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

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 28 March 2025

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here. Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Rochon’s firm: Giverny Capital. Follow Clay on LinkedIn & X. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Check out our We Study Billionaires Starter Packs. Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. 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. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Hardblock SimpleMining CFI Education Netsuite Vanta Found The Bitcoin Way Shopify Fintool Unchained Onramp TurboTax Fundrise HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0	You're listening to TIP. On today's episode, I'm pleased to welcome back investing legend
0:06.2	Francois Rochon. Since Francois started the Rochon Global Portfolio in 1993, he's compounded capital
0:13.1	at 13.6% per year on average net of fees, and the S&P 500 compounded at 10.6% over that same time period.
0:22.0	Franchois firmly believes that buying great businesses at fair prices is the key to success
0:27.1	as a long-term investor.
0:29.0	He also believes that trying to time the market is a fool's errand and that stock price
0:32.9	volatility is a gift to investors seeking to beat the market.
0:37.2	During this conversation, we discuss why
0:39.1	Francois spends the time to write a letter for his partners each year, his takeaways and lessons
0:43.8	from 2024, how concentrated he prefers to make his fund, why Javerney Capital will always remain
0:50.1	fully invested and not try to time the market, the four key risks for equity investors to consider,
0:56.0	why Francois recently made booking holdings in Brown and Brown core positions in his portfolio,
1:01.4	his updated views on Alphabet, and much more. It's always a treat bringing Franchois on the show,
1:06.7	so I really hope you enjoy our conversation.
1:12.6	Since 2014 and through more than 180 million downloads,
1:16.6	we've studied the financial markets
1:18.6	and read the books that influence self-made billionaires the most.
1:22.6	We keep you informed and prepared for the unexpected.
1:25.6	Now for your host, Playfink.
1:36.1	Welcome to the Investors podcast.
1:38.2	I'm your host, Clay Fink.
1:39.7	And today, it's such an honor to be joined by Franchois Rochon.
	...

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