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Cameron: Welcome back to QAV America, Tony, episode 17, recording this on the 5th of August, 2025. We talk too slowly

to somebody on YouTube,

Tony Kynaston: Really.

Cameron: so can you, can you speak faster this time, Tony?

Tony Kynaston: I

Cameron: Uh, well, not fast enough for this person on YouTube. have you been? Tony, you’ve been following the US market,

 you’ve been reading the Wall Street Journal this week, Tony,

Tony Kynaston: I have, yes. Read the Wall Street Journal every day. At

Cameron: what have you learned about the US market from the Wall Street Journal this week? Tony?

Tony Kynaston: don’t learned this week.

Cameron: Yes,

Tony Kynaston: it’s a

Cameron: yes.

Tony Kynaston: Taught to us

Cameron: Yeah, as we were talking about in our last show, uh, as people may or may not know, I’ve spent the last 20 years doing mostly history related podcasts and a lot of it on, uh, Soviet [00:01:00] Union and the Cold War. And it is very reminiscent of, you know, uh, an ideology based state like, uh, Soviet. Union under Stalin or uh, communist China under Mao, where you have a particular ideology and messaging that you wanna convey.

And if the facts and the data don’t map neatly to that ideology, you deny it, you ignore it, you arrest the people that are promoting it, and, uh, make sure that you end up with a. With a culture, with a society where everyone is too scared to speak the truth, and they just say things that they feel they will be rewarded for, and that’s the problem.

You, you, you, it’s a slippery slope then into a society that ignores, uh, facts and data. And, uh, it’s not, it’s not a good thing for society. It’s not a good thing for [00:02:00] industry. It’s not a good thing for business. It’s not a good thing for investors. Uh, so yeah, hopefully this trend in the US gets, uh, turned around at some point

Tony Kynaston: is never a good And I’ve seen it, and it’s kind of a corporate approach to things too. I

Cameron: Mm-hmm.

Tony Kynaston: plenty of times in big businesses where a boss wants

a number when you come to your results, you hit the number by all call

Cameron: Mm

Tony Kynaston: even if

Cameron: mm.

Tony Kynaston: sometimes.

So, uh, Yeah. no,

Cameron: Yeah. Well, um, I think I will just do a quick portfolio update, uh, for our US portfolio. I did have a look at it this morning. And let me see. For the last 30 days, our portfolio was down 1% versus the s and p 500, which was up 1%. For the last 12 months, our portfolio is up 19% versus the [00:03:00] s and p 500 up 18%.

And since inception, for our portfolio, which is September, 2023, we’re up 56% versus the s and p 500, up 42%. And as I said to you on our last show, you know, one of the. Well, the big, uh, success in our portfolio is Willis Lease Finance Company, WLFC, which it, by the end of last year was up like 300% since we bought it.

It’s come back about 30%, so now it’s only up about 200% since we bought it. But a lot of the, uh, retreat in our portfolio this year has been Willis Lease Finance Company giving up. Its 300% returns down to 200%. So our portfolio. This year looks like it’s been going backwards, but really it’s just giving up some of the gains that had, that had already amassed last year.

Still 56% versus 42% for the s and p 500 is, is a nice return in September 23, so like not quite two years, but almost two [00:04:00] years, nearly a 60% return. It’s pretty good, right? just on a commodity update this week, for people who are new to our show, when we’re investing in commodity stocks, which is a big thing in Australia, we tend to look at the underlying, uh, performance of the commodities that the companies are built on top of.

If they’re a gold miner, we look at the gold commodity or iron ore or coal. There was some cha, there were some changes when I looked at the commodity graphs this week. Iron ore has become a Josephine, um, for new QAV listeners, that that means that it’s in a by state, but it’s declining. Uh, so the price.

Today is lower than the price was at the end of last month. Yeah, end of the month was only a couple of days ago, but it’s retreating a little bit, but still in a buy state technically. But we’re gonna, we would wait if, if we had an iron ore stock that was a buy on our buy list. If the underlying commodity is a is a Josephine, [00:05:00] and I called it that because I’m a Napoleon buff, and Napoleon famously.

Supposedly said, not tonight, Josephine. Um, gold is a buy. Thermal coal is a Josephine Coke, and Cola is a buy. Crude oil is a Josephine Copper is a Josephine. Uh, wheat is a cell. Nickel is a cell. LNG is a Josephine Platinum’s. A Josephine aluminum’s. A Josephine zinc’s. A Josephine tin is a Josephine Steel is a buy.

