A former telephone technician who became one of Canada's best-known value investors and founder of Toronto-based Chou Associates.
Life story
Francis Chou came to Canada in 1976 at the age of 20 and worked as a telephone repair technician at Bell Canada. His formal education ended at Grade 12. Little public information is available about his birthplace and family.
How they got started
While working as a technician he discovered Benjamin Graham's books, including "Security Analysis". In 1981 he and six co-workers started an investment club with $51,000. He later recalled that persuading those six investors was hard, since he was just a technician with no formal training in investing.
That club later became the Chou Associates Fund. Today Chou Associates Management runs five funds (Chou Associates, Chou Bond, Chou RRSP, Chou Asia and Chou Europe). Chou is a CFA charterholder.
In 2004 he was named Canada's fund manager of the decade.
Investment style
Chou's rule is simple: find bargains and keep discipline; if there are no bargains, stay in cash. He is a deep-value investor in the Graham mould and often buys companies the market dislikes.
He is also known for treating clients fairly: in years when his funds underperformed, he has rebated management fees to shareholders.
Best decisions
From $51,000 to a professional firm
A club started in 1981 with $51,000 from six co-workers grew into a five-fund firm managing more than $650 million in 2024. According to Hedge Fund Alpha, the Chou Associates fund returned an annualised 11.5% over a 27-year period.
Biggest mistakes
Limited information
We found no reliable detail on Chou's specific failed investments in the sources we reviewed. Keep in mind that a deep-value style can lag the market for long stretches.
Today
As of 2024, Chou was president of Chou Associates Management, overseeing more than $650 million across five funds and two insurance companies (Stonetrust and Loggerhead).
What to learn from following the portfolio
- Chou is a Canadian manager: his 13F shows only US-listed stocks, so many holdings in his Canadian, Asian and European funds do not appear here.
- The portfolio can be small and concentrated — a new or increased position points to a company he sees as cheap, but deep-value ideas can take years to pay off.
- Islamic-finance lens: Chou is close to insurance and financials (he oversees insurance companies himself), and such holdings usually are not halal; stocks in other sectors may be. Check each position's halal status on the Portfolio tab.
An introduction based on public sources — not investment advice. Spotted an error? Let us know.