[00:00:00]

Cameron: Welcome back to QAV America, Tony. This is episode 21. How are you?

Tony Kynaston: I am well, thank you. Father’s Day celebrated

Cameron: good.

Tony Kynaston: Hope everyone out there did the same.

Cameron: No, they’re Americans, Tony, they celebrate Father’s Day in a completely different time of year to us. Mm.

Tony Kynaston: did. Anyway. I was gonna segue that into hope they all got their small packages, but, um, can’t

Cameron: They’re small packages,

Tony Kynaston: Day gifts from Australia, which have been held up.

Cameron: Oh, that’s a reference to the fact that Australia Post has stopped shipping packages to the United States because of the de minimis ch rule changes. Uh, we were just talking on our Australian podcast about the, uh, state of the economy in the US second lot of weak jobs, job numbers has just come through, and as I pointed out in the last episode, all of the reasons that we’ve been [00:01:00] talking about.

Over the last, uh, six months or so on this show, according to the failing New York Times, as the president likes to refer to it, analysts offered a variety of explanations for the slowdown the president’s tariffs on nearly all imports have driven up, driven up costs for companies and prices for consumers.

Mr. Trump’s immigration crackdown has made it harder for many businesses to find workers while, while simultaneously reducing the need for them because they now have fewer customers. The federal government has cut jobs directly and canceled grants and contracts that have bled into the private sector.

The uncertainty surrounding Mr. Trump’s ever shifting policies has made corporate executives more cautious about hiring and investing. So. You know, who would’ve guessed that, uh, putting Donald Trump back in the White House would lead to chaos and uncertainty? Tony? No, certainly not me. I, that was not on my bingo list.

I thought, here’s a man who’s calm and [00:02:00] most stable genius I’ve ever seen. So it’s deeply surprising to me. What about you?

Tony Kynaston: Yeah, surprising, surprising to all the Republicans, I would’ve thought. Who, uh, Um, yeah, but I, well first of all, I didn’t access the New York Times ’cause it’s a paywall and I’m not gonna sign up to the New York Times. with the Wall Street Journal,

Cameron: What do they have to say?

Tony Kynaston: probably the

Cameron: Right?

Tony Kynaston: Reprinted, uh, anyway.

Cameron: uh, as I, I’m gonna do a pulled pork this week on an interesting company, meo. They’re a, uh, methanol, well, they’re the 800 pound gorilla in the methanol space, which is interesting ’cause I know or new before this. Nothing about methanol. But before I do that, I just want to. Give a portfolio, uh, performance update.

Our US portfolio is up about 7.6% in the last 30 days versus the s and p 500, which is up [00:03:00] 1.65%. Uh, since inception, which is, uh, September, 2023, our US portfolio is up 70. 4% versus the s and p 500, up 46%. Year to date though we are still struggling. We’re down 7.2% year to date calendar, year to date versus 10.43 for the s and p because of some of Mr.

Trump’s policies that tanked our portfolio at the beginning of the year, but over a one year timeframe. We are up 31% versus 20% for the s and p 500. So despite having a rough start to the year, uh, we’re still looking pretty. Um, I, I’ll also just, uh, mention the companies that I’ve done pulled Porks on over the last, uh, 20 episodes on this show.

Um. Zap in order of best stories, [00:04:00] zap the smart Chinese smartwatch company that I covered on the 11th of July is now up 1511% since then. It’s just not slowing down. It is down 4% today. Um, but it’s just not slowing down. Gray media is up 40%. Titan machinery is up 11% since we talked about it. Precision Drilling is up 18%.

Orx Corporation up 27 IHS holding up 37. Ford is up eight since we talked about it. Chemex is up, uh, 68%. Dan aos is up 16 Canadian. Imperial Bank of Commerce is up 23%. Jackson Financial, up 16%. Costco’s up five. Sasol is up 43% since I talked about it in July.

