Author Topic: Two recent articles by Francois Rochon  (Read 24942 times)

Alekbaylee

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Re: Two recent articles by Francois Rochon
« Reply #30 on: March 24, 2015, 06:07:27 PM »
Minimum for investment with Giverny is 250 000 CAD.

Really?
Used to be CAD 100 000 a few years ago.


Liberty

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Re: Two recent articles by Francois Rochon
« Reply #31 on: March 24, 2015, 06:57:35 PM »
I heard 100k from a good source too.
"Most haystacks don't even have a needle." |  I'm on Twitter  | This podcast episode is a must-listen

Parsad

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Re: Two recent articles by Francois Rochon
« Reply #32 on: March 24, 2015, 10:29:49 PM »
It's been a couple of years since I last spoke to Francois, but my opinion would not change about him.  He's an honest, good guy and a good investor.  He has a good team as well. 

The one caveat I would give, and I always give this...doesn't matter who the manager is:

In examining a manager's long-term results, I never look at what he did managing his personal portfolio, or money for family or friends.  It's not the same thing...not at all...not even if it is audited.  Managing capital from people you have more than an arms-length fiduciary responsibility to is completely different. 

Why?  Because your parents and your best friend's Mom or Dad most likely won't pull the capital from you...and they also won't question you when you put 100% of it into Berkshire Hathaway or some other company.  So whenever I see personal portfolio or family/friends data incorporated into long-term results, that caveat always comes to mind. 

That being said, Francois has still done very well if you exclude the 1993-1998 years...so the caveat is somewhat irrelevant in this case.  Cheers!
No man is a failure who has friends!

Aurelius

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Re: Two recent articles by Francois Rochon
« Reply #33 on: March 25, 2015, 02:20:21 PM »
« Last Edit: March 25, 2015, 02:46:51 PM by Aurelius »

Liberty

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Re: Two recent articles by Francois Rochon
« Reply #34 on: March 25, 2015, 02:23:06 PM »
Thanks Sanjeev and Aurelius!
"Most haystacks don't even have a needle." |  I'm on Twitter  | This podcast episode is a must-listen

Aurelius

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Re: Two recent articles by Francois Rochon
« Reply #35 on: April 15, 2015, 08:14:30 AM »
Another interesting article:
http://montrealgazette.com/business/francois-rochon-the-experience-of-investing-in-carmax?__lsa=3de4-f83a

Quote
"There are many lessons from the last eight years. First, even if I paid a higher P/E than usual for CarMax, it turned out OK in the end. EPS went up 250 per cent and the stock went up 250 per cent. In the long run, the stock market reflects the increase in the intrinsic value of a company.

But in the short run, I had to be able to live with wide fluctuations in CarMax’s stock price. I made 250 per cent on my initial investment but I had to live through a 70 per cent temporary drop in the stock price. Thankfully, this does not happen often but when it does happen, you have to be able to bear it."

VersaillesinNY

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Re: Two recent articles by Francois Rochon
« Reply #36 on: May 12, 2015, 02:04:59 PM »
Here goes Giverny’s 13F and its top positions.

http://whalewisdom.com/filer/giverny-capital-inc

In addition to Berkshire & Sequoia, their third source of ideas seems to be Markel (CarMax, Disney & Markel).

AUM at $ 456 M, François & his team are doing well.
« Last Edit: May 12, 2015, 07:44:01 PM by VersaillesinNY »

100 Shares

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Re: Two recent articles by Francois Rochon
« Reply #37 on: March 23, 2016, 06:17:41 PM »
2015 Letter is out: http://www.givernycapital.com/en/doc/206/Giverny_Capital_-_Annual_Letter_2015_web_.pdf

If anyone here is a investor in the fund, do you mind posting the full letter?

Charlie

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Cigarbutt

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Re: Two recent articles by Francois Rochon
« Reply #39 on: March 16, 2017, 01:42:36 PM »
Thank you Charlie.
I tend to read the report every year.
He may not be well known as he comes from the other solitude.
He is one of the fund managers I respect a lot. Has a very satisfactory long term record, a consistent approach and recognizes and even discusses mistakes.
I like the quote from Mr. Munger: "I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn".
And I'll add this one too: "There’s no way that you can live an adequate life without many mistakes.  In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke".
Time to read and think.