The Rob Vinall Podcast
The Rob Vinall Podcast is a show by investor Rob Vinall in which he explores topics around value investing and business. Episodes discuss how to evaluate companies, think about competitive advantage, capital allocation and long-term compounding. Rob also reflects on lessons from running an investment fund and on the mental models that guide his decisions. The tone is thoughtful and conversational rather than promotional.
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20-Year Anniversary of RV Capital
RV Capital celebrated its 20th anniversary on 17th of August 2026. To mark the occasion, Rob looks back on six periods of his life that shaped him as a person and an investor.
2026 Half-Year Letter to Co-Investors
Rob's half-year letter to his co-investors in the Business Owner Fund.The letter begins with an update on the fund, detailing why the portfolio's underlying progress is significantly stronger than the first-half headline performance suggests.It continues with a post-mortem of his investment in Wix, the website-design platform. How did Wix do relative to his original expectations? And what
RV Capital's 2025 Letter to Co-Investors
In his 2025 letter, Rob discusses: A framework for selling investments; Why we sold Prosus; The idiosyncratic reason for selling PDD Holdings; Why we sold IPCO and kept Aker BP; Understanding RV's elevated cash position; The Crans-Montana tragedy and regulatory implications; Exploring AI's impact on jobs and the future of work; Analysing the AI scare trade and software moats.
RV Capital's First-Half 2025 Letter to Co-Investors
In his half-year letter, Rob discusses:Business Owner's "Big Five" investments;Why the portfolio looks different to traditional funds;The unsuccessful investment in Ryman Healthcare: mistakes made and lessons learned;And, whether the AI boom is a repeat of the dot-com bubble in the late 1990s.
Rob's 2025 Postcard from Around the World
Rob describes a recent trip he made to China, Japan and the US and discusses what he learned. As the trip started shortly after President Trump declared Liberation Day on 2 April, the trade war and tariffs were a recurring topic of the trip. The postcard discusses the trade war, but it is not just about the trade war. The trade war is in the news today but news cycles get ever shorter. It is impor
RV Capital's 2024 Letter to Co-Investors
In his 2024 letter to co-investors, Rob discusses: What a near 50% drawdown feels like Six investments in China One new investment in the energy sector Business and the moral high ground
Is China Investable? Panel at RV Capital's 2025 Annual Gathering
Panel Discussion at RV Capital's Annual Gathering in Engelberg on 12 January 2025 with Graham Rhodes, Yixin Li, Fred Lui and Sofia Hou.
Show Notes
Li Lu Talk referenced by Graham: https://mp.weixin.qq.com/s/nwdP3GR-H8-m94NUnlsM-g
Fred's letter on China: https://www.haydencapital.com/wp-content/uploads/Hayden-Capital-Quarterly-Letter-2021-Q2.pdf
Blog referenced by Fred: https://www.baiguan
Women-in-Investing Panel at RV Capital's 2025 Annual Gathering
Amelie hosts the panel "Women in Investing" at RV Capital's Annual Gathering in Engelberg on 12 January 2025 with April Li, Cynthia Maasry and Franziska Reh.
Mountainside Chat with Will Thorndike at RV Capital's 2025 Annual Gathering
Rob does a mountainside chat with Will Thorndike, private equity investor and author of "The Outsiders", at RV Capital's Annual Gathering in Engelberg on 12 January 2025.
Rob & Andreas' Q&A at RV Capital's 2025 Annual Gathering
Rob and Andreas' Q&A at RV Capital's Annual Gathering in Engelberg on 11 January 2025.
Mountainside Chat with Will Lundin at RV Capital's 2025 Annual Gathering
Rob does a mountainside chat with Will Lundin, CEO of International Petroleum, at RV Capital's Annual Gathering in Engelberg on 11 January 2025.
RV Capital's First-Half 2024 Letter to Co-Investors
In his letter to co-investors for the first half of 2024, Rob discusses:
A new KVG for the Business Owner Fund
His mentor Norman Rentrop
A new investment in International Petroleum
3(!) new investments in China
The promise and failings of ESG investing
A Postcard from East Africa
In mid-August 2024, Rob traveled to East Africa. He visited four cities (Nairobi, Mombasa, Kigali, and Kampala) in three countries (Kenya, Rwanda, and Uganda).
