We Study Billionaires - The Investor’s Podcast Network

TIP709: The Art of Long-Term Investing w/ François Rochon

Mar 28, 2025

François Rochon, founder of Rochon Global Portfolio and Giverny Capital, shares his insights as a long-term value investor with a remarkable average annual return of 13.6%. He emphasizes the importance of purchasing great businesses at fair prices and views stock market volatility as an opportunity, not a threat. Rochon delves into his investment strategies, discussing why Giverny Capital remains fully invested and explores core positions in Booking Holdings and Brown & Brown. He also highlights the significance of transparent communication with clients and risk management.

01:08:44

Episode guests

François Rochon

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Episode notes

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Quick takeaways

François Rochon emphasizes that investing in great businesses at fair prices and maintaining full market investment is essential for long-term success.

He highlights the importance of treating investors as partners through transparent communication and annual letters, fostering trust and alignment of interests.

Rochon prefers a concentrated portfolio of high-quality companies while focusing on understanding intrinsic risks, enabling effective navigation of market volatility.

Deep dives

Long-Term Investing Philosophy

Buying great businesses at fair prices is key to long-term investment success. The approach emphasizes maintaining full investment in the market rather than attempting to time market fluctuations, which Rochon describes as a fool's errand. He believes stock price volatility should be viewed as an opportunity for investment rather than a disadvantage. By remaining in the market continuously, investors can benefit from the intrinsic value growth of their holdings over time.

Intro

2min

Transparent Communication and Strategic Investment Insights

12min

Streamlining Business Finances and Embracing Future Technologies

3min

The Power of Long-Term Investing

22min

The Essentials of Long-Term Investing and Strategic Financial Decisions

6min

Navigating the Evolution of Travel Industry Investments

18min

Closing Remarks and Upcoming Event Announcement

2min

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.

BOOKS AND RESOURCES

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Rochon’s firm: Giverny Capital.
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