However, lithium is a buy, so there’s been some changes this week. Iron ore, coal, platinum, aluminum, zinc, all became josephine’s this week. Nickel became a cell and wheat became a cell. They were the big changes for this week. So if you’re holding any stocks that are nickel or wheat based, you might want to think about stealing those, not financial advice.

Do your own research also in a portfolio. Last week I sold a stock for the first time in a long time, I had to sell [00:06:00] Enoch. Um. Which I think I did a pulled pork on a little while ago. They became a rule one sell and an advanced Rule one sell too. They dropped 20% below the price that we bought them at, so I let them go and I replaced it with the company that I’m gonna do a deep dive of pulled pork on today, which is GTN Tony, and I’m quite excited about this one.

Like the company I did last week, this is strikes me as another Berkshire classic Berkshire type company. Kind of out of favor, little bit boring, but generating a lot of cash. Uh, seems to have a bit of a moat and, um, we’ll see what you think after I

deep dive.

 So I.

Tony Kynaston: these. I.

like these Berkshire [00:07:00] stocks.

Cameron: Yeah, me too. And it’s interesting to see them, um, in the, in the US market because we, you know, we don’t, I mean, maybe we do have a lot, I mean, we have a lot of sort of in the, in the Australian market, companies that are certainly outta favor on our buy list all the time because they’re dirty mining companies.

They’re digging up coal or they. In oil or things like that. And so they’re not ESG friendly, but we, we don’t tend to get a lot of businesses like this one. We do have some television networks. It’s in old media companies that pop up from time to time. GTN is gray television. There are, they call themselves a multimedia company.

They’re really a television business with some add-ons. But I nearly bought this a year ago, July, 2024. For our US portfolio. And then you talked me out of it. ’cause it had a bad Zed score. That’s when we were still paying attention to ZED scores. It [00:08:00] was a good call though. ’cause at the time I was trading at $5 51.

Today it’s $4 46. So glad you did talk me out of it, but now we we’re ignoring Zed scores. It’s back on the buy list. And I did add it last week. It has since become a Josephine at the end of the month. I will just call that out. So it’s price. Uh, this morning was $4 46. At the end of the month it was $4 51.

So it’s slightly below that. So I wouldn’t buy it today, but it was okay when I looked at it, uh, late last week. But who are they? Gray, as I said. Yeah.

Tony Kynaston: I, I what josephines, not Josephines, because, um. The long term trend might mean it’s a buy, but we can probably buy to a better price if it’s slower than what it was, but it closed out at the end of the month, So that’s the reason for looking at the short term trend as well. the short term trend is higher than the end of the last month, then the [00:09:00] upward trend is still intact and gives you, gives me more confidence that the momentum’s behind this stock. ’cause if it’s down, even in the short don’t know whether it’s a

Cameron: Which makes you different from a classic value investor who just believes that if it’s a good company, you buy it regardless of the sentiment, regardless of what’s happening. You, you’re a little bit more sensitive to sentiment because as you said, you can. If you can buy it cheaper tomorrow or a week from now, why not buy it cheaper then?

Tony Kynaston: Um, the classic value investor would hold it and just say, look,

Cameron: Hmm.

Tony Kynaston: got it wrong and it’ll wake

Cameron: Hmm.

Tony Kynaston: to itself. But like, you know, my is that can go on for a long time until the market. the stock and comes to its senses and I can better deploy my cash somewhere else in the stock, which has sentiment behind it, but still is less than I ascribe to that company. And I may as well put my capital to work go to work.

Cameron: Yeah. Unlike [00:10:00] Buffet in, you know, late, late era buffet, late stage buffet, let’s call it that. It’s not like we struggle to find things to buy. As we talked about on this show last week, there’s. Plenty to buy in the US market, in the Australian market. And over the years we’ve been doing this show, there’s only been a handful of occasions that I can remember when we couldn’t find anything to buy, usually after a major market crash or, you know, um, what do you call it?

Let’s re uh, re re something. Um, the market’s

itself, a market reset.

Tony Kynaston: major like COVID. And even those, and even those periods don’t last, haven’t lasted since we’ve been doing the show for very long. During COVID, it was, uh, a month, maybe month and a half. Um, you know, we haven’t been through anything like the GFC necessarily when it might be longer or like a really major reset, but anyway.

