{"id":2097,"date":"2022-03-25T13:19:56","date_gmt":"2022-03-25T17:19:56","guid":{"rendered":"https:\/\/givernycapital.com\/lettres-aux-partenaires\/"},"modified":"2023-04-03T17:41:07","modified_gmt":"2023-04-03T21:41:07","slug":"letters-to-our-partners","status":"publish","type":"page","link":"https:\/\/givernycapital.com\/en\/letters-to-our-partners\/","title":{"rendered":"Letters to our partners"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2097\" class=\"elementor elementor-2097 elementor-1206\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ca0ebcf elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"ca0ebcf\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-957a96a\" data-id=\"957a96a\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-207430f animated-slow elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"207430f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;slideInLeft&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Letters to <span style=\"font-weight:550\"> Giverny&nbsp;Capital<\/span> partners<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1912426 animated-slow elementor-invisible elementor-widget elementor-widget-text-editor\" data-id=\"1912426\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;slideInLeft&quot;,&quot;_animation_delay&quot;:500}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tRead the letters to partners for an overview of the investment philosophy that guides the management of clients\u2019 accounts. True to our commitment to transparency, these letters detail the history of our investments.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e9d85 elementor-align-left grey-button animated-slow elementor-invisible elementor-widget elementor-widget-button\" data-id=\"b7e9d85\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;slideInLeft&quot;,&quot;_animation_delay&quot;:1000}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"\/en\/contact-us\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-long-arrow-alt-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact Giverny Capital<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e56498a animated-slow elementor-invisible\" data-id=\"e56498a\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;slideInRight&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6396f34 elementor-hidden-desktop elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"6396f34\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c7a6041 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c7a6041\" data-element_type=\"section\" data-e-type=\"section\" id=\"blog-section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b93fdd9\" data-id=\"b93fdd9\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b55b07 elementor-widget elementor-widget-toolset-view\" data-id=\"2b55b07\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toolset-view.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<form autocomplete=\"off\" name=\"wpv-filter-234\" action=\"\/en\/wp-json\/wp\/v2\/pages\/2097?wpv_view_count=234\" method=\"get\" class=\"wpv-filter-form js-wpv-filter-form js-wpv-filter-form-234 js-wpv-form-full js-wpv-dps-enabled js-wpv-ajax-results-enabled\" data-viewnumber=\"234\" data-viewid=\"234\" data-viewhash=\"eyJpZCI6MjM0LCJvcmRlciI6ImRlZmF1bHQiLCJvcmRlcmJ5X3NlY29uZCI6ImRlZmF1bHQiLCJvcmRlcl9zZWNvbmQiOiJkZWZhdWx0In0=\" data-viewwidgetid=\"0\" data-orderby=\"\" data-order=\"\" data-orderbyas=\"\" data-orderbysecond=\"\" data-ordersecond=\"\" 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data-attributes=\"{&quot;id&quot;:234,&quot;order&quot;:&quot;default&quot;,&quot;orderby_second&quot;:&quot;default&quot;,&quot;order_second&quot;:&quot;default&quot;}\" data-environment=\"{&quot;current_post_id&quot;:2097,&quot;parent_post_id&quot;:2097,&quot;parent_term_id&quot;:0,&quot;parent_user_id&quot;:0,&quot;archive&quot;:{&quot;type&quot;:&quot;&quot;,&quot;name&quot;:&quot;&quot;,&quot;data&quot;:[]}}\"><input type=\"hidden\" class=\"js-wpv-dps-filter-data js-wpv-filter-data-for-this-form\" data-action=\"\/en\/wp-json\/wp\/v2\/pages\/2097?wpv_view_count=234\" data-page=\"1\" data-ajax=\"enable\" data-effect=\"fade\" data-maxpages=\"3\" data-ajaxprebefore=\"\" data-ajaxbefore=\"\" data-ajaxafter=\"\" \/><input class=\"wpv_view_count wpv_view_count-234\" type=\"hidden\" name=\"wpv_view_count\" value=\"234\" \/>\n\n<\/form>\n<div id=\"wpv-view-layout-234\" class=\"js-wpv-view-layout js-wpv-layout-responsive js-wpv-view-layout-234 wpv-pagination js-wpv-layout-has-pagination 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data-permalink=\"\/en\/wp-json\/wp\/v2\/pages\/2097?wpv_view_count=234\">\n\n\t\n\t\n\t\n\t\t\n\t\t<div class=\"row \">\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2025<\/h3>\n<div class=\"blg-thumb-col\"><img decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2026\/03\/lettre-2025-wpv_200x200_center_center.png\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2025<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2026\/03\/giverny-capital-annual-letter-2025-1.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t\n\t\t\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2024<\/h3>\n<div class=\"blg-thumb-col\"><img decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2025\/03\/lettre-2024-wpv_200x200_center_center.jpg\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2024<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2025\/03\/giverny-capital-annual-letter-2024.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t\n\t\t\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2023<\/h3>\n<div class=\"blg-thumb-col\"><img decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2024\/03\/lettre-2023b-wpv_200x200_center_center.png\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2023<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2024\/04\/giverny-capital-annual-letter-2023.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t<div class=\"row \">\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2022<\/h3>\n<div class=\"blg-thumb-col\"><img loading=\"lazy\" loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2024\/03\/lettre-2022b-wpv_200x200_center_center.png\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2022<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2023\/04\/giverny-capital-annual-letter-2022.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t\n\t\t\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2021<\/h3>\n<div class=\"blg-thumb-col\"><img loading=\"lazy\" loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/05\/lettre-2021-wpv_200x200_center_center.png\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2021<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/07\/giverny-capital-annual-letter-2021.