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Investors / stance tracking

What Fran Ois Rochon is saying

Fund manager — Giverny Capital

18 dated public stances tracked since 2017-12-05, most recently 2026-03-19. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.

The stances below are c8alpha's editorial distillation of Fran Ois Rochon's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Fran Ois Rochon is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.

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18
tracked stances
12
themes
0
side flips
2026-03-19
last heard
Returns  90d +1.1% (n=16) · 180d -0.1% (n=12)

Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances.

Most-argued themes

ThemeStancesLeanMixLast
BRO22 bullish2026-03-19
GOOGL22 bullish2025-11-16
META22 bullish2026-03-19
V22 bullish2025-11-16
BRK11 bullish2025-11-16
DIS11 bullish2017-12-05

Tracked stances

bullish / bearish is a view they argued; owns / short is a position they said they hold.

2026-03-19 META bullish Francois Rochon · video
Meta has extracted more ROI from AI than any company Rochon follows — AI-driven ad targeting enabled higher ad prices after Apple's privacy changes destroyed 10% of revenue — and its free social platforms give it an unmatched advertiser-funded moat
“Meta is probably the company that has got the best return of investing in AI than all the companies I've been following”
90d -6.4%
Navigating an AI-Driven Market w/ François Rochon | Constellation Software, Kinsale Capital, & LVMH
2026-03-19 LVMH bullish Francois Rochon · video
Core brand equity (Vuitton, Dior, Tiffany, Sephora) is intact; current earnings are doubly depressed by a post-pandemic luxury demand pause and a temporary French corporate tax-rate hike from 28% to 33%; Rochon models 60-70% earnings recovery over five years…
“from today's depressed earnings… earnings could increase 60 or 70% in the next 5 years”
Navigating an AI-Driven Market w/ François Rochon | Constellation Software, Kinsale Capital, & LVMH
2026-03-19 SPX bearish Francois Rochon · video
At 25x trailing P/E — 40% above the historical median of 18x — S&P 500 forward returns over the next 5-10 years are likely to disappoint as mega-cap growth rates decelerate with size and the multiple mean-reverts toward historical norms, even without an…
“I would keep my expectation low for the S&P 500 for the next 5 or 10 years”
Navigating an AI-Driven Market w/ François Rochon | Constellation Software, Kinsale Capital, & LVMH
2026-03-19 BRO bullish Francois Rochon · video
Brown & Brown has sold off on AI fears and a soft insurance pricing cycle, but business quality and management are unchanged; Rochon views the de-rating to ~16x earnings as a meaningfully better entry than the prior 20-25x multiple for the same compounding…
“probably it's better to buy it at 16 times earnings than 20 or 25 times”
90d -11.0%
Navigating an AI-Driven Market w/ François Rochon | Constellation Software, Kinsale Capital, & LVMH
2026-01-13 long FIVE / short DOL pair Francois Rochon · video
Five Below and Dollarama trade at similar P/E ratios but Five Below should grow earnings much faster over the next five years, making the switch favorable on a growth-adjusted basis
“I believe that five below will grow much faster in the years to come than Dorama”
90d +1.5% · 180d -7.6%
The "Podium of Errors" of Investing Legend François Rochon
2025-11-16 V bullish Francois Rochon · video
Visa earns a royalty on ~60% of global credit and debit transactions, giving it a durable toll-road moat with 14-15% annual earnings growth at a reasonable valuation
“the ideal business is the one that receives a royalty on the growth of others — Visa was a perfect example”
90d -1.7% · 180d +0.4%
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 BRK bullish Francois Rochon · video
Berkshire's conservative, prudent capital management makes it the go-to holding for surviving any major recession or crisis, even if compounding at scale is harder now
“if you would want to own a company without worrying that if there's a big recession or big crisis, you know they'll make it”
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 BRO owns Francois Rochon · video
Brown & Brown's management executed well through a period of slower earnings growth, and Rochon repurchased shares at an acceptable price after a 14-year absence when the long-term thesis re-emerged
“the management did a great job. And so we decided at some point when the price seemed okay, we decided to buy back shares”
90d -14.5% · 180d -29.9%
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 RMD bullish Francois Rochon · video
ResMed's sleep-apnea device business remained fundamentally sound after Rochon sold, justifying a repurchase more than a decade later at a valuation he found acceptable
90d +4.8% · 180d -17.1%
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 PGR bullish Francois Rochon · video
Progressive's new management and technology-driven underwriting model represented a substantially improved business, leading Rochon to repurchase in 2019 after a 14-year absence, and it has performed very well since
“they really got very, very good with technology... almost a new story”
90d -1.9% · 180d -5.7%
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 GOOGL bullish Francois Rochon · video
Google's advertiser-funded free product creates a self-reinforcing moat that keeps users locked in, and Gemini is a credible AI competitor; the stock trades at ~25x earnings which Rochon views as rational
“their business model and their moat has stayed intact even with the changing of the last few years”
90d +6.0% · 180d +39.4%
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 META bullish Francois Rochon · video
Meta's free-to-user, advertiser-funded network is nearly impossible to displace at its scale, and trading at ~25x earnings the valuation is not demanding
“I don't see how someone could start a new Facebook or a new Instagram to compete”
90d +6.3% · 180d +2.2%
The Art of Investing with Giverny Capital Founder François Rochon
2025-11-16 DOL bullish Francois Rochon · video
Dollarama is an extraordinarily well-managed Canadian dollar-store chain with a proven domestic model now expanding into South America, giving it a long runway for growth
“Dollarama is an extraordinarily well-managed retail chain... strong in Canada but they're starting to be strong in South America also”
90d +15.8% · 180d +16.2%
The Art of Investing with Giverny Capital Founder François Rochon
2022-11-12 KMX bullish Francois Rochon · video
At ~$67 with depressed cyclical earnings, CarMax can reach $12/share EPS by 2027–2028, implying a potential triple from current price; intrinsic value has not declined 50% despite the stock doing so
“within five or six years the company can earn twelve dollars a share so at 67...this is a start that could triple in value”
90d -0.5% · 180d -2.3% · 1y -14.0%
The Art Of Investing w/ François Rochon (RWH016)
2022-11-12 long FIVE / short DOLLARAMA pair Francois Rochon · video
Five Below will compound intrinsic value significantly faster than Dollarama over the next five years, yet both trade at similar P/E multiples — selling the slower-growth name to fund the faster-growth one at a 35–40% drawdown is a portfolio upgrade
“over five years Five Below will do better so we just sold one that looked a little less attractive”
The Art Of Investing w/ François Rochon (RWH016)
2017-12-05 DIS bullish Francois Rochon · video
Disney's IP portfolio (Marvel, Star Wars, legacy characters) acts like an oil field that refills—franchises can be re-monetized every few decades with minimal incremental capital, and Disney 'owns its stars' with no agent fees
“owning an oil field where you take all the oil and fifty years later you go out to the field and there's even more new oil”
The Art of Investing | François Rochon | Talks at Google
2017-12-05 GOOGL bullish Francois Rochon · video
Google has a larger and more entrenched expanding moat than Apple, with more stable and recurring revenues, justifying a premium multiple over Apple's 15x
“Google business is more stable and more entrenched and more recurring and the thing demote is larger in Google and Apple”
The Art of Investing | François Rochon | Talks at Google
2017-12-05 V bullish Francois Rochon · video
Visa's moat is nearly impregnable—hard to identify any competitive threat—and the company has a very long visible growth runway that warrants a premium valuation
“you can see the company having their moat protected for many many years and it's hard to figure out who could hurt them”
The Art of Investing | François Rochon | Talks at Google

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