I said they were a dirty, dirty, dirty business they were in and they’re up 43%. Bausch Health Companies is up [00:05:00] 16%. Seneca Foods is up nine. Kimball Electronics is up seven Sno that I talked about last week though is down 2% since last week. So there you go. Then there’s also Zim, uh, which is down 26% since we talked about it back in March and, and now Chile is down 10%, but the rest of them doing quite well.

Well, with that out of the way, let me, let me talk to you a tale of Meow, Tony. Meow, MEOH. There’s the ticket code for Methanex. I’m calling it Meow though. We’re talking about the world’s biggest methanol producer. That’s who these guys are. Headquarters in Vancouver. Plants all over the map. Louisiana, Canada, Chile, New Zealand, Trinidad, and [00:06:00] Egypt.

But I’m gonna preface this as I did last week by saying that the underlying commodity for Metanx, which is methanol, is a Josephine. So for new listeners, we chart underlying commodities on a three point trend line, looking at month end prices over a five year graph, and when a. Price has been in decline.

We classify it as a Josephine. It could also be a cell, but this isn’t a cell. It’s not below its cell line. It’s above the cell line below the byline, so it’s a Josephine, so we wouldn’t, what that means is, regardless of the numbers, I’m gonna talk you through with Methanex today. We wouldn’t buy it. We’re not, we, we don’t have any room in our portfolio anyway, but if, if, if we did, we wouldn’t buy it until the underlying commodity gets back into a buy territory.

Because we’ve learned from experience that prices tend to follow the underlying commodity price, which makes sense.

Tony Kynaston: [00:07:00] methanol used for? Cam,

Cameron: Tony, I’m glad you asked. Thank you for asking. Tony

Tony Kynaston: you are

Cameron: Methanol’s used for pretty much everything. It’s the Lego of the chemical world. It’s used in millions and millions of different things, including making crystal meth as we all learned from breaking bad. Um, it’s precursor to methyl a methyl lamine.

Methyl lamine, I think is what they had to hijack trucks, uh, or trains in the desert, uh, in wherever they were. New, New Mexico, new something. Anyway, it methanol is the simplest alcohol, CH three. Ohh. It’s a clear liquid. It burns cleanly, mixes with almost anything mostly made from natural gas methane. Then you catalyze it into.

Methanol. It’s used in plastics, paints, adhesives, resins. It’s blended into fuels, biodiesel, [00:08:00] gasoline, and the big future for it is something called e methanol, which is formed from CO2 and green hydrogen, and it’s a low carbon marine fuel. All those tankers moving. Well, you know, but based on President Trump’s tariffs, we won’t have to worry about shipping stuff around countries anymore ’cause it’ll all be made in America by, not by immigrants though, by good, good Americans, we’ll be working factories for $1 a day and happy.

That they have a job that hasn’t been taken by a robot or AI yet. But basically this is the, it’s the Lego brick of the chemical world. Cheap, versatile, snaps into more complex stuff, and.

Tony Kynaston: bare feet.

Cameron: And Well, I was gonna say, light Legos. Don’t eat it because it’s highly, highly toxic and can kill you. So [00:09:00] don’t get it in your eyes.

Don’t breathe it in, don’t get anywhere near it in its raw state, and that’s one of the problems as we’ll see. But methane X-M-E-O-H is the world’s largest methanol producer, as I said. They not only produce it, they run their own fleet of tankers, which is good bit of vertical integration, probably also why they want to have their, uh, own shipping product, fuel product, marine product, and it.

It also means they can shift supply to whichever region is paying best, uh, at a fairly low cost. And these guys run a really efficient, low cost operations. One of the reasons why they’re on our buy list, they go back to a company called Ocelot Industries, which was like a oil and gas company. 1968 in Calgary, pivoted to methanol in the 1980s, became Methanex.

