In this episode, Cameron and Tony sit down with activist investor Gabriel Radzyminski, founder of Sandon Capital, to dissect the art of activist value investing in Australia. Gabriel explains how he identifies mispriced assets, why value investing isn’t dead, and how activism can unlock value when management misalignment or agency conflicts keep companies from realising their potential. The discussion zeroes in on the brewing storm around Southern Cross Media (ASX:SXL) and its proposed merger with Seven West Media (ASX:SWM) — a deal Gabriel argues is a “nil-premium reverse takeover” that disenfranchises shareholders. The conversation dives deep into governance, board behaviour, passive investing, and the moral hazards of Australia’s listing rules. Expect sharp insights on capital allocation, corporate incentives, and the eternal tension between shareholders and boards.