QAV America (free feed)

Cameron and Tony kick off episode 24 of QAV America by discussing the U.S. government shutdown drama and comparing it to Australia’s last major political standoff under Whitlam in 1975. The conversation then turns to portfolio performance: while the Australian portfolios continue to outperform dramatically, the U.S. one has cooled a little since the Trump administration’s return. They dig into lon...

In this episode of QAV America, Cameron and Tony review the US portfolio’s performance in 2025, which—despite lagging this year—is still well ahead of the S&P 500 since inception. They reflect on past stock picks , before diving into this week’s “Pulled Pork”: Community Health Systems (NYSE: CYH). The discussion ranges from the messiness of America’s healthcare system to the company’s staggeri...

We discuss the latest U.S. economic slowdown, then pivot to a detailed portfolio update (US portfolio vs S&P 500). After a rapid recap of recent stock picks — from ZEPP to ZIM — we dive into a comprehensive analysis of Methanex (MEOH): its global footprint, methanol market dynamics, e-methanol shipping prospects, the Geismar 3 outage governance risk, and key valuation metrics. Timestamps • 00:...

In this episode, Cameron and Tony dive into the turbulent world of tariffs, the performance of the QAV US portfolio, and Cameron’s “Pulled Pork” deep dive on Brazilian pulp and paper giant Suzano (SUZ). The discussion ranges from Trump’s tariffs being declared illegal, to the surprising success of companies like ZEPP (the smartwatch maker), Gray Media, and others. Cameron traces Suzano’s roots bac...

In this episode, Cameron and Tony dive deep into the US market’s latest moves following Jerome Powell’s comments at Jackson Hole, the surprising resilience of investor sentiment, and a look at how the QAV US portfolio continues to beat the S&P 500. They track the extraordinary rise of ZEPP (up 1,200% since Cameron’s July deep dive) and review other stocks they’ve covered, from Titan Machinery...

In this episode of QAV America, Cam and Tony dig into the latest market moves, starting with the chaos in gold prices caused by unexpected US tariffs on Swiss gold imports. Cam reports on the strong performance of the QAV US portfolio—up nearly 64% since inception—highlighting big winners like ZEPP (+964% in a month), CX, IHS, and Orix. They cover portfolio changes, including selling OPHC and addi...

In Episode 17 of QAV America, Cameron and Tony dive deep into the murky waters of the US media landscape with a pulled pork on Gray Television (GTN) — a classic “cigar butt” Berkshire-style stock that’s generating mountains of cash, trading at absurdly cheap levels, and doubling down on local television and film production while Wall Street yawns. They dissect Gray’s sprawling empire of local stat...

In this episode of QAV America, Australian value investors Tony and Cam are focusing on Seneca Foods, a classic American company known for its packaged fruits and vegetables. They discuss Seneca’s financial performance, history, and why it’s a compelling value stock despite being considered a boring business. The hosts also reflect on other stocks they have reviewed recently, showing s...

This week on QAV America, Cameron delivers a doozy of a pulled pork on Bausch Health Companies (BHC), the scandal-riddled pharma beast formerly known as Valeant. From jacking drug prices to a multi-billion dollar loss for Bill Ackman, this company has a backstory filthier than a New Jersey motel carpet. But does all that stink mean it’s a value investor’s dream? We break down the history, the cash...

**Episode Summary** In this episode of QAV America, Cameron dives deep into the murky, combustible world of Sasol (NYSE: SSL), a South African company built on the back of coal liquefaction technology born in Nazi Germany and refined under apartheid. It’s the kind of “anti-woke” fossil fuel juggernaut value investors might love—or love to hate. With Tony chiming in, they explore Sasol’s origins, t...

**Episode Overview:** In this episode of _QAV America_, Cam and Tony dissect the fundamentals of **Zepp Health (ZEPP)**, a Chinese smartwatch manufacturer with aspirations well beyond step counters. They unpack the company’s evolution from low-margin Xiaomi contractor to an ambitious, vertically-integrated brand aiming to take on Apple — at a fraction of the cost. Cam walks through the business mo...

Cam and Tony dive deep into the performance of the QAV USA portfolio, which beat the S&P 500 handsomely with a 28.5% return over the last 12 months. The highlight of the episode is a rich and surprisingly wild pulled pork on Korean steel giant POSCO (PKX), including its transformation from a state-owned dinosaur into a cash-gushing, lithium-investing modern behemoth. Cam throws in a history le...

In this episode of QAV America, Cameron gives a pulled pork on Precision Drilling Corp. (PDS) — a Canadian oil services company building high-tech, remotely operated, even walking oil rigs. Think Tesla, but for shale fields. They cover the company’s innovative rig tech, impressive cash generation, and resilience through past oil busts, while also addressing its debt risks and why the market might...

In this episode of **QAV U.S.**, Cameron and Tony dive deep into Japanese financial conglomerate **ORIX Corp (NYSE: IX / TYO: 8591)**—a sprawling, Berkshire-like beast with operations in leasing, insurance, private equity, energy, real estate, and even a baseball team. They discuss ORIX’s intriguing scandal history in Australia, its global diversification, and the tax nightmares of investing in PF...

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 understa...

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 t...

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 ta...

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...

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 d...

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...

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...

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 in...

In the premiere episode of the QAV U.S. podcast, Cameron Reilly and Tony Kynaston introduce American listeners to their established value investing approach, known as QAV (Quality at Value). They discuss their checklist-driven, rule-based investing methodology designed to identify undervalued stocks without emotional decision-making. Tony overviews their system, emphasizing its simplicity, low emo...