And they’ve survived despite the government policies [00:10:00] around the world regarding methanol being pretty volatile, as is methanol over the last, uh, 50 years, which I’ll talk about. But first of all, I wanna talk a little bit about the methanol market. It’s global, it’s priced in USD. The big markets are China, Europe, south America, Korea.

22% of the market is in China. They use it for fuel blending and plastics feed stock. Dunno if you know this Tony, but a lot of plastic stuff gets made in China. They use a lot of methanol. Um. Europe and the US use it for chemical intermediates and some energy. South American Korea use it for a whole bunch of different things.

The basic price drivers for the methanol market are natural gas costs, oil and NAPFA spreads the competition for fuel and regulat. Both in terms of what you can put in your [00:11:00] fuel and also rules around what can be used and when it can be used in like marine rules and those sorts of things. Bottom line is the prices swing hard.

There’s a lot of inputs, a lot of variables, and it’s a fairly choppy market. That you have to have deep pockets to be able to navigate successfully year in and year out, which these guys seem to have done a good job doing over decades. They have massive scale, so they have massive price influence. Their posted price often sets the market for North America and Asia.

They’re market makers effectively. They also have a low cost gas advantage. They have this site called GeMar in Louisiana. They just recently opened G three GEMA three. Third plant there, but it is world class, cheap supply, a lot of, lot of methane in Louisiana. [00:12:00] Tony, I guess, uh, a lot of swamps. Lot of, uh, yeah, a lot of, lot of swamp.

Uh, I’m thinking Tony, what’s his name? Uh, to who is, who’s the swamp blues guy? We on little Louisiana where the alligators grow so green. There was a girl who I swear to the world, made the alligators look tame. Poke salad. Annie a gator. Got your granny no

Tony Kynaston: the

Cameron: Annie.

Tony Kynaston: who sang it. Yeah, yeah,

Cameron: Well, Elvis covered it. Poke salad.

Annie originally sung by and written by Tony, Joe White. Yeah, I think he passed away. Recent, uh, not that long ago. Yeah. Oh, 2018 nicknamed The Swap Fox. Best known for his hits poke salad, Annie, 1969 and Rainy Night in Georgia, which he wrote, but which was first made popular by [00:13:00] Brooke Benton in 1970. There you go.

Tony Kynaston: Okay.

Cameron: also wrote songs for Tina Turner, Elvis Presley, Tom Jones. There you go. Uh, I love me a bit of Tony, Joe White, the swamp Fox. Go check him out on Spotify after this, if you haven’t heard, like, just had that sort of what you’d expect, somebody called the swamp Fox’s voice would be wait on in Louisiana, where the alligators.

Anyway, back to back to methanol. Um. So, uh, don’t have time. Got a kung fu class I gotta get to. So, um, although I, I hurt my back last week. Um, my hip spin out, I went to my physio on Saturday. She said my hip’s out, my should’s out, my right ankle was out. So that’s, uh, that’s kung fu for you. But she put my hip back in.

But I, I, I. I left it too late and I tweaked it like, you know, [00:14:00] and it sort of, it would’ve been compensating on the side that was Yeah. It’s, anyway, yeah. Hurts any who? Um. As I said, they, they have a diversified footprint, so if Egypt runs short of gas, they can move their production around to other plants.

They’ve got a very large, very sophisticated operation. They’ve got this new capacity, as I said, just came online in mid 2024, GeMar three. They also have done a bunch of acquisitions in Texas, something called the High Fuels Platform. Basically they’ve got scale and they’re positioning their manufacturing as well as their output to a low carbon future.

There’s this whole idea of low carbon, um, methanol, which is as far as I can tell, isn’t, is. Very realistic today. I think I saw something like 0.2% of methanol production is low [00:15:00] carbon at the moment, but there is some promise that it’ll be low carbon in the future. but some of the risks.

Tony Kynaston: is of, um, carbon, uh, emission. So. This is a big, a big, uh, carbon offender, I guess if it’s methanol.