Cameron: Okay. Gray, um, headquartered in Atlanta, [00:11:00] Georgia, just up the road from my father-in-law in Augusta. According to their website, they are the nation’s largest owner of top rated local television stations and digital assets in the United States that serve 113 television markets reaching approximately 36% of US television households.

This portfolio includes 80 markets with the. Top rated television station and 100 markets with the first and or second highest rated television station. So, um, they go back to the fifties. Um, oh. The newspaper man called James H. Gray bought a TV station in Albany, Georgia, called WALB tv. Then he started adding more stations and they’ve continued to expand ever since, particularly in the last decade, they’ve bought a bunch of businesses.[00:12:00]

Uh. Interestingly, they’re sort of their headquarters now in Atlanta, Georgia is a thing they called Assembly Atlanta. This was an old General Motors assembly plant for decades. It went outta business, I think in 2014, something like that. The site, which just huge. It’s like 165 acres. They flattened it.

They’ve built their, basically like a mini Hollywood. They’ve got studios and back lots and parks for the public to come. And it’s like this whole sort of Hollywood in Georgia kind of thing, which they see as not only where they produce a lot of their. TV content that other people can come and produce content there.

So it’s sort of the cornerstone of what they’re doing. Assembly Atlanta, and they’re doubling down on [00:13:00] television and film production, which is interesting. You know, it’s obviously a. Difficult time. We’ve obviously seen the announcement in the last couple of weeks that Paramount is, uh, shutting down

what is it?

Is it the, the, the Late Show? The Late Show.

 it’s the old Letterman show. I think Steven Colbert has, it’s the Late Show. I think Kimmel’s got the Tonight Show, not Kimmel, the other one. Jimmy Fallon. Yeah. Anyway, Stephen Colberg show whichever one it is and they’re saying, ’cause it’s not making money. Some people don’t believe that.

They believe it’s more political than fiscal. But anyway, I mean, I think it, it’s a truism that the big TV networks are struggling in the era of streaming and TikTok and fragmentation of eyeballs and attention and all that kind of stuff. But these guys are doubling down so interesting. Um. [00:14:00] Th in 2019, they purchased a company called Racom Media, which owns multiple stations and also has a thing called Racom Sports, which is a long running sports production business, goes back to 1979, produces live events and original programming for college football, uh, college, uh, sport over there, which is a big thing in the US as we know.

In 2021, they bought a company called Quincy Media, which is a Midwestern station owner, um, gives them more coverage in small and mid markets in the Midwest in 2021, they also acquired Meredith’s local media group, which added 17 TV stations and increased their national coverage. They have a brand called Tupelo Honey, which I assumed was named after an old Van Morrison song, but no, apparently Tupelo Honey is a real thing.

It’s honey that, uh, comes from trees called Tupelo Trees. Uh, but the founder of this [00:15:00] business, Tupelo Honey, named it in honor of his wife, who was from Tupelo, Mississippi, and he referred to her as his Tupelo honey. Named the business after that. But it did get me listening to Van Morrison all morning while I was, uh, preparing my notes.

So that was, that’s never a bad thing to listen to Van Morrison in the morning.

 Yeah. In 1969. Yeah. Or 71 or whatever. 71. I think that album came out. He predicted, uh, gray Media in 1971. People. Oh, honey, is a sports and entertainment production company again, that fo focuses on live events and also connects fans with athletes and brands. So I think they kind of do deals with big sporting stars and do branded content and um, you know, entertainment programming, all that kinda stuff with them.

They also own a brand called Power Nation, which is an automotive. How to brand for car Enthusiast [00:16:00] shows they own a company called, well actually they just announced they’re buying a company as long as it doesn’t get blocked. Uh, called, uh, block Communications. Let’s hope Block Communications doesn’t get blocked.

It’s a family owned media company. They’re in the process they just announced a couple of days ago. It owned stations in Kentucky, Illinois, and Ohio. It says pending re regulatory approval, which as I understand it from the, uh, paramount, uh, deal means, uh, a cash donation to the, uh, Trump Library. Uh, they also own third rail studios, which is a perfect.

Yeah, professional film, TV facility. Um, it was acquired in 2021 and then folded in. It has sound stages and production infrastructure. So they own all of these TV media production assets and locations and stations. Their business model is based around a couple of things. Um, obviously [00:17:00] selling advertising into all of these local markets, local advertising, car dealers, hospitals, supermarkets.

News and sports, but also on even years. Um, political advertising got a quote here from one of their executives, um, which is political advertising revenue in even years is typically five to six times higher than odd years.

