Francois Rochon: Navigating Market Crashes

Francois Rochon, CIO of Giverny Capital, recently shared his approach to navigating market crashes on the Meb Faber Podcast. His perspective emphasizes acceptance, preparation, and strategic action rather than panic or futile attempts at market timing.

Here are the key takeaways:

  • Francois stresses that bear markets are inevitable and unpredictable; trying to forecast them is pointless, so investors should simply accept their occurrence.
  • He uses Charlie Munger’s analogy: setting low expectations – knowing your portfolio may be halved at some point – helps investors remain calm and philosophical during downturns.
  • Bear markets typically occur every seven to eight years, so readiness is more important than avoidance.
  • Even when fully invested, investors can profit from crashes by reallocating funds from less undervalued stocks to those that have become significantly more undervalued, thereby upgrading their portfolio’s quality.
  • Francois’s approach is rooted in patience and mental preparedness: don’t fear market crashes but use them as opportunities to acquire great businesses at bargain prices.

In addition to this video (embedded below), Francois also recently visited The Investor’s Podcast which is also worth a watch (here)

Share the news

Disclaimer of liability

The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.

Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk

You might also find this interesting:

Bill Ackman: Success is Not A Straight Line Up

In the 2025 UBS Berkshire Hathaway Fireside Chat, Bill Ackman and Ryan Israel from Pershing Square Capital discuss investment philosophy, market volatility, the impact of tariffs and geopolitics, and lessons from Warren Buffett.

The conversation covers how to identify durable, high-quality businesses, the importance of long-term thinking, and the evolving landscape for activist investing. Ackman shares personal reflections on resilience, mentorship, and the role of free speech, while both speakers provide practical advice for young investors and fund managers.

VALUExBRK 2025: Get The Insights From all This Years Speakers

VALUExBRK 2025 is a value investing event hosted by Guy Spier and the Aquamarine team, held in Omaha in May of 2025. The gathering brings together leading investors and thinkers ahead of the Berkshire Hathaway Annual Shareholders Meeting, featuring a diverse lineup of speakers from the investment and business world. VALUExBRK serves as a platform for sharing investment insights, networking, and discussing current trends in business and finance among a global audience.

Norges Bank 2025 Investment Conference: What Makes A Great Company?

Once again, the good people at Norges Bank have brought together a very interesting group of speakers to their 2025 Annual Investment Conference, titled “What Makes a Great Company?”

Speakers include some of the world’s leading CEOs, investors, and academics to explore the essential qualities behind enduring corporate excellence, including leaders from Goldman Sachs, Novo Nordisk, Otis, Ferrari, Nasdaq, and investment firms, offering a rare, multifaceted perspective on what sets truly great companies apart in an era of rapid change and uncertainty.

Karen Karniol-Tambour: Today’s Radically Different Market Environment

In this Bridgewater Associates interview, Co-CIO Karen Karniol-Tambour discusses the firm’s latest outlook on the global economy, the investment landscape, and the urgent threats facing portfolios. The conversation centers on the shift to a new era of “modern mercantilism,” the implications for US assets and the dollar, the rising risk of recession, and the role of technological disruption, particularly artificial intelligence (AI).