Cameron: [00:00:00] Welcome back to QAV America Tony, for, uh, new listeners to Australians Value. Investors been talking about value investing on a podcast for years in Australia. Now we’re doing an American version where we talk about the North American market. And we can’t start talking about the North American market, Tony, without talking about Donald Trump and tariffs and SCOTUS and all that kinda stuff this week.

So, um. Um, as we, we were talking a little bit about it on our Australian show that we just finished, but as everyone knows, uh, the Supreme Court overturned trump’s, uh, tariffs that he had implemented a year or so ago under the International Emergency Economic Powers Act, which the Supreme Court said, nah, you can’t do that.

That doesn’t work. The company that took it. All the way up to the [00:01:00] Supreme Court was Learning Resources Inc. A relatively small family owned maker of educational toys, uh, that said it was going to increase their. Tariff costs 44 times and that there was no way they could survive and afford to cover that.

They didn’t have the capital to front run the tariffs. They couldn’t relocate their manufacturing quickly. Like bigger companies might’ve been able to, and uh, Trump called them. Dirty sleaze bags or just sleaze bags and unpatriotic unpatriotic sleaze bags. How dare you tell me that? The illegal thing that I did was illegal.

You’re sleaze bags, major sleaze bags.

Yes. And as I said in the last show, when some. [00:02:00] When somebody who’s been found guilty of sexual assault calls you a slee bag, slee major sleighs bag, you know, well, you’ve got problems. You need to take a long, hard look in the mirror, sir. Um, anyway, so what that means, uh, how they’re going to pay back the $260 billion in tariffs that they collected in 2025, uh, uh, remains to be seen.

No one knows what it means, and he’s went immediately hit. Every country in the world with a 15% global tariff. No one knows what that means. No one knows what’s going on. It’s just completely bonkers. Completely, completely bonkers. But, you know, you and I were talking at the end of the Australian show about what AI is gonna do, and it’s, there’s you, you talked a lot on the last show about.

Um, which you can talk about again if you want, on this show about the, uh, depreciation of capital costs for the mag [00:03:00] seven. Do you wanna do your little talk about that again?[00:04:00] [00:05:00] [00:06:00]

Yeah. And you know, a lot of people are calling out the fact that the amount of revenue that these businesses are gonna have to generate in order to pay back all of this money that they’re raising for building data centers. It’s hard to see how that’s gonna happen. A lot of people are calling it an AI bubble, and, uh, yeah, the counter argument to that is, well.

It’s pretty certain that AI is gonna be something and somebody’s gonna make [00:07:00] something, some money out of it. Although it also, the counter argument to that is that it can completely collapse socioeconomics as we know it and everyone loses their jobs and that creates recessions, depressions, uh, that could trickle, that could, you know, we could never recover from The point you and I were making on the show before was that.

With Trump and the tariffs and with AI bubbles and all of this kinda stuff, no one knows, no one has any idea what the future looks like right now. So all we can do as investors is just keep doing what has worked in the past, which as far as we’re concerned, is by a dollar for 50 cents. And, uh, just until things change, so.

Yeah. Until things change. And then when things change, we’ll [00:08:00] reassess. Reevaluate. Yeah. But right now we just keep doing what we’ve always been doing, which has worked pretty well so far. Double market returns for as long as anyone’s been tracking value investing.

Yeah.

Well, we’ll see. Meanwhile, we’ll just keep doing what we’re doing. Um. Last week on the show, we were talking about Shinhan Financial Group, and that raised the issue of ADRs yet again. American [00:09:00] Depository Receipts. And I did do a shout out when I did my Reddit post on Shinhan. I invited people to share their views on ADRs with me.

No one replied, so I spent some time in.

Uh, so I did, um, spend some time in Gemini working through it, and I’m gonna try and summarize my understanding of it as quickly as possible. So there’s a couple of gotchas here as I understand it. One is that there are. Cus there, there, there are called custody fees that the depository bank charges pass through fees for servicing the A DR.

These are typically about two to 5 cents per share [00:10:00] annually. So depending on the value of the share, you gotta keep that in mind. There’s also dividend processing when SHG, for example, pays a dividend, the depository bank takes a cut. Often one to 3% of the dividend amount for converting the currency and distributing the funds so you don’t get the full value of the dividend.