’cause they have the, the midterms and the presidential elections. Right. Um, and this will, this will show up when, when I do the numbers later on because 2025.

It’s not an even year. So their numbers for this year aren’t gonna be as good as they were last year and might be next year. Now, the revenue for next year is based on the assumption that there will be midterms. You know, I’m skeptical about that. Um, I, I don’t think the US is gonna have another election [00:18:00] for many years to come, but we’ll see how it plays out.

However, we, we can’t predict, so we’re assuming that business will be business as usual, so they make money out of all of that. They also have retransmission. Content or retrans as it’s called in the lingo. I think this is, uh, the payments that they get from cable satellite and streaming distributors to carry the programs and the channels that they produce.

And the good thing about that is that it’s contractual recurring revenue. It’s not based on advertising. Doesn’t really matter. Where the economy’s at, it’s not based on political advertising cycles. Advertising revenue can be lumpy depending on where the economy’s at, where the jobs numbers are at. And of course, if you don’t like the jobs numbers just fire the person that came up with them.

Um, but they have this contractual revenue, which helps smooth out the bumps. They also sell production capacity. They have the ability to make shows, film, live [00:19:00] events. Um, I remember when, um, we were in, when, when we were, when were, when were we in Vegas with, with Ray and Markum? Like 2015. No, I, it was during Trump.

I know Trump was still in the primaries for his first campaign. ’cause I remember having an argument with Markham about that. Markham was like, he will never win the Republican nomination. You don’t know what you’re talking about. And I was like, I don’t know man.

And I rubbed that in his face every chance I get.

so yeah.

Tony Kynaston: Toronto was the,

the head of Democrats abroad

Cameron: Well, he is not from Toronto. He is from, he’s, well, he was living in Washington, lives in Toronto now. Yeah, yeah, yeah, yeah. Well, I don’t think it’s there, but yeah, somewhere else. Anyway, [00:20:00] um. They, they’ve, I, I, my point was gonna be, there was a guy there with us whose name I can’t recall, one of, one of the listeners to my Caesar show or my Napoleon show or something, who was a director for one of these live sports production companies.

That may have been one of these, but I know he would just travel round and shoot football games and baseball games and, and that kind of stuff. So these guys do that too. Yeah. So, um, the reason that they’re on the buy list or the reason is they’re generating a lot of cash and their price to operating cash flow is wait for it.

0.62.

So that means if this was a coffee shop and we bought it, it would be able to pay us back in six months, seven months. Yeah. Um, which is ridiculously cheap to be able to buy a business. [00:21:00] Why is it cheap? And look, they are carrying quite a bit of debt. They’ve, they’ve, you know, leveraged all of these acquisitions, uh, and.

So, you know, the market doesn’t like that sometimes. Um, and I think old fashioned tv TV production is not sexy. It’s not Netflix, it’s not, uh, TikTok. It’s not, uh, anything that’s got AI involved in it. But on top of all of that, they’re paying a 6.44% dividend. Um, so that’s good. The F score, the Petrosky Petro Roky F score, despite all of the debt, is eight out of nine.

So very, very healthy, uh, financial score. And you’ll like this one too. The price to book is 0.17, the, uh, book per. [00:22:00] Yeah, the um, price is $4 97. The book per share is $28 53, so it’s, um, crazy cheap. It scores its ass off too when I run through the QAV numbers. By the way, the average daily trade is about seven and a half million shares, so, um, it’s quite a, quite a highly traded stock.

With the Wikipedia numbers, the quality rank is a 67. We score it if it’s over 60, so it scores for that. The stock rank is 97, so we score it for that as well. Lemme just, I’m gonna bring up the real, the live numbers here so I can see it.

Tony Kynaston: so that’s

Cameron: Quality rank? Yeah. Stock rank is 97, so we scored over 90, so it scored for that. The PETROSKY score, the F score for, no, what I say eight. We score [00:23:00] it if it’s over four and a half, so it scores for that. Um. IV number one, our intrinsic value, number one, which is our EPS over our hurdle rate of 19.5% is $12 35.

The price is $4 97. Well, I was when I did the, when I did my analysis, it’s 4 49 last, uh, um. Market close. So it’s uh, well, a third of the intrinsic, uh, first intrinsic value number roughly. We don’t have an iv.

Yeah, usually the harder one. Right? But here’s the thing, it doesn’t have an IV two because the future earnings per share is negative.