In the postcard, Rob discusses what he saw and what he learned.
The main topics discussed are the region's cities, economies, and stock markets, corruption, freedom, Chinese and Western money, foreign aid, entrepreneurship, M-Pesa, and
Five Moat Myths
This is a talk Rob gave at Bob Miles' Value Investor Conference in Omaha on 3 May 2024.
The talk is called Five Moat Myths and discusses five commonly held beliefs about moats that may be incorrect.
Rob first spoke at the Value Investor Conference in May 2014 when he discussed the topic of valuation in a talk called Mistakes of Omission.
Rob spoke the second time in 2017 when he discussed the
My 2024 Postcard from the USA
Rob discusses a recent trip to the US and reflects on what he saw in the places he visited and what he heard from the people he met.
If you would like to leave a tip to cover the cost of the postage stamp on this postcard, please use this link.
My 2024 Postcard from China
Rob discusses his recent trip to China. He reflects on what he saw when travelling through four megacities and what he heard in conversations with friends, fellow investors, business people, and artists.
RV Capital's 2023 Letter to Co-Investors
In his 2023 letter to co-investors, Rob discusses:
The perils of reading too much into recent experience
The current sentiment towards China
A new investment in PDD Holdings
Capital Allocator Panel at RV Capital's 2024 Annual Gathering
Rob Vinall moderates the Capital Allocator panel at RV Capital's 2024 Annual Gathering in Engelberg on the 14th of January 2024.
The panel members are:
Jason Matz: GHR Foundation
Thomas Berchtenbreiter: BTV Beteiligungsverwaltung
Sargent McGowan: UVIMCO (University of Virginia)
Women-in-Investing Panel at RV Capital's 2024 Annual Gathering
Amelie Vinall moderates a Women in Investing panel at RV Capital's 2024 Annual Gathering in Engelberg on the 14th of January 2024.
The panel members are:
Alex Douglas: Investure
Fatima Dickey: Lagoda Investment Management
Sofia Hou: Investment manager from Boston
Emerging Managers' Panel Discussion at RV Capital's 2024 Annual Gathering
Rob Vinall moderates a panel at RV Capital's 2024 Annual Gathering in Engelberg on the 14th of January 2024.
The panel members are:
Tim Liu: Meditation Capital
Fred Saland: Oxylus Capital
Joan Esteve Manasanch: Gesinter SGIIC
Rob & Andreas' Annual Q&A at the 2024 RV Capital Annual Gathering
Rob Vinall and Andreas Lechner respond to the audience's questions about the development of the Business Owner Fund at RV Capital's 2024 Annual Gathering in Engelberg on the 13th of January 2024.
Wix's Nir Zohar at RV Capital's 2024 Annual Gathering
Rob Vinall interviews Wix COO Nir Zohar in front of a live audience at RV Capital's 2024 Annual Gathering in Engelberg on the 13th of January 2024
15-Year Anniversary of the Business Owner Fund
The topic of this memo is how hard it is to beat the market in the long term, why this is the case, and ten countermeasures an investor can take.
RV Capital's Letter to Co-Investors in the Business Owner Fund for the first half of 2023
The podcast contains discussions of the following topics:
A new investment in Interactive Brokers
Increased investments in Meta Platforms and Ryman Healthcare
Why the fund is concentrated in individual companies and what drives their weighting in the portfolio
AI and Wix
A Postcard from China
Impressions from my first trip back to China after the pandemic.
Topics discussed include:
The increasing liveability of China's major cities; City planning in China; China's decoupling from the rest of the world; Battery Electric Vehicles; Competition; Politics and Macro; and my response to the question: Is China Investable?
RV Capital's Letter to Co-Investors in the Business Owner Fund for 2022
The letter contains a discussion of the following topics:
An update on my health situation;
A discussion of health data and privacy;
A (I hope premature) post mortem of our investment in Carvana;
Lessons learned from the Investment in Carvana;
A defence of doing things differently.
