Francois Rochon Investeringsfilosofi

François Rochon er en kanadisk investeringsforvalter og grunnlegger av Giverny Capital Inc. Rochon startet sin karriere som ingeniør, men skiftet fokus til finans og investeringer på 1990-tallet. Siden 1993 har han oppnådd en annualisert avkastning på 14,8%. Her er hans investeringsfilosofi og 8 punkter han følger.

Experience and common sense teach us that an investment philosophy based on buying shares in companies that are undervalued, and holding these companies for several years, will not generate linear returns. Some years, our portfolio will have a return that is below average. This is a certainty that we must accept.

Another important point: the significant volatility of the market is often perceived negatively by many investors. It’s actually the contrary. When we see stock prices as “what other people believe the company is worth” rather than the real value (at least in the short term), these fluctuations become our allies in our noble quest for creating wealth. Instead of fearing them, we can profit from them by acquiring superb businesses at attractive prices. The more that markets (the “other” participants) are irrational, the more likely we are to reach our ambitious performance objectives.

Benjamin Graham liked to say that the irrationality of the market provides an extraordinary advantage to the intelligent investor. The person, however, who becomes affected by short-term market fluctuations (less than 5 years) and who makes decisions based on them transforms this advantage into a disadvantage. His or her own perception of stock quotes becomes their own worst enemy. Our approach at Giverny Capital is to judge the quality of an investment over a long period of time.

So patience – ours AND that of our partners – becomes the keystone for success.

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