Um, net profit for this full year is, uh, supposed to be negative 82.8 million, but, you know, uh. That’s because it’s not an [00:24:00] advertise, it’s not a political advertising. Here is one part of it. Right. So I looked, I drilled into this a little bit. They’ve got big depreciation and amortization charges. They’ve acquired a ton of stuff in the last few years.

They’ve got a lot of intangible assets as part of that, a lot of licenses and goodwill. Property, plant and equipment like towers and stages that are all getting amortized and depreciated over time. Um, non cash expenses, but it kills reported earnings with gap. So even if they’re operating, cash flow is solid and it is operating cash flow for.

Yeah, last year, 2024 was 3.644 billion for this year. It’s gonna be down a little bit. It’s gonna be 3.173 is the expected. Um, but next year, again, a political, um, the midterms year, it’s back up to 3.638. So, um. Actually TTM is [00:25:00] 3.60. That’s probably carrying over some from last year. I’m not sure how that works, but bottom line is they’re making, uh, cash flow, but a lot of, lot of amortization and depreciation, which is gonna bleed through to their EPS interest expense is.

They’re servicing billions in debt. Um, the 2025 interest expense is about 120 million, so that that’s gonna eat through profit even if the operating metrics look okay. Bottom line is strong operating cash flow, strong F score. The core business seems quite solid, but the profit this year is gonna take a hit.

Um, we don’t have a, um, uh. Double forecast IV because there’s no IV two. Um, price is less than book. As I said before. It’s also less than book plus 30. Book plus 30 is, uh, [00:26:00] $37. Price is $4 97, so it’s scored for both of those. Book value growth is positive. Uh, obviously price to operating cash flow, it’s scored for that.

The PE is two point. Oh six. The yield is 6.44, as I said before. So it scores for PE less than the yield. And the yield is higher than the current bank rates. I think I’ve got 6.3 I think for bank rates in the us so 6.44, so it’s above that as well. And it has a three point uptrend and um, a new three point upturn as well.

So it’s scored for both of those. So the quality score, QAV quality score was 86%. The QAV score, 1.38, it just killed on all of the numbers. Um, and it’s kind of been on the buy list for a long time too, like even [00:27:00] though it’s, when you look at the share graph, it’s been declining since 2022. But it’s, uh, it’s generating tons of cash and it’s very, very cheap.

So, I mean, there’s a lot of things that could go wrong with this being tv, as we said, et cetera. I mean, it’s probably not as affected by the tariff wars, although if the tariff wars have a bigger impact on advertising revenue and or if there are no midterms ’cause. Trump declares martial law, uh, or is just arresting, is they’re, they’re arresting all of the Democrats.

Did you see this in Texas? The and, uh, in Texas yesterday they, Congress there tried to have a vote. They were going to do some, um, gerrymandering of the, of the. Um, districts there and all of the Democrats left the [00:28:00] state, so they couldn’t have a quorum, they couldn’t have a vote. And now the Texas governor has issued an arrest warrant for all of the Texas Democrats who left, but they’re all in New York saying, well, your warrant’s no good in New York, so good luck.

Come and get us. So, yeah, who knows, things are gonna play out

year in the us but again. We can’t predict. We don’t predict.

based on the numbers, Tony?

Tony Kynaston: value play. question for you, it’s based in Atlanta. Is that, is that coincidence or is it, is there some kind of history or tie up with, uh, Ted Turner and his network? C

Cameron: Well, no, I said the, the founder of Graham. The founder of Gray Media, James H. Gray bought a TV station in Albany, Georgia back in 1954, WALB, and they, they sort of come out of that. So, [00:29:00] no, I think it’s, um, distinct from Ted Turner’s operation. Didn’t come up anywhere in my research, but yeah. Interesting. He was also based in land.

Tony Kynaston: like you know, it oftentimes you find there’s a productive workforce to pick from who have already been trained in TV production. And so if you open up another production facility, you can tap into that.

So that, that makes sense. Um, reminds me, I mean, it’s a classic cigar butt stock, isn’t it? It’s, yeah, it’s, it’s, um, it’s, prices declined quite heavily over the last five years, but it’s, it’s It’s had a bit of an uptick now, so maybe it’s found its level. Um, certainly there are a lot of. Headwinds in the television industry kind of reminds me of Seven West Media in Australia that we did. We covered on our

Cameron: Yeah.

