Viagra for Value Investors (MUR) – QAV AMERICA 43

Cameron: [00:00:00] Welcome to QAV America, Tony, episode 43, timestamp. Tuesday, 10th of March, 2026, Trump has tar again. Tony. It looks, has

Tony: he?

Cameron: Well, today maybe.

Tony: I thought it was mission accomplished.

Cameron: Wow.

Tony: No one’s looking at the Epstein files. Mission

Cameron: accomplished. What was the, what was the mission again?

Tony: Distraction.

Cameron: Distraction.

Yeah.

Tony: Not distraction. Distraction

Cameron: or arbitrage. Uh, oil price goes up. Oil price comes back down. Somebody’s making money in there somewhere. Mm-hmm. It’s crazy time in the markets, but, uh, as we always say, doesn’t really, well, I mean, it matters, but, uh, from a QAV, from an investing perspective, the system just keeps on chugging along.

Mm-hmm. We’re able to ignore the noise, ignore the [00:01:00] volatility, ignore the chaos. We just keep doing what we’re doing and we, if the market’s up, we stick to the system, the market’s down, we stick to the system. It works pretty, pretty well. I’m just looking at our portfolios. The QAV US portfolio that’s been running since September, 2023 is up 94% in that period of time versus the s and p 500, up 53%, but we’ve come down quite a bit in the last.

Month. I think for the last 30 days, we’re down four and a half percent versus the s and p down 2.4. Last 12 months we’re up 12 point a half versus the s and p up. 17 point a half, 17.8. But, um, you know, it’s, we were, last six months, we’ve had a lot of growth. We’re up [00:02:00] 13% versus the s and p up four, but it’s, it’s sort of been a little bit chaotic.

In the last, mm-hmm. Week or so, um, some of our stocks in the portfolio are doing very well, though Willis Lease Finance is up 276%. Is up 134% and Nova is up 132%. Sarcos Energy navigation is up 111%. Stealth gas is up 95 BLX. The Foreign Trade Bank of Latin America, blade X is up 94. KT is up 44. It’s Korean telecom.

Uh, with the light portfolio that I started not that long ago, started it in, uh, the December 20, 25, the 22nd of December, it’s still down one and a half percent versus the s and p down 1.2%. So just neck and neck with that. But some of the stocks are doing quite well. Uh, scripts that I added a couple of weeks [00:03:00] ago, I told you ’cause the stock I was gonna buy became a Josephine, so I added scripts.

Uh, it’s up 32% since I bought it two weeks ago.

Tony: What do they

Cameron: do? Uh, they’re like a publishing company, diverse media enterprise that serves audiences and businesses through a portfolio of more than 60 local television stations. Um, not publishing tv. They also have,

Tony: well, media’s dead TVs. Dead network.

Television’s dead.

Cameron: Yeah. Yeah. Court tv. That must be what it is.

Tony: Yeah.

Cameron: Uh, uh, they’re, they’re following the Epstein files. I don’t know, cord energy that I added, uh, just recently too is up, uh, 29%.

Tony: Hmm.

Cameron: These guys are an independent, uh, ex oil exploration company. No. Natural gas, not oil, natural gas. Oh, [00:04:00] crude oil and natural gas.

These guys, and we’re gonna talk about another oil company today.

Tony: Do you have any Spanish ADRs and that list?

Cameron: Ha, we don’t, but we do need to talk about that. So over the last couple of episodes, we’ve been talking about ADRs and the A DR risk. And we had a really good example of how it can play out this week.

Uh, Trump announced that he was gonna cut trade with Spain due to Spain’s refusal to let us aircraft stage unilateral strikes on Iran. From military bases within Spanish territory. And, uh, Trump just decided, well, that’s it. We’re gonna crash the Spanish economy for saying no to something that I want. And Spanish stocks got hammered.

But, uh, you know, the whole impact of that, if you were investing in Spanish ADR would be pretty dramatic. And, and I, you know, we’ve talked about [00:05:00] this recently too, the whole, um. Attempts in Europe with the WEO to build a credit card system. Yep. Gets ’em off a Visa or MasterCard. Uh, the, the, the ability to decouple from mm-hmm.

