Francois Rochon is one of the best quality investors in the world.
Over the last 30 years, he returned more than 6000% to shareholders (15.7% per year).
All his shareholder letters mapped in 1 PDF can now be found on our website: qualitycompounding.substack.com
Over the last 30 years, he returned more than 6000% to shareholders (15.7% per year).
All his shareholder letters mapped in 1 PDF can now be found on our website: qualitycompounding.substack.com
Some investment lessons from Francois Rochon:
1️⃣ Investing in the stock market is not a game
Investing in the stock market is about acquiring partial ownership in a company.
Those who approach the market as a casino will end up with the result of a a gambler.
1️⃣ Investing in the stock market is not a game
Investing in the stock market is about acquiring partial ownership in a company.
Those who approach the market as a casino will end up with the result of a a gambler.
2️⃣ Beating the market is harder than most people think
The vast majority of investors don't beat the market.
It requires a total devotion to the art of investing in combination with the right temperament towards market fluctuations.
The vast majority of investors don't beat the market.
It requires a total devotion to the art of investing in combination with the right temperament towards market fluctuations.
3️⃣ Short-term results can be caused by luck as much as skill
Most great investors underperform the market one year out of three.
Patience is key for investment success.
Most great investors underperform the market one year out of three.
Patience is key for investment success.
4️⃣ The more an industry changes, the riskier it is to invest in
Disruption is the worst enemy of quality investors.
Disruption is the worst enemy of quality investors.
5️⃣ Beware of IPOs
IPOs are usually popular at the end of a bull market.
IPOs are usually popular at the end of a bull market.
6️⃣ Most people are wrong most of the time
Most people buy high and sell low.
Do the opposite.
Most people buy high and sell low.
Do the opposite.
7️⃣ Price and value are not the same thing
Price is what you pay, value is what you get.
Price is what you pay, value is what you get.
8️⃣ Look for companies with a competitive advantage
Companies that do better than average, over many years, have a competitive advantage.
Companies that do better than average, over many years, have a competitive advantage.
9️⃣ One key ingredient is management
A great business model is one key ingredient.
A great management team is the other one.
A great business model is one key ingredient.
A great management team is the other one.
🔟 It is futile to try to predict the stock market over the short run
In the short term the stock market is a voting machine, in the long run it's a weighting machine.
In the short term the stock market is a voting machine, in the long run it's a weighting machine.
The end.
Do you want to learn more?
On our website (see first tweet of this thread) you can download all Rochon's shareholder letters mapped in 1 PDF for free:
Do you want to learn more?
On our website (see first tweet of this thread) you can download all Rochon's shareholder letters mapped in 1 PDF for free:
Special thanks to @Invesquotes for putting all shareholder letters together!
We will publish a deeper article which summarizes all his annual shareholder letters soon.
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