QAV AU 845 – Michael Goldberg Returns: Gold, AI, and Value Investing in 2025

Michael Goldberg from Collins Street Asset Management returns to the show after three years. We dive deep into how value investing has fared through the turbulence of recent years — from post-COVID struggles to the renewed upswing of 2025. Michael discusses his firm’s 14%+ annual returns, the long-term patience required for undervalued stocks, and the surprising persistence of “cheap” companies that stayed cheap for years. We explore Astron Limited (ATR) and its rare earths project in Victoria, delve into mineral sands, gold funds, and the lifecycle of commodities, and tackle the hot topic of AI’s economic impact, from efficiency gains to workforce disruption. They finish with thoughts on Seven West Media’s merger, the AI-driven hype around the Magnificent Seven in the US, and how value investors can navigate an overheated tech market without losing their cool.