The US economy for the EU is a big deal right now for exactly this reason. Like Trump is such a. Hothead that uh, he can just crash economies, global economies, European economies, any economy he wants, just with a couple of 3:00 AM truth social posts, because we’re saying on the Australian show last night at about 1:00 AM Australian time, he started badmouthing the Australian Prime Minister for sending the Iranian women’s soccer team back to Iran, which our prime minister wasn’t doing.

But Trump had heard that he was started badmouthing him, forcing our prime minister to [00:06:00] get on the phone to Trump at like 2:00 AM our time to assure him that he wasn’t doing that. And in fact, they’d been working on asylum for some of the girls for 48 hours. And the deal had pretty much been done anyway.

It’s uh. Another good reason why you suggested last week, we should, uh, avoid buying a DR stocks if possible on the buy list. Yeah. Prioritize the non

Tony: ADRs. Yeah. Yeah.

Cameron: Um, well, on other news, before I get into my Paul pork this week, Tony, um, we talked about LNG Europe’s natural gas prices jumped about 30% over the last couple of days. In the wake of an attack on Qatar Energy, LNG processing units, um, Qatar supply about 20% of the world’s LNG. A lot of it goes to Asia as well as Europe.

And they, uh. A have been attacked, and B, they can’t ship anything [00:07:00] through the straits of mush at the moment because the strait is effectively shut down. And they’ve, uh, they, they’ve got storage issues. You know, they’re not built to store stuff for long term. They’re supposed to be stored, put on a ship and shipped out.

They can’t do that. So they’ve, they’re starting to shut down their operations that’s causing, uh. Problems for LNG markets around the world might be good for some of the, uh, LNG providers. Like, I don’t know, cord energy, which is, as I said, up 30% how long that will last though remains to be seen. So, uh, chaos in the markets, Tony, that’s basically it.

That’s all I’ve got in terms of. Um, unrelated news is just, it’s just chaos.

Tony: Mm. Chaos in the market. Chaos in the Middle East, chaos in oil prices, gas prices.

Cameron: Say what you want about Trump, but he [00:08:00] brings the chaos.

Tony: Yep. Just like star it in. Get smart.

Cameron: Yeah. Um, I, but I, you know, I said this before, I said this in our last show. As an investor, having a system to follow during turbulent times, during times of volatility, a system that tells me what to do so I don’t have to mm-hmm. Get lost in the noise is a great thing.

Uh, I don’t have to, you know, yesterday I had to sell a bunch of stocks from, uh, one of our Australian portfolios because the market crashed here after oil prices rocketed. Uh. I didn’t blink, didn’t question it, just sold what it told me to sell. Bought what it told me to buy. And then today the market’s completely turned around here yet again.

’cause oil prices are backed down, but it doesn’t matter whether it’s up, whether it’s down. [00:09:00] I just do what the system tells me to do and ’cause I know it works and I don’t have to, I don’t have to worry about it.

Tony: And we, yes, and we also know that there’s always gonna be turmoil. As we were saying on the Australian show, it’s like a boxing match, right?

You, you’re not just in here for the three or four rounds where you might not get a punch landed on you, and then when someone’s in the face, you go home and you get out. You’ve gotta have a system to take into account, you know, you’re hit in the face. It’s a roper though. You’ve gotta absorb punches and still be standing after 15 rounds.

That’s, that’s what you need to do as an investor.

Cameron: Yeah. Yeah, exactly. And, uh, you, you just. Get used to the fact that things go up and things go down and you don’t have to panic when things go up or things go down, you just do what you

Tony: Yeah. And, and I think I like, as, as I get older, it’s not panic. It’s like I don’t have to try and work out for myself what’s gonna happen.

Cameron: [00:10:00] Yeah. I

Tony: don’t have to be an authority on Middle Eastern bunkers and LNG in the straits of, and, you know, a Asian refineries and all that stuff. I just, you know, have a system which allows me to trade through it

Cameron: and explain for maybe new listeners how the system does that. How does the system know what we should be doing?

Tony: Well, it’s a framework, right? So the whole thing’s been built on every time I got punched in the face, let’s try and find a way of avoiding that next time. So it’s, it’s statistical in nature. It doesn’t mean that everything the system spits out is gonna be the right answer, but it’s gonna spit out more right answers than the wrong answers.

