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All U.S. Episodes

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THE HAUSBANK THAT CAME IN FROM THE COLD (DB) – QAV America #51

May 7, 2026

This week we run through a stack of Pulled Pork results that are absolutely cooking — Pitney Bowes up 40%, Eastman Kodak up 81%, and the US dummy portfolio now sitting at 110% since inception versus the S&P’s 62%. Then Cam does a deep dive on Deutsche Bank — 156 years old, scandal-ridden, and somehow posting their best year ever. Plus Spirit Airlines collapses, the Iran War drags into its ninth week, and Ford beats estimates by three times but still slides.

The $3.6 Billion Illusion (MRP) – QAV America #50

Apr 30, 2026

With our portfolio nearly double the S&P 500, we are diving deep into Millrose Properties (MRP) — a brand new REIT spun out of home builder Lennar that we decided did not pass the QAV sniff test. We dig into the weird world of land banking, shadow banking, private credit, and why a company can show $3.6 billion in operating cash flow while only pulling in $600 million in revenue.

Subprime Time: Lending to America’s Underbanked at 36% APR – QAV America #49

Apr 23, 2026

On this episode we run through our latest portfolio numbers — the QAV dummy portfolio is up 115% since inception versus the S&P’s 60%, and some individual picks like Kodak and Scripps are going absolutely bananas. We dig into the week’s big news including the Iran war’s economic ripple effects, the tariff refund mess, and the Cal-Maine antitrust saga. Then Cameron does a full Pulled Pork on Oportun Financial (OPRT) — a subprime FinTech lender to underserved Latino communities that’s dirt cheap, freshly activist-investor-cleaned, and either a turnaround gem or a cautionary tale.

Not Tom Selic (PAGS) – QAV America #48

Apr 16, 2026

On this episode we dig into Trump’s claim that America doesn’t need the Strait of Hormuz — and why it’s complete nonsense once you look at where US refineries actually get their oil. We also run through the QAV America portfolio, which is up 113% since inception and 30% year-to-date, before Cameron does a deep dive on PagSeguro Digital (PAGS) — a Brazilian FinTech that’s basically PayPal meets Square meets a full digital bank, navigating 14.75% interest rates and 34 million customers in the favelas of Brazil.

Truck Sausage (CVGI) – QAV America #47

Apr 9, 2026

On this episode we do a deep dive on Commercial Vehicle Group (CVGI) — a boring-as-batsh*t truck cab outfitter that somehow jumped 20% the day after Cameron added it to the QAV Light portfolio. We also run through some big portfolio wins (Kodak up 47%, Zep up 326%, CEMEX up 100%), and Tony shares his takes on horse racing, Jeff Beck, and Moby’s new ambient record.

Profiting from Chaos – QAV America 46

Apr 1, 2026

On this episode we dig into a week of market chaos, with our main US portfolio down 12% over 30 days but still up a healthy 83% since inception in September 2023 versus the S&P’s 42%. Then we get into a few stories, the US government insolvency (liabilities nearly 8x assets), the mysterious $500 million oil futures trade placed 15 minutes before Trump’s Iran announcement, and the aluminum supply chain crisis triggered by Iranian strikes on Middle East smelters. Then Cameron does a Pulled Pork deep dive on Pitney Bowes (PBI) — the century-old postage meter pioneer turned digital shipping play. After Hours wraps things up with Tony’s ChatGPT horse-racing automation breakthrough, Cameron’s AI-powered one-click podcast publishing workflow, and recommendations for Apple TV’s *Your Friends & Neighbors*, Seth Rogen’s *Future Man*, and Flea’s new jazz album featuring Nick Cave.

We Press the Button on KODK – QAV America #45

Mar 25, 2026

In Episode 45 of QAV America, recorded on March 24, 2026, Cameron and Tony open with a geopolitical check-in on the ongoing US-Iran conflict and its impact on oil prices and market volatility, before diving into portfolio performance updates on the QAV dummy portfolio. The main segment is Cameron’s deep-dive on Eastman Kodak (KODK) — a fascinating turnaround story covering the company’s reinvention from film giant to chemical manufacturer, pharmaceutical ingredient producer, and unlikely streetwear licensor in South Korea, complete with a Trump-era insider trading scandal and a billion-dollar pension reversion windfall. In After Hours, Tony recommends juggler-comedian Michael Rayner (“The Broken Juggler”) and the James Carville/Mary Matalin book *All’s Fair*, while Cameron evangelises for Jackie Chan’s *Police Story*, David Lynch’s obscure 1993 HBO miniseries *Hotel Room*, the 1944 film *Gaslight*, and the upcoming Martin McDonagh film *Wild Horse Nine*.

