Francois Rochon recently dropped some serious investing gems on the Meb Faber Podcast, and if you’ve ever stressed about market crashes, his perspective is a breath of fresh air.
He didn’t sugarcoat it—bear markets are basically a guarantee. “It’s more than very likely—it’s almost 100% sure that there will be a bear market,” he said. The catch? Nobody knows when. And that’s the whole point. Trying to predict the next crash is, in his words, “a waste of time.” Instead, his advice is simple: accept it.
Rochon brings up a great analogy from Charlie Munger about marriage—low expectations lead to long-term success. The same goes for investing. Rochon tells his clients straight up: if you’re in the market long enough, you’ll probably see your portfolio cut in half at some point.
It happened in 2008, it’ll happen again, maybe in the next few decades. But here’s the thing—bear markets aren’t rare. They show up every seven or eight years like clockwork. The key isn’t dodging them; it’s being ready for them. “Once you accept it and you know it’s going to happen, you’re more philosophical about it when it does,” he said.
The real gem in his interview was how to actually benefit from a crash. A common objection is, “If I’m already fully invested, how can I take advantage of lower prices?” Rochon’s answer is pure value-investor logic: relative value. Not all stocks get hit equally in a downturn.
One might drop to 60% of its true worth, while another plunges to 30%. “You can sell the one where the discount is smaller and put the proceeds into the company that’s more undervalued,” he explained. You’re not sitting on cash, but you’re still upgrading your portfolio—swapping good deals for great ones. Over time, that shift pays off.
What’s refreshing about Rochon’s take is how calm it is. No panic, no frantic market-timing, just a steady understanding that downturns are part of the game. The best investors don’t just survive bear markets—they use them.
They’re mentally prepared, they stay patient, and when prices get silly, they make moves. Not because they know exactly when the bottom is, but because they know a bargain when they see one.
So if the next crash has you nervous, take Rochon’s advice: expect it, don’t fear it, and keep an eye out for those rare moments when great businesses go on sale. Because in the long run, that’s how you turn a market meltdown into an opportunity.
You can watch the entire interview here:
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