Intro

This chapter discusses effective long-term investment strategies, emphasizing the value of buying quality companies at fair prices and the advantages of stock price volatility. The expert shares insights from notable portfolio decisions and lessons from annual letters to partners, highlighting successful investment management principles.

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Episode notes

On today’s episode, Clay is joined by François Rochon to discuss his long-term investing philosophy. François firmly believes that buying great businesses at fair prices is the key to success as a long-term investor. He also believes that trying to time the market is a fool’s errand and that stock price volatility is a gift to investors seeking to beat the market.

Since Francois started the Rochon Global Portfolio in 1993, he’s compounded capital at 13.6% per year on average net of fees, and the S&P 500 has compounded at 10.6%.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:28 - Why François spends the time to write a letter for his partners each year.

05:03 - François’s takeaways and lessons from 2024.

08:13 - The types of businesses François looks to invest in.

11:05 - How concentrated he prefers to make his fund.

13:18 - Why Giverny Capital will always remain fully invested.

29:47 - The four key risks for equity investors to consider.

40:07 - Why Francois recently made Booking Holdings and Brown & Brown core positions in his portfolio.

56:46 - Francois’s updated views on Alphabet.

And so much more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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