Postcard From Engelberg

On the 10th and 11th of January, I had the chance to attend Rob Vinall’s AGM. It was the third time I attended, and it is always a pleasure to meet new peers and talents from all over the world.

The first time I attended was in 2023, and that meeting truly changed my life. At the time, I was working as a portfolio manager at the asset management arm of a French insurance company. I was living in Paris and studying for the CFA Level I exam. In many ways, it was a very institutional, conventional professional life. Yet, I knew something was missing. I felt deeply that I was not aligned with what I believed in.

I had heard about Rob Vinall since my first internship as a stock picker in 2019. I devoured all his letters, including the one he wrote for emerging managers. Later, I realized he organized an annual event, but I only decided to attend in 2023.

I went there alone. And it was a revelation.

I found my crowd. I found people who thought like me. Not one or two, but hundreds. After that 2023 RV AGM, it became obvious that I could no longer stand working in the institutional world as it is today. Five months later, I made the decision to quit my job and embark on this Investing World Tour, with the goal of meeting as many investors and analysts from this community as possible while trying to find a job at one of them.

Coming back here always gives me the opportunity to reflect on everything that has happened over the past three years, to recommit to my long-term objectives, and to recalibrate the short-term ones, so I can increase my chances of reaching the former with a clearer and more grounded mindset.

From this year’s edition, here are a few takeaways I kept with me:

1 – I am still not a snow person.

2 – It takes an extraordinary amount of courage, resilience, and intelligence to be the CEO of a listed company
(see the outstanding fireside chat with the Emie Garcia, Carvana CEO).

3 – How humbling it is to attend this meeting every time

Every person I met during this event was not only extremely smart, but also genuinely kind. There is a mix of generations, levels of visibility, backgrounds, wealth, and nationalities. It is a true melting pot, united by a single common thread: a passion for long-term, fundamental investing.

Because of that, anyone you talk to speaks the same language and that is incredibly precious.

After my world tour, I realized how small this community actually is. Many investors within it are quite isolated in their daily lives, either by choice or because they lack people around them (physically or intellectually) who truly understand their approach.

This community of investors (largely inspired by Buffett) deeply believes that expanding an investment team beyond one person often leads to dilution of thought. When you “externalize” analysis to another brain, you lose direct control over your own understanding of a company. As a result, large analyst teams are rare among funds within this ecosystem.

4 – Nobody wants an asshole in a submarine

On Sunday, the traditional allocator panel took place, and it was probably one of the best I’ve attended so far. The discussion echoed many of the observations I’ve written about before (as in this article:
http://influidence.com/how-institutional-investors-choose-managers/).

A key theme was transparency, how allocators value consistency and openness over time. When a fund is rejected, it is often not about quality or performance, but simply about fit. Maybe the allocator currently needs a low-volatility strategy, or more diversification in a specific region. Allocators operate across multiple layers of strategy.

At the macro level, they design portfolios aligned with institutional objectives in terms of risk and return. Regulatory constraints (especially in Europe) or political considerations also play a role (I have vivid memories of those constraints myself).

Once an allocator has selected managers within a given “block,” changes are rare. Allocators with long-term horizons and low turnover tend to stick with their funds for years, which makes it increasingly difficult for new managers to enter.

One allocator also mentioned that internal team changes often trigger divestments that have nothing to do with performance or manager quality. When a new allocator arrives, or when leadership changes, investment strategies often shift. It’s a bit like politics: when a new president comes in, some heads roll.

The panel concluded with a memorable punchline:
“Nobody wants an asshole in a submarine.”

In other words: if you’re difficult to work with, chances are no one will want to invest in your fund.

Overall, the message was simple: be kind, be patient, and be transparent.

5 – The struggles of a young generation of investors

Many young people (between 20 and 35) are struggling to find their place in this community. I already knew this, having been in that position myself before launching Influidence. But this year, it felt even more striking.

The youngest are still searching for internships, often after already completing several, sometimes at some of the most prestigious funds in the world. While they can still cope with low or no pay and instability, competition is fierce. The talent pool is massive and extremely qualified, with many candidates coming from top universities. Because many managers are now open to fully remote roles, competition has become truly global. Some of these young investors write newsletters or blogs, hoping to monetize their ideas someday.

Then there is the 25–30 age group, those who have already held at least one full-time role, often in another industry or in an institutional setting. Transitioning into this community later is particularly challenging, as building a network and reputation takes time. As with many careers, luck plays a huge role, but even more so here, because this ecosystem is so closed.

After 30, things become more binary. Either you manage money from family or friends and earn a modest fee to pay yourself. Or you are an entrepreneur who sold a business and decided to manage the proceeds. Or you try to monetize your skills without compromising your investment beliefs by launching or joining a fund, or starting an independent firm. There are many paths, yet very few reliable ways to actually earn a living from this passion.

Long story short, I was once again struck by how difficult it is to be a self-made (wo)man in this industry and how long it takes to become credible enough to manage other people’s money.

Conclusion

I wish there were more events like this one. I won’t attend the BRK meeting this year, but I hope to keep coming back to this AGM for many years to come.

Thank you to Rob Vinall and Andreas Lechner for organizing this event every year. It is truly precious.