Tony Kynaston: show a little while ago, and you asked me the time when I talked about it, why would you station? And know my [00:30:00] answer is because eventually the price is right and it’s, this one in particular is throwing off so much cash. I mean, you threw some numbers out there about operating cash flow, paying you back in six or seven months, which is just. Amazing. I looked up the numbers on stocked while you were talking. Even if you like operating cash flows, the metric and want to use free cash flow. ’cause as you said, you know, there’s amortization and depreciation going on with all the, the, um, takeovers. Free cash flow per share is still $6 33 and the share price is $4 49.

So you’re still getting paid outta free cash flow. More than what the share price is, which is, you know, kind of unheard of and crazy I think. And I guess the market’s taking a bet that TV will keep declining, but, um. All the things happen in these industries when they go into decline. There’s consolidation that can happen.

There’s a lot of merger activity. Even with Seven West Media since we spoke about it. You know, there was net parts of the network being sold off [00:31:00] and parts of other people’s networks being bought, et cetera, which supports the, the, the current industry. see it in any sort of industry in decline. It’s, there’s always one or two players who. Get left holding the baby and it can be turned into a, a profitable sort of, um, industry, even though it’s much reduced as an industry compared to what it was.

Cameron: Mm.

Tony Kynaston: you know, looks like it might play out in a similar sort of way. There’s so much cash. I guess the last point I’d make is, um, even though it’s got lots of debt. I can see it being paid down over the last couple of halves. So cash, cash cures, debt. if you have lots of cash coming in, you can pay down the debt. And uh, if you do that quickly enough and you’ve still got the cash flow, it’s a terrific business to be in. And the time to buy it is now, not, not when people wake up to the fact it’s paid down, its debt and, uh, it’s throwing off even amounts of cash flow.

Cameron: Yeah, well I, unlike the one I talked about last week, this [00:32:00] one I have added to the portfolio, as I said, because they were high up on the buy list when I needed to add something. Thing this week to replace Enoch with. So, uh, let’s see how it goes. Um, see what they do with all of that cash, you know, and again, it’s, it’s sort of part of the QAV philosophy that if when you’ve, when you’ve got a company that seems to be well run, um, smart people running it, they’re generating a lot of cash that we trust that they’ll figure out what to do with it.

Uh, you know, hopefully. Make the business bigger and better, or sell it to somebody else who’s gonna make it bigger and better, uh, at a premium.

 Or Yeah, who knows? Who knows who wants to come along And like, um, Larry Ellison’s son,

Ellison, um, who’s buying Paramount, which owns CBS, like he was a [00:33:00] production company, um, who made a, uh, he got started making, uh. Documentary about himself, uh, because he, he likes flying planes. He’s a pilot and so he, uh, sort of, I think self-funded with his dad’s Oracle money, a documentary about himself, and then ended up co-producing Mission Impossible Films and, uh,

now is buying Paramount.

 So

Tony Kynaston: Skydance.

Cameron: he’s Skydance? Yeah.

Tony Kynaston: Right.

Cameron: I think Ance was the name of the original documentary. Um, I think so, anyway. Yeah. Uh, you don’t, you know, which startup’s gonna come along and decide. They, they want a bunch of television networks and production facilities and cash flow and, and pick it up, so,

Tony Kynaston: sports broadcasting now. I [00:34:00] Yeah. when I open up Apple and Amazon. They’ve got the latest NFL game on them. And, and so, you know, they’re business people, they’ve gotta say to themselves.

Well, if we wanna get into college football, do we go out and create a network from scratch or do we go over to this company and make ’em an offer on their sports broadcasting unit? Um, ’cause it’s cheaper. So I think, I think m and a plays into this. Um, I, can’t predict, but, uh, it’s so cheap. You’ve gotta think that we’re not the only ones who are looking at it.

Cameron: Well, that’s GTN and that’s QAV America for this week.

Tony Kynaston: stock. Thanks.

Cameron: Hmm. Thanks Tony. Have a good one.

Tony Kynaston: All right. Bye.

Sarah: Q A V is a checklist-based system of value investing developed by Tony Khighneston over 25 years. To learn more about how it works and how you can learn the system, visit our website, Q A V Podcast dot com.

This podcast is an information provider and in giving you [00:35:00] product information we are not making any suggestion or recommendation about a particular product. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. Please note that all information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise. The results are general advice only and not personal product advice.

Transparency is important to us. We will always be very open and honest about the stocks we own. We will also always give our audience advance notice when we intend to [00:36:00] buy or sell a stock that we are going to talk about on the podcast. This is so we can never be accused of pumping a stock to our own advantage. If we talk about a stock we currently own, we will make it known that we own it.

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