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"All the best" is an elliptical construction. No, it's not shaped like an oval. It's a shortened phrase that's missing words that can be inferred from context. In this case, the full expression is "I'm wishing you all the best of luck (or things or times)." In other words, it's equivalent to "Good luck"or "Best wishes." Answer: Usually "all the best" is a polite way of saying "so long" or "see you around" as to say that this individual is not expecting to see or hear from you again, unless by chance. In other words, they will not be putting an effort to connect from this point forward. I have used this idiom both verbally and in emails from time to time, so the receiver knows I don't expect to be in contact with them again, usually because I am moving on, and/or will not need to converse with them. As an example, I would say this to a departing employee at work.

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Q: What does the expression 'All the best' mean when used as a closing in an email?
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