Then you’ve got the tax issues. Uh, this is apparently where most US investors end up taking a bit of a haircut if they didn’t plan for it. In, in the South Korean case with FSHG, the statutory withholding tax on dividends for non-residents is 22%, which includes a 2% local inhabitant tax. Then you’ve got the US Korea Tax Treaty.

Under the current treaty, US residents can typically have this reduced to 15%. However, you have to get your broker to apply the treaty rate at the source, which is apparently notoriously difficult for retail [00:11:00] investors. You can usually claim a foreign tax credit on your US tax return using something called a Form 1 1 1 6.

But this only offsets your US tax liability. So if you hold SHG in an IRA or a 401k, you might not be able to reclaim the 15 to 22% at all because those accounts are tax exempt and aren’t recognized as such by Korean tax authorities. So you’re missing out on that dividend altogether in that case. Then you’ve got the currency and exchange issues that I mentioned last week.

Even if, say, SSHG stock rises by 5%, if the one continues to weaken against the US D or A DR could be flat when you go

Tony (2): sell it, the of [00:12:00] in the Although that hasn’t been the recently while the one weakens, that can create a double whammy where the local bank stop stock drops and the currency devalues

Cameron: simultaneously.

But again, it’s just a level of complexity that you have to factor in. Then you’ve got. The Korea discount that we talked about a lot on last week on the show last week. Then you’ve got the geopolitical tail risk, um, in, particularly in South Korea, which is, uh, I dunno if you know this, but it’s very close to North Korea and

Tony (2): close to it,

Cameron: that’s, they did a good job when they came up with the names of North and South. Yeah, Barry and Stan did a great job and they went, so there’s, you know, there’s this constant as assessment of risk about [00:13:00] the, the, uh, treaty between North and South Korea and what happens there.

So, but that’s not really anything to do with the ADRs. That’s just another geopolitical risk with investing in South Korean companies. So, look, there, there are complications. Um. For US investors with ADRs and I, and I don’t know from a QAV perspective how that translates. Does it mean that we should just not look at ADRs in future when we’re building a portfolio?

Should we factor them out because of this additional level of complexity or, you know, career electric power is done quite well. It’s um. Up, I think about 30% since we last talked about it. Hold on, let me, um,

Tony (2): pull up my Paul pork

Cameron: Hmm[00:14:00]

hmm.

Yeah. Yeah. Career. Mm. And I think with AI in your back pocket now to help you, uh, navigate the a DR complexities, it shouldn’t be that hard. Should be just gimme an email to write to my broker. Uh, tell me, you know, what tax forms I need to fill out. Career Electric Power is up 31% since we did a deep dive on it at the end of November.

So little over two months, it’s up 31%. I mean, it’s pretty good. You don’t really want to be turning your nose up at that. Right.

Yeah, that’s a way of doing it too. [00:15:00]

Tony (2): Use them as a backup.

Cameron: But then you got Zep Health Corporation, which I think was an A DR. It’s up 665%, so you would’ve missed out on that. Oh, the tax.

Yeah. Well now that I’m on my list of Paul Porks, just a quick summary of how they’ve done. So these are the deep dives that we’ve done on the show since March of last year when we started doing the show on a weekly basis, more or less. Um, I’ve done 38 I stocks, 29 of those are up, nine are down. Uh, so it’s about a 76% win ratio and.

If I average out, which isn’t very scientific, but if I average out the performance of all of those, the average profit is 38%. But a lot of them are up, you know, very, very, uh, nicely [00:16:00] so, and Ford Motor Company, and we talked about their losing $8 billion, uh, last week. They’re still up 26% since we talked about ’em in May last year.

So even with all of that, they’re still doing okay.

Yeah, possibly. Um, alright, uh, well while I’m here, let’s, uh, just talk about our portfolio, uh, briefly and then I’ll get into my deep dive for the week. So the portfolio we’ve been running in the US since September, 2023. Is currently up 103% versus the s and p 500, up about 54% over that time. So not quite double market, but uh, very close to double market.

[00:17:00] And in the last. 90 days it’s up 34% versus the s and p up three and a half. And it’s funny, I was uh, I was on the value investing subreddit the other day and I saw somebody say, all of my stocks are down over the last 90 days. I dunno, is anyone making any money? Is anyone’s portfolio doing well? Everyone was like, no one’s down and this is down and everyone’s down.

I was like, oh, I’m up 35%. I don’t know what your problem. And no one said anything. like expected, at least prove it. got? Show me your portfolio. Nothing. No one said

Tony (2): boo,

Cameron: like All right. Yeah. Back to my knitting then, I guess.

