The Rob Vinall Podcast

A fund manager explains the framework he uses to sell investments and why specific portfolio moves were made. He contrasts two oil companies and the calculations behind keeping one but selling the other. He reflects on a Swiss tragedy and the risks of heavy-handed regulation. He debates AI's impact on jobs and whether AI hype threatens software moats.

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 takes us on an enlightening journey through China, Japan, and the US. He dives into the complexities of the trade war, reminding us to look beyond headlines. The discussion shifts to the rise of electric vehicles, spotlighting BYD's innovation versus traditional Western automakers. AI advancements in China are explored, particularly how restrictions might spur creativity. Personal anecdotes highlight shared humanity across cultures, proving that personal connections can bridge political divides.

Rob shares his experiences navigating a 50% market drawdown, highlighting the psychological effects of volatility. He discusses six investments in China, showcasing growth strategies of companies like Tencent and Yum China despite challenges. The conversation shifts to a new energy sector investment, analyzing undervalued opportunities like PDD and ACA BP's strengths. Competition in the Swiss grocery market is explored, focusing on ethical and efficient disruptors. Finally, there's a celebration of innovation and the importance of diverse perspectives.

Yixin Li runs a Tokyo-based equity fund focusing on China, Graham Rhodes manages Long River in Hong Kong, Fred Liu leads Hayden Capital with a long-only strategy, and Sofia Hou invests globally with a focus on China. They dive into the complexities of investing in China amidst geopolitical tensions, discussing the rapid growth of its electric vehicle market and integrated supply chains. The panel reflects on state influence, recent policy changes, and the need for enhanced domestic consumption, offering nuanced insights from their firsthand experiences.

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.

Will Thorndike, a private equity investor and author of 'The Outsiders,' shares insights into his unique investment journey and the formative experiences that shaped his approach. He discusses the challenges and rewards of board leadership in public companies while diving into the exceptional traits of outstanding CEOs who prioritize pragmatic leadership. Thorndike emphasizes the crucial role of capital allocation strategies and effective communication in assessing CEO effectiveness, shedding light on what sets high-performing leaders apart in the business world.

Rob and Andreas' Q&A at RV Capital's Annual Gathering in Engelberg on 11 January 2025.

Rob does a mountainside chat with Will Lundin, CEO of International Petroleum, at RV Capital's Annual Gathering in Engelberg on 11 January 2025.

Norman Rentrop, a revered mentor in the investment sector, joins the discussion to illuminate his insights on strategic investments. They delve into the impressive NAV growth of the Business Owner Fund and the significance of a new KVG. A fascinating new investment in International Petroleum is unveiled, alongside three bold ventures in China. The conversation shifts to the complexities of ESG investing, critiquing its discrepancies between theory and practice while proposing a more pragmatic governance approach.