IN THIS EPISODE, YOU’LL LEARN: 02:51 - How François Rochon began his market-beating investment journey three decades ago. 08:12 - How the “margin of safety” concept guides him in business, markets, & life. 10:14 - How to succeed by investing in great companies at reasonable valuations. 12:12 - Why it’s critical for investors to have a long time horizon. 15:37 - How to become a better investor by cultivating humility & preparing for disappointment. 16:48 - What he learned from Warren Buffett about the importance of owner’s earnings. 21:47 - Why François resists the temptation to overpay, even for great companies. 25:12 - Why he highlights his investment mistakes in an annual list called the Podium of Errors. 34:03 - How to survive & thrive by taking a middle-of-the-road approach to diversification.  38:30 - Why he believes that market predictions are a waste of time. 40:24 - How he handles bear markets emotionally & uses them to improve his portfolio. 43:10 - Why he loves companies like CarMax, Visa, Alphabet, & Markel. 47:56 - How the president of Constellation Software embodies everything he seeks in a leader. 53:59 - How the best businesses remind François of the beauty & uniqueness of great artworks.  1:11:24 - How he was influenced by studying & meeting investment icon Peter Lynch and what François learned from investing legend Lou Simpson. 1:21:49 - How the best investors succeed by straying from the tribe & forging their own path. 1:15:44 - How it helps him to read broadly about philosophy, art, science, history, & psychology. 1:26:16 - Why it’s rational, not naive, to be an “unwavering optimist.” 1:35:16 - Why François believes that persistence & patience are the key to human achievement. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. François Rochon’s Montreal-based investment firm, Giverny Capital. Giverny Capital Asset Management, his U.S.-based partnership with David Poppe. PanzaCollection of art built by Count Giuseppe Panza, one of François’ heroes. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green’s Twitter. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORSSupport our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Successful investor François Rochon discusses his investment principles of patience, humility, and rationality. Topics include market unpredictability, mental preparedness, contrarian investing, brand strength assessment, and long-term investment strategies with a focus on Berkshire Hathaway's role in the portfolio.

William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger.IN THIS EPISODE YOU’LL LEARN:00:00 - Intro03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen.10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career. 12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes.12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin.14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving forward.28:08 - How Joel handles the “kick in the stomach” when an investment goes wrong.35:02 - How to succeed by taking advantage of the wild emotional mood swings of the crowd.38:30 - Why stock pickers must learn to value businesses, buy at a discount, & then wait.40:17 - How Bill Miller handles the discomfort of brutal losses during the most turbulent times.43:00 - What Bill advises regular investors to do so they can endure the pain of market mayhem. 44:33 - Why Howard Marks says we need to be honest about our tolerance for risk & loss.46:06 - How the best investors diversify or concentrate in ways that suit their temperament. 50:07 - Why Howard believes that “emotion is the greatest enemy of superior investing.”52:35 - How Sir John Templeton thrived by hunting for bargains in the most-hated markets.1:00:41 - Why Howard Marks thinks he was wrong to be a “knee-jerk skeptic” about Bitcoin.1:03:30 - How to safeguard against our own biases, hubris, & overconfidence.1:08:58 - Why François Rochon is convinced that it’s rational to be optimistic about the future.1:10:51 - What history shows about mankind’s extraordinary ability to find solutions to its problems.1:21:31 - Why Warren Buffett says that bad news is an investor’s best friend.1:23:23 - Why Buffett regards babies being born in America today as “the luckiest crop in history.”Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Listen to William's interview with Ray Dalio, The Changing World Order - TIP410, or watch the video. Listen to William’s interview with Joel Greenblatt, How to Win the Investing Game - RWH003, or watch the video. Listen to William’s interview with Bill Miller, Investing Legend Bill Miller on Amazon, Bitcoin, & Buffett - RWH007, or watch the video. Listen to William’s interview with Howard Marks, Investing Wisely In An Uncertain World - RWH002, or watch the video. Listen to William’s interview with François Rochon, The Best of the Best - RWH016, or watch the video. Berkshire Hathaway’s 2015 annual report, featuring Buffett’s optimistic view of the future. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on Twitter. SPONSORSSupport our free podcast by supporting our sponsors: Bluehost Fintool PrizePicks Vanta Onramp SimpleMining Fundrise TurboTax Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fmSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoicesSupport our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm