Frequently Asked Questions

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T: 1-514-842-5589
T: 1-888-GIVERNY

For more information on our private wealth management services or on how to become a "partner" at Giverny Capital:

Security Question
What is the value of: 7500 + 2500 - 1 ?

Are you registered with the AMF?

Yes.  Giverny Capital is registered with l'Autorité des marchés financiers (AMF) since the year 2000.  For more information, please consult their web site. Giverny Capital is also registered with the Ontario Securities Commission and the US division with the SEC. 

Can you "leave" with my money?

No.  National Bank Independant Network (NBIN) is the custodian of your account. It is responsable for the safe keeping of all your securities.  Your money never pass through our hands.  To take money out from your NBCN account is possible in only two ways.  One, NBIN send you a check at your name, at the adress of your account.  Second, NBIN can initiate an electronic transfer to another account at your name (after you have sent a "void" check in your name at the other bank account).   So "leaving" with your money is impossible.  We have set up our business to make our client feel 100% safe. 

I read negative article in the media and Wall Street "specialists" are worried. What should I do?

There is always something to worry about.  Always been, always will!  We do not invest in some abstract asset: we own companies. In the long run, if our compagnies do well, their stock will do well.  To invest is to own businesses not to try to predict the short term outcome of worldwide events and their effects on the planet's stock markets.  And it is when pessimism is high that we find the best investment opportunities. 

Has the World changed?

The answer is both yes and no.  Yes the World changes continually and - in its whole - for the best. But at the same time, the human nature doesn't really change in its essence.  We know that the principals for sound investing in the stock market are as valid today as that they were 50 years ago. 

I like your investment philosophy but I do not believe it is the "right" time to invest. What do you think?

To invest your hard earned money with Giverny Capital is an important decision which should be made with a long term horizon (many years).  The first ingredient to make money in the stock market is to be invested in the stock market!  it is quite simple but by avoiding "in" and "out" strategies is probably a way to beat 90% of market participants (who think they can outsmart each other).  We have earned high returns not by predicting market directions in the short term. We believe in  focussing on what we can actually predict the outcome: invest in great companies, managed by trustworthy people. 

Is investing outside Canada dangerous because of currency fluctuations?

It depends on the country in which you invest.  We believe that currency fluctuations will even out in the long run when investing in economically stable countries (Europe, US, Japan, etc.).  To own superior compagnies is much much more important than to try to predict short term currency fluctuations.