Reports :: Giverny Capital

Letters To Our Partners

Quarter

Annual

	2010 In 2010, the companies in our portfolio continued to fly over much of the ambient doom and gloom and, as a group, generated record profits. Read... (PDF 174 KB)
	2009 The year 2009 was an emotionfilled year when investors felt as though they were walking a tightrope across what seemed, at times, like an economic ravine. Read... (PDF 254 KB)
	2008 The opportunity of a generation ! Read... (PDF 646 KB)
	2007 We are going through a rough phase. We want with this report to explain the causes of the disappointing results of the last two years. Read... (PDF 214 KB)
	2006 All men make mistakes. But only wise men do learn from their mistakes (Winston Churchill). Read... (PDF 244 KB)
	2005 For the year ending December 31st 2005, the return on the Giverny Global portfolio was +11.5% in Canadian currency compared with +3.6% for our weighted benchmark. Read... (PDF 300 KB)
	2004 Beyond a sound investment philosophy, there is one element necessary to any art: creativity. Read... (PDF 418 KB)
	2003 The old saying that the military are always ready to fight the previous war fits like a glove to Wall Street strategists. Read... (PDF 90 KB)
	2002 For the year 2002, our return was -3% compared to -18% for our benchmark and -23% for the S&P 500. Read... (PDF 258 KB)
	2001 For the year 2001, our return was +15% compared to 0% for our benchmark and –6% for the S&P 500. Read... (PDF 48 KB)