ALL Seasons

All U.S. Episodes

Find every episode below.

For Australian episodes, please visit this page instead.

How To Listen

There are many ways to listen to our U.S. episodes.

You can stream them. You can download them.

You can put them on your phone or tablet. It’s up to you.

 

Or just click on an episode below and stream it.

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.

SHG – The Seoul of Value: QAV AMERICA 40

Feb 20, 2026

In this episode of QAV America, Cameron and Tony navigate a volatile week in the US markets, lead by Ford’s staggering $8.2 billion loss for 2025 and their strategic retreat from full electrification. The duo reviews the impressive performance of their “deep dive” portfolio, noting that many previously analyzed stocks have seen triple-digit or high double-digit gains. The centerpiece of the episode is a “Pulled Pork” deep dive into **Shinhan Financial Group ($SHG)**, a South Korean banking giant. Despite a litany of scandals involving cartel-like collusion, fraud, and political instability in Korea, the hosts weigh the risks against the “Value Up” government catalyst that may finally unlock the company’s depressed valuation.

TUSK – The Cobra’s Bite – QAV AMERICA 39

Feb 13, 2026

In this high-stakes episode, Cameron and Tony celebrate a “bonkers” run for the QAV America portfolio, which is currently outperforming the S&P 500 by nearly double. After reviewing news on Seneca Foods (SENEA) and the curious 15% share price drop for Regional Management (RM) following record earnings, the duo dives into the murky waters of Mammoth Energy Services (TUSK). What begins as a look at an energy services “roll-up” quickly transforms into a true-crime corporate thriller involving a $1.8 billion contract, a FEMA bribery scandal, and a forfeited 40-foot luxury catamaran. They analyze whether TUSK is a “mammoth in the making” or a “wild pig,” weighing its current status as a cash-heavy “stub” with zero debt against its history of “dirty stories” and its new pivot into aviation rentals and fiber optics.

—

Episode Timestamps

[00:00:00] Intro: Market “conniptions” and the US sneezing on Australia.
[00:00:50] Portfolio Performance: The dummy portfolio hits 103% since inception (Highlights: WLFC, BLX, ESCA, GASS).
[00:05:40] Stock News: SENEA (Seneca Foods) Q3 results show improving margins.
[00:06:20] Stock News: RM (Regional Management) beats expectations but the share price craters.
[00:07:50] Deep Dive: TUSK (Mammoth Energy Services) 

EC: Pump and Dump – QAV AMERICA 38

Feb 6, 2026

In this episode, Cameron and Tony navigate a turbulent week in the American markets, touching on the downturn of Bitcoin, gold, and the “Magnificent Seven” tech stocks. Despite the macro-volatility, they celebrate the continued outperformance of their US dummy portfolio, which has nearly doubled its value since September 2023. The conversation shifts to a critical look at “stores of value” like Bitcoin and gold, with Tony arguing that without an inherent way to calculate intrinsic value, these assets remain speculative “pump and dump” cycles. The centerpiece of the show is a deep dive into the Colombian oil giant, **Ecopetrol (EC)**. The duo explores its unique monopoly on Colombian pipelines and its strategic pivot into high-voltage electricity transmission, all while navigating the “magical realism” of Colombian politics, executive scandals involving “cost-plus” prostitution, and a president who hates the very oil industry his government owns.

CHRD: The Williston Whale – QAV AMERICA 37

Jan 30, 2026

In this episode of QAV America, Cameron and Tony navigate the extremes of global weather and market volatility. After discussing the impact of recent geopolitical “deals” on their US portfolios, they dive into a success story from the Bakken formation: **Chord Energy (CHRD)**. The conversation explores the “Shale 2.0” era, detailing how modern horizontal drilling and leaner capital structures have transformed former bankruptcy stories into cash-generating powerhouses. Tony provides a technical breakdown of Chord’s recent $11 billion acquisition of Enerplus and their shareholder-friendly policy of returning free cash flow through buybacks and dividends.

