Chou funds mid-year report out

[Vish_ram]

One of them has a very high dispersion in outcome (total loss to high return and in-between).

such a process/result generally is incompatible with insurance float mgmt. 

[ping19920218]

Anyone has thoughts on why Francis underperformed in the last 20 years?

 

I looked at their current holdings and the stocks look very much like borrowing ideas from Berkshire to me. 

Thanks.

[Parsad]

27 minutes ago, ping19920218 said:

Anyone has thoughts on why Francis underperformed in the last 20 years?

 

I looked at their current holdings and the stocks look very much like borrowing ideas from Berkshire to me. 

Thanks.

 

Because of 2007/2008...Great Financial Crisis.  He had asked the regulatory board for Canadian mutual funds to allow his fund to buy credit default swaps like Fairfax was doing.  By the time he received permission, markets were turning significantly and swap prices had started to rise dramatically.  He never had the opportunity to buy them again.

 

In hindsight, he probably would have been better off just moving more assets to cash since he saw what was going to potentially happen.  Unfortunately he didn't and he got hit like all other funds. 

 

Cheers!

[TorontoChaosTheatre]

On 9/3/2025 at 4:26 PM, Parsad said:

 

I've got lots of articles on Francis.  Cheers!

Fund Manager of the Decade - Dec 2004.pdf 159.64 kB · 10 downloads Globe & Mail - February 2007.pdf 65.05 kB · 7 downloads Globe & Mail - March 14, 2008.pdf 34.96 kB · 5 downloads Globe & Mail - May 2, 2014.pdf 118.66 kB · 6 downloads Globe & Mail - May 22, 2008.pdf 48.53 kB · 5 downloads Globe & Mail - May 31, 2008.pdf 25.88 kB · 3 downloads Globe & Mail - September 2, 2004.pdf 23.61 kB · 4 downloads Investment Executive - December 6, 2004.pdf 49.1 kB · 5 downloads Moneysense - Feb-Mar 2006.pdf 40.19 kB · 4 downloads Montreal Gazette - April 23, 2007.pdf 52.08 kB · 4 downloads Morningstar - July 2004.pdf 79.47 kB · 4 downloads WSJ - November 16, 2012.pdf 406.59 kB · 10 downloads

These are fantastic, thank you so much! 

[TorontoChaosTheatre]

Also, who else is HYPED for Francis Chou Ivey talk this year!? I will be wearing a very formal suit, but understand that I will have a Francis Chou Chou fan club t-shirt under it. Very excited!!! 

[Rod]

Honestly his record is beyond terrible. 4% CAGR for Chou RRSP over 20 years! What can be learned from him except the danger of holding on to decades old obsolete ideas?

[gfp]

update on Chou's portfolio

https://www.dataroma.com/m/holdings.php?m=ca

 

https://www.dataroma.com/m/m_activity.php?m=ca&typ=a