AI summary and analysis
Giverny's 2021 Annual Letter looks back at strong market years, long-term portfolio performance, corporate cases and investment principles, setting the stage for the 2022 pullback.
Key points
- The 2021 letter shows Giverny’s thinking in a strong market environment. The focus is still on the long-term value of the company rather than chasing short-term market conditions.
- Rochon continues to refer to clients as partners, emphasizing transparency in investment communications and long-term community.
- The company examples in the letter reflect his preferences: high ROE, long-term growth, excellent management, and understandable business models.
- Contrast this with the 2022 letter to see how the same process has been adhered to in both tailwind and headwind years.
- This material is suitable as one of the starting points for a sequence of Giverny's public material.