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

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 : SimpleMining Hardblock AnchorWatch Human Rights Foundation Unchained Vanta Shopify Onramp 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 Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm 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