The Art Of Investing w/ François Rochon (RWH016)

William Green chats with François Rochon, an investing giant who’s beaten the market by a mile over nearly 30 years. Here, François explains how he’s generated stellar returns by investing in great businesses at reasonable valuations. Whether he’s buying stocks or collecting world-class art, his strategy is to own the “best of the best.”
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:00:42 - How François Rochon began his market-beating investment journey three decades ago.
00:06:01 - How the “margin of safety” concept guides him in business, markets, & life.
00:10:38 - Why it’s critical for investors to have a long time horizon.
00:13:49 - How to become a better investor by cultivating humility & preparing for disappointment.
00:15:01 - How to succeed by investing in great companies at reasonable valuations.
00:17:04 - What he learned from Warren Buffett about the importance of owner’s earnings.
00:21:13 - Why François resists the temptation to overpay, even for outstanding companies.
00:24:54 - Why he highlights his investment mistakes in an annual list called the Podium of Errors.
00:32:54 - How to survive & thrive by taking a middle-of-the-road approach to diversification.
00:34:50 - Why he believes that market predictions are a waste of time.
00:45:11 - How the president of Constellation Software embodies everything he seeks in a leader.
00:51:57 - How the best businesses remind François of the beauty & uniqueness of great artworks.
01:06:08 - How François was influenced by studying & meeting investment icon Peter Lynch.
01:07:23 - What he learned from investing legend Lou Simpson.
01:13:01 - How the best investors succeed by straying from the tribe & forging their own path.
01:19:55 - How it helps him to read broadly about philosophy, art, science, history, and psychology.
01:23:42 - Why it’s rational, not naive, to be an unwavering optimist.
01:33:02 - Why François believes that persistence is the key to all great human achievement.
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▶️ RELATED EPISODES:
- Investing In Uncertain Times w/ Joel Greenblatt, Bill Miller, Howard Marks, François Rochon: • Investing In Uncertain...
- Investing in Quality Businesses & the Art of Lifelong Learning w/ Gautam Baid: • Investing in Quality B...
🎧 Listen to our episodes here: link.chtbl.com/TIP-RWH
🖊️ Access the transcript and learn more about the guest here: www.theinvestorspodcast.com/r...
📖 BOOKS MENTIONED:
- The Intelligent Investor by Benjamin Graham: amzn.to/3TmqsCw
- Beating the Street by Peter Lynch: amzn.to/3DVBuJi
- The Science of Hitting by Ted Williams: amzn.to/3WKoyi1
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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.

[@WeStudyBillionaires]

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[@leftoneful]

Excellent interview - intelligent questions, insightful answers. Mr. Green, you have done the investing community a great service with your interesting podcasts and your splendid books (Education of A Value Investor and Richer, Wiser, Happier). Keep up your good work!

[@WeStudyBillionaires]

Thank you so much for the support, Robert! Please feel free to share to your friends!

[@RicherWiserHappier]

Thanks so much, Robert. That's very kind of you to say. Warm wishes, William

[@themelodyriver]

​@@RicherWiserHappier I second Robert as well. Thank you for all you do for your listeners; it is a great joy to listen to your high-quality interviews. Keep it coming :)

[@themelodyriver]

Likewise, I also totally agree. Excellent work !

[@faronskelton4085]

An excellent interview sir. Thank you!

[@WeStudyBillionaires]

Our pleasure! ♥

[@davidwilson9976]

Keep plugging away and buying high quality stocks. Thanks for another great guest and interview!

[@WeStudyBillionaires]

Our pleasure, David!

[@templogical3095]

Very well said!

[@gisellmorales5007]

Great interview, amazing good questions, great flow of dialogues, you brought the best out of this amazing investor. Amazing insight, just loved it! THANK YOU!

[@WeStudyBillionaires]

Thank you so much for the sweet comment!

[@dokterekobedah9219]

You are an excellent interviewer Mr Green. Indonesia

[@tulipmania4923]

Amazing investor who actually beats the s&p - thanks William Green!

[@WeStudyBillionaires]

Thanks so much for watching!

[@LibertyRPF]

Added this to my podcast app, looking forward to it!

[@WeStudyBillionaires]

Awesome! Thanks so much for the support.

[@jeffmilligan7030]

Another excellent interview

[@azahara6960]

Brilliant!!!!!!!!!!!!!!!!!!!!

[@felixmauro8697]

Great content.

[@WeStudyBillionaires]

Thank you so much!

[@cricbuzz1123]

Amazing discussion, thanks for bringing this up 🙏

[@WeStudyBillionaires]

Our pleasure!

[@ryanbaileyboxing]

🙏🏾🙏🏾

[@ChristianSoschner]

Fantastic content. Thanks for sharing

[@WeStudyBillionaires]

Our pleasure, Christian!

[@3EBstudio]

@1:14:41 from that point I had to write down this perspective and embedded this philosophy with my own 📝💯✅

[@sebfox2194]

1:28:34 This too shall pass!

[@liyexiang666]

i don't care how good a investor he is. he got to be wrong about 0 cash-at-all-time strategy. he said the reason is :A. value investor shouldn't try to time the overall market B.having cash is to bet on market downswing. Well by that logic, having 100% equity is to bet on market upswing even more

[@scjw1959]

Panza "greatest art picker of all time without having the resources of a billionaire"

[@davidwilson9976]

I always wonder with these super investors how they became wealthy. If you start with little and compound at 15% it takes 20 plus years to even become independent so clearly this was not it. Did they take great risk early on? Was it 1 stock?

[@juandiegomejia2730]

I reckon they start managing money for other people and get some part of those returns.

[@morten170]

He makes money on his clients, no matter if The marked goes up or down.

[@olivergarcia8014]

Starting with your own money intrinsically will increase your expected returns. you don't have to worry about the emotional risks involved in managing others' money, your relative size will allow you concentrate more heavily, you can operate with mild leverage, you can invest sizable amounts in small cap opportunities. For example mohnish in his first few years of investing had about 70% a year

[@engineerinvestor]

Well done! [USERNAME]