Yeah, yeah, Well over a year anyway. Uh, in case people, uh, new listeners are wondering what the stocks that have [00:18:00] done the best in our portfolio, um, over the last couple of years are. I’ll read out a quick list of the top ones. Willis Lease Finance up 318% in over International, UP 128% Euroes up 118 BLX, the Foreign Trade Bank of Latin America up a hundred percent.

Sarcos Energy Navigation Up 81, stealth gas up 62 and there’s a few more.

Tony (2): Um, but no

Cameron: mag sevens, no tech stocks. Um. Nothing like that. All and banks. Fin Finance, literally like Willis Lease Finance, foreign Trade Bank, regional Management, Jackson Financial and UBS, and I think Renaissance Air Holdings is also real estate or finance investment as well.

Um, and then a couple of shipping companies, ues, Sarcos Energy, stealth Gas, kt, I think, are they shipping? Can’t remember even what they [00:19:00] do. Oh, no. Korean, another Korean based company. Korea Telecom.

Tony (2): Is that where

Cameron: they’re. Uh, yeah, Korea, basically. Korea, telecom. Um, they’re up 55% since we added them. Uh, when did I add Korea Telecom?

Uh, September, 2004.

Tony (2): So there you go.

Cameron: that’s Korean company,

handle the tax. Hmm, hmm hmm.

Nice. Yeah, it’s basically like it.[00:20:00]

Uh, alright, so let me, uh, get onto my stock. Of the week. Now complication with this one. As I mentioned to you on our last show, when I looked at this over the weekend, it was a buy. When I went to add it to our light portfolio this morning, it had become a Josephine, which for new listeners, means that the share price today is low than it was at the end of last month, which means we won’t buy it.

’cause if it’s slipping backwards, we wanna hold on and A, C, Y, and B. Maybe we can buy it cheaper tomorrow than we can today. So let’s see how far it’s gonna slide. So I’m not gonna add that to the light portfolio this week unless it turns around. By the time I check it again tomorrow, I’ll have to add something else, but I’m gonna talk about it anyway ’cause I’ve done my research on it and it is up pretty high on our buy list this week.

The company is called Bread Financial and. Slightly disappointingly [00:21:00] A, they don’t make bread. And B, there’s no murders, there’s no, uh, Like out of all of the stories that we’ve done in recent weeks, this

Tony (2): is kind of a boring one, Tony,

Cameron: like no one got killed in the making of this story.

No.

Ah, Wow.[00:22:00]

right,

right.

Right,[00:23:00]

right. Yeah. Yeah.

There you go. I did, I did think of you when I was researching this ’cause I

Tony (2): knew

Cameron: background in, uh, loyalty programs. Well, so Bread Financial, um, was started in 1996 from the merger of World Financial Network. National Bank, which was uh, a credit card bank that spun over a company called The Limited and JC Penney’s credit card processing unit.

Basically the back office engine for people that wanted store cards. And it wasn’t a founder led startup. It was sort of a, a corporate mey thing and has had a lot of institutional ownership and continues to have [00:24:00] a lot of institutional ownership today. Uh, it looks like institutions own roughly 90% of the float could be even more Vanguard, own 11%.

BlackRock own about 10%. Um, there’s also an activist holder called Turtle Creek Asset Management that has about a six or 7% stake. Although I think they’ve trimmed their position recently, but the got people a little bit interested in the prospects of this business when Turtle Creek started buying in a few years ago.

The CEO is a guy called Ralph Andretta, formerly Citibank. He’s been running it since 2020 and he’s kind of spent the last few years amputating a lot of the cards. So BFH, uh, and I’ll, I’ll talk about why they’re called Bread in a moment, but they’re basically the invisible store cart.

[00:25:00] You know, we, we we’re very familiar with those

Tony (2): had a number of

Cameron: businesses like that in Australia, but basic Exactly, exactly. If you go to a specialty retailer like Victoria’s Secret, speaking of Les Wexner, uh, deposition, um. And they offer you a, a, a loyalty card, get 10% off if you, blah, card, et cetera, et In the United States Bread is often the company that’s providing that card. They’re basically providing you with a

Tony (2): loan for

Cameron: credit to buy stuff from the shop. And most of their money now comes from two big buckets, the loan book, interest and fees on private label and co-brand cards. They also have things like the bread cashback, amex, and the saving sides.

