AI summary and analysis
François Rochon 2025 Letter to Partners Review Rochon Global Portfolio, AI investment boom, Canadian banks, Shopify, gold stocks, Alphabet, Meta and long-term principles.
Key points
- The Rochon Global Portfolio returned 2.7% in 2025, lagging the benchmark by 11 percentage points, and the letter did not shy away from short-term underperformance.
- Rochon illustrates the results of compounding using long-term tables from 1993, emphasizing that short-term lags cannot replace the long-term investment process.
- The letter remains cautious about the AI ecosystem and acknowledges the value of AI tools, but questions whether some capital expenditures and valuation expectations can be realized.
- Alphabet and Meta are placed in the context of AI-related positions, which is different from blindly chasing the entire AI industry chain.
- This profile simultaneously demonstrates Giverny's performance, position logic, and restraint on popular themes.