Rob reads out his 2020 Investor letter. The Letter includes: A discussion of the short attack on Grenke; Some further thoughts on investing in early-stage listed businesses in the context of our recent investment in Slack; A critical look at the concept of margin of safety; A discussion of the pros and cons of being contrarian; How I got podcasting "religion"; Why RV Capital's 2021 Annual Gathering will not be on Zoom.