QAV Podcast Episodes

This week we cov­er the Iran oil sanc­tions waiv­er and what it means for the oil price, plus debrief on sell­ing our oil stocks (Karoon, Viva Ener­gy, Brook­side) ahead of what turned out to be a nasty drop. Tony does a Pulled Pork on ASX-list­ed labour hire and train­ing firm Ash­ley Ser­vices Group (ASH), a thin­ly trad­ed turn­around sto­ry with a strong own­er-founder and a QAV score of 0.24. We also note the pass­ing of Alan Greenspan, the Cred­it Corp / Humm deal falling apart, and end-of-finan­­cial-year port­fo­lio num­bers that have the dum­my port­fo­lio well ahead of the index.

On this week’s show, we wade through a big news cycle: the US-Iran peace deal that forced us to dump our oil stocks, the SpaceX IPO trad­ing at a jaw-drop­ping 1,750 times PROPCAF while los­ing mon­ey, and the brief Kore­an stock mar­ket cir­cuit break­er that felt a lit­tle too dot­­com-era for com­fort. Tony does a Pulled Pork on Sun­corp Group, fresh­ly returned to the buy list after divest­ing its bank­ing arm to ANZ, and I run the num­bers on the Dogs of the Dow ver­sus QAV over five years.

  Episode Overview This week we catch up with Tobias Carlisle, who joins us to talk about his new book, Sol­dier of For­tune: War­ren Buf­fett, Sun Tzu, and the Ancient Art of Risk-Tak­ing. Tony and Cam quiz Toby on the three big Berk­shire deals the book dis­sects: the…

This week Tony’s back from the horse sales and dives straight into a Pulled Pork on WEB Trav­el Group, the B2B hotel bed-bank­ing busi­ness spun out of the old Web­jet. We also cov­er neg­a­tive gear­ing changes and how they com­pare to what Paul Keat­ing tried in the late 1980s, plus a lis­ten­er ques­tion on Serv­cor­p’s recent price wob­ble, port­fo­lio com­par­i­son notes from lis­ten­er Toby, and the usu­al after-hours chat cov­er­ing Top­golf, Bugo­nia, Spi­der Noir, and the eter­nal genius of Steve Austin run­ning in slow motion.

On this episode Cameron flies solo while Tony is down the Gold Coast doing some­thing involv­ing hors­es. He cov­ers the mar­ket fall­out from Trump’s sur­prise bomb­ing of Iran, explains why he’s hit­ting pause on new buys through con­fes­sion sea­son, and does a Pulled Pork on Big Riv­er Indus­tries (BRI), a 120-year-old tim­ber and build­ing mate­ri­als com­pa­ny that is qui­et­ly turn­ing itself around. There’s also a defence of val­ue invest­ing as an all-weath­­er strat­e­gy, prompt­ed by a VanEck opin­ion piece in the AFR.

This week Tony runs a full Pulled Pork on TIP (Team­In­vest Pri­vate Group), a Syd­ney-based val­ue invest­ing edu­ca­tion and funds man­age­ment com­pa­ny with a fly­wheel busi­ness mod­el, pri­vate equi­ty arms, and a QAV score of 0.2 sit­ting frus­trat­ing­ly below its sen­ti­ment sell line. We also cov­er the Aus­tralian bud­get fall­out, ris­ing US bond yields, the oil price squeeze, and what all of it means for the ASX. After hours: Project Hail Mary, Rivals sea­son two, Car­nal Knowl­edge, The Can­non­ball Run, and a spir­it­ed Euro­vi­sion debrief.

Episode Overview On this episode we dig into the “Nacho trade” (Not a Chance of Hor­muz Open­ing), the RBA rate cut, and what tonight’s fed­er­al bud­get might mean for CGT and neg­a­tive gear­ing. CSL hits a 10-year…

On this episode we check in on the dum­my port­fo­lio (run­ning at dou­ble the mar­ket over the last year), chat about the Trump assas­si­na­tion attempt secu­ri­ty sham­bles, and Tony does a full Pulled Pork on AMA Group — Aus­trali­a’s largest list­ed smash repair­er, a turn­around sto­ry that’s claw­ing its way back to prof­itabil­i­ty after a bru­tal post-COVID debt hang­over. We also cov­er the Joe Lon­go ASIC farewell, the SDI acqui­si­tion update, MMI’s share con­sol­i­da­tion, and Greg Abel’s first Berk­shire Hath­away let­ter.

This week we kick things off with the Iran war’s knock-on effects for oil mar­kets, the Aus­tralian econ­o­my, and why the banks are qui­et­ly rais­ing their bad debt buffers while the stock mar­ket ignores all of it. Plus Tony does a full Pulled Pork on Cus­cal (CCL), the pay­ments infra­struc­ture com­pa­ny that’s been fly­ing under the radar because of a dodgy GICS code, and we chat Durate­c’s mas­sive defence con­tract win, the Hamish Dou­glass tell-all, and News Cor­p’s dodgy share count data.

