP), author of The Acquirer’s Mul­ti­ple, and deep val­ue mav­er­ick, to dis­sect the state of val­ue invest­ing in the era of AI-dri­ven hype. We cov­er the bru­tal cycles of deep val­ue, AI vs. human deci­­sion-mak­ing in funds, the mad­ness of quan­tum com­put­ing val­u­a­tions, and how Toby’s trip to Chi­na left him uncon­vinced by the West’s col­lapse nar­ra­tive. We also drill into oil, Ford ($F), and the impli­ca­tions of pas­sive investing’s stran­gle­hold on mar­ket direc­tion. Plus, Buf­fett wor­ship, civ­il war exit strate­gies, and why Amer­i­cans don’t get Aussie piss-tak­ing.

QAV America 007 — Tariffs, Towers, and the Telco Gamble in Africa

May 30, 2025

In Episode 7 of QAV Amer­i­ca, Cameron and Tony unpack the roller­coast­er of IHS Hold­ing (NYSE: IHS), a tele­com tow­er oper­a­tor entrenched in the geopo­lit­i­cal chaos and eco­nom­ic tur­bu­lence of Nige­ria and beyond. They dive into IHS’s finan­cials, for­eign exchange expo­sure, and growth prospects, all while nav­i­gat­ing sov­er­eign risk, coups, and cur­ren­cy col­lapse. Along­side, the duo dis­cuss­es Trump’s new tar­iff threats, how macro­eco­nom­ic noise dis­tracts from fun­da­men­tals, and why ignor­ing the head­lines might be the smartest invest­ing strat­e­gy. It’s part deep dive, part real­i­ty check, and part investor ther­a­py.

QAV AMERICA 006 — Blood on the Balance Sheet

May 21, 2025

In this episode of **QAV Amer­i­ca**, Cameron and Tony dive into the volatile world of com­modi­ties, clas­sic val­ue invest­ing strate­gies, and a sur­pris­ing val­ue oppor­tu­ni­ty in **Ford Motor Com­pa­ny (F)**. They unpack how iron ore and wheat com­modi­ties are back in a buy state, dig into Rich Pzena’s invest­ing phi­los­o­phy from a **Tobias Carlisle** inter­view, and debate whether Ford is a deep val­ue play or a trap. With his­tor­i­cal nods to **Cis­co (CSCO)**, **GE (GE)**, and **U.S. Steel (X)**, the episode blends macro insights, per­son­al invest­ing war sto­ries, and a no-BS break­down of Ford’s finan­cials and risks.

QAV AMERICA 005 — Cayman Schemes and Chilean Dreams

May 19, 2025

In this episode of QAV Amer­i­ca, Cameron and Tony wres­tle with mar­ket chaos as the US–China trade war hits pause. Cameron shares the chal­lenges he faced cre­at­ing a US buy list, dig­ging into sev­er­al inter­est­ing (and occa­sion­al­ly sus­pi­cious) tick­ers: a mort­gage REIT, a Chi­nese fin­tech with a Cay­man shell, and an impres­sive­ly renew­able-heavy Chilean util­i­ty. They debate gov­er­nance red flags, explore deep val­ue bets ver­sus gut instinct, and exam­ine why Enel Chile (ENIC) might be qui­et­ly pow­er­ing the future.

QAV AMERICA 004 — Buffett’s Last Dance

May 8, 2025

In episode 4 of QAV Amer­i­ca, Cameron and Tony dive into War­ren Buffett’s retire­ment announce­ment, cel­e­brat­ing his mon­u­men­tal impact on val­ue invest­ing. They dis­cuss his lega­cy, Berk­shire Hathaway’s per­for­mance under his lead­er­ship, and his thoughts on the future of the U.S. and glob­al mar­kets. The episode includes per­son­al reflec­tions on Buffett’s influ­ence, anec­dotes from his annu­al meet­ings, and com­men­tary on Berkshire’s strate­gic moves, like the recent reduc­tion of its stake in Apple. Addi­tion­al­ly, Tony pro­vides a detailed analy­sis of the Cana­di­an Impe­r­i­al Bank of Com­merce (CIBC, stock code CM), eval­u­at­ing its recent per­for­mance and poten­tial invest­ment oppor­tu­ni­ties amidst glob­al trade uncer­tain­ties.

QAVUS 003 — Beware Greeks Bearing Ships

May 2, 2025

In this episode of QAV US Edi­tion, Cameron and Tony dis­sect the chaos and oppor­tu­ni­ties in the US mar­kets. They kick off by com­par­ing the irra­tional opti­mism in the mar­kets to polit­i­cal the­ater, dig into key dif­fer­ences between US and Aus­tralian finan­cial reg­u­la­tions, and dis­cuss how these dif­fer­ences impact val­ue invest­ing with their check­list mod­el. Cameron shares the dra­ma of a near-instant buy-and-sell on SK Tele­com ($SKM) after a data breach, and deliv­ers a “pulled pork” deep dive on Danaos Cor­po­ra­tion ($DAC), a Greek-based con­tain­er ship own­er nav­i­gat­ing chop­py geopo­lit­i­cal waters and tar­iffs. The guys debate the impact of Trump’s trade war, share buy­backs, and whether free cash flow even mat­ters in val­ue invest­ing.

QAVUS 002 — Markets Like Certainty

Mar 28, 2025

In this episode of the QAV US Edi­tion, Cameron and Tony dive into the lat­est per­for­mance of the US port­fo­lio, which con­tin­ues to out­pace the S&P 500 with a stun­ning 70% return. They break down the impact of Trump’s errat­ic trade poli­cies on glob­al mar­kets, par­tic­u­lar­ly the ship­ping indus­try, and reflect on how uncer­tain­ty is roil­ing investor sen­ti­ment. Cameron does a “Pulled Pork” deep dive into Mex­i­can cement giant **Cemex (CX)** — a seg­ment that unex­pect­ed­ly trans­forms into a pas­sion­ate, triv­ia-filled mas­ter­class on the his­to­ry, chem­istry, and envi­ron­men­tal impact of cement. They also touch on stock per­for­mance, issues with Stock­o­pe­dia data accu­ra­cy, and the curi­ous case of eth­i­cal awards for com­pa­nies that belch CO₂.

QAVUS 001 — Rule-Based Investing

Mar 13, 2025

On our first U.S. episode, we talk about how the QAV (Qual­i­ty At Val­ue) invest­ing sys­tem works, review our U.S. port­fo­lio returns, and Tony does a deep dive on one of the stocks we own, Zim Inte­grat­ed Ship­ping Ser­vices (NYSE:ZIM).

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