Um, and it’s based on what’s happened before. Because as you, as you said, the markets have been in turmoil since the markets have opened. There’s always something. Going on. And there’s always something major about once every two years going on. Probably the last one was the Ukraine War announced the Middle East War, and before that it was [00:11:00] COVID and et cetera, et cetera.

It just goes back through time. So yeah, we, we know we’ve gotta have a framework in place to allow us to, to cope with that. So a lot of people who teach investing will have what stocks to buy or when to buy or how much to buy, but they won’t have when to sell. And I think that’s really important. So. You know, our framework has some rules around, um, selling based on momentum and selling, based on trying to preserve capital.

And, uh, and, you know, you just gotta apply them and not think about it. Um, you know, we set up alerts with those prices. We, I update them every month and to reflect and, you know, what the new numbers are. And then when I get the alert, I sell. Because there’s always, ’cause again, it’s statistical. We’re selling something which is probably going down.

There’s a couple of other red flag rules we have about CFOs resigning or independent directors resigning without reasons, that kind of thing. Or audit. That’s. Um, raising red flags. Uh, but mostly [00:12:00] it’s around the companies in a downturn. And so we have, you know, do we ride it out? Wait for the good times, or you know, do we buy more or do we sell?

So, you know, you’ve gotta answer that question. So you set up rules in the framework to answer that question, but it’s statistical. Um. The stock may recover, it probably will recover over time, but you’re better off being in a stock that has got a better chance over that period of doing well, um, rather than waiting for one to bottom out and turn around.

So it’s, that’s, that’s basically the, um, strategy that I’ve used over the years. You’re better off being in a position which is going up and has a better chance of continuing to go up than in holding one, which is going down and waiting for it to turn around.

Cameron: And in terms of the buying side of it. We kind of are looking at mostly historical numbers.

Yeah. Uh, we, we have a little bit of forecasted, uh, scoring in there, but mostly it’s looking at historical numbers and we’re looking at, is this business generating cash? [00:13:00] Is the business growing? The size of their equity is the, you know, we’re looking at a combination of quality metrics. How’s the business doing as a business?

Is it. Run well by the current management. Mm-hmm. Does it seem to be generating cash? And we, and then we add value metrics to it. Can we buy it at a, at a discount to what we think a fair valuation is? And we look at a range of metrics to determine what that fair valuation is. It’s not all an intrinsic value.

We look at a range of different things, what you call a heat map. Mm. So whatever’s happening in today’s news is. To a large degree, irrelevant to what we are looking at when we’re buying a stock. We’re looking on its last financial report, which can be weeks old or months old. And assuming if the business has been well run up until this point, the management’s probably gonna do a good job continuing to make smart decisions [00:14:00] regardless of what’s happening in the market.

That’s their problem. That’s what we’re paying them for, is to run their business. Yeah. To they understand. Their market. They understand their sector. They understand the ins and outs of their business. If they’re making money and have been making money through ups and downs over the last five years, then they probably will continue to figure out how to do that.

They’re smarter than we are when it comes to running their business.

Tony: And they’re in incredibly incentivized to do well too. Um,

Cameron: yeah.

Tony: And the best, the best type of incentive that I like is, uh, is ownership. So

Cameron: yeah,

Tony: if, uh, you’ve got someone who’s has a big stake in the company or, and has been around for a long time, so they know the industry, that’s probably the best management to have their incentives align with ours.

Cameron: So speaking of, uh, companies. I’m gonna do a deep dive, but I was, I did prep over the weekend to do a deep dive on UVE Universal Insurance Holdings, which I thought sounded like a front for James Bond and the Caribbean. Uh, [00:15:00] really doesn’t it? Universal? It does, yeah.

Tony: Universal exports. Yep.

Cameron: Universal, yeah.

Imports, exports. Either that or something George Costanza would run, but then yesterday they had turned down, like everything else, they were a Josephine and so I didn’t wanna buy them, so I. I turned to, I kept going down the list trying to find something that wasn’t a sell.

Tony: Lemme guess. An oil company.

Cameron: It was an oil company.

And of course it’s down today. So, uh,

but I’m gonna do it anyway because that’s what I prepped for. So this is a company called Murphy Oil, which again sounds like kind of a fake name.

Tony: Well, that’s right, that’s straightaway thought of Tom Murphy, the the

Cameron: investor,

Tony: um, investor that Buffet was a fan of.

