Quality At Value - Value Investing In Shares

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. 

In this episode, Cameron and Tony survey a market that’s losing some momentum in iron ore while rapidly pivoting toward copper as the next structural commodity story. They unpack Fortescue’s move into Peruvian copper, the implications of slowing Chinese infrastructure investment, and why AI data centres are turbo-charging copper demand globally. The discussion ranges from takeover battles in West African gold, Buffett succession intrigue at Berkshire Hathaway, and a sharp critique of Australia’s compensation schemes for failed investment products. The episode closes with a deep “pulled pork” analysis of Aeris Resources, exploring why copper-gold producers are back on the QAV buy list despite capital-raising risks.

This week Tony and I wander through a very QAV-ish mix of market weirdness, portfolio updates, almond conspiracies, and Bond-level misogyny. COG and ERD get the chop, AMA consolidates, several new stocks rotate in, and the dummy and Light portfolios continue to absolutely embarrass the index. Tony reveals his own monster year, we unpack strange board moves at Aeris Resources, applaud EarlyPay’s buyback, and then TK delivers a beautifully nerdy pulled pork on Select Harvest (SHV)— complete with bee-logistics, frost-blowers, and almond geopolitics. We finish with digressions into Alien Earth, baccarat, TikTok nutrition fear-mongering, and Tony’s racehorse winning at 26-to-1. A normal episode, in other words.

Tony and Cam roll into the final month of 2025 with a wide-ranging episode that swings from the ASX’s latest technology breakdown to fund-manager outperformance, commodity whiplash, and a fresh pulled-pork on Metro Mining. Along the way they dig into Tower’s results, the ongoing Eroad saga, Fleetwood’s abrupt CEO exit, Finbar’s exposure to escalating WA construction costs, and the sudden return of copper, platinum, zinc, and steel to the buy list. Tony breaks down why boehmite and bauxite are shaping up as the next big strategic commodity story with a pulled pork on MMI (Metro Mining), while Cam wraps with a reflection on longevity, friendship, and a centenarian’s hard-won life lessons.

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.

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.