Cameron: Well, if you are capturing it and processing it, it burns cleanly, I think is the deal here. So we always hear about. Cow farts and methane being a big contributor to climate change. But if you can capture the methane and synthesize, catalyze it. Synthesize it into methanol, it burns cleanly, I believe, but.

Tony Kynaston: Really? Okay.

Cameron: Yeah, that’s what, uh, my notes here say clear liquid burns cleanly. I’m not gonna, I’m not gonna stand trial on that if it goes to court, but that’s what my [00:16:00] research said. But the risks with these guys are some and many, uh, varied. Methanol prices fall as they have been falling and they get stuck in the commodity cycle risk.

Uh, there’s supply is a little bit shaky in places like Trinidad and Egypt. Um, policy swings. So methanol and fuels have been banned and restricted before because of toxicity. If you. Get anywhere near methane, it becomes incredibly poisonous as it turns out. I, I did an earlier version of my notes did have.

Some numbers on this, but it’s been removed in various, uh, different iterations, but it’s like a small amount will make you go blind. A slight, like I think [00:17:00] 30 mils will, is potentially fatal. 10 mils I think will make you go blind. And I remember talking about this on my, one of my podcasts, I think it was my War on drug series on the bullshit filter years ago, talking about prohibition.

So one of the things that the US government in its wisdom did during prohibition, you know, there was still industrial alcohol available in the US for industrial processes and bootleggers were grabbing that and turning it into. You know, drinkable alcohol and selling it. So they started mixing it with methanol, became methylated spirits, didn’t affect the industrial uses, but if you drank it, it would kill you.

And bootleggers grabbed it and sold it anyway. And. Thousands of people died from drinking this, uh, methylated alcohol, [00:18:00] which the government did. The government didn’t sell it to them and force ’em to drink it, but they were mixing it in and didn’t warn people effectively that if you drink this stuff, you will die.

And people drank it and died. Thousands of people. So anyway, it is very toxic as opposed to ethanol, which. Nice green hippie stuff. Everyone loves ethanol. Methanol, not so good. So that gets caught in this whole ethanol, methanol war. Ethanol has a very positive public perception. Methanol has a very scary public perception.

So there were some trials in the US in the 1990s, in the two thousands. For something called MTBE, methanol based gasoline basically, or gasoline additive, and they got banned because of groundwater contamination. That was a big issue. China also [00:19:00] trialed, uh, some methanol based fuel additives, but then pulled back partly because of safety concerns, partly because state oil giants got upset and, uh, lobbied the Chinese government to stop doing it ’cause it was affecting their revenues.

This in the 2000 and tens and then China pivoted EVs and so that market sort of collapsed. But I. There’s still a big market for methanol, but it, it, you know, it can get caught up in some of the, the politics of it being toxic. Um, I’ve got some notes on the chemistry here. Me, ethanol has two carbons is what makes it different, and is drinkable.

Methanol has one carbon and is toxic, so there you go. Ethanol comes from crops, methanol comes from gas or coal, or CO2. Ethanol is widely blended into petrol E 10, E 85, et cetera. Methanol blends exist [00:20:00] but are niche due to toxicity and compatibility industry use, though ethanol is narrower. Methanol is the global industrial building block.

For all of those things I mentioned before, paints, plastics. Basically industrial chemistry where safety is less of a concern. ’cause you’re not drinking your paint unless it’s a big night. Well, it’s a big night then. Okay. Eventually you end up on the paint. But you know, my dad used to tell me that the alcoholics in my hometown would just buy methylated spirits and pour it through a loaf of white bread.

Not sure that actually

Tony Kynaston: was, it was terrible out in Alice Springs, um, where the service stations would have metho and white bread in the fridge

Cameron: Right.

Tony Kynaston: to sell to people. I’d

Cameron: Keep the,

Tony Kynaston: that

Cameron: the, the meth. The meth was in the fridge. The meth, methylated spirits was in the fridge too, so it was cold. Wow. [00:21:00] Wow.

