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.