QAV America (free feed)

This week we do a full Pulled Pork on Telecom Argentina (TEO), a near-monopoly telco that owes much of its shine to one of the most unhinged political stories on the planet right now. Cameron walks through the Javier Milei backstory, dead dogs, clones, chainsaw economics and all, before getting into the actual numbers, which are genuinely solid. We also cover IBM’s ugly 25% overnight drop,...

This week Cameron does a full Pulled Pork on F&G Annuities and Life (ticker: FG), a Des Moines-based annuities and retirement income company that’s been through four owners in 25 years, had its share price smashed 44% from peak, and is now sitting at a QAV score of 0.862. Tony brings the context on why annuities businesses are genuinely complex to run, the tailwinds from baby boomer...

This week we dig into Kohl’s (KSS), the mid-range American department store chain that fired its CEO after just 15 weeks on the job for running a secret sweetheart deal with a former romantic partner. Tony and Cam work through the QAV scorecard, weigh up the enormous real estate portfolio sitting beneath the struggling retail business, and debate whether a Gordon Gekko moment is coming. Plus: Fed...

This week we dig into Carter Bankshares (CARE), a tiny Virginia community bank that got itself tangled up with a billionaire US senator, a Cold War bunker resort, and nearly $800 million in dodgy loans, then somehow came out the other side with $80 million in cash and a story worthy of HBO. We also cover Alan Greenspan’s passing at 100, the SpaceX float wobble, the Iran sanctions waiver, and why...

This week we dig into the SpaceX IPO numbers and they are genuinely terrifying: a Pr/OpCaf of 1,750 times, a $4.9 billion net loss, and a total addressable market pulled straight from a science fiction novel. We also cover the US-Iran deal tanking oil prices and forcing a bunch of sells across the portfolios, then Cameron does a Pulled Pork on Aeromexico (AERO), Mexico’s national airline, freshly...

Episode OverviewThis week we sit down with Tobias Carlisle to dig into his new book, “Soldier of Fortune: Warren Buffett, Sun Tzu, and the Ancient Art of Risk-Taking.” Tobias walks us through three of Berkshire Hathaway’s most misunderstood deals (General Re, Burlington Northern Santa Fe, and the Japanese Sogo Shosha trades), explaining why each looked wrong at the time and turned out to be...

This week we dig into why our US portfolios have taken a hit over the past month, with oil and shipping stocks giving back their war-premium gains as Middle East ceasefire hopes bleed the disruption out of the market. We also take a hard look at the US economy, the AI bubble eating 45% of the S&P’s market cap, and the arrival of Kevin Warsh at the Fed. Then Cameron does a Pulled Pork on...

This week Cameron (with guest co-host Phil Muscatello from Shares For Beginners) runs a full QAV deep dive on Magna International (MGA), the Canadian-born automotive giant that quietly makes everything from your car door to the entire vehicle itself. He covers the wild founder story of Frank “Straw Mattress” Stronach, the EV overreach that cost the company over a billion dollars in writedowns,...

This week we do a full deep dive on BWLPG (ticker: BWLP), one of the world’s biggest LPG shippers, and why the Strait of Hormuz closure is sending their spot charter rates into the stratosphere. We also cover the bond market’s grim verdict on Trump’s economic record, oil heading toward $140 a barrel, and the fascinating story of Y.K. Pao, the banking clerk who built the largest privately held...

On this episode we run through the dummy portfolio , which is crushing the S&P at 125% time-weighted return, and dig into this week’s Pulled Pork: TriMas (TRS), a Michigan-based maker of hand pumps, dispensers, and packaging components that’s been quietly dumping divisions and sitting on a billion dollars in cash. The numbers look great on paper until Cameron and Tony notice the operating...