Tony Kynaston: It

Cameron: Yeah.

Tony Kynaston: they didn’t do

Cameron: Convenient.

Tony Kynaston: with, out slices.

Cameron: Wow.

Tony Kynaston: Hmm.

Cameron: So the, the, the basic bottom line is ethanol is politically popular biofuel, methanol is industrial poison plus future shipping fuel, but still a huge market for it. But there could be a bigger market for it because of the shipping stuff. I think that’s the big upside for these guys if they can get this right.

Today’s marine fuel is very dirty. There are a lot of demands for. A replacement for marine fuel. Obviously a, a large chunk of the carbon emissions that the world generates comes from shipping and transport in general in terms of international transport, planes, boats, and the boats part of it is big. And [00:22:00] as, um, ah, who’s that guy who’s written the books on Energy I read a couple of years ago.

I can’t remember his name. A guy that

Tony Kynaston: telling me about him?

Cameron: Bill Gates put me onto him, not personally, but talks about him a lot. No, but he, uh, but this guy’s book was saying, you know, all of this stuff about green energy is great, but you’re not gonna run ships and planes on batteries in the near future. It’s just, or electrical.

You’re not gonna have electrical planes, you’re not gonna have electrical ships in any foreseeable timeline. Too heavy. Yeah. And just not enough power to, you know, last the sort of duration that you need. You can’t recharge them midair, well, I guess maybe you could in the middle of the ocean anyway. Um, an alternative is needed that is less destructive and low carbon, methanol, biom, methanol, or e [00:23:00] methanol.

Biom methanol from biomass m, methanol from CO2 and and green hydrogen, as I said before. Is one possible solution. It’s liquid at room temperature. Easy to store. It’s easy to retrofit, sorry, retrofit engines, and it’s a cleaner burn, so there are already some people adopting it. Mabb have 25 plus ships that are using it.

Costco, C-M-A-C-G-M, Hyundai Shipyards Ports Worldwide. A building. Bunkering systems for this. So it’s, uh, it’s happening. If it happens in an even bigger way, a lot of upside for, uh, methodex. Some issues though, I mean, supply gap is gonna be one. Mask alone need five to 6 million tons a year by 2030. It’s a little bit higher cost.

The whole green hydrogen plus the methane capture side of it is expensive. They’re gonna need lots of huge new [00:24:00] plants that’ll need to be built. So it’s not without its issues, but Methane X’S Angler, they’re the world’s biggest producer. They own waterfront shipping with methanol powered tankers. They can integrate these high hydrogen fuels, high fuels from their OCI acquisition recently.

So it could be a multi-decade demand kicker for these guys if they get it right and it all comes to fruition. But that’s forecasting and we don’t like to base anything on forecasting.

Tony Kynaston: sorts of things could happen if, if methane does become a fuel, you know, why wouldn’t Shell and bp and. All Ords get into it as well.

Cameron: Sure. They’ve also got some big problems that I’ll talk about, uh, including a securities fraud cloud that they’re in the middle of at the moment. Um, actually I’ll talk about that first. So in February, March of this year, their new plant, GeMar three, had an [00:25:00] outage and they didn’t really disclose it until March 9th and the stock dropped 13% in a day.

Now there are a handful of law firms that are. Investigating why there was this delayed disclosure on behalf of shareholders. No lawsuits or regular regulator action yet, but it could be big and it could be messy if it turns out that they knew something that they didn’t disclose. The plant restarted in May, 2025 operations and.

Back to normal, but there’s this possible litigation, overhang, governance, credibility is at stake. Potential settlement costs could be in the hundreds of millions of dollars. We don’t really know, but there you go. So they’ve got some problems on that side of things as well. That might be why it’s at a bit of a discount, apart from also the methanol price being in the doldrums at the moment.

Tony Kynaston: [00:26:00] because of governance?