This week we dig into the chaos of Trump’s Strait of Hor­muz oil block­ade, and why the ASX is shrug­ging off the end of the world. Tony does a Pulled Pork on Perth prop­er­ty devel­op­er Peet (PPC) — a 130-year-old land syn­di­ca­tor with a Gold­man Sachs-dri­ven strate­gic review swirling around it — and we get a Stock Doc­tor data alert affect­ing 100+ div­i­­dend-pay­ing stocks that every QAV investor needs to know about. After hours: Rory McIl­roy at Augus­ta, John Can­dy, Otis Red­ding, and man­grove seeds.

Every­thing fell off a cliff in March, and this week we spend a good chunk of the episode try­ing to fig­ure out which stocks have gen­uine­ly reestab­lished sen­ti­ment ver­sus which are just dead cat bounces. Plus we talk about ASIC want­i­ng more jail time for insid­er trad­ing, using Stock­o­pe­dia for buy­back met­rics, PNR’s hid­den annu­al report, Per­en­ti (PRN) CEO change, CGF (Chal­lenger Finan­cial) sell line check, and Tony does a Pulled Pork on Tow­er Lim­it­ed (TWR). After hours: horse rac­ing, Jeff Beck, Joni Mitchell, a Que­bec duo who speak in made-up space lan­guage, and Cameron built his own AI-pow­ered ebook read­er app.

In episode 912 of QAV Aus­tralia (record­ed 24 March 2026), Cameron and Tony open with geopo­lit­i­cal com­men­tary on the Iran-US-Israel con­flict and its impact on oil prices, before reas­sur­ing pan­icked lis­ten­ers that mar­ket chaos is cycli­cal and the QAV rules — includ­ing the three-point trend line and Rule One sell sig­nals — are designed exact­ly for moments like these. Tony deliv­ers a deep-dive Pulled Pork on Karoon Ener­gy (KAR), the upstream oil pro­duc­er. Oth­er stocks touched on include Viva Ener­gy, San­tos, Cen­tral Petro­le­um, Pep­per Mon­ey (CGF’s revised low­ball takeover offer), Har­mo­ny (HMY hit­ting a Rule One sell), and the messy Humm/Credit Corp takeover sit­u­a­tion involv­ing the Takeovers Pan­el. After hours, Tony rec­om­mends jug­gling come­di­an Michael Rayn­er (“The Bro­ken Jug­gler”) and the polit­i­cal mem­oir *All’s Fair*, while Cameron raves about Jack­ie Chan’s *Police Sto­ry*, David Lynch’s obscure 1993 HBO minis­eries *Hotel Room*, and the 1944 film *Gaslight*.

The final QAV episode of 2025 is a wide-rang­ing year-end wrap that blends port­fo­lio per­for­mance, mar­ket struc­ture, and deep­er sys­tem think­ing. Cameron and Tony review an excep­tion­al six-month run for QAV port­fo­lios, with mul­ti­ple stocks deliv­er­ing triple-dig­it returns, before drilling into what actu­al­ly drove those results. Tony presents a data-heavy “Pulled Pork” analy­sis that iso­lates growth over PE as a poten­tial explana­to­ry fac­tor behind this year’s out­per­for­mance, rais­ing the pos­si­bil­i­ty of a future refine­ment to the QAV scor­ing sys­tem. The con­ver­sa­tion then moves through glob­al mar­ket per­for­mance, lead­er­ship changes at Wood­side, takeover dra­ma at HUM, crowd psy­chol­o­gy, hous­ing con­straints, and the eco­nom­ics of mod­ern media, clos­ing with books, TV, and reflec­tions on how fast time now seems to move.

In this Christ­mas edi­tion of QAV Aus­tralia, Cameron is joined by QAV mem­ber Scott Mee­han for a wide-rang­ing, can­did con­ver­sa­tion about what it’s real­ly like to start invest­ing from scratch. Scott shares his jour­ney from com­plete begin­ner to dis­ci­plined sys­tem-based investor, explains why QAV appealed to him amid the noise and hype of finan­cial media, and reflects on the emo­tion­al shift from con­stant port­­fo­lio-watch­ing to calm, rules-dri­ven deci­­sion-mak­ing. The episode explores patience, tim­ing ver­sus luck, the psy­chol­o­gy of draw­downs, the temp­ta­tion of “10-bag­ger” nar­ra­tives, and why bor­ing, repeat­able process­es tend to win over time. It’s a ground­ed, human look at invest­ing as lived expe­ri­ence rather than the­o­ry, with insights into port­fo­lio man­age­ment, prof­it-tak­ing dilem­mas, and why ignor­ing sto­ries and focus­ing on num­bers is hard­er — and more valu­able — than it sounds. 

