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 topic of management in a talk called Identifying Managers with Talent and Integrity.

His original plan was to talk about moats in 2020, however, the small matter of a pandemic put paid to that idea. The good news is that four additional myths occurred to him in the intervening period (vs one he had originally intended to speak about).

The slides accompanying the talk are not visible on the video. They are not necessary to follow the talk, but they can be downloaded here.

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.

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.

In his 2023 letter to co-investors, Rob discusses:

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:

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:

Rob Vinall moderates a panel at RV Capital's 2024 Annual Gathering in Engelberg on the 14th of January 2024.

The panel members are:

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.

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

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.