Cameron: Oh, well we would, if they were an Australian company, wouldn’t we? Yeah, we would red flag them. Yeah. Good point. Okay. I’m red flagging them.

Tony Kynaston: just run through the issue again. So they had a plant closure, which they didn’t disclose. Is there any reason for that?

Cameron: Yeah, look, it said that needed maintenance, but they didn’t give advance warning about the fact that this plant that had just come online, um, nine months earlier was gonna be shut down for a couple of months. The reasons behind, it’s not clear. Um, so there’s, there are lawyers looking into it, trying to figure out what’s really went on and why.

Obviously they didn’t give the market advanced notice. I think the share price was pumping because this new plant had just come online, which is, you know, Maxim, you know, increasing their capacity, et cetera, et [00:27:00] cetera. Then all of a sudden it shut down for a few months. So yeah, we should probably flag them for governance, although we don’t know the reason.

Uh, we never know the reasons behind it. Do we? Well, anyway, let me talk about the, yeah, I mean, they did put out something, um. Let me pull up my notes here on the notes not listed in my notes. Yeah, there was, there was something in an earlier version of my notes about what their story was, but it, it was sufficiently vague that, um, oh, here we go.

Due to issues with its automal reformer. I mean, I’ve, I’ve. Not about you, but I’ve had lots of issues with my automal reformer, Tony. The automal reformer. You, you never really, you, you never really be sure of those.

Tony Kynaston: When was

Cameron: Yeah.

Tony Kynaston: was the date?

Cameron: [00:28:00] late February, they experienced an unplanned outage

Tony Kynaston: Okay.

Cameron: stem from issues with the plant’s.

Automal reformer. Yeah.

Tony Kynaston: so they will have reduced, they will have released new numbers since then. So the market can digest that. So it’s probably okay not to red flag it.

Cameron: Okay, no red flag. Then talking about the numbers though, um, I mean the big one of course for us as always is price to operating cash flow, which is 2.76 times. Dividend yield is 1.9%. Petrovsky F score is a seven out of nine. Book value growth is 7.5% cagr, and the price to book is 1.14 times so cheap on a lot of our metrics.

The price is above our IV hurdles though, but I’ll run through the, I’ll run through the numbers. [00:29:00] Um. Average daily trade, 2120 2 million. So pretty big quality rank on. Stock Edia is a 68. We give it a score. If it’s over 60, the stock rank is below 90 though, so we don’t score it on that. Stock rank is 77. F Score, though, as I said, is a seven.

We score it if it’s over 4.5, so financial health score is quite good. Prices above our IV one and our IV two. Um, it is however below book plus 30. It’s above book, just slightly as I said, but um, very close to book. It’s below Book plus 30. Doesn’t have a new three point upturn, but the book value growth is positive.

Uh, what else have I got it scored on? That’s about it. The forecast IV is not greater than twice the share [00:30:00] price. The yield is, uh, not greater than the bank debt. PE is not less than the yield. All in all, I scored at eight outta 1260 7% for our quality score on a QAV score of 0.24, which is a pretty good score for us.

Fundamentals are good. Market caps around about 3 billion US share price just for the record. Closed at about $38 61. The. But, um, yeah, the major problem I would have with it right now is the methanol price is still pretty low. It’s just above its cell line, actually. So we would wanna see the methanol price get back into a positive territory before we added it to a portfolio.

I’ll put it in my, um, tracker though, just to keep an eye on it, just for shits and giggles.

Tony Kynaston: [00:31:00] on the Australian show that the, um, oil prices down and OPEC are thinking of increasing supply. So if that’s a big feed into this methanol conversion, which is sounds like it is, their input price. To what they produce will go down, which mean their margin should go up.

Cameron: Yeah, I, I, I dunno though. I think that. As a fuel methanol and oil might be competitors.

Tony Kynaston: I thought you said before they were taking oil and then converting it into methanol. What’s their base crude stock?

