Ziff Davis: The Internet’s Invisible Toll Booth – QAV America #32

In this episode of QAV America, Cameron and Tony open with reflections on the tragic Bondi attack and Australia’s long-standing gun laws before turning to the week’s U.S. stock market action. They discuss recent market jitters, AI-driven volatility in tech stocks, and the ongoing rotation into “value” names. Cameron then delivers a deep dive on Ziff Davis (ZD) — a little-known but highly profitable owner of the internet’s comparison-shopping and review infrastructure. The conversation explores ZD’s long history, its reinvention after the dot-com crash, its heavy reliance on SEO and affiliate monetisation, and the existential question hanging over the business: will AI replace human-driven product reviews? Rather than forecasting the future, the episode frames ZD through the QAV lens — cash flow, valuation, optionality, and downside protection — and examines why a business that looks structurally threatened may still offer attractive value today.