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Giverny Capital Letters & Research Archive

Giverny Capital is a Montreal quality-growth (GARP) firm founded in 1998 by engineer-turned-investor François Rochon, devoted to owning outstanding businesses for the very long run — turnover is minimal and holding periods often exceed a decade; his personally managed Rochon Global portfolio has a tracked record since July 1993. Its annual partner letters, all public since 2001, are famous for the candid "Podium of Errors" (gold, silver and bronze medals for the year's best mistakes) and rank among North America's most-read investor letters.

25 pieces · 2001–2025 · updated every Monday

2025

12-31Giverny Capital Annual Letter to Partners 2025This is Giverny Capital's 2025 annual letter. They're long-term value investors (buying good companies and holding them). They underperformed the market in 2025, but over 32 years they've beaten it by…→

2024

12-31Giverny Capital Annual Letter to Partners 2024Giverny Capital's 2024 letter to partners shows that sticking with quality stocks for decades works. Their global portfolio has returned 15.1% annually since 1993, beating the market by 5.3% per year.…→

2023

12-31Giverny Capital Annual Letter to Partners 2023This letter shares Giverny Capital’s 30-year track record: they don’t try to predict the market or spread their bets widely. Instead, they own a handful of carefully chosen companies and hold them for…→

2022

12-31Giverny Capital Annual Letter to Partners 2022This is Giverny Capital's 2022 letter to partners. It explains their long-term value investing approach: though their portfolio fell 15% in 2022, it has returned 14.5% annually since 1993, beating the…→

2021

12-31Giverny Capital Annual Letter to Partners 2021This letter from Giverny Capital explains why holding quality stocks for the long term beats frequent trading. Over 28 years, their concentrated portfolio earned 15.7% annually, beating the market by…→

2020

12-31Giverny Capital Annual Letter to Partners 2020This is Giverny Capital's 2020 letter to partners. The main idea: stock markets are crazy in the short term but reward good companies over the long run. During the 2020 pandemic crash, they saw it as…→

2019

12-31Giverny Capital Annual Letter to Partners 2019This is Giverny Capital's annual letter to partners, explaining how they make money by holding great companies for the long term. For regular investors, the key takeaway is: don't panic over short-ter…→

2018

12-31Giverny Capital Annual Letter to Partners 2018This is Giverny Capital's 2018 letter to partners, explaining how long-term value investing works. The key idea: markets are emotional in the short term but reflect true value over time. For example,…→

2017

12-31Giverny Capital Annual Letter to Partners 2017This is Giverny Capital's 2017 letter to partners, explaining why sticking with good companies for the long term works. Since 1993, their portfolio returned 15.7% annually, beating the market by 6.5%.…→

2016

12-31Giverny Capital Annual Letter to Partners 2016This report is Giverny Capital's 2016 annual letter. They underperformed the market that year (global portfolio returned 7.3% vs. 14.3% for the benchmark), but over the long term (1993-2016) they aver…→

2015

12-31Giverny Capital Annual Letter to Partners 2015This is Giverny Capital's 2015 letter to partners, explaining their long-term value investing approach: they treat clients as partners and invest their own money the same way. They accept underperform…→

2014

12-31Giverny Capital Annual Letter to Partners 2014This is Giverny Capital's annual letter to its partners. The main idea is simple: owning a stock means owning a piece of a business. Short-term price swings are noise; what matters is whether the comp…→

2013

12-31Giverny Capital Annual Letter to Partners 2013This is Giverny Capital's 2013 annual letter to partners, explaining their 50.2% return. The author says it came from a rare 'triple play': earnings growth, higher valuations (P/E ratio rising from 14…→

2012

12-31Giverny Capital Annual Letter to Partners 2012This 2012 investment letter shows how a fund manager beat the market by carefully picking stocks. Nine of his top ten holdings outperformed the S&P 500. For regular investors, the key takeaway is: ign…→

2011

12-31Giverny Capital Annual Letter to Partners 2011This is Giverny Capital's 2011 letter to partners, covering a tough year (European debt crisis, China stocks down 64% from 2007 peak). The author argues stocks are far better than bonds: 10-year Treas…→

2010

12-31Giverny Capital Annual Letter to Partners 2010This 2010 investment letter covers three things: the fund earned 13.9% a year for nearly 20 years, beating the market by 6.8 percentage points; big US stocks were cheap then, with an average price-to-…→

2009

12-31Giverny Capital Annual Letter to Partners 2009This is Giverny Capital's 2009 letter to its investors, looking back at performance during the financial crisis. While their 2009 return slightly lagged the market, over the long run (since 1993) they…→

2008

12-31Giverny Capital Annual Letter to Partners 2008This is a letter from a fund manager to his partners during the 2008 financial crisis. The main idea: the market was crashing, but it was actually a 'once-in-a-generation' buying opportunity. For regu…→

2007

12-31Giverny Capital Annual Letter to Partners 2007This report explains why Giverny Capital's investments lost money in 2007 but argues it's actually a good thing. The manager says the companies they own (like retailers and banks) are still growing th…→

2006

12-31Giverny Capital Annual Letter to Partners 2006This 2006 investment letter explains why the fund's poor performance (3.5% vs. 17% for the market) is normal. The manager focuses on what companies actually earn, not daily stock prices. For regular i…→

2005

12-31Giverny Capital Annual Letter to Partners 2005This 2005 investment letter says: ignore country and currency noise, focus on picking great companies. The author’s 20-stock portfolio returned 800% over 13 years, far beating the market. He warns tha…→

2004

12-31Giverny Capital Annual Letter to Partners 2004This 2004 investment letter explains why the fund returned only 1.6% while the market gained over 6%. The reason: the manager avoided hot resource stocks like oil and mining. He argues that over the l…→

2003

12-31Giverny Capital Annual Letter to Partners 2003This report from Giverny Capital reviews their 2003 performance and tells regular investors: don't let currency swings scare you. In 2003, the Canadian dollar rose nearly 20% against the US dollar, ma…→

2002

12-31Giverny Capital Annual Letter to Partners 2002This is Giverny Capital's 2002 letter to investors. That year, the stock market fell hard (S&P 500 down 23%), but the fund lost only 3%. The manager's key idea: market drops are normal—about one year…→

2001

12-31Giverny Capital Annual Letter to Partners 2001This is Giverny Capital's 2001 letter to investors. It says their fund returned 23.5% annually over 8 years, but future returns will likely drop to 10-12% because the stock market can't keep booming.…→