Cameron: Well, it’s methane. Which is a gas, I mean, they need oil to run their plants and everything. I’m sure. it’s a component of operations, but I’m not sure.

Tony Kynaston: was an So where does methane come from? Is it from natural gas? Are they fracking? Natural gas? [00:32:00] Uh.

Cameron: Well, yeah, I mean, I’m not exactly sure if they’re fracking it, but they’re getting natural gas out of somewhere from all of these plants, all of these operations.

Tony Kynaston: tend to in lockstep with the oil price, or at least has some kind of relationship to the oil price.

Cameron: Yeah, I think. Oil is a component of their supply chain, but I think it’s also a competitor in terms of, um, end fuel products to an extent. So, uh, if the oil price comes down that may make methane based fuels more attractive, um, might also be a competitor In terms of some of the chemical ingredients that are used for producing plastics and paints, I’m not sure.

That’s outta my depth, Tony,

 but um, yeah. Anyway, there you go. That’s meow. [00:33:00] Methanol producer, of course, crystal meth too, I’m sure is a big market. So not sure where the crystal meth market Donald Trump cracks down on Mexican and Venezuelan drug imports into the United States. Maybe there’s a big market for domestic crystal meth production.

Uh, maybe that’s, maybe he’s putting tariffs on crystal meth coming in over the border.

Tony Kynaston: ‘ cause it’s a Canadian based company, there’d be, there’d be tariffs on their production into the US if they were doing it in Canada,

Cameron: Yeah.

Tony Kynaston: them.

Cameron: Yeah, but the Louisiana plants are all in the us. I’m not exactly sure. I mean, how it breaks down, I’m sure they’ve got some complicated mathematic algorithms to work out their tariffs. But yeah, anywho, that is methodex. Keep an eye on it and, uh, see what you think. Folks do your own research. Not a recommendation, but uh, an interesting business that is, [00:34:00] seems to be fairly priced at the moment.

Tony Kynaston: And as we say, very different to businesses in Australia. We wouldn’t have talked about a methane producer at all.

Cameron: And I gotta tell you, I did a new, a new us buy list yesterday to prepare for this. And it was enormous. Like there were. Hundreds of things to look at. Most of them were shipping and financials companies. Still, if I, I’m just opening up my buy list, my US buy list, and I’ll tell you, I.

Tony Kynaston: are doing it tough ’cause of the tariffs, I would’ve thought.

Cameron: Yeah, but well, shipping companies have been on our US buy list since, well before the Trump administration. I mean, I know there was some tariffs left over from the first time around. Um, and there was a whole bunch of. COVID related issues and global [00:35:00] supply chains and wars and all sorts of stuff. But, um, yeah, shipping companies and financial services companies galore on the US buy list for some reason.

But I look for different things to talk about.

Tony Kynaston: the reporting season in the US so maybe the new figures are triggering extra stocks on the buy list. I’m not sure.

Cameron: the new numbers may have an effect, but here we, like, lemme tell you this, like, hold on, lemme look at this. There were, 205. Companies, and that’s just the ones with a score greater than 0.1, which is an arbitrary cutoff that we come up with. Um, it’s really, there’s just value everywhere popping up. Gray media is still the top of the buy list, by the way. QAV score of 1.12, even though the price is up 40% since I talked about it a month ago, it’s still at the top of the buy list with a quality score of 85%.[00:36:00]

So there you go. No. Anyway. Thank you, Tony. Gotta go to kung fu. See how my back goes?

Yeah.

Tony Kynaston: better at

Cameron: tk.

Tony Kynaston: right.

Cameron: Right. Okay. Cheers.

Tony Kynaston: Cheers. Have a good week.

Bernard: 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 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 [00:37:00] 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 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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Quote of the day:

“Hope of gain Lessens pain.” “Poor Richard’s Almanack”, Benjamin Franklin