Cameron: Yeah. What did he, was he TV stations?

Tony: Murphy EB? He was A B, C. Yeah.

Cameron: I think our, um, Pr/OpCaf under Seven comes from Murphy.

Tony: I think it does. [00:16:00] You’re right. Yeah. Yeah.

Cameron: What was the book?

Tony: Good memory. Outliers.

Cameron: Outliers. That’s right. Um, no, not that guy. Different Murphy. Um, this company has been around about 120 years. Tony traditionally was an integrated petroleum company with a bunch of different interests.

Timber farming, refining retail, little bit like Veeva Energy that you just did a deep dive on on our Australian show. Without the timber and the farming, but over the last 10 years or so,

Tony: they did actually own timber.

Cameron: Oh, did they?

Tony: Timber right. In the past. Yeah. And mines and all sorts of things. Yeah.

Cameron: Well, that’s where this company came from.

He owned timber and then they. Sort of discovered oil on the land, I think, and transitioned into an oil company.

Tony: I listened to a story about a man named Jan,

Cameron: that’s exactly

Tony: it, that year, but he kept his family fed.

Cameron: But over the last 10 [00:17:00] years, they’ve been selling off all of the, uh, non oil related businesses.

Well, in fact, all of the non exploration and production side of the businesses, and basically been streamlining the operation. And they’re currently trading at a significant discount to their intrinsic value price to book all those sorts of things. So it’s top 10 in our buy list. Oh, okay. Um, you know, it, it, it’s looking good, but obviously whenever I see a stock that, uh, is being discounted by the marketplace, we wanna ask why is it being discounted?

So we’ll dig into that. There’s some good reasons why the market might be skeptical about its prospects moving forwards. But a little bit of the history, it was founded in El Dorado, Arkansas by Charles H. Murphy Senior, and as I said, it was basically he had all these Timberland holdings on the Arkansas, Louisiana border, [00:18:00] El Dorado, Arkansas, by the way, named after.

El Dorado, the mythical city of gold, located supposedly somewhere in South America.

Tony: Mm-hmm.

Cameron: The, it was actually the name of the king of the city was name. His name was El Dorado. Then the city in mythology came to be called El Dorado as well. Said to be so rich. This is what the conquistadors heard, that he could cover himself from head to foot in gold dust, either daily or on certain ceremonial occasions before diving into a sacred lake to wash it off.

And I thought, that’s pretty much what you do every day. I think really, it’s just, that’s what I heard. Cover yourself with gold dust, then go for a swim. And then go play golf. Do you play golf covered in gold? Dust?

Tony: No. Covered? I’m

Cameron: covered

Tony: in dust. Yes. Not gold dust.

Cameron: Probably not. Good for you being covered in gold Dust every day.

Every day you’re breathing it in. You’re getting gold particles in your lungs. [00:19:00] Not exactly health and safety. Like the first

Tony: Gogo dancer at the start of Goldfinger.

Cameron: Yes. Or covered

Tony: in gold paint.

Cameron: The woman who played the witch in the Wizard of Oz.

Tony: Oh yeah. Okay.

Cameron: She was covered in green paint and I think she had lead in it, and I think she died of, she was melting.

She melted. She did melted from the inside. Uh, so anyway, this, uh, El Dorado based company first established itself with oil production in 1907, but the oil side of the business was only a small part of the business for the next 30 years. It was still mostly timber and banking interests. Then it started to change sort of middle of the 20th century formal incorporation as the Murphy Corporation in 1950, and then it was listed publicly in 1956, and by that [00:20:00] stage was mostly an energy based company.

Tony: Mm-hmm.

Cameron: Under the leadership at that stage of Charles H. Murphy Jr. Son of the founder. Yeah, they expanded into refining retail marketing, uh, marketing and offshore drilling. They actually helped to found ecco, the Ocean Drilling and Exploration Company, not to be confused with Odessa.

Tony: Mm-hmm.

Cameron: The organization of former Nazis hiding out in Egypt.

Subject of the Odessa file by Frederick Forsyth that I’m reading at the moment, loosely based on some fact or faction as a, he used to write, he apparently combination of fiction and fact faction. Uh, and they built this sort of global footprint from the North Sea to Iran and Venezuela. Two companies that are now run by Donald Trump, he’s going for the.

