peepo/iStock via Getty Images Historical Summary It has been more than 32 years since I discovered the writings of Warren Buffett, Benjamin Graham, John Templeton, Philip Fisher and Peter Lynch. I then decided to begin managing a family portfolio based on an investment approach synthesized from these great money managers. By the end of 1998, after five years of satisfactory results, I decided to l...
peepo/iStock via Getty Images Historical Summary It has been more than 32 years since I discovered the writings of Warren Buffett, Benjamin Graham, John Templeton, Philip Fisher and Peter Lynch. I then decided to begin managing a family portfolio based on an investment approach synthesized from these great money managers. By the end of 1998, after five years of satisfactory results, I decided to launch an investment management firm offering asset management services aligned with my own investment philosophy. Giverny Capital Inc. came into existence. In 2002, Giverny hired its first employee: Jean-Philippe Bouchard (JP). A few years later, JP became a partner and participates actively in the investment selection process for the Giverny portfolio. In 2005, two new people joined the firm who eventually became partners: Nicolas L'Écuyer and Karine Primeau. François Campeau, who joined the Giverny team in 2018, also participates in the investment selection process. In 2009, we launched a US office in Princeton, New Jersey. We also partnered with a manager from New York, David Poppe, in early 2020. He manages Giverny Capital Asset Management, based in Manhattan. Both directors of our US offices, Patrick Léger and David Poppe, share in the culture and long-term time horizon inherent to Giverny. We are Partners! From the very first days of Giverny, the cornerstone of our portfolio management philosophy was to manage client portfolios in the same way that I was managing my own money. Thus, the family portfolio I've managed since 1993 (the "Rochon Global Portfolio") serves as a model for our client accounts. It is crucial to me that clients of Giverny and its portfolio managers are in the same boat! That is why we call our clients " partners ". The Purpose of our Annual Letter The primary objective of this annual letter is to discuss the results of our portfolio's companies over the course of the prior year. But even more importantly, our goal is to explain in detail the long...
Nvidia has been a great investment over the past few years, and I still think it's a great stock pick now. However, many investors are looking for alternatives or new ways to invest in the artificial intelligence (AI) space, and I think I've identified one that has been an absolute winner over the past year. Micron (NASDAQ: MU) stock was up nearly 300% over the past year, although it has taken a b...
Nvidia has been a great investment over the past few years, and I still think it's a great stock pick now. However, many investors are looking for alternatives or new ways to invest in the artificial intelligence (AI) space, and I think I've identified one that has been an absolute winner over the past year. Micron (NASDAQ: MU) stock was up nearly 300% over the past year, although it has taken a bit of a break over the past few days. I think this stock looks like an excellent investment now, and the recent sell-off gives investors the perfect buying opportunity to get into this stock that could be a massive long-term winner. Image source: Getty Images. Continue reading
European stocks trimmed their monthly losses after the Wall Street Journal reported that President Donald Trump had signaled he was willing to end the US military campaign against Iran. The Stoxx Europe 600 Index gained 0.4% by the close. Financial stocks and miners were the biggest outperformers. Among individual stocks, Raspberry Pi Holdings Plc, the British maker of small, low-cost computers, s...
European stocks trimmed their monthly losses after the Wall Street Journal reported that President Donald Trump had signaled he was willing to end the US military campaign against Iran. The Stoxx Europe 600 Index gained 0.4% by the close. Financial stocks and miners were the biggest outperformers. Among individual stocks, Raspberry Pi Holdings Plc, the British maker of small, low-cost computers, soared 47% after reporting a jump in sales and forecasting revenue well above market expectations for 2026. The personal care sector was the biggest laggard, dragged by a 7.2% drop in Unilever Plc, after the Anglo-Dutch company agreed to combine its food business with McCormick & Co. in a $44.8 billion deal. Kevin Thozet , a member of the investment committee at Carmignac in Paris, said investors were watching events in the Middle East and anticipating a rebound. “A lot of investors are used to seeing crises triggering violent impacts followed by a swift recovery,” he said. “During these past say 15 years, buying the dip has been absolutely key.” Since the hostilities in the Middle East started Feb. 28, the benchmark has fallen 8%, its biggest monthly drop since 2022. The slump marks the end of an eight-month winning streak, a period when European stocks were among Wall Street’s favorite bets. Now the region is facing soaring oil prices, the prospect of faster inflation and higher interest rates. Stagflation has historically been a poor backdrop for European equities, marked by weak real returns and elevated volatility, according to Goldman Sachs Group Inc. strategists. Since the 1970s, the Stoxx 600 has delivered a median real quarterly decline of 1% during stagflationary periods, compared with gains of 3% otherwise. Despite today’s rebound, implied volatility for European stocks remains elevated, especially on a medium term basis. Six-month implied volatility for the Euro Stoxx 50 benchmark barely receded from its highest level in nearly a year. The pan-European index has ...
