IN THIS EPISODE, YOU’LL LEARN:<ul><li>02:51 - How François Rochon began his market-beating investment journey three decades ago.</li><li>08:12 - How the “margin of safety” concept guides him in business, markets, & life.</li><li>10:14 - How to succeed by investing in great companies at reasonable valuations.</li><li>12:12 - Why it’s critical for investors to have a long time horizon.</li><li>15:37 - How to become a better investor by cultivating humility & preparing for disappointment.</li><li>16:48 - What he learned from Warren Buffett about the importance of owner’s earnings.</li><li>21:47 - Why François resists the temptation to overpay, even for great companies.</li><li>25:12 - Why he highlights his investment mistakes in an annual list called the Podium of Errors.</li><li>34:03 - How to survive & thrive by taking a middle-of-the-road approach to diversification.&nbsp;</li><li>38:30 - Why he believes that market predictions are a waste of time.</li><li>40:24 - How he handles bear markets emotionally & uses them to improve his portfolio.</li><li>43:10 - Why he loves companies like CarMax, Visa, Alphabet, & Markel.</li><li>47:56 - How the president of Constellation Software embodies everything he seeks in a leader.</li><li>53:59 - How the best businesses remind François of the beauty & uniqueness of great artworks.&nbsp;</li><li>1:11:24 - How he was influenced by studying & meeting investment icon Peter Lynch and what François learned from investing legend Lou Simpson.</li><li>1:21:49 - How the best investors succeed by straying from the tribe & forging their own path.</li><li>1:15:44 - How it helps him to read broadly about philosophy, art, science, history, & psychology.</li><li>1:26:16 - Why it’s rational, not naive, to be an “unwavering optimist.”</li><li>1:35:16 - Why François believes that persistence & patience are the key to human achievement.</li></ul>Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCES<ul><li>François Rochon’s Montreal-based investment firm, <a href="https://givernycapital.com/en/" rel="noopener noreferrer" target="_blank">Giverny Capital</a>.</li><li><a href="https://www.givernycam.com/home" rel="noopener noreferrer" target="_blank">Giverny Capital Asset Management</a>, his U.S.-based partnership with David Poppe.</li><li><a href="https://panzacollection.org/en/" rel="noopener noreferrer" target="_blank">PanzaCollection</a> of art built by Count Giuseppe Panza, one of François’ heroes.</li><li>William Green’s book, “Richer, Wiser, Happier” – <a href="https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll1&tag=tipnetwork-20&linkId=0a7ad49ca261cdc8d41a1531c8e2f464&language=en_US&ref_=as_li_ss_tl" rel="noopener noreferrer" target="_blank">read the reviews of this book</a>.</li><li>William Green’s <a href="https://twitter.com/williamgreen72" rel="noopener noreferrer" target="_blank">Twitter</a>.</li></ul>NEW TO THE SHOW?<ul><li>Check out our&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires-starter-packs/" rel="noopener noreferrer" target="_blank">We Study Billionaires Starter Packs</a>.</li><li>Browse through all our episodes (complete with transcripts)&nbsp;<a href="https://www.theinvestorspodcast.com/we-study-billionaires/" rel="noopener noreferrer" target="_blank">here</a>.</li><li>Try our tool for picking stock winners and managing our portfolios:&nbsp;<a href="https://www.theinvestorspodcast.com/tip-finance/" rel="noopener noreferrer" target="_blank">TIP Finance Tool</a>.</li><li>Enjoy exclusive perks from our&nbsp;<a href="https://www.theinvestorspodcast.com/affiliates/" rel="noopener noreferrer" target="_blank">favorite Apps and Services</a>.</li><li>Stay up-to-date on financial markets and investing strategies through our daily newsletter,<a href="https://www.theinvestorspodcast.com/newsletters/" rel="noopener noreferrer" target="_blank">&nbsp;We Study Markets.</a></li><li>Learn how to better start, manage, and grow your business with the&nbsp;<a href="https://www.theinvestorspodcast.com/podcasts/20-best-business-podcasts/" rel="noopener noreferrer" target="_blank">best business podcasts</a>.&nbsp;</li></ul>P.S The Investor’s Podcast Network is excited to launch a&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">subreddit</a>&nbsp;devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit&nbsp;<a href="https://clicks.aweber.com/y/ct/?l=7HQTa&m=3hIUiG6T8vBkNOB&b=8NVZC.qh9__ur.qME8mcEQ" rel="noopener noreferrer" target="_blank">r/TheInvestorsPodcast</a>&nbsp;today!SPONSORS<ul><li>Get position and investment info for nearly 6,000 Asset Management Companies with&nbsp;<a href="https://www.moomoo.com/" rel="noopener noreferrer" target="_blank">Moomoo</a>, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.</li><li>Private assets represent 98% of companies in North America but are absent in most portfolios. 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Get&nbsp;<a href="https://bullionmax.com/wsb" rel="noopener noreferrer" target="_blank">BullionMax</a>’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.</li><li>Whether you’re exploring ways to manage volatility, seeking income and diversification opportunities, or looking for tax management strategies-&nbsp;<a href="https://invesco.com/ETFSolutions" rel="noopener noreferrer" target="_blank">Invesco</a>&nbsp;has over 200 ETFs to help you meet your financial goals. Visit&nbsp;<a href="http://invesco.com/" rel="noopener noreferrer" target="_blank">invesco.com</a>&nbsp;for a prospectus with this information.</li><li>If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. 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RWH016: The Best Of The Best w/ François Rochon

We Study Billionaires - The Investor’s Podcast Network