Rules-based value investing for grown-ups.
30+ years refining a rules-based process. Podcast + Starter Kit + members’ tools. Educational, not advice.
US PORTFOLIO
AU DUMMY PORTFOLIO
QAV (Quality At Value) is a methodology for value investing, developed by Australian investor Tony Kynaston over 30+ years.
We teach the system on our podcast and provide members with buy lists for the U.S. and Australian markets.
AU LIGHT PORTFOLIO
Transparent Portfolios. Outsized Returns.
Our QAV portfolios have consistently outperformed the index over the long term. Backed by data, driven by discipline.
Learn more.
Two Ways to Get Started
QAV Light is for beginner DIY investors.
QAV Club gives you full access so you can master the QAV checklist system.
Learn more.
RECENT PODCASTS
KEP: Korea’s Cash-Gushing Nuclear Giant – QAV America #29
This week we dive into Korea Electric Power (KEP), a deep-value, government-linked Korean utility that has quietly swung from crisis-level losses to massive operating cash flow. We explore the company’s unusual history stretching back to a royal electrification project in the 1890s, its modern political entanglement with tariff controls, its nuclear-heavy energy mix, and why the market may be mispricing a regulated monopoly with a price-to-operating-cash-flow ratio of 1.5. We also cover the recent sell of VSAT on a 3PTL rule, the psychology of Reddit outrage at PCG, and the broader role utilities play in an AI-powered future where electricity becomes the new picks and shovels.
PCG – PG&E: Leading With Love – QAV America #28
This episode dives into Pacific Gas & Electric (NYSE: PCG) and its strange mix of monopoly power, criminal convictions, billions in liabilities, climate exposure, and a CEO who says she’s “leading with love.” Cameron takes us through PG&E’s century-old origins, deadly infrastructure failures like the Camp Fire manslaughter convictions, the bizarre history of repeat explosions and corruption, and the unusual financial structure that keeps the company alive despite $58B in debt. Tony questions whether a guaranteed utility should even be privately owned, compares it to safer options like Berkshire Hathaway’s utilities, and wonders why we’d touch a business known for burning down half a state. Despite the horrors, PG&E lands on the QAV buy list due to cheap cashflow valuation, a protected regulated monopoly, and a massive turnaround driven by mandated wildfire-prevention spending and government-backed debt.
RECENT BLOG POSTS
QAV Value Investing Buy List 2025-10-20
Happy Stockmarket. Here is our U.S. buy list for this week based on our value investing system. As...
THE HOSTS
TK (on the right): The nicest rich guy you’ll ever meet, Tony Kynaston is a multi-millionaire professional value investor who lives in Sydney. Thanks to the QAV investing checklist system he developed, the average return on his portfolio over the last 30 years has been double market (after tax and costs have been deducted). When he’s not investing, he’s obsessed with playing golf, breeding horses, reading, and spending time with friends and family.
CR (the other one): Cameron Reilly is Tony’s 50+ year old student and the producer of the show. He was Australia’s first podcaster, has made a documentary, and has written a few books. He lives in Brisbane. When not training to become a value investing black belt, he spends his time making history podcasts, playing chess, practising Wing Chun, learning Italian, and spending time with his family.
Want to Beat the Market?
LISTEN NOW
Start listening to our weekly podcast and take it at your own pace.
Click here to watch a short video introduction or listen to our introduction episode below, which give a background on Tony and his scientific approach to value investing.