Some links 13/2026 (opens in new tab)

Rob Vinall’s 2025 letter to investors is worth reading, as he also discusses why he sold some positions (Prosus, PDD, International Pet.) A good reminder that Value Investing only works long term if it stops working short term Despite the rhetoric, Stablecoins are rarely used for actual payments An epic write-up on the “Seabed economics landscape” Some interesting thoughts from