watch now VIDEO 4:22 04:22 Gasoline prices guaranteed to go higher in coming days, says GasBuddy's Patrick De Haan Power Lunch U.S. gasoline prices have surged above $4 per gallon for the first time in more than three years, as the oil supply shock triggered by the Middle East war rapidly drives up costs for families. Prices at the pump hit a nationwide average of $4.018, the highest level since A...
watch now VIDEO 4:22 04:22 Gasoline prices guaranteed to go higher in coming days, says GasBuddy's Patrick De Haan Power Lunch U.S. gasoline prices have surged above $4 per gallon for the first time in more than three years, as the oil supply shock triggered by the Middle East war rapidly drives up costs for families. Prices at the pump hit a nationwide average of $4.018, the highest level since August 2022 when Russia's war against Ukraine shook energy markets, the travel association AAA said. Gas prices have soared more than 30% since the U.S. and Israel attacked Iran in late February, according to AAA data. "We foresee potential for a disruption to the American fuel supply," Lee Zeldin, head of the Environmental Protection Agency, told reporters at S&P Global's CERAWeek conference in Houston last week. The EPA is temporarily lifting some regulations to increase gas supplies in an effort to ease prices. Vice President JD Vance told consumers they face "a rough road ahead" on gas prices in the coming weeks. Vance promised that the spike is temporary and prices will fall after the war has ended . " We've got a problem, we know we have a problem, and we're doing everything we can to address it," the vice president said at an event in Auburn Hills, Michigan on March 18. Oil prices have surged more than 50% since the war began. Brent prices, the international benchmark, are on pace for a record monthly gain dating back to the creation of the futures contract in 1988. U.S. crude oil is heading to its biggest gain in a single month since 2020. The average monthly gas price in March is expected to be 25% higher compared with February, said David Doyle, head of economics at Macquarie Group. This would mark the largest monthly increase dating back to October 1990, Doyle told clients in a March 25 note. Diesel prices surge Diesel prices, meanwhile, crossed $5 per gallon mark on March 17, and are currently more than 40% higher than they were before the conflict. This has broa...
The primary isn’t until early June, but the CA-17 race between five-term incumbent Ro Khanna and tech founder Ethan Agarwal is already getting nasty. Agarwal entered the race in March, backed by a roster of prominent tech billionaires largely in response to Khanna’s public support for a proposed California ballot measure that would impose a […]
The primary isn’t until early June, but the CA-17 race between five-term incumbent Ro Khanna and tech founder Ethan Agarwal is already getting nasty. Agarwal entered the race in March, backed by a roster of prominent tech billionaires largely in response to Khanna’s public support for a proposed California ballot measure that would impose a […]
Price of typical UK home increased by 0.9% in March but surging mortgage rates expected to put brake on activity Business live – latest updates UK house prices increased at the fastest rate in almost 18 months in March, although surging mortgage rates amid the Iran war are likely to lead to a market slowdown, according to Nationwide. The UK’s biggest building society said the price of a typical UK...
Price of typical UK home increased by 0.9% in March but surging mortgage rates expected to put brake on activity Business live – latest updates UK house prices increased at the fastest rate in almost 18 months in March, although surging mortgage rates amid the Iran war are likely to lead to a market slowdown, according to Nationwide. The UK’s biggest building society said the price of a typical UK home increased by 0.9% month on month in March, the largest increase since December 2024. Continue reading...
The English Schools Foundation, one of the largest education groups in Hong Kong, is looking for an investment advisor to help manage its endowment, according to people familiar with the matter. The ESF Group, which operates 22 schools in Hong Kong with some 18,500 students, recently reached out to firms to help it build its nascent endowment, according to the people, who declined to be named citi...
The English Schools Foundation, one of the largest education groups in Hong Kong, is looking for an investment advisor to help manage its endowment, according to people familiar with the matter. The ESF Group, which operates 22 schools in Hong Kong with some 18,500 students, recently reached out to firms to help it build its nascent endowment, according to the people, who declined to be named citing private discussions. The endowment’s assets were worth almost $400 million in August 2024, the last time the group disclosed its accounts. Cambridge Associates is currently acting as an advisor for the endowment, but in January the ESF approached other firms as part of a review into its investment framework, the people said. Cambridge may be appointed again after the review, one of the people said. ESF and Cambridge didn’t respond to requests for comment. The ESF has only in recent years started to build its endowment, which has largely been funded through the sale or transfer of residential properties in Hong Kong. It established the ESF Endowment, which includes a mix of real estate and investment assets, in the financial year that ended August 2021. The value of the school’s 198 housing units stood at HK$2.5 billion ($320 million) in the year ending August 2024, down from 201 units at HK$2.96 billion in 2021. Its investment assets went in the other direction, rising just over 13% to hit HK$587.7 million . Equity funds and hedge funds take up the biggest proportion in the investment portfolio.