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
SHG – The Seoul of Value: QAV AMERICA 40
In this episode of QAV America, Cameron and Tony navigate a volatile week in the US markets, lead by Ford’s staggering $8.2 billion loss for 2025 and their strategic retreat from full electrification. The duo reviews the impressive performance of their “deep dive” portfolio, noting that many previously analyzed stocks have seen triple-digit or high double-digit gains. The centerpiece of the episode is a “Pulled Pork” deep dive into **Shinhan Financial Group ($SHG)**, a South Korean banking giant. Despite a litany of scandals involving cartel-like collusion, fraud, and political instability in Korea, the hosts weigh the risks against the “Value Up” government catalyst that may finally unlock the company’s depressed valuation.
TUSK – The Cobra’s Bite – QAV AMERICA 39
In this high-stakes episode, Cameron and Tony celebrate a “bonkers” run for the QAV America portfolio, which is currently outperforming the S&P 500 by nearly double. After reviewing news on Seneca Foods (SENEA) and the curious 15% share price drop for Regional Management (RM) following record earnings, the duo dives into the murky waters of Mammoth Energy Services (TUSK). What begins as a look at an energy services “roll-up” quickly transforms into a true-crime corporate thriller involving a $1.8 billion contract, a FEMA bribery scandal, and a forfeited 40-foot luxury catamaran. They analyze whether TUSK is a “mammoth in the making” or a “wild pig,” weighing its current status as a cash-heavy “stub” with zero debt against its history of “dirty stories” and its new pivot into aviation rentals and fiber optics.
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Episode Timestamps
[00:00:00] Intro: Market “conniptions” and the US sneezing on Australia.
[00:00:50] Portfolio Performance: The dummy portfolio hits 103% since inception (Highlights: WLFC, BLX, ESCA, GASS).
[00:05:40] Stock News: SENEA (Seneca Foods) Q3 results show improving margins.
[00:06:20] Stock News: RM (Regional Management) beats expectations but the share price craters.
[00:07:50] Deep Dive: TUSK (Mammoth Energy Services)
RECENT BLOG POSTS
QAV Weekly Update 2026-02-19
Portfolio updates, myth killer, buy lists, and last week’s episode notes.
QAV America Light Update #9
Happy Monday, QAV America. And welcome to all of our new members. This is week 9 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.