Giverny Capital has a stupendous track record - since July 1st, 1993 their Global Portfolio has beat the market by 4979.4%! I read 20 years of their investor letters, here are my favourite excerpts:

1/ From the 2001 letter, "The Art of Investing".

2/ From the 2002 letter, "The Rule of Three". Investors would fare well applying this framework to their own processes.

3/ From the 2003 letter, "The biggest mistake stock investors regularly make".

4/ From the 2004 letter, "A luxury we can afford".

5/ From the 2005 letter, "Wall-Street's forecasters".

6/ From the 2006 letter, "Resisting the mermaid's enchanting songs".

7/ From the 2007 letter, a reflection on the great financial crisis:

8/ From the 2008 letter, a reflection on Buffet's decision to buy stocks in the midst of a crisis:

9/ From the 2009 letter, "What lessons have been learned from the crisis of 2008-2009?"

10/ From the 2010 letter, "the flavor of the day for 2010: Gold"

11/ From the 2011 letter, "The Irony of Treasuries".

12/ From the 2012 letter, "An Energy Revolution in the US". A pertinent message given our current energy predicament.

13/ From the 2013 letter, "...The Year of the "triple play"".

14/ From the 2014 letter, "The Drop in Oil Prices".

15/ From the 2015 letter, "The Keystone of our Philosophy".

16/ From the 2016 letter, a reflection on the portfolio almost a decade after the firm's period of underperformance in 2006-2007.

17/ From the 2017 letter, "The Flavor of the Day for 2017: Bitcoin".

18/ From the 2018 letter, a reflection on a great quote from Benjamin Graham.

19/ From the 2019 letter, a reflection on the last decade of performance.

20/ From the 2020 letter, "A Strange Thing".

21/ From the 2021 letter, "The greatest mistakes by investors (take 4)".

22/ In short, I believe every investor should study these pieces! - The full list of letters can be found here (h/t @Leandro): bit.ly/3V9egqs - a podcast with the firm's founder, François Rochon can be found here (h/t @William Green): bit.ly/3V5aKgN

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