Clay is joined by François Rochon to discuss how he’s managed to vastly outperform the market over the past 30 years. Since he started the Rochon Global Portfolio in 1993, his annual returns net of fees have been 13.6%, versus 9.2% for the benchmark. François’s investment approach is firmly rooted in three principles — patience, humility, and rationality — which are discussed in depth during this conversation. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:01:18 - The First Hire 00:04:51 - Investment Principles 00:08:56 - You Can’t Predict the Market 00:19:11 - The Tribal Gene 00:24:43 - Stock Market Declines 00:28:11 - Investment Mistakes 00:37:45 - Berkshire Hathaway 00:41:58 - Lululemon 00:45:34 - Intrinsic Value 00:52:45 - Overconfidence 00:58:48 - Favorite Books 01:01:45 - Passion & Investing 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Clay and the other community members: https://theinvestorspodcast.com/mastermind 🏡 Make more from your vacation home by doing less. Partner with Vacasa today. https://vacasa.com/ 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - The Best of the Best w/ François Rochon: https://youtu.be/PQM16rNJmAA - Investing In Uncertain Times w/ Joel Greenblatt, Bill Miller, Howard Marks, François Rochon: https://youtu.be/TYVR7LwaevU - How to Value Berkshire Hathaway 2024 w/ Chris Bloomstran: https://youtu.be/Xd2rtzBVmx8 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/intelligent-rational-long-term-investing-w-francois-rochon/ 📖  BOOKS MENTIONED: - How to be Rich by J. Paul Getty: https://amzn.to/44hPfPh - Money Masters of our Time by John Train: https://amzn.to/44fH6uO - The Craft of Investing by John Train: https://amzn.to/44fJvp9 Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ 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.