TPN Podcasts for Week 39, 2019



This week we’re answering a number of listener questions, including one about how much attention Tony pays to “tailwinds” or macro factors affecting an industry or the economy. We also talk about how Tony deals with red flags in companies he has invested in, and he talks about some mistakes he has made recently. In our Club edition, we analyse Stanmore Coal again (we did it earlier this year) and take our time to explain some of the checklist columns in more detail. And Tony reveals what he wears when he mops the kitchen floor!


Kim’s “invasion” of the South gave the US the pretext they needed to ramp up military spending via NSC-68 and to support Rhee directly and indirectly by committing one of the classic blunders: never get involved in a land war in Asia.

Admiral Forrest Sherman, Chief of Naval Operations, declared later: ‘I was fully aware of the hazards involved in fighting Asiatics on the Asiatic mainland, which is something that, as a naval officer, I have grown up to believe should be avoided if possible.”

But they did it anyway.

United Nations Security Council Resolution 83 was pushed through – the Soviet Union did not veto it because it was still boycotting the Security Council – and Truman immediately decided to throw everything he had at Korea, shocking not just the Koreans, the Soviet and the Chinese, but also the British.

Truman call it a “police action”, a phrase he would later regret.

In 1428, Gutenberg moved to Strasbourg where he would live for the next 20 years. It was there that he had his first big business venture—making holy healing ray containment devices. He brought on investors who later became suspicious that he was holding out on them. He had a secret project that he was working on. And they wanted in.

TPN Podcasts for Week 38, 2019


In this episode Tony explains how he think about structuring a portfolio taking into consideration your appetite for risk and volatility. We also answer some listener questions about the process of buying shares, how to work out the most undervalued Top 10 stock, and the NEFF ration. Oh yeah, and I sing Tony a song.

WWII had created a strong US economy, mostly for military spending coming out of the public treasury.
Lots of industrialists made a fortune during that period.
And it was going away after the war.
In the aftermath of World War II, US armed forces had not merely been reduced – they had been allowed to crumble to the brink of collapse.
Truman’s new Defense Secretary, Louis Johnson, had cut the military to the bone.
It makes sense that they needed to find a way to keep the country on a war footing in the absence of a real war.
Korea – and NSC-68 – provided exactly that.

Today we begin a series about the man without whom our podcasts would not exist because there would be no books.
And you know we get all of our knowledge from books. The man who invented movable type and the printing press (or did he?).
Johannes Gutenberg


We talk about America’s history of using tariffs as a weapon—why it outsourced its manufacturing to China and how that forced China to become America’s largest banker while U.S. manufacturing employment has steadily declined—how the US went from controlling 80% of the world’s gold reserves at the end of WWII to having the largest external debt in the world—and how being the world’s reserve currency since 1945 has given it an exorbitant privilege.

TPN Podcasts for Week 37, 2019

Based on an email from one of our QAV Club members, this week Tony shares his views on the various investing tax structures. We also talk about how we’re managing the dummy portfolio. And in our QAV Club analysis section this week, we’re looking at IFN.

Americans were told that the invasion by North Korea was a total surprise. It was positioned as another Pearl Harbour. But this isn’t exactly true. They must have known it was coming and when it was coming. They just chose to ignore it. Why? Who stood to benefit from the invasion?

The death of Agrippina came soon after that of her son. There are more majestas trials, trouble with the Parthians, and, despite the assurance from his favourite astrologer that he had many years left, Tiberius addresses his own mortality. With Drusus dead, the only remaining heirs to the throne were Gemellus, son of Drusus, and Gaius, son of Germanicus – aka Caligula.


After Mao died in the mid 70s, Deng Xiaoping argued that a country can’t jump straight from feudalism to socialism, and he started to reform the economy, by setting up experiments which involved loosening the controls on the market.