They also run a direct to consumer digital bank called Bread [00:26:00] Savings that gathers deposits and funds those loads directly. But it’s, it’s, yeah, a lot of it’s subprime or near prime loans, high risk rate for these sorts of things. Um, probably. The first thing that people are gonna default on if they hit hard times US economy is either the greatest economy that there’s ever been in the history of economies.

Tony (2): Donald Trump,

Cameron: economists, not so good in lots of areas. So,

yeah, well, you have to get rid of your mistress first and then take back her. Uh, lingerie before your wife finds out. Um, now there is a thing going on at the moment, uh, that’s a bit of a Trump slump for credit card companies, um, amongst. [00:27:00] Putting in place illegal tariffs and then having them overturned and coming up with new tariffs whose legality are debatable.

On January 12th, president Trump called for a one year cap of 10% on credit card interest rates starting January 20th, eight days later, and provided as usual. No details on how that was all gonna work.[00:28:00]

how it’s gonna work. If it’s gonna work. January 20th came and went by the way, happened. So, um, it would be a, you know, would save Americans a hundred billion dollars a year.

I read if it went ahead or for the year. Yeah.

Well, um, you know, I’m sure Trump has thought all that through in make sure that, that, uh, there are no get outta jail free This bill targets.

Interchange fees or swipe fees as they’re known charged by Visa or MasterCard. And some analysts believe that this [00:29:00] 10% interest cap is a maximalist opening move on behalf of the Trump administration to threaten the crown jewel of the banks and get

Tony (2): them

Cameron: come to the table to discuss playing along with the CCCA and.

It sort of signals, uh, move away from the Republican party’s traditional pro bank policies. But whether or not it actually anything happens or not, it’s a bit like Trump was gonna reduce the reduce, um, pharmaceutical costs as well, I think, and ended up just saying he could get Trump drugs and apparently the White House had been floating the idea of Trump cards.

You can get your own Trump credit card with it. 10% interest rate. Um. Anyway, that is it. I mean, it, it sounds like a joke thing, but again, if you’re a credit card company or an investor in a credit card company, [00:30:00] you have no idea about is this real? Is this just talk? Is anything gonna happen? If it, if something happens, is this gonna wipe hundreds of billions of dollars off of credit card companies?

Valuations. Um, or nothing could happen. I mean, so who the hell knows

could have something to do with it. Yeah.

Tony (2): As of this point in time, we’re recording this on, uh, February the 24th. So a month and a bit has passed since the No credit APRs hovering between 22 and 24% on average. Legal experts and banking groups say the president lacks authority to cap rates via executive

Cameron: law is required to override existing state level parity and [00:31:00] national banking rules.

And we know that if President Trump cares about anything, Tony, it’s uh, very, very strict. Yeah. Obeying the laws, uh, sticking to it like crossing t’s and dotting i’s, that’s what he’s really good at. doing anything that could provide any blowback or cause embarrassment

Tony (2): complexity

Cameron: the track.

Tony (2): so. as [00:32:00]

Cameron: just wanna flag that one of the risks for companies like Bread Financial. Um, something might happen, might not happen, no one knows. Now there is a little bit of a stink around BFH. There’s a. Company called Loyalty Ventures. Uh, they spun off their air miles loyalty business. As you earlier on.

You’re familiar with that? In 2021, uh, not long after they spun it off, it spiraled into bankruptcy. Uh, this led to a class action lawsuit alleging BFH or Alliance Data, as they were known at the time, had misled investors about the health of the loyalty business before dumping it. Uh, they were previously known as Alliance Data Systems, a DS, and they had this, uh, strategic transformation.

They started to sell off some of their non-core businesses. Air [00:33:00] Miles was one of those, and, uh, they sold it, uh, off. And as I said, uh, it, it. Quickly collapsed. A DS required the newly formed company Loyalty Ventures who bought it to pay it a $750 million dividend as part of the split, which loyalty funded by taking on.

A massive amount of debt. And then shortly after the spinoff, loyalty ventures, main customer, Sobes, S-O-B-E-Y-S, exited the uh,

Tony (2): Miles program

Cameron: and the whole thing sort of

Tony (2): plummeted. Sobeys is a national

Cameron: supermarket chain in Canada. I’m sure you’re familiar with seeing as you lived in Canada for quite a few years.

And yeah, 18 months later, loyalty ventures went into bankruptcy. So there’s [00:34:00] class action lawsuits. What did a DS know? What didn’t they tell the market?

