2024 · Documented public record
H1 2024 letter (HFA mirror)
Decision — Initiated IPCO (first O&G position; Lundin 34%). Context: ESG trade-offs essay-length treatment in H1-24. Outcome (partial): Position open; initiation verified via letter only.
Robert Vinall
18 SOURCES7 INDEXED REFERENCES2014–2024
The crown jewels are the Co-Investor Letters — decision-rich including formal loss autopsies (Ryman: “by far the worst investment I have ever made”)
THE RECORD
The crown jewels are the Co-Investor Letters — decision-rich including formal loss autopsies (Ryman: “by far the worst investment I have ever made”). Multi-modal corpus: letters + letter audio (podcast read-throughs) + Annual Gathering videos + a verbatim 13F trail. Founder-character underwriting exemplified by the Carvana chain (initiation → −80% drawdown → doubling down → Ernie Garcia headlining the 2026 Gathering).
SELECTED PUBLIC REFERENCES
2024 · Documented public record
2025 annual letter (podcast read-through)
Decision — China basket (NetEase, Yum China, H World, Didi) + Prosus 10% → sold. Context: Fear-greed entry logic articulated in H1-24; “six investments in China” per the 2024 letter podcast. Outcome (known): Prosus and PDD SOLD per the 2025 annual letter; new selling framework introduced.
2021 · Documented public record
2021 letter + H1-22 + Q2-25
Decision — Initiated Carvana; doubled down through the −80% crisis. Context: Founder-character underwriting (Ernie Garcia defense); lowest buys ~20x. Outcome (partial): Now largest holding (~30% of US sleeve); Garcia headlined the 2026 Gathering.
2017 · Documented public record
H1 2025 letter (Worldly Invest analysis)
Decision — Ryman Healthcare: NZ$8.60 entry → ~NZ$4.50 exit; formal postmortem. Context: “By far the worst investment I have ever made” — H1 2025 letter. Outcome (known): Loss exit; documented autopsy — a rare public loss postmortem.
2016 · Documented public record
2016 Co-Investor letter
Decision — Initiated Meta (“most frustrating investment” framing). Context: $4.20 EPS thesis → $13.77 actual by 2022. Outcome (known): Contrarian durability test passed; META now ~20.45% of US sleeve.
2015 · Documented public record
Co-Investor letters + COBF phase map
Decision — Initiated Berkshire & Google (quality-phase evidence). Context: Phase map: 2008–14 deep value → 2015–19 high quality → 2019–22 future quality (COBF thread). Outcome (known): Documented in letters; Salesforce (H1-21) and Wix (2019) followed.
2014 · Documented public record
H1 2014 Co-Investor letter
Decision — Initiated Credit Acceptance — “favourite” buyback-compounding case. Context: H1-14 + H1-22 letters. Outcome (known): 9–18% position held through Q2 2025 (18.01% of US sleeve).
CONNECTED INVESTORS
Robert shares documented ground with the investors below — themes both return to, companies both discuss. The strength comes from the indexed passages themselves.
Howard Marks
5 SHARED THEMES
John Bogle
5 SHARED THEMES
Warren Buffett
5 SHARED THEMES
Benjamin Graham
4 SHARED THEMES
Bill Ackman
4 SHARED THEMES
François Rochon
4 SHARED THEMES
Mohnish Pabrai
4 SHARED THEMES
Philip Fisher
4 SHARED THEMES
EXPLORE NEXT
TOP THEMES
TOP COMPANIES
Companies appear once the collection lands.