The Rob Vinall Podcast

Hosted by Robert Vinall

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Nov 2026

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About the show

Rob explores topics around value investing and business.

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November 10, 202621 min

Rob's 2026 Postcard from China

Rob discusses his key takeaways from a recent trip to China: 1. Chinese companies are taking a more business-like approach to AI that seems more likely to succeed commercially. 2. We may be on the cusp of another trade war, but while it will no doubt generate headlines and share-price volatility, it is unlikely to change much. 3. The Chinese economy remains depressed, but the best companies continue to thrive despite or perhaps because of this. 4. Momentum-driven investors chasing the next bottleneck in AI supply chains are creating opportunities for investors with a longer time horizon. 5. Tencent remains his favourite investment: it is ideally positioned to benefit from AI due to the WeChat ecosystem and attractively priced due to short-term earnings headwinds.

October 1, 202646 min

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.

August 21, 202640 min

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 are the lessons learnt? The proceeds went into Constellation Software, the serial acquirer of vertical market software companies. Rob outlines why the current pessimism around AI created the opportunity to buy a compounder at an attractive price. The letter finishes with a discussion of the debate around value vs. momentum. Should value investors continue to buy companies for less than they are worth, trusting that eventually price will reflect value? Or should they buy those companies with a strong narrative and the wind at their back even if valuations seem a little stretched?

March 30, 202643 min

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.

August 30, 202549 min

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.

May 22, 202531 min

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 important not to be so focused on the news that you miss the bigger picture. As such, the postcard also touches on broader developments in China including AI, Electric Vehicles and the growing prominence of Chinese companies.

March 1, 20251 hr 0 min

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

January 16, 202554 min

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.news/ Rob's book recommendation: "The Battle of Bretton Woods" by Benn Steil

January 16, 202536 min

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.

January 16, 202540 min

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.