Tony (2): Did they make false and misleading statements about misleading statements about the health

Cameron: of the business, et cetera, et cetera. Uh, by the way, they also sold off their data epsilon for

Tony (2): 4.4

Cameron: Um, and they also started, uh, having rising losses after COVID, um, credit card during the peak in 2021 of, fuck. Sort of COVID credit card companies were making the most out of artificially low interest rates due to government stimulus and COVID packages. And as the economy started to normalize, losses started to go up.

So BFH, um, has started to suffer from that. By the way, the BFH thing I [00:35:00] didn’t mention, they bought A-A-B-B-N-P-L company. Buy now, pay Uh, Afterpay is the one that Australians will remember bought.

Yeah, so they bought one of those, it was BR Financial. Then they rebranded to sort of get away from the stink of the loyalty ventures,

Tony (2): uh,

Cameron: Oh right.

Right, [00:36:00] right. So they probably don’t want this CCA to pass.

Yeah. Right.

So to rebrand as Bread Financial, they had to spend heavily on modernizing their legacy systems. They invested over a hundred million dollars annually over the last few years into digital innovation and credit card processing transitions. Um, so they, they’ve sort of. Gotten rid of all these legacy businesses and they’re just a pure credit card backend system now, but they’ve had to spend a lot of money to do that.

But they’re finally clean and the businesses, um, seems to be doing quite well actually, despite [00:37:00] all of that. Um. They have a market cap of around $3.35 billion, about 3.6 billion cash in the bank. But we know that looking at cash flow for financial companies is always

Tony (2): a bit tricky.

Cameron: Bit different to your normal

Tony (2): business.

Cameron: We don’t let that stop us, but it’s a little bit tricky than the normal, um, looking at a manufacturing business or a retailing business or something like that. But, uh, the, the less, the, the stub of the business that’s left is doing quite well and seems to be. Uh, quite profitable. They’re generating roughly 19% net margins, uh, when the economy isn’t tanking and they’ve got, uh, quite a good dividend that they’re paying.

They’ve got a 92 cent dividend that’s due to go X in a couple of days. 27th of February, what is it [00:38:00] now? 24th in a few days, the. Analyst forecasts for the stock are running around about 82, 80 $3, which is about nine or 10% above where it currently is. So analysts on general seem to think it’s gonna go up.

So it, it looks like a bit of a. I wouldn’t say a cigar, but, but a company that has gotten rid of a lot of its non-core businesses kept the one that seems to be making money at the moment. But with all of the changes going on in the US economy, we don’t really know what

Tony (2): the future holds.

Cameron: But that’s a good thing that.

We don’t try and predict the future, so we don’t have to worry about that so much. But some of those future things while I’m on it, just to give people a perspective, the economic forecasts for the US unemployment rate rising from four point half to 4.6%, uh, this year, which sounds low by historical standards, but [00:39:00] credit card.

Processing companies are extremely sensitive to any unemployment rates, the sort of low hire, low fire labor market over the last two or three years might cool off. We also know that, um, there’s this big hiring freeze going on according to Jerome Powell in the US where companies are starting to not hire people because of.

The expectations that AI is going to do a lot of those jobs that university graduates would be doing in the next couple of years, years. So, um, how that plays out and what that means to the unemployment rate in the US remains to be seen. There are anticipated federal reserve cuts this year in the US with the change of the Chairman of the Fed Trump’s trying to get rid of JJ Powell and replacing with Kevin Walsh.

I think that’s his name, Walsh. [00:40:00] Um, so that, you know, interest rate cuts are gonna have an impact on credit card companies and their margins and their rates mean that their profits go down. We know that when in you’ve, you said on the show last week that when interest rates go up, banks tend to make more money because they

Tony (2): their

Cameron: Uh, push them up a little bit more. It’s the opposite of inflate their margins.

Tony (2): Mm-hmm.

Cameron: But you add to that, the fact that. Consumer sentiment in the [00:41:00] US is at the lowest it’s been since 1978, actually lower than 96% of months since 1978. So consumers,

Jimmy Carter.

No, Gerald Ford was out in 75. Yeah, Jimmy Carter came in. Jimmy Carter was there until Reagan. In between Ford and Reagan. Um, so, you know, again, that could be the canary in the coal mine for where the economy’s going. No one really knows. It’s all up in the air. Um. If I look at their, if you look at their revenue and their operating profit in stocked over the last few years, the.

