Letter

Giverny Capital's 2025 annual letter, on a year of underperformance

François Rochon · 2026

A rare full account of a bad year from a long-term manager: what went wrong in each holding, which mistakes were his, and why the method stays the same.

• Investing
• Decision-making
• Psychology and behaviour

1 idea from this letter

• Post-mortemInvesting 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.