RWH016: The Best Of The Best w/ François Rochon

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

• 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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