2020, their [00:42:00] total, this is, you know, before some of their divestments obviously, but their total revenue was about 3.8 billion. Went up to 4.8 billion in 2023. The estimate for this year is a little bit south of 4 billion, going a little bit over 4 billion next year. So they’ve sold off a bunch of businesses, but they’re, if you look at their operating profit.

It’s gone all over the place as well. It was as high as, uh, uh, over a billion dollars in 2021, but it was 381 million in 2024. 615 million in 2025. Don’t have an estimate here for 2026. But their net profit went up from 2 77 to five 18 last year. It’s determined to be about 4 31 this year. Earnings per share has gone from $4.30 in 2020 up to $10 90 in 2025.

Operating margin is running at about 13.7%, not the highest. Um, or the lowest, but [00:43:00] it’s, it’s

Tony (2): they,

Cameron: look like a, a fairly strong business that’s, uh, doing well, making money. But when you look at, uh, their QAV numbers, uh, it’s very cheap. And again, I know that they’re financial services company and, and it’s a little bit different from looking at, um, some other kinds of businesses.

But their price to operating cash flow is 1.56. Which is, uh, really cheap on Wikipedia. I could score them for a quality rank. Their quality rank is 60. We score ’em for that. Their stock rank was above 90 and their F score was above 4.5. So they scored for all of those. Their price was above our. Intrinsic value number one, but below our intrinsic value number two.

So I’ve got a point for that. Uh, their price is less than their book price and it’s also of course less than book plus 30. So they got points for that. They do have a new three point [00:44:00] upturn, so I score them for that book. Value growth is positive, so I scored them for that. Their, um, prop calf is obviously less than seven and they’ve got a positive uptrend.

So all in all, when I scored them, Tony, they got a 11 outta 14 or a 79% quality score in the QAV system, and a QAV score, a final QAV score of eCore of

Tony (2): 0.5,

Cameron: which is very high. So. Lot less, um, controversial than a lot of the companies that I’ve talked about in recent weeks, but, you know, kind of a pretty boring credit card company.

The future for these sorts of businesses, as I said in the US is a little bit tricky, but then the future of everything in the US is a little bit

Tony (2): right now. So we don’t just look at the [00:45:00]

Cameron: Interest rate fluctuations and all that kinda stuff.

Mm-hmm.

Yeah.[00:46:00]

Mm-hmm.

The default rate is built in. Yeah.

Yeah, and, and as I said

Tony (2): before, our [00:47:00] portfolio, uh, is already full of, um,

Cameron: financial services companies. They’ve been turning up a My American buy list for the last two years and we’ve just bought them and we’ve done very well out of them. Um, Willis Lease Finance Company in particular. So, uh, yeah. You know, it’s, my job is

Tony (2): not to question

Cameron: what the buyer tells me is good value.

Tony (2): It’s just to shut up

Cameron: and buy it. Oh, that’s a good slogan. Shut up and buy. Yeah.

Right.[00:48:00] [00:49:00]

Mm. Well, uh, as I, just to finalize on that, I’m not adding them to our portfolio because they’re currently, uh, Josephine, but we’ll keep an eye on it and, um, if it turns around, they might end up on our. Might end up in our portfolio, but uh, I’ll have to pick something else out of our buy list this week. And just for new listeners, if you dunno how QAV works, we, we have a couple of membership services.

Tony (2): We have a thing QAV Light we uh, add stocks and sell stocks from a portfolio based on the QAV system that Tony’s developed over the last 25, 30 years. if you’re a QAV light member will tell you what we are buying and what we’re selling, and you can along. And then we also have a thing called QAV Club, where we actually give you the full list that we produce each week and teach you how to build buy list based on the system that [00:50:00] in the US has more like.

Cameron: A hundred stocks on it each week that you can go through and choose from based on any particular requirements you may have from your investing philosophy. But we basically score all of these companies against a whole bunch of financial metrics and then decide what’s a buy and what’s not. And you can run your own portfolio from that.

So go to our website, QAV america.com if you wanna learn more about how Q’S member services work. Otherwise just listen to the podcast and we’ll tell you what we’re doing each week. So that is bread Tony, the bread of life.

Yeah. Yeah, probably. It’s probably all, it’s a bread money thing, I

Tony (2): imagine. [00:51:00]

Cameron: Thank you, Tony. 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 regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser [00:52:00] 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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