Відео

Great lecture. Two important lessons I got from the talk: 1) You can’t recognize mgmt with integrity (and talent) unless you practice them yourself, and 2) People or management is a big part of creating and growing the MOAT. I thought they were very insightful observations. Much appreciated 👍

Skip to 18:27 for the myths

I noticed that the questioners in the audience all spoke with foreign accents which I believe bodes well for the future of value investing around the world.

Mostly pleasantries until 7:45

excellent as alwyas Rob

Great value!

Myth 1 deserves more attention. The analogy of boat #2 traveling faster than the distant boat #1 that’s further ahead presupposes that the moat enjoyed by the first boat does not act as a counteracting force against the prosperity of boat #2. This can be true if boat #1 has no moat in reality or if boat #1 occupies a tiny portion of the river at large, leaving ample room for boat #2. Since our working assumption is that boat #1 is competitively advantaged, focus is thus put on the latter case: A sub-scaled competitor can grow faster than a competitively advantaged incumbent if the scale required to enjoy said moat is de minimis. It’s as if the only thing that matters with respect to discussions about moats is whether the incumbent is of significant relative size to prevent competitors/new entrants from becoming sizable threats. No matter how great the moat, it’s of no importance to customers who have yet to be captivated. Ex: what’s the minimum scale required of a software company to enjoy switching costs? I’d argue, one customer. It’s likely why Rob calls cost advantages as the goat moat as it widens in proportion to scale - albeit at diminishing returns over time. That said, I also think that cost advantages are often touted without explicit recognition of their limits. Cost advantages are only meaningful to the extent that said cost savings are deeming consequential to end customers. Do I really care to save $2 on napkins at Costco vs the local convenient store? With rising wealth, this threshold of convenience likely rises (ie from $2 to $3). Good talk!

Really enjoyed this one. Thanks RV!

Great talk! Where can i find the presentation? Edit: I applied on your website- please accept my registration!!

Timestamps would help your nice videos ❤

Amazing team. It was enjoyable to listen that 4 hours.

*promosm*

Robert, no concerns investing in an apartheid state? maybe soon also officially a genocidal state?

Thanks for the insights from an emerging fund manager

Very educative session Thanks Rob and team

Thoroughly enjoyed the event playback - The wix coo did a super job Thanks Rob and Andreas

Very good - thanks for posting this, and Day1, @Rob - appreciate it.

I asked the same question to the Wix engineer regarding the most common complaints, and the response highlighted issues related to bug reports and the extended duration it takes to resolve them.

Thanks for making these chats so easily available and for free. I’m always looking forward to watching the recordings of the event. Glad to hear you are doing well health-wise as well!

Starts @ 57:40

Loved the straight forward question about SBC.

what's his returns since interest rates have moved up?

I appreciate this content so much, thank you for doing this!

Starts at 2:35 min mark

Trupanion is a disgrace to pets and insurance. Darryl is just trying to make money off peoples pets.

Its obviously an excellent company with great culture, but so much uncertainty.

Anytime you interview a CEO I take that as a signal to short. Like the Trupanian guy. These guys think of you and other small investors as patsies - you look up to them and give them all this attention and podium, meanwhile they do whatever the F serves their own interests. Anyway, Trupanion turned out to be a shitco. Hoping Ryman doesn’t go the same way.

_"We'll have to wait a few more years to see what the full situation is (on CVNA)."_ This shows a stunning disconnect from reality in every possible respect. The "full situation" is that Ernie Garcia, a took you for a ride. To fail to acknowledge that it is far more likely than not (do you seriously not understand what the bond pricing is telling you?!!) that it will not take "a few more years" to know the outcome is stunning. CVNA was designed to fail from the start. It was a front business to build value in Drive Time. Just as was the case for Ugly Duckling, the first car sales company that Ernie used to suck money from unsuspecting investors in the 1999-2000 mania. Same sleazy salesman, similar sales pitch. When Ernie had sucked all the dumb money out of Ugly Duckling (Ticker: UGLY), and used it to build all the value he could in Drive Time, he bankrupted the company. Having sucked nearly $4 Billion out of CVNA and used it to expand Drive Time 5x, he is just about done there too. It is incredible that such an allegedly "smart" investor could be so lacking in research and analytical skills as to be unable to decipher this.

Fantastic

Greetings from Indonesia, thx for the video

Great conversation - thanks for sharing

Awesome. Hey Tilman, what was the link to the blog / Substack? Fairwealth?

Great insights, much appreciated!

Very interesting opportunity now down 66% this year

Met Jacob briefly at the annual meeting last year when I bought his book. Great read! Flew through it

He talks like Jürgen Klopp. Awesome voice!

I was pondering a while on how to launch a fund with 0/6/25. the huge distraction and stress will be how to weather the "0" years. I decided to skip directly to owning a cashflow positive business with a few partners in a digital consultancy and advisory business and then channel the cashflow and capital to build up the "value fund" with the partners. Thus solving seed capital and running a track record and yet having a business cashflow to fund the "0" years and not be pressured to perform any transactions when there is no clear margin of safety. Probably why Buffett prefers to buy business 100% and owned their cashflow. It also makes easier getting business loans at low interests as well for cheaper costs of capital. just my 2 cents. In short, I move directly into the BRK phase.

Thanks!

Thank you for this great interview. What's the name of the website mentioned at 24:20?

Great to hear from the panelists. Thanks Rob for conducting this session and along with the others ones sharing on UA-cam. Wish you the best of health!!

Great chat, Cheers for sharing Rob and David, much appreciated.

Did you sell Carvana?

Fantastic conversation - thanks all!

Excellent interview and q&a.

It was cool meeting Jacob in Engelberg. He is a really kind guy!

Thanks all

Thanks to all involved

Can I ask the name of the background music it’s so good

Thanks Tillman and Rob

It was a great Q&A session, I really enjoyed. Thank you for putting it out. The joke of Andreas about digging with spoons was very funny. About the book on Energy and Civilization Rob mentioned, could it be Energy and Civilization: A History by Vaclav Smil? Thank you again for sharing.