The Crude and the Ruthless (GPRK) – QAV AMERICA 44

Mar 19, 2026

In Episode 44 of QAV America, Cameron and Tony open with a geopolitical tour of the Strait of Hormuz crisis — still very much closed — unpacking what a prolonged shutdown could mean for global oil supply, economies, and living standards, including Australia’s precarious one-month oil reserve. From there, Cameron pivots to his deep dive on Geo Park Limited (GPRK), a Latin American oil and gas explorer and producer with operations in Colombia, Argentina, and Brazil — and one of the most fascinating boardroom sagas in recent oil-patch history. Cameron walks through the company’s founding by two American oil veterans, James Park and Gerald O’Shaughnessy (who turns out to be a cousin of value investing legend James O’Shaughnessy of What Works on Wall Street), their bitter governance war in 2021, the failed Parex Resources takeover bid, and the dramatic “white knight” entry of Colombian billionaire Jaime Gilinski, who injected $107 million for a 20% stake just days before the episode. Tony and Cameron then analyse the QAV checklist numbers, discuss why the light portfolio is outperforming the S&P even in a down market, and review the current US portfolio performance. After hours covers Nassim Taleb’s book The Bed of Procrustes, Mel Brooks’ documentary The 99-Year-Old Man (featuring David Lynch’s last filmed interview), and Cameron’s soggy-but-memorable school camping trip with his son Fox.

Viagra for Value Investors (MUR) – QAV AMERICA 43

Mar 12, 2026

In this episode of QAV America, recorded on March 12, 2026, Cameron and Tony navigate a market defined by “Trump Chaos,” exploring how a rules-based system provides a psychological anchor during periods of high volatility. The duo discusses the fallout from trade tensions with Spain and the impact of attacks on Qatari LNG infrastructure on global energy prices. The “Pulled Pork” deep dive features **Murphy Oil (MUR)**, a 120-year-old company undergoing a radical transformation from a sprawling integrated petroleum giant into a streamlined, high-margin exploration and production play. Despite a “complexity discount” from the market, the hosts analyze Murphy’s aggressive shareholder return policy—dubbed “Viagra for Value Investors”—and its pivot toward deep-water assets in the “Gulf of Trump” and Vietnam.

Drilling for Value (NBR) – QAV AMERICA 42

Mar 8, 2026

In this episode, recorded on March 3, 2026, Cameron and Tony navigate a “punch-drunk” week for the markets following the escalation of war in the Middle East. They discuss how the QAV system provides a stress-free mechanical roadmap—buy, sell, or hold—regardless of geopolitical chaos. The duo reviews the US portfolio’s impressive 106% gain since late 2023 and examines why shipping stocks like Euroseas (ESEA) and Danaos (DAC) are surprisingly resilient despite maritime blockades. The centerpiece is a “Pulled Pork” deep dive into **Nabors Industries (NBR)**, tracing its lineage from the legendary Guggenheim family’s Chilean nitrate empire to its modern status as a debt-laden, asset-rich “zombie” drilling for the Saudis. Finally, they touch on the “Maga My Man” PolyMarket scandal and the importance of letting a value portfolio “churn” through its duds to find the long-term winners.

(Fixed Audio) Breaking Bread (BFH) – QAV AMERICA 41

Mar 1, 2026

In this episode of QAV America, Cameron and Tony navigate the “completely bonkers” landscape of 2026, where a Supreme Court reversal on Trump’s previous tariffs and the looming shadow of AI bubbles have left investors guessing. The duo breaks down the hidden “gotchas” of American Depository Receipts (ADRs), specifically examining the tax hurdles and custody fees associated with South Korean plays like Shinhan Financial Group (SHG) and Korea Electric Power (KEP). The centerpiece of the episode is a “Pulled Pork” deep dive into **Bread Financial (BFH)**—a high-yielding, unloved credit card “stub” that has spent years amputating its legacy loyalty businesses to emerge as a pure-play lender. Despite the “Trump Slump” threat of capped interest rates and a “stinky” past involving a bankrupt spin-off, BFH boasts a massive QAV quality score and looks dirt cheap on a price-to-cash-flow basis.

Breaking Bread (BFH) – QAV AMERICA 41

Feb 28, 2026

In this episode of QAV America, Cameron and Tony navigate the “completely bonkers” landscape of 2026, where a Supreme Court reversal on Trump’s previous tariffs and the looming shadow of AI bubbles have left investors guessing. The duo breaks down the hidden “gotchas” of American Depository Receipts (ADRs), specifically examining the tax hurdles and custody fees associated with South Korean plays like Shinhan Financial Group (SHG) and Korea Electric Power (KEP). The centerpiece of the episode is a “Pulled Pork” deep dive into **Bread Financial (BFH)**—a high-yielding, unloved credit card “stub” that has spent years amputating its legacy loyalty businesses to emerge as a pure-play lender. Despite the “Trump Slump” threat of capped interest rates and a “stinky” past involving a bankrupt spin-off, BFH boasts a massive QAV quality score and looks dirt cheap on a price-to-cash-flow basis.

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