What Francois Rochon is saying
President & Portfolio Manager, Giverny Capital
6 dated public stances tracked since 2024-12-22, most recently 2024-12-22. 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 Francois 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. Francois Rochon is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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.
2024-12-22
CSU
bullish
Francois Rochon · video
Constellation Software has the best capital-allocating CEO Rochon has seen in a decade — Mark Leonard takes no salary, no stock options, owns a large stake personally, and the share count has remained flat since inception, fully aligning management with…
“Mark Leonard is probably the closest to the greatest manager I've seen, at least in the last 10 years”
A Conversation with Francois Rochon (Giverny Capital) | Capital Compounders Show (EP #22)
2024-12-22
PGR
bullish
Francois Rochon · video
Progressive's new management team revived growth by brilliantly bundling auto and home insurance into a single household product, rekindling earnings momentum that justified repurchasing the stock 14 years after selling it
“they had the brilliant idea of combining car and home insurance — it's been a very very strong company”
90d +15.9% · 180d +10.8% · 1y -3.7%
A Conversation with Francois Rochon (Giverny Capital) | Capital Compounders Show (EP #22)
2024-12-22
META
bullish
Francois Rochon · video
Meta has captured the most revenue benefit from AI investments among any large-cap, through dramatically improved ad targeting that has visibly lifted financial results
“it's probably the company that has made most of it in terms of improving their revenues and better targeting their ads”
90d +3.3% · 180d +13.9% · 1y +10.6%
A Conversation with Francois Rochon (Giverny Capital) | Capital Compounders Show (EP #22)
2024-12-22
GOOGL
bullish
Francois Rochon · video
Alphabet was the most reasonably valued of the Magnificent 7, has been a portfolio holding since 2011, and continues to benefit from AI-driven product improvements
“being educated as a value investor it's very hard to stretch yourself at paying PEs in the 30s and 40s — meta and alphabet still made sense”
90d -13.7% · 180d -14.2% · 1y +59.8%
A Conversation with Francois Rochon (Giverny Capital) | Capital Compounders Show (EP #22)
2024-12-22
DOL
bullish
Francois Rochon · video
Dollarama is a world-class retailer used as a benchmark by international competitors, with outstanding founding management, and Rochon considers trimming it the biggest portfolio mistake he has made
“this is not only a great Canadian company — that's a worldwide leader model to many other retailers”
90d +13.4% · 180d +20.1% · 1y +36.5%
A Conversation with Francois Rochon (Giverny Capital) | Capital Compounders Show (EP #22)
2024-12-22
BITCOIN
bearish
Francois Rochon · video
Bitcoin is speculative excess analogous to tulip mania — with $1–2 trillion deployed into an asset that produces no earnings, political pumping by Trump inflating prices artificially, and the inevitable unwind likely to leave holders substantially poorer
“the return of Bitcoin this year is going to leave a lot of people poorer at some point — I think that's probably where there is more excess”
90d +11.9% · 180d -8.6% · 1y +6.9%
A Conversation with Francois Rochon (Giverny Capital) | Capital Compounders Show (EP #22)
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