Hat trick [00:21:00] out in cbi said he, he said today that he wants to take over C. It can either be a friendly takeover or an unfriendly takeover.

Tony: Right?

Cameron: I’m not sure. Is that before,

Tony: after Greenland and Canada?

Cameron: Yeah. Well, I’m not sure it’s, the order is up to negotiation. I’m not sure. When you deliberately crush a country’s economy and put all of its people into starvation by blocking oil imports into the country, that it’s a friendly takeover.

I’m not sure that that is in any way, shape or form classified as friendly, but hey, who? Who am I? What do I know? Okay, so for the last decade, they’ve been stripping the company down Gordon Gecko style, selling off all of the bits of it that, um. Excellent. Really, they don’t wanna be involved in, they’re focusing on high margin, upstream production.

They sold off their refining segment in 2011, then spun off their retail arm in 2013. [00:22:00] They, they sort of, uh, sold it off to shareholders, spun it off into a separate, spun it off. Yeah. Hmm. In 2016, they sold off their interest in Sink Crude Canada, one of the world’s largest producers of synthetic crude oil.

Then in 2020, they closed their legacy headquarters in El Dorado, Arkansas and moved their global operations to Houston in Texas, uh, in 2019. The year before that, they sold off their Malaysian portfolio for a little over $2 billion At. Something to do with the increasing geopolitical complexities of operating in the South China Sea, although they still have an interest in an operation in Vietnam.

But then they took that money from the Malaysian portfolio and pretty much immediately redeployed it into the Gulf of formally known as Mexico, um,

Tony: Gulf of America.

Cameron: Yeah. And they bought a bunch of deep [00:23:00] water assets.

Tony: Mm-hmm.

Cameron: So their current portfolio is a mix of. Shale, uh, rapid response short cycle shale fracking as we’ve talked about.

On many, many an episode now on the show, mostly in South Texas and Western Canada, and then high margin, long-term deep water offshore assets. In the fourth quarter of 2025, the onshore segment produced approximately 109,000 barrels of oil equivalent per day. B-O-E-P-D with liquid. Weight of 31%. And like other shale players, they’re working hard on extending their lateral lengths.

Tony: Isn’t that when you sit at the gym and then you pull the bar down? [00:24:00]

Cameron: Or it’s

Tony: inte lengths.

Cameron: It’s the, it’s the shale Viagra play is what it’s, oh, trying to go harder for longer, yeah.

Tony: Mm-hmm.

Cameron: Viagra for Viagra, for shale. Uh, so that, I mean, that, that, as we know, um, helps generate free cash flow in a lower price environment.

If you can, uh, keep mining for longer in the shale business. We’ve, we’ve talked about that on a number of episodes now. That’s the mm-hmm. That’s the trendy thing in shale. Shale, Viagra. The offshore production is the main high margin side of the business, and, but it’s very heavy on CapEx the. Doing a lot of exploration, a lot of digging.

Some of it’s working out, some of it’s not. The offshore business produced 72,000 B-O-E-P-D in late 2025, of which 88% was liquid, mostly in the Gulf of whatever, [00:25:00] and they have a big project, the Gulf of Trump, let’s just call it that. Then let’s just call it the Gulf of Trump,

Tony: USA.

Cameron: I’m waiting for him to announce he’s changing the name of Venezuela to Trump, AAIA.

Cuba will be Trump, uba, um, Iran, Trump, Trump, Istan. Um, just gotta put a Trump on everything. Fox, you know, they’re talking about building a Trump hotel in the Gold Coast. Yeah. On the Gold

Tony: Coast. Yeah.

Cameron: Uh, down the road from where I live for Americans. And my son Fox, who’s 11, was asking me the other day, why, why, why does Trump have his name on everything?

And I was like, well. It’s called Narcissism Son. And uh, next he’ll be tell him about all the medals. Oh,

Tony: it’s

Cameron: that he got, it’s

Tony: called 7%, isn’t it? Doesn’t he, doesn’t he get paid a royalty for putting his name on all the hotels?

Cameron: Yes, he does. Yes, but he was putting his name on the hotels before that, before he had to get outta the [00:26:00] business himself and just franchise it.

