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The feed for the free version of the QAV American podcast.
26 Episodes
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In this episode of QAV America, Cameron and Tony dig into the state of the U.S. market, exploring how AI investment is distorting capital flows, weakening job markets, and reshaping traditional sectors. They discuss how “the Great Freeze” in hiring and the surge in data-centre spending are reshaping the economy. Then Cameron serves up a Pulled Pork deep dive on MODG (Topgolf Callaway Brands)—a company blending golf, entertainment, and retail that’s now splitting itself apart to “unlock value.” Tony reflects on golf’s pandemic-era revival, the engineering of the Big Bertha, and why Callaway’s merger with Topgolf sent its share price into the rough. They unpack tariffs, impairments, and the business logic behind spinning off Topgolf, ending with a lively riff on humanoid robots, golf robots, and even robot jockeys.
In this episode of QAV America, Cameron and Tony dive into a deep analysis of American Airlines (AAL) — exploring its towering debt, its loyalty program goldmine, and its future prospects. They unpack how AAL’s Advantage points system, underpinned by a major new 10-year co-branded card deal with Citi, might serve as both ballast and buoy for a company flying through turbulence. Along the way, they riff on the airline industry’s cyclic nature, the debt-leverage paradox, and the Piotroski F-Score quirks that make AAL intriguing. Climate change, loyalty economics, Pratt & Whitney’s cursed engines, and the Buffett-era lessons on airline KPIs all make an appearance. After the financial deep-dive, the conversation drifts into lighter territory—Scorsese films, Gravity’s Rainbow, and Cameron’s bruising Kung Fu grading.
In this episode of *QAV America* (Ep. 25), Cameron and Tony unpack a wild few weeks in the U.S. markets following Donald Trump’s latest tariff threats on China and the subsequent “birthday crash.” They discuss Australia’s surprising role in rare earths, portfolio moves including DAC and GTN, and new additions VSAT and RNR. The main feature is a deep dive into Cal-Maine Foods (ticker: CALM), America’s largest egg producer, exploring its scandal-ridden history, DOJ investigations, and surprising fundamentals. From “egg cartels” to F-scores, the duo balance analysis and absurdity, topping it off with film talk (Scorsese, Lynch) and kung fu bruises.
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, showing a mixed bag of winners and losers, 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 staggering debt load, CEO transition, scandals, and surprisingly strong cashflow. They weigh the risks (reimbursement uncertainty, capital raises, softening acuity mix) against the opportunities (deep undervaluation, strong operating cash generation, potential turnaround with new leadership). Along the way, they also touch on cultural differences in healthcare, Reddit debates about value investing, and how profit is often a “management decision,” while cashflow is the truer measure of resilience.
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, showing a mixed bag of winners and losers, 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 staggering debt load, CEO transition, scandals, and surprisingly strong cashflow. They weigh the risks (reimbursement uncertainty, capital raises, softening acuity mix) against the opportunities (deep undervaluation, strong operating cash generation, potential turnaround with new leadership). Along the way, they also touch on cultural differences in healthcare, Reddit debates about value investing, and how profit is often a “management decision,” while cashflow is the truer measure of resilience.
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.
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 Zep (the smartwatch maker), Gray Media, and others. Cameron traces Suzano’s roots back to its immigrant founder, explores its dominance in eucalyptus pulp production, highlights both its financial strengths and ESG controversies, and weighs up risks like Brazil’s economic volatility and cyclical pulp prices. It’s a mix of global politics, investing fundamentals, and a surprising education in “fluff pulp.”
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 to Sasol. Cameron then takes us through a fascinating pulled pork on Kimball Electronics (KE), tracing its history from pianos and pipe organs to becoming a global contract electronics manufacturer. Along the way, Tony and Cameron unpack value investing lessons, the quirks of US versus Australian markets, and finish with a colourful chat about The Who, Leonard Cohen, Rip Torn, and China’s unique economic model.
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 adding Jackson Financial (JXN), and discuss broader US economic news, including tariff extensions, inflation concerns, and Fed rate expectations. The centrepiece of the episode is Cam’s deep dive (“Pulled Pork”) on Titan Machinery (TITN), one of the largest US agricultural and construction equipment dealers. He breaks down the company’s history, revenue mix, recent financial challenges caused by the US farming downturn, and why it still scores well under the QAV system. After the investing talk, the “After Hours” segment touches on classic films, new TV shows, and even the Rumble in the Jungle.
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 stations, film studios, and sports networks, and discuss how its political ad revenue, cash flow, and real estate assets might be wildly mispriced. It’s old media, new math, and some good old-fashioned cynicism.
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 significant gains, and emphasize the ongoing potential to find undervalued stocks in the US market. The podcast aims to apply value investing principles to identify promising investment opportunities.
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 cashflow, the debt, and whether BHC’s rebrand is enough to justify a second look — or if it’s just lipstick on a particularly greasy pig.
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, tech, environmental baggage (they’re the world’s largest single emitter of CO₂), explosive safety record, and its appeal as a classic ugly-duckling value stock. They also tackle the ethics of ESG investing, ADR headaches, and Sasol’s brutal-but-effective cash-generating machinery.
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 model, leadership, geopolitical hedging via a Netherlands HQ, and a potential future in AI-powered wearables. Despite being unprofitable, Zepp boasts positive operating cash flow, aggressive R&D spend, and a book value nearly five times its share price. Tony and Cam debate its merits as a deep value tech stock in a crowded, commodified market — with a few detours into Marx Brothers references and Cameron’s post-Kung Fu abs.
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 lesson on South Korea’s postwar dictatorship, self-coups, and assassinations, making this one of the more cinematic episodes yet. They also discuss the removal of the Z-score from the checklist, U.S. tariffs, Trump’s fluctuating relationship with Elon Musk, and why lithium is flashing a buy signal.
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 still be gun-shy. Plus: updates on the QAV dummy portfolio (up 33% YoY), a breakdown of top performers like Willis Lease Finance (WLFC) and Foreign Trade Bank of Latin America (BLX), and a Tesla sticker that sums up the state of modern car ownership.
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 PFIC-designated ADRs for U.S. citizens. The episode also covers the broader Japanese market dynamics (like stocks trading under book value), crude oil’s re-entry as a buy, and the nuances of applying the QAV system to ADRs with foreign currency reporting. As always, the show blends solid financial analysis with historical trivia, sarcasm, and irreverent humour.
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 understand how interest rates and reinsurance affect its bottom line. Tony weighs in on debt management, actuarial complexity, and where annuity products fit in the spectrum of retirement options. They also touch on the controversial new U.S. tax on foreign investors (with implications for Aussie super funds), and deliver a performance update on the QAV U.S. portfolio — up a staggering 54% since inception. This episode is nerdy, weird, and funny as hell.
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 to China left him unconvinced by the West’s collapse narrative. We also drill into oil, Ford ($F), and the implications of passive investing’s stranglehold on market direction. Plus, Buffett worship, civil war exit strategies, and why Americans don’t get Aussie piss-taking.
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 tariff threats, how macroeconomic noise distracts from fundamentals, and why ignoring the headlines might be the smartest investing strategy. It’s part deep dive, part reality check, and part investor therapy.
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