Clay and François Rochon discuss long-term investing, emphasizing that buying great businesses at fair prices is key, while market timing is unwise. Volatility, he believes, offers opportunities for investors. What you’ll learn here: 00:00:00 - Intro 00:00:50 - Annual Letter to Partners 00:06:10 - Invest in great businesses 00:11:45 - Level of concentration 00:14:14 - Always be fully invested 00:18:56 - How to calculate owners' earnings 00:28:41 - Podium of Errors 00:31:54 - Four risks to equity investors 00:43:43 - Booking Holdings 00:51:36 - Brown & Brown 00:58:07 - Alphabet 01:05:29 - Outro Transcript & Guest Info: https://www.theinvestorspodcast.com/episodes/the-art-of-long-term-investing-w-francois-rochon/ 🤝 Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here: https://www.theinvestorspodcast.com/summit Join our highly vetted community of value investors: https://www.theinvestorspodcast.com/mastermind/ Our Sponsors: 📊 Add the Fundrise Flagship Fund to your portfolio in just minutes and with as little as $10. http://fundrise.com/wsb ✍️ Get your paper tablet at reMarkable.com today. https://remarkable.com/?utm_source=podcast&utm_medium=paid&utm_campaign=westudybillionaires|remarkableaudio2025&utm_term=a&utm_content=marchread ▶️ Related Episodes: - Intelligent & Rational Long-Term Investing w/ François Rochon: https://youtu.be/0eOzPgsmD2A - Quality Shareholders by Lawrence Cunningham w/ Clay Finck: https://youtu.be/YvRL77h3xGU - Finding High-Growth & Long-Term Winners w/ Jason Donville & Jesse Gamble: https://youtu.be/tkSejvKdP_o Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/we-study-billionaires/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ 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. #FrançoisRochon #Long-termInvesting #QualityBusiness #GivernyCapital #LettertoPartners