RV Capital's Letter to Co-Investors for the First Half of 2022
RV Capital's first half letter for 2022 contains discussions of:
Organisational changes at RV Capital;
How I have dealt with the drawdown;
Surging inflation;
Rising interest rates and their implication for investing in long-duration cash flows;
The fund’s exposure to tech stocks;
War in Ukraine; and
Taiwan and its implication for investing in Chinese companies
And the development of o
Panel Discussion for Emerging Managers
This is a live recording of a panel discussion for emerging managers at RV Capital's 2022 Annual Gathering in Engelberg, Switzerland on the 27th of March 2022. The members of the panel are Claudine Innes, who is responsible for manager selection at a single family office based in Bilbao; James Ferguson, Partner at Global Endowment Management, an investment company based in Charlotte; and Patrick M
Fireside Chat with MITIMCo's Joel Cohen and Rob Vinall
This is a live recording of the fireside chat between Joel Cohen and Rob Vinall at RV Capital's 2022 Annual Gathering in Engelberg, Switzerland on the 27th of March 2022. Joel works at MITIMCo, the investment management company of Cambridge-based university MIT. Joel also started the website emergingmanagers.org. The interview contains lots of practical advice for investors looking to start their
Fireside Chat with ShawSpring Partners Founder Dennis Hong and Rob Vinall
This is a live recording of the fireside chat between Dennis Hong and Rob Vinall at RV Capital's 2022 Annual Gathering in Engelberg, Switzerland on the 27th of March 2022. Dennis is the founder and CEO of ShawSpring Partners, a Boston based investment firm founded in 2014.
The interview is also available as a video recording at https://youtu.be/vIgXfFAS8gU
Fireside Chat with Trupanion CEO Darryl Rawlings and Rob Vinall
This is a live recording of the fireside chat between Darryl Rawlings and Rob Vinall at RV Capital's 2022 Annual Gathering in Engelberg, Switzerland on the 26th of March 2022. Darryl is the founder and CEO of Trupanion, a pet health insurer based in Seattle, USA.
Q&A with Rob Vinall at RV Capital's 2022 Annual Gathering
This is a live recording of Rob's Q&A at RV Capital's 2022 Annual Gathering in Engelberg, Switzerland on 26 March 2022. It features questions from both the live and online audience. The recording is also available as a video on Rob's YouTube channel. Recordings of the other sessions at the annual gathering are also available both as a podcast or on YouTube.
A link to the YouTube recording is h
RV Capital's 2021 Co-Investor Letter
RV Capital's 2021 letter contains a discussion of our recent investment in Carvana, an e-commerce platform for buying and selling used cars.
The letter also weighs the relative importance of moat vs execution. It makes the argument that investors perhaps overestimate the importance of competitive advantage when evaluating companies. Execution is everything.
RV Capital's Letter to Co-Investors for the 2021 Half-Year
Why investors are overestimating the impact of regulation in China;
Some parallels to a prior market panic;
New investments in Alibaba and Salesforce.com.
More Accuracy
In my 2020 Investor letter, I discussed the concept of “Margin of Safety” i.e., paying less for a security than it is worth, and its implications for investing. This memo is intended as a follow-up to that discussion. It is divided into seven parts:
Part 1: Why the importance of striving for an accurate view of the future is not obvious to older value investors.
Part 2: Why experience is sometimes
A Look At Compounders Through The Lens Of "The Intelligent Investor"
What are Compounders? Why are they so popular amongst investors? And is the phenomenon sustainable?
A critical analysis using a framework suggested by Benjamin Graham in his seminal work on investing: "The Intelligent Investor".
A Close Encounter with a Conspiracy Theory
A podcast about conspiracy theories, mental illness, how we evaluate information, and the lessons for investing.
My Favourite Podcasts
A list of my favourite podcast shows. My preference is for shows about Tech, Health, Business and China that celebrate open and honest debate.
RV Capital's 2020 Letter to Co-Investors
Rob reads out his 2020 Investor letter. The Letter includes:
A discussion of the short attack on Grenke;
Some further thoughts on investing in early-stage listed businesses in the context of our recent investment in Slack;
A critical look at the concept of margin of safety;
A discussion of the pros and cons of being contrarian;
How I got podcasting "religion";
Why RV Capital's 2021 Annu
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