Um, so they’ve got this big track in Vietnam and it’s on track to deliver first oil in the fourth quarter of 2026. For the f for the full year of 2025. Murphy Oil generated 2.69 billion in total revenue from production down from 3.03 billion in 2024. Largely driven by lower oil and gas prices because total production actually increased the, over the course of that year.

They had a really good day yesterday. Uh, Tony, uh, not so good today,

Tony: days, a long time in the market. Ken?

Cameron: Yes. All prices were up 30% yesterday. Crash back today in 2025. Net income attributable to Murphy was only a hundred and. For, hold on. Um, sorry. Go back a step def the, they generated 1.25 [00:27:00] billion in net cash, uh, last year, but net income of only 104.2 million.

Tony: So lots of CapEx, probably lots of drilling going on.

Cameron: Yeah, well actually yes, but also lots of non-cash charges. 115 million in asset impairments. And $737 million in depreciation, depletion and amortization.

Tony: Mm-hmm. Yeah. Which is old CapEx coming back.

Cameron: Yeah. Right. But this is why we look at Pr/OpCaf price to operating cash flow.

Tony: Yeah. Mm-hmm.

Cameron: Um, as the most important metric when we’re assessing a company, are they generating cash?

And how well are they generating cash? A couple of things you’re gonna like about this, apart from their low priced operating cash flow ratio, is they have stated a target of returning at least [00:28:00] 50% of adjusted free cash flow to shareholders.

Tony: Mm. I do like that.

Cameron: 2025, they return.

Tell

Tony: me, tell me more.

Cameron: In 22.

You don’t need Viagra. All you need is you’re, you’re talking Yeah. This is Viagra for value investors dividends. Uh, or, or buybacks. Or buybacks, yeah.

I just gotta make a note. Uh, episode title Viagra for Value Investors. There you go.

Uh, in 2025, the company returned $286 million to shareholders through a combination of dividends, 186 million and share repurchases a hundred million. Okay. Dividend policy is pretty aggressive. Quarterly payout increased by 70% since the outgoing CEOA few years ago [00:29:00] introduced a thing called Murphy 3.0 as a new sort of financial framework, which is sell off everything and return money to shareholders.

And

Tony: he is a Murphy still, that one of the questions I had for you,

Cameron: um, not sure about him, but there are some Murphy’s on the board. The current CEO iss, a guy called Eric Ley. He’s a veteran of the org. The previous CEO was Roger Jenkins, but the chairman is CLA Ping Clare. Ping. Uh. A former CEO, but also a descendant of

Tony: Ah, okay.

Cameron: Chuck Murphy Senior. So, yeah. Mm-hmm. They’ve got a, they’ve got a, they’ve got family still on the board, and I did initially see a statement that the family owned 12.8% of the stock. Right. But then I also read that institutions own 91% of the stock. Ah, okay. And so I was trying to do [00:30:00] that math and then it turns out that maybe some of the 12.8% is owned by institutions or managed through institutions.

Mm-hmm. But also the 12.8%, I couldn’t really verify that in stock Edia, they had a couple, they had, like, Deming owns a couple of percent. Another guy, uh, on the board owns a couple of percent. I couldn’t really ascertain whether or not. They are, the, the directors own more than 10%,

Tony: right?

Cameron: Bit murky, uh, but they’re paying.

But the fact that they’re paying a lot of cash back to shareholders does tend to suggest that somebody, somebody in management owns a lot of stock. Um, and in 2020, early 2026, the board further increased the dividend of 35 cents per share, representing an annualized payout of a dollar 40. It’s about a 4% yield.

So not too bad. The company’s also focused on the reduction of long-term debt. This is part of the Murphy 3.0 framework mm-hmm. That, uh, [00:31:00] Roger Jenkins put into place. The management has set a long-term goal of reaching a $1 billion debt level, which is actually my personal goal as well. Um, I’m trying to build up.

Billion dollars starting, starting

Tony: from a lower number. Yeah,

Cameron: yeah, yeah. I have zero debt. I want to have a billion dollars in debt. Uh, ’cause then I could have that invested in my portfolio returning 20% on average a year. And it’d be good. Couple hundred million a year to splash around. Um, they’re currently around 1.4 billion in debt.

So they have sold, they have reduced their debt quite a lot. In recent years. So why is it cheap, Tony? Well, the market I think is skeptical about the level of capital intensity, uh, required. Yeah,

Tony: right? Yep.

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.

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