The Walking Dead Investment: AMC Networks – QAV AMERICA #33
In the final QAV America episode of 2025, Cameron and Tony reflect on a turbulent but revealing year for markets, value investing, and the QAV system. The conversation opens with a recap of US market conditions and the launch of QAV Light US, designed to give American listeners a live, transparent way to learn the QAV process through real weekly trades. Cameron then reviews the long-term performance of the US dummy portfolio, highlighting strong multi-year outperformance despite a difficult 2025 relative to the S&P 500.
The episode’s deep dive focuses on AMC Networks (AMCX)—a former prestige-TV powerhouse now trading at distressed valuations. The discussion traces AMC’s origins in the Dolan family’s cable empire, its golden era producing Mad Men, Breaking Bad, and The Walking Dead, and the brutal impact of cord-cutting on its business model. Cameron and Tony unpack why AMC is bleeding on earnings but still generating real cash, why the market hates it, and why it nonetheless tops the QAV buy list.
The episode closes with a broader discussion of cycles in investing, the importance of selling discipline, Tony’s emerging “Growth over PE” insight from Australian markets, and why patience with a rules-based system matters more than short-term performance.