The AI Scare Trade and Software Moats

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.