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t\n\t\t\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2020<\/h3>\n<div class=\"blg-thumb-col\"><img loading=\"lazy\" loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/05\/lettre-2020-wpv_200x200_center_center.png\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2020<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/07\/giverny-capital-annual-letter-2020.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t<\/div>\n\t\t\n\t\t\n\t\t<div class=\"row \">\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2019<\/h3>\n<div class=\"blg-thumb-col\"><img loading=\"lazy\" loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/05\/lettre-2019-wpv_200x200_center_center.jpg\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2019<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/07\/giverny-capital-annual-letter-2019.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t\n\t\t\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2018<\/h3>\n<div class=\"blg-thumb-col\"><img loading=\"lazy\" loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/05\/lettre-2018-wpv_200x200_center_center.jpg\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2018<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/07\/giverny-capital-annual-letter-2018.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t\n\t\t\n\t\t\t<div class=\"col-md-4\"><div class=\"lettre-colonne\">\n<h3 style=\"font-weight:bold;\">2017<\/h3>\n<div class=\"blg-thumb-col\"><img loading=\"lazy\" loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"attachment-200x200 size-200x200\" src=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/05\/lettre-2017-wpv_200x200_center_center.jpg\" width=\"200\" height=\"200\" alt=\"\" \/><\/div>\n<div class=\"blg-text-col\">\n\t<p>Annual letter 2017<\/p>\n    <div class=\"available-button\" style=\"display:none;\">\n    <a href=\"https:\/\/givernycapital.com\/wp-content\/uploads\/2022\/07\/giverny-capital-annual-letter-2017.pdf\" class=\"sdm_download green\" target=\"_blank\" rel=\"noopener nofollow\">Download<\/a>\n    <\/div>\n\t<a href=\"\/en\/viewing-conditions\/?backto=\/en\/letters-to-our-partners\/\" class=\"gate-button button\" rel=\"noopener\" style=\"display:none;\">Download<\/a>\n <\/div>\n<\/div><\/div>\n\t\t<\/div>\n\t\t\n\t\n<ul class=\"wpv-pagination-nav-links-container js-wpv-pagination-nav-links-container pagination\"><li class=\"wpv-pagination-nav-links-item js-wpv-pagination-nav-links-item page-item liClass1 wpv-page-link-234-1 js-wpv-page-link-234-1 wpv_page_current wpv-pagination-nav-links-item-current active\"><span class=\"wpv-filter-pagination-link page-link\">1<\/span><\/li><li class=\"wpv-pagination-nav-links-item js-wpv-pagination-nav-links-item page-item liClass1 wpv-page-link-234-2 js-wpv-page-link-234-2\"><a class=\"wpv-filter-pagination-link js-wpv-pagination-link page-link\" title=\"2\" href=\"\/en\/wp-json\/wp\/v2\/pages\/2097?wpv_view_count=234&#038;wpv_paged=2\" data-viewnumber=\"234\" data-page=\"2\">2<\/a><\/li><li class=\"wpv-pagination-nav-links-item js-wpv-pagination-nav-links-item page-item liClass1 wpv-page-link-234-3 js-wpv-page-link-234-3\"><a class=\"wpv-filter-pagination-link js-wpv-pagination-link page-link\" title=\"3\" href=\"\/en\/wp-json\/wp\/v2\/pages\/2097?wpv_view_count=234&#038;wpv_paged=3\" data-viewnumber=\"234\" data-page=\"3\">3<\/a><\/li><li  class=\"page-item\"><a class=\"wpv-filter-next-link js-wpv-pagination-next-link page-link \"  href=\"\/en\/wp-json\/wp\/v2\/pages\/2097?wpv_view_count=234&#038;wpv_paged=2\"\n\t\t\t\t\tdata-viewnumber=\"234\" data-page=\"2\">Next<\/a><\/li><\/ul>\n\n\n\t\n\t\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb0f246 animated-slow elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"cb0f246\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;slideInRight&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-05e43bf\" data-id=\"05e43bf\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1901def elementor-widget elementor-widget-heading\" data-id=\"1901def\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Returns of the <span style=\"font-weight:550\">portfolios<\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7e941f elementor-widget elementor-widget-text-editor\" data-id=\"c7e941f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe portfolios managed by Giverny Capital are inspired by Warren Buffett&#8217;s investment philosophy. Our approach is to buy for our clients the same securities that we choose for the personal portfolio (Rochon Global) of our lead manager Fran\u00e7ois Rochon.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a44d697 white-button elementor-widget elementor-widget-button\" data-id=\"a44d697\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"\/en\/returns\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">See our historical returns<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-b6e48c9\" data-id=\"b6e48c9\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-df2f815 elementor-hidden-desktop elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"df2f815\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-36a0ad0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"36a0ad0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7bdc8a0\" data-id=\"7bdc8a0\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d85e4c elementor-widget elementor-widget-heading\" data-id=\"1d85e4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">You would like to join the list of partners who trust Giverny Capital to manage their portfolio?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d5a4c4a grey-button elementor-widget elementor-widget-button\" data-id=\"d5a4c4a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"\/en\/contact-us\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Letters to Giverny&nbsp;Capital partners Read the letters to partners for an overview of the investment philosophy that guides the management of clients\u2019 accounts. True to our commitment to transparency, these letters detail the history of our investments. Contact Giverny Capital 2022 Lettre annuelle aux partenaires 2022 T\u00e9l\u00e9charger T\u00e9l\u00e9charger 2021 Lettre annuelle aux partenaires 2021 T\u00e9l\u00e9charger [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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