AMTD: The Murky SpiderNet – QAV AMERICA 36

Jan 23, 2026

In this episode of QAV America, Cameron and Tony navigate the complex intersections of the 2026 US economy, where the AI boom is currently offsetting the drag of ongoing tariffs. The duo explores the shifting AI landscape, notably Apple’s decision to build the next Siri on Google Gemini rather than homegrown technology, leaving significant questions about the future of OpenAI. The heart of the show is a “Pulled Pork” deep dive into **AMTD Idea Group (AMTD)**, a company with a fascinating Australian origin story involving the Commonwealth Bank. Despite trading at an unbelievable discount to book value (P/B 0.04), AMTD remains a polarizing prospect due to its controversial leadership under Calvin Choi, a bizarre “Spider Net” ecosystem, and a recent shift from Big Four auditors to a small regional firm in Singapore.

Flying at Bus Prices: Volaris (VLRS) – QAV AMERICA 35

Jan 16, 2026

In this episode, Cameron and Tony range from bushfires in Australia to political pressure on the US Federal Reserve, before digging into portfolio performance and a detailed QAV-style teardown of Mexican ultra-low-cost airline Volaris (VLRS). They unpack why airlines keep showing up on the QAV America buy list, how VLRS built a Ryanair-style model aimed at converting long-haul bus travellers into flyers, and why the Pratt & Whitney GTF engine recall temporarily derailed the business. The discussion balances strong operating cash flow and a seasoned low-cost airline playbook against razor-thin margins, fuel price sensitivity, and the ever-present risks of airline investing.

Picking Through the Wreckage of XPLR Infrastructure (XIFR) – QAV AMERICA 34

Jan 9, 2026

In the first QAV America episode of 2026, Cameron and Tony reset the framework for the year ahead. With geopolitical shocks rattling oil markets, bullish Wall Street forecasts predicting another US equity rally, and political noise everywhere, the hosts reiterate the core QAV philosophy: ignore predictions, stick to the rules, and let disciplined process do the work. The episode’s deep dive focuses on XPLR Infrastructure (XIFR), a former income darling left for dead after cutting its dividend. Cameron unpacks the wreckage, tracing XIFR’s origins as a NextEra Energy yieldco, the collapse of its “cheap capital forever” model when interest rates rose, and why the market may now be pricing the stock as if its long-dated contracted cash flows don’t exist. The discussion weighs political risk, debt complexity, asset quality, and valuation extremes, before explaining why XIFR sits at the top of the current US QAV buy list and is being added to the live QAV Light portfolio.

⸻

Timestamps & Topics (QAV episode)

00:00 – 03:00
Geopolitics, crude oil volatility, and why QAV tracks commodities as signals rather than predictions.

03:00 – 06:30
Wall Street forecasts for a 2026 rally. Why QAV ignores predictions and doubles down on rules-based discipline.

06:30 – 09:00
“Year of sticking to the rules.” Behavioural discipline as the real edge in investing.

09:00 – 11:00
Introducing the deep dive stock: XPLR Infrastructure (XIFR) and why it tops the US buy list.

11:00 – 16:30
XIFR’s origin story as a NextEra Energy yieldco. The “infinite money glitch” and how cheap capital powered growth.

16:30 – 21:30
What broke: rising interest rates, dividend suspension, investor revolt, and the stock price collapse.

21:30 – 26:30
Business model breakdown. Long-dated power purchase agreements, wind and solar assets, and why the cash flows didn’t disappear.

26:30 – 30:30
Trump, renewables, and political risk. Why sentiment may be a headwind but revenues are largely locked in.

30:30 – 34:30
Balance sheet repair. Asset sales, debt reduction, and why no dividend can be good news for value investors.

34:30 – 39:30
Key valuation metrics: price to operating cash flow, book value discount, dilution history, and QAV checklist scores.

39:30 – 42:30
Red flags and risks: complex financing, management execution, and why the stock still qualifies under QAV rules.

42:30 – 45:00
Portfolio update, recent performance versus the S&P 500, and adding XIFR to the QAV Light portfolio.

The Walking Dead Investment: AMC Networks – QAV AMERICA #33

Jan 1, 2026

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.

RSS Feed Display