Really great article. I will add a couple critical things though. Nasdaq is one of the best performing assets over the last decade. Investors are right not to own Gold.
Nasdaq is down 99.9% against Bitcoin though. So being “proud of not owning it” is pretty stupid. 😆
Wonderful break down of Rochon’s annual letters! You have done an extraordinary job of organizing and communicating the KEY knowledge that one hopes to gain from studying the great investors. Have you considered doing the same with Nomad’s annual letters - Nick Sleep and Qais Zakarias’ mental models are timeless.
Wow thanks for that great comment Scott! It means a lot. Yes! Nomad’s is on the list as well together with the likes of Mark Leonard and of course the great Warren Buffett..might do that one in two blogs ;). I’ll probably do Terry Smith first and will def look into Nomad sometime soon. Thanks again for the kind words, appreciate it.
I personally really like his awards for his biggest mistakes. I've adopted the same process in my own investing. I look deeply at my biggest losers to see what I did wrong and how I can avoid repeating the same mistakes.
I'm paraphrasing something he said, but I really like how he said that if you were to reset your portfolio and create a portfolio from scratch, what would the holdings be? This exercise really prevents you from holding onto losers for too long. I've personally adopted this in my own investing.
Lastly, I loved his comparison of investing to gardening. I've personally made the switch to watering my flowers and cutting the weeds. Although it can be hard because when a stock goes down, the reward/risk improves.
Awesome that you adopted Rochon’s mistake analysis in your own process. Rochon doesn’t only look at his biggest losers, but mostly the ones he opportunities he missed (the loss due to omission). Such a wonderful concept. Rochon has beautiful analogies to investing, I love the link with art :)
Another great summary. Such a nice treat for me to read first thing in the morning! Thanks for the effort.
Great insights
Thanks Shankar! :)
Thank you for the effort. It will be helpful to serious long term investing practitioners.
Thanks! I hope so :)
Really great article. I will add a couple critical things though. Nasdaq is one of the best performing assets over the last decade. Investors are right not to own Gold.
Nasdaq is down 99.9% against Bitcoin though. So being “proud of not owning it” is pretty stupid. 😆
Wonderful break down of Rochon’s annual letters! You have done an extraordinary job of organizing and communicating the KEY knowledge that one hopes to gain from studying the great investors. Have you considered doing the same with Nomad’s annual letters - Nick Sleep and Qais Zakarias’ mental models are timeless.
Wow thanks for that great comment Scott! It means a lot. Yes! Nomad’s is on the list as well together with the likes of Mark Leonard and of course the great Warren Buffett..might do that one in two blogs ;). I’ll probably do Terry Smith first and will def look into Nomad sometime soon. Thanks again for the kind words, appreciate it.
Sounds great! Will be looking forward to it
Appreciate you sharing your notes! Great reference.
No problem, awesome that you got some value from it. We should thank Rochon (and maybe Buffett too)! ;)
Great piece! Thanks for putting it together!
Thanks for the comment! Appreciate it and glad it helped you somehow. Rochon is such a great thinker.
I personally really like his awards for his biggest mistakes. I've adopted the same process in my own investing. I look deeply at my biggest losers to see what I did wrong and how I can avoid repeating the same mistakes.
I'm paraphrasing something he said, but I really like how he said that if you were to reset your portfolio and create a portfolio from scratch, what would the holdings be? This exercise really prevents you from holding onto losers for too long. I've personally adopted this in my own investing.
Lastly, I loved his comparison of investing to gardening. I've personally made the switch to watering my flowers and cutting the weeds. Although it can be hard because when a stock goes down, the reward/risk improves.
Awesome that you adopted Rochon’s mistake analysis in your own process. Rochon doesn’t only look at his biggest losers, but mostly the ones he opportunities he missed (the loss due to omission). Such a wonderful concept. Rochon has beautiful analogies to investing, I love the link with art :)
great Luuk! amazing super investor!
Thanks! He’s one of the brightest for sure :)
It’s my pleasure Vinh, love the support! :)