Navigating the Evolution of Travel Industry Investments

This chapter explores the transformation of the travel industry, focusing on how companies like Booking, Expedia, and Airbnb have adapted to changes through innovative business models. It emphasizes Booking's successful approach to maintaining profitability and its strategic share buybacks amidst market volatility. The discussion also touches on investment strategies and the competitive advantages necessary for thriving in a cyclical sector.

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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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