Episode notes
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.
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