Post-mortemInvestingLetter located
A bad year separated into its causes: which mistakes were mine and which were the market
Separate a bad year into your errors and the market's mood, name the errors specifically, and say whether the method changes.
Reviewing your own record, reading any manager's bad year, and the interview question about a mistake.
From Giverny Capital's 2025 annual letter, on a year of underperformance · François Rochon