François Rochon on Mistakes & Learning

Decision — COVID-crash purchases: bought Five Below; missed Floor & Decor on a ~$30 limit. Context: “Podium of Errors” — Bronze Medal error; stock later $102. Outcome (known): Five Below bought; Floor & Decor omission documented.

Decision — Delayed the TSM purchase for a “better price”. Context: Silver Medal error; thesis loved, execution delayed. Outcome (known): Stock $50→$127 — omission documented in the Podium of Errors.

Decision — Bought Stericycle — sold at a loss. Context: The sell-discipline canon passage: “quick to take your losses, reluctant to take your profits” (Carret, 1930). Outcome (known): Stock lower four years after exit — discipline vindicated.

Decision — Studied Pool Corp for 14 years; never bought. Context: Gold Medal error — the marquee errors-of-omission case study. Outcome (known): ~800%+ foregone; documented annually.