Tony recounts how he lit­er­al­ly smashed his golf dri­ver and then the show ric­o­chets into AI invest­ing, hon­esty met­rics for man­age­ment, huge port­fo­lio out­per­for­mance, and the sur­pris­ing returns of recent pulled porks. Cameron tests Google’s Gem­i­ni for a new way to score “able and hon­est” man­age­ment and the boys debate whether Buffet’s phi­los­o­phy can be quan­ti­fied. They explore whether sen­ti­­ment-dri­ven mar­ket con­trac­tion is actu­al­ly a bull­ish sig­nal (the new “Reil­ly Sen­ti­ment Ratio”), check a string of pulled pork mega-per­­for­m­ers, and mar­vel at how stealth busi­ness­es like hold-my-beer tool retail­er Stealth Group and fash­ion drop-ship­per Cettire have explod­ed. There’s also a Bit­coin con­spir­a­cy: is cryp­to actu­al­ly a hon­ey trap built by West­ern intel­li­gence? Tony digs into takeover mechan­ics using Cash Con­vert­ers, and deliv­ers a new pulled pork on Aur­i­zon Hold­ings (AZJ), with takeover and infra­struc­­ture-spin­off impli­ca­tions. It’s val­ue invest­ing, gam­ma waves of AI hype, and bil­lion­aire bunkers… all in one clas­sic QAV episode.

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.

This week Cameron and Tony cov­er a wide sweep of mar­ket news, gov­er­nance antics, and stock analy­sis. Cameron demos his new auto­mat­ed audit and buy­back check­er, and Tony weighs in on how to score buy­backs in the QAV sys­tem. They debate Goodhart’s Law, Trump’s strug­gling econ­o­my, tar­iffs, stagfla­tion, and the fall­out from Aus­tralia Post halt­ing US par­cel ship­ments. On the stock front, they dive into Cettire’s unex­pect­ed share price pop, con­tin­u­ous dis­clo­sure issues at James Hardie, NRW’s acqui­si­tion, Perseus Gold’s strong results, and IVE Group’s new “star stock” sta­tus. Lat­er, they flag red-alert gov­er­nance sig­nals at Cash Con­vert­ers, review Karoon Energy’s div­i­­dend-dri­ven slide, and fin­ish with a Pulled Pork deep dive on Fin­bar (FRI), the Perth-based apart­ment devel­op­er that’s now top­ping the QAV buy list.

In this episode, Cameron and Tony dive into what’s being called the most volatile report­ing sea­son on record. They explore out­sized mar­ket reac­tions, con­tin­u­ous dis­clo­sure fail­ures, and whether sell trig­gers should be han­dled dif­fer­ent­ly dur­ing earn­ings sea­son. The duo com­pare the strong per­for­mance of their Aus­tralian and US dum­my port­fo­lios, both up around 12% in 30 days—far ahead of their respec­tive index­es. They also weigh in on Trump’s tar­iffs being struck down in US courts, the Shang­hai Coop­er­a­tion Organ­i­sa­tion sum­mit, and whether Amer­i­ca is slid­ing towards author­i­tar­i­an­ism. On the invest­ing front, they cov­er results for Qan­tas and Motor­cy­cle Hold­ings, Tony does a pulled pork on Tyro Pay­ments as a sur­pris­ing new fin­tech on the buy list, and answer lis­ten­er ques­tions about strange trad­ing behav­iour, class action law­suits, and the risks of gold min­ers in West Africa.

In this episode, Cameron and TK dive into the tumul­tuous week in the mar­kets, heav­i­ly influ­enced by the Trump admin­is­tra­tion’s tar­iff announce­ments and sub­se­quent pause. They dis­cuss the impact on US Trea­sury bonds, Chi­na’s long-term eco­nom­ic strat­e­gy, and the poten­tial break­down of glob­al trust in the US econ­o­my. They briefly cov­er port­fo­lio updates, Ray Dalio’s per­spec­tive on the break­down of the glob­al order, and com­­pa­ny-spe­­cif­ic news includ­ing Accent Group (AX1), Fin­di (FND), Comms Group (CCG), Per­en­ti (PRN), Tel­stra (TLS), and TK’s new board appoint­ment at Clime Invest­ment Wealth (CIW). TK also pro­vides a detailed “Pulled Pork” analy­sis on Cedar Woods Prop­er­ties (CWP). The episode con­cludes with after hours.

In this episode, Cameron and TK dive into the recent mar­ket volatil­i­ty, large­ly dri­ven by US tar­iff announce­ments. They dis­cuss the impor­tance of stick­ing to the QAV invest­ing frame­work dur­ing uncer­tain times, con­trast­ing it with reac­tive or emo­tion­al deci­­sion-mak­ing often seen else­where. The con­ver­sa­tion touch­es on the poten­tial eco­nom­ic impacts of the tar­iffs, includ­ing the log­ic behind them, the poten­tial for decou­pling from Chi­na, the his­tor­i­cal con­text of tar­iffs in Aus­tralia, and the pos­si­bil­i­ty of it all being a “grift”.