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
EC: Pump and Dump – QAV AMERICA 38
In this episode, Cameron and Tony navigate a turbulent week in the American markets, touching on the downturn of Bitcoin, gold, and the “Magnificent Seven” tech stocks. Despite the macro-volatility, they celebrate the continued outperformance of their US dummy portfolio, which has nearly doubled its value since September 2023. The conversation shifts to a critical look at “stores of value” like Bitcoin and gold, with Tony arguing that without an inherent way to calculate intrinsic value, these assets remain speculative “pump and dump” cycles. The centerpiece of the show is a deep dive into the Colombian oil giant, **Ecopetrol (EC)**. The duo explores its unique monopoly on Colombian pipelines and its strategic pivot into high-voltage electricity transmission, all while navigating the “magical realism” of Colombian politics, executive scandals involving “cost-plus” prostitution, and a president who hates the very oil industry his government owns.
CHRD: The Williston Whale – QAV AMERICA 37
In this episode of QAV America, Cameron and Tony navigate the extremes of global weather and market volatility. After discussing the impact of recent geopolitical “deals” on their US portfolios, they dive into a success story from the Bakken formation: **Chord Energy (CHRD)**. The conversation explores the “Shale 2.0” era, detailing how modern horizontal drilling and leaner capital structures have transformed former bankruptcy stories into cash-generating powerhouses. Tony provides a technical breakdown of Chord’s recent $11 billion acquisition of Enerplus and their shareholder-friendly policy of returning free cash flow through buybacks and dividends.
RECENT BLOG POSTS
QAV Weekly Update 2026-02-05
Portfolio updates, myth killer, buy lists, and last week’s episode notes.
QAV America Light Update #7
Happy Monday, QAV America. And welcome to all of our new members. This is week 7 of the American...
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.