Shows
The Rob Vinall PodcastRV Capital's 2024 Letter to Co-InvestorsIn 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 ground2025-03-011h 00
The Learning Corner by PrecursorEpisode #15: Andrea Funsten, Robert Vinall, Manny MedinaIn this episode of The Learning Corner, the conversation opens with a warm welcome, setting the stage for an exploration of transparency in venture capitalists' investment memos. The discussion then transitions to a presentation on the lessons learned from mistakes of omission in investing, offering valuable insights into recognizing and avoiding missed opportunities. The episode also delves into a LinkedIn post discussing the intersection of SaaS founders, AI, and evolving business models, highlighting the innovative ways these elements are reshaping the industry.
Why Venture Capitalists Rarely Share Investment Memos by Andrea Funsten
Mistakes of Omission by Robert Vinall
Sorry...2025-01-1719 min
The Rob Vinall PodcastIs China Investable? Panel at RV Capital's 2025 Annual GatheringPanel 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.news/
Rob's book recommendation: "The Battle of Bretton Woods" by Benn Steil2025-01-1654 min
The Rob Vinall PodcastWomen-in-Investing Panel at RV Capital's 2025 Annual GatheringAmelie 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.2025-01-1636 min
The Rob Vinall PodcastMountainside Chat with Will Thorndike at RV Capital's 2025 Annual GatheringRob 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 2025.2025-01-1640 min
The Rob Vinall PodcastRob & Andreas' Q&A at RV Capital's 2025 Annual GatheringRob and Andreas' Q&A at RV Capital's Annual Gathering in Engelberg on 11 January 2025.
2025-01-161h 31
The Rob Vinall PodcastMountainside Chat with Will Lundin at RV Capital's 2025 Annual GatheringRob does a mountainside chat with Will Lundin, CEO of International Petroleum, at RV Capital's Annual Gathering in Engelberg on 11 January 2025.2025-01-1655 min
Excuse the IntermissionUnearthing Robert Eggers' Nosferatu with Filmmaker Justin Robert VinallSend us a textRobert Eggers' Nosferatu revives a classic horror tale with a fresh perspective, exploring themes of desire, repression, and the nature of evil. The ensemble cast, particularly Bill Skarsgård and Lily Rose Depp, delivers compelling performances that enrich the film's haunting atmosphere. The episode delves into the film's production aspects, character analysis, and the broader implications of its storylines, highlighting Eggers' mastery in gothic storytelling.• Eggers' unique approach to Nosferatu as a gothic horror film • Strong performances from Skarsgård and Depp enhancing character depth • Visually stunning cinematography that evokes sil...2024-12-271h 47
The Rob Vinall PodcastRV Capital's First-Half 2024 Letter to Co-InvestorsIn 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
2024-10-0143 min
The Rob Vinall PodcastA Postcard from East AfricaIn 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 demographics.2024-08-2233 min
3Haunted Podcast3Haunted: Horror Films with Justin VinallWhat’s up ghouls, gals, and all of our horror fanatics out there! In today’s episode, we’ll be returning to the world of horror films with special guest filmmaker Justin Robert Vinall. Justin is a co-founder of Next Floor entertainment, an independent film production company based in Seattle. Join us as we dive into horror, filmmaking, Godzilla, Star Wars (yes Star Wars) and more!Justin Robert Vinall is a producer, writer and director located in the heart of the Seattle film community. His fascination with genre filmmaking such as horror has led him t...2024-05-291h 17
The Rob Vinall PodcastFive Moat MythsThis 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 topic of management in a talk called Identifying Managers with Talent and Integrity.
His original plan was to talk about moats in 2020...2024-05-2842 min
The Rob Vinall PodcastMy 2024 Postcard from the USARob 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.
2024-05-1229 min
The Rob Vinall PodcastMy 2024 Postcard from ChinaRob 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.2024-04-1621 min
The Rob Vinall PodcastRV Capital's 2023 Letter to Co-InvestorsIn 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
2024-03-1536 min
The Rob Vinall PodcastCapital Allocator Panel at RV Capital's 2024 Annual GatheringRob 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)
2024-01-2148 minThe Rob Vinall PodcastWomen-in-Investing Panel at RV Capital's 2024 Annual GatheringAmelie 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
2024-01-2151 minThe Rob Vinall PodcastEmerging Managers' Panel Discussion at RV Capital's 2024 Annual GatheringRob 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
2024-01-2142 minThe Rob Vinall PodcastRob & Andreas' Annual Q&A at the 2024 RV Capital Annual GatheringRob 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 2024.2024-01-211h 32The Rob Vinall PodcastWix's Nir Zohar at RV Capital's 2024 Annual GatheringRob 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 2024-01-2157 min
The Rob Vinall Podcast15-Year Anniversary of the Business Owner FundThe 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.
