We Study Billionaires - The Investor’s Podcast Network

TIP626: Intelligent & Rational Long-Term Investing w/ François Rochon

58 snips
Apr 26, 2024
François Rochon, founder and president of Giverny Capital, is a veteran investor renowned for his long-term strategies. He shares how patience, humility, and rationality have helped him achieve annual returns of 13.6% since 1993. The conversation touches on the impossibility of predicting stock markets and the psychological aspects that differentiate successful investors from the herd. Rochon also discusses evaluating brand strength with examples like McDonald's and Lululemon, emphasizing a thoughtful approach to navigating market declines and valuing companies.
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ANECDOTE

First Hire

  • François Rochon hired Jean-Philippe Bouchard after two years of friendship and exchanging ideas.
  • Initially, Bouchard worked part-time due to Giverny Capital's small size.
INSIGHT

Humility over IQ

  • Success in investing isn't about high IQ, hard work, or vast resources, but human qualities like patience and humility.
  • Humility involves knowing your limits and accepting the unpredictability of the market.
ANECDOTE

Agnostic Investing

  • Early in his career, Rochon decided against market prediction, inspired by value investors like Lynch, Graham, and Buffett.
  • He chose to stay fully invested, a strategy confirmed by his 30-year observation of failed market predictions.
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