This episode is an introduction to Tony Kynaston, his QAV value investing system, and why we believe disciplined investing gives you a better chance of outperforming the market. Here’s how we approach it.

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.

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.

While Cameron is travelling, we invited two special guest hosts to provide a quick overview of the basic concepts behind QAV, taken directly from the QAV Bible as a refresher course.

In this episode, Tony and Cameron sit down with John Abernethy, veteran investor and founder of Clime Investment Management, for an in-depth conversation about value investing, funds management, and the evolution of Australia’s financial industry. John shares stories from his early days at NRMA in the 1980s, the influence of Warren Buffett’s philosophy, and the creative use of convertible notes to bridge value gaps. He explains how Clime evolved into a $1.6 billion multi-asset manager, why self-funding companies like Nick Scali are rare gems, and the challenges of today’s funds management environment. The discussion also covers the rise of managed investment accounts, the importance of dividends, macroeconomic forces, and Clime’s current offerings on the ASX.

In Episode AU 827 of the QAV Investing Podcast, Cameron and Tony kick off with Trump’s latest tariff threats, predict (incorrectly) the RBA’s interest rate decision, and analyse the ASX’s reaction to overnight Wall Street moves. They discuss the impact of criminal allegations on G8 Education (GEM) staff, the 30% surge in Motorcycle Holdings (MTO), and acquisition news about Silk Logistics (SLH). Tony delivers a comprehensive pulled pork on Plenti Group (PLT), a fintech P2P lender with strong metrics and a high QAV score. The show closes with riffs on Black Sabbath, AC/DC concerts, and French philosophy, including Montaigne and The Little Prince.

In this episode of QAV, Cameron and Tony kick off the new financial year with tributes to Lalo Schiffrin and Bill Moyers before diving into end-of-year portfolio roundups. They compare the dummy portfolio’s 19.87% gain against the STW’s 13.61%, dissect U.S. portfolio returns versus the S&P 500, and unpack Tony’s concentrated seven-stock strategy. Listener Trent shares his 21% return confession, there's a debate on ditching the Altman Z-score in favour of the Piotroski F-score. They then explore commodity dynamics and deep-dive into GR Engineering Services (GNG) as their Pulled Pork pick, before wrapping up with culture picks—from Nick Cage flops to Nina Simone grooves.

It’s cold, the markets are weird, and the boys are back. Cameron and Tony kick things off with oil-patch whiplash, Iran–Israel theatre, and Trump’s “Mission Accomplished 2.0” tweet-storms. Portfolio numbers, confession-season land-mines, and sudden 30 % face-plants (looking at you, **AMI**) follow. Tony spotlights surprise winners (**OML**, **SHA**, **SRG**, **GNG**) and takeover bait (**STO**, **THL**), while ASX cops an ASIC probe for dropping the tech ball. Virgin’s second-shot IPO, Karoon’s Brazilian land-grab, and a pulled-pork deep dive on **COG** round out the finance. After hours: jazz-piano Goldblum, Kelly’s Heroes, and Peter Ellyard’s octogenarian optimism.

In this special QAV episode, Cameron and Tony are joined by Navarre Trousselot, founder and CEO of Navexa, Australia’s homegrown portfolio tracking and tax-reporting platform. The episode kicks off with a charming tale of how Navarre’s first entrepreneurial venture was Pokémon card arbitrage as a 10-year-old, laying the groundwork for his investing instincts. The trio then explores the serious end-of-financial-year business: tax-loss harvesting, the nuances of capital gains strategies, and how Navexa’s AI-powered tax tools are evolving. Navarre shares exclusive insights from aggregated Navexa user data—what the top-performing portfolios look like, what they’re holding (spoiler: lots of Bitcoin), and how often they trade. The conversation wraps with some existential musing on crypto, AI, and investor psychology.

In this episode of QAV, Cameron and Tony kick off with a discussion on the political tension in the U.S. and what Trump’s moves with the National Guard might foreshadow, then slide into serious investing updates. There’s news on Perenti (PRN), NRW (NWH), and Findi (FND), with a nod to confusing results and sovereign risks. Judo (JDO), BOQ, and QBE get coverage too, as does the SOL–Brickworks merger and what it means for index fund flows. Cameron ponders the shocking long-term flatline of Telstra (TLS), while Qantas (QAN) and Perseus (PRU) get some love for outperforming. Tony wraps up with a pulled pork on Fleetwood (FWD), highlighting modular housing, mining village profits, and capital risk. There’s also a review of the film _Ballerina_ and some off-topic Doctor Who and Shakespearean riffing.