2023-11-0720 min
The Rob Vinall PodcastRV Capital's Letter to Co-Investors in the Business Owner Fund for the first half of 2023The 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
2023-09-0533 min
The Rob Vinall PodcastA Postcard from ChinaImpressions 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?2023-07-2523 min
The Steve and Crypto Show PodcastThe Crypticon 2023 Recap!Episode 118 of The Steve & Crypto Show is our Crypticon Recap! We chat about our time spent at the Spookiest convention in the northwest! Running Into old friends, chatting with vendors and celebrities including the Adams Family (the minds behind 'Hellbender' ,as seen on Shudder & The Last Drive-In) and PNW Filmmaker Justin Robert Vinall (From The Depths)
Support Your local horror convention and support your 3rd favorite podcast any way you can. Thanks for listening!
Keep up on the Adams' latest at: https://instagram.com/adams.family.films?igshid=MzRlODBiNWFlZA==
AND...
Follow Justin Robert...2023-06-021h 36
The Wrath of the iOtiansSIFF 2023 Interview with Justin Robert Vinall Director of From The DepthsThe 2023 Seattle International Film Festival was held on May 11-21. Ron was able to receive press credentials and had the opportunity to check out several short films and a few features. One of favorites was the short film From The Depths (directed by Justin Robert Vinall, and starring Giovanni Accettola, Allegra Sweeney, Rebecca Rose). It's about a couple seeking to rebuild their troubled relationship. They travel to a remote lakehouse, but a malevolent presence lurks beneath the water’s surface. The acting, cinematography and sound design are hypnotic....creating a realistic and surrealistic atmosphere at the same time. On...2023-05-3123 minThe Rob Vinall PodcastRV Capital's Letter to Co-Investors in the Business Owner Fund for 2022The 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.
2023-01-1227 min
Teach Me A Lesson with Greg James and Bella MackieIs Taylor Swift Our Greatest Living Poet?Following the release of her latest album, 'Midnights', Greg and Bella find out if Taylor Swift is a great poet, as well as a great songwriter.English teacher Miss Tiddy is a Taylor Swift superfan, with an encyclopedic knowledge of Taylor Swift's music (and dating history!). In this lesson, she'll use techniques familiar from English Language GCSE to dissect Taylor's lyrics, such as assonance, alliteration and pathetic fallacy. With the help of Shakespearean actor Olivia Vinall, Taylor's lyrics are brought to life and put under the microscope by Miss Tiddy - are Taylor's songs just nice words...2022-11-0742 min
The Art of ValueGuru Investor Portfolios 2022: Small Cap Stocks Gurus Are BuyingHot on the heels of the latest 13F filings from some of the world’s best investment fund managers, this episode focuses on 8 small cap stock investments from 5 top investors: Robert Vinall, Josh Tarasoff, Greg Alexander, Pat Dorsey, Chuck Akre.
Timestamps:
00:00 Introduction to small cap stock investing
01:08 Investor Robert Vinall - RV Capital
04:34 Trupanion
08:46 Wix.com
11:50 Ryman Healthcare
15:40 Investor Josh Tarasoff - Greenlea Lane Capital
17:20 Monday.com
18:53 Investor Greg Alexander
21:40 Investor Pat Dorsey
23:31 Smartsheet Inc
24:40 Upwork
25:39 Poshmark
28:10 Investor Chuck Akre
29:18 DigitalBridge
Referenced videos:
Robert Vinall: My Investor Q&A - with questions on management, building RV Capital and my holdings ht...2022-09-0131 minThe Rob Vinall PodcastRV Capital's Letter to Co-Investors for the First Half of 2022RV 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 our largest investments
2022-08-0750 min
The Rob Vinall PodcastPanel Discussion for Emerging ManagersThis 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 Maurenbrecher, co-founder of Kontora, a multi family office based in Hamburg. The discussion contains lots of practical advice for emerging managers looking to start their own investment firm.
