Investing isn’t just about the math; it’s about the person in the mirror.

In his 2003 letter, François Rochon shared his now-famous "Podium of Mistakes." The biggest takeaway back then? Even when you get the valuation right, "motionlessness" can be your greatest enemy.

His Gold Medal mistake (eBay) proves that having the right thesis means nothing if you don't pull the trigger.

Remember that studying others' mistakes is much cheaper 😉