Rochon Dumped Lululemon at 67% Off for Pricier MSA Safety | Investor Playbook
Deep Values: Value Investing Deep Dives · Nov 12, 2026 · 20:38
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 12, 2026 · 20:38
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François Rochon's Q3 2026 13F shows Lululemon sold at a 67% discount to intrinsic value, while MSA Safety was bought at roughly 70% above it. We unpack when a cheap stock's growth story breaks, and why price versus value still decides the outcome.
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Chapters
(0:00) Giverny Capital Q3 2026
(1:16) The Limits of a 13F Filing
(2:17) on acquiring
(3:18) $57.2 Million
(4:00) V Value Ledger
(5:22) Net Seller. Sold $183.4M vs. Bought
(9:02) DOUBLE VERIFIED
(9:58) DOUBLE VERIFIED
(12:39) Move 5-VEEV (Veeva) & LULU (Lululemon)
(15:05) The 10-Year 13F Clone Track Record
(16:24) The Limits of a 13F Filing
(17:28) Lessons for the Patient Investor
(19:31) Tools for the Intelligent Value Investor
(20:13) Get the apps
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Deep Value Intelligence audits the numbers behind the headlines with a Graham-Dodd / Buffett lens: valuation discipline, cash generation, balance-sheet safety and return on capital. Don't guess. Calculate.
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Disclaimer: educational and research content only. Not investment advice. Based on public sources that may be revised or interpreted differently. Do your own due diligence.
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Original sources
Episodes: Deep Values: Value Investing Deep Dives