The chat is also available as a...2022-04-0951 min
The Rob Vinall PodcastFireside Chat with MITIMCo's Joel Cohen and Rob VinallThis 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 own investment management firm.
The chat is also available as a video at https://youtu.be/iZSQcLhgiwo
https://mitimco.org/emerging-managers/
https://emergingmanagers.org/2022-04-0948 min
The Rob Vinall PodcastFireside Chat with ShawSpring Partners Founder Dennis Hong and Rob VinallThis 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/vIgXfFAS8gU2022-04-0942 min
The Rob Vinall PodcastFireside Chat with Trupanion CEO Darryl Rawlings and Rob VinallThis 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. 2022-04-0951 min
The Rob Vinall PodcastQ&A with Rob Vinall at RV Capital's 2022 Annual GatheringThis 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 here: https://youtu.be/uGDmvRWAgy8
2022-04-091h 34
The Rob Vinall PodcastRV Capital's 2021 Co-Investor LetterRV 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.2022-01-3026 minThe Rob Vinall PodcastRV Capital's Letter to Co-Investors for the 2021 Half-YearWhy investors are overestimating the impact of regulation in China;
Some parallels to a prior market panic;
New investments in Alibaba and Salesforce.com. 2021-08-3041 minThe Rob Vinall PodcastMore AccuracyIn 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 disadvantage.
Part 3: Why the opportunity set is different today and what this means for investing.
Part 4: Why the goal is to be m...2021-03-2919 minThe Rob Vinall PodcastA 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".2021-01-2918 min
Good Investing TalksWhat is a good Investment process? A talk with the Value Investor Rob Vinall
In the beginning, we discussed Rob’s idea generation and how it changed over time. He also explained how he currently finds ideas.At 03:08 we are talking about filters he uses.At 04:53 Robert Vinall explains what minimum standards he has on a country level.At 05:15 we are talking about factors that make a company perfectly uninvestiable. We also look on debt or cyclical companies.At 07:09 Rob explains the next steps in his investment process.At 09:22 we are talking about the role of numbers in his process.At 10:55 Robert Vinall tells more ab...2021-01-2527 min
Good Investing TalksHow to evaluate management? A talk with Value Investor Robert VinallIn this interview, Rob Vinall explains how he evaluates management.2021-01-2526 min
Good Investing TalksHow to evaluate management? A talk with Value Investor Robert Vinall
Rob Vinall of RV Capital (https://www.rvcapital.ch) performed with 18,5% return per annum since 2008. We had the opportunity to talk to him in Switzerland in March.
At 01:16 Rob explains us how a typical year of him looks like
At 02:37 he also explains his “opportunistic” approach
At 03:08 we discuss how the inflow of money and the growth of assets under management has changed his approach
At 05:38 we ask: Are there limits through the amount of capital he has under management?
At 06:23 how Rob Vinall deals with...2021-01-2526 minThe Rob Vinall PodcastA Close Encounter with a Conspiracy TheoryA podcast about conspiracy theories, mental illness, how we evaluate information, and the lessons for investing.2021-01-1628 minThe Rob Vinall PodcastMy Favourite PodcastsA list of my favourite podcast shows. My preference is for shows about Tech, Health, Business and China that celebrate open and honest debate. 2021-01-1312 minThe Rob Vinall PodcastRV Capital's 2020 Letter to Co-InvestorsRob 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 Annual Gathering will not be on Zoom.
2021-01-0924 min
The BoneBat ShowThe BoneBat Show Episode 165: Festooned!This Episode: Gord and Steve recall their favorite moments from the 2018 BoneBat "Comedy of Horrors" Film Fest, where we announce our Viewers Choice Award winners for 2018; interview Award winning filmmakers Aram Sarkisian of Winston, Justin Robert Vinall of Emiko, director Josh Logan and producer Clarissa Jacobson of Lunch Ladies, and Chris McInroy of We Summoned A Demon; and cap it all off with a surfeit smoking live tunes from 2018 musical guests DEVILWOOD! All this plus What Pisses Us Off, and Multimedia Triage reviews of the films A Quiet Place and Blockers, TV's Lost In Space and Westworld, the MARVEL: Universe...2018-04-291h 57