I’ve often said that it’s essential to have role models in life who show us the path to follow. I recently wrote a tribute to someone who was my mentor but who would have preferred that I not mention his name: “A Mentor Has Left Us.” I’ve also written a tribute to Charlie Munger, Warren Buffett’s right-hand man and close friend for several decades. And I’ve written countless pieces about Warren Buffett himself!
Today, I’d like to pay tribute to Mr. Jarislowsky, an exceptional man who is also a role model for me. In my view, Mr. Jarislowsky possesses several qualities that define a great investor.
A Passion for Stock Market Investing
Investing has been Mr. Jarislowsky’s great passion throughout his life. His philosophy, at least the one he shares publicly, is to invest in quality companies led by honest and competent people — and to hold them for the long term. On this point, he emphasizes that for a long-term investor, you must favor businesses “that operate in industries that will not disappear.”
What could be simpler? Yet, how many investors truly follow his example?
Remarkable Discipline
In one of the La Presse articles, we learn that Mr. Jarislowsky’s mother entrusted him with $200,000 when he turned 21. He says he made every effort not to touch that sum (substantial at the time) and to grow it throughout his life by investing according to his philosophy.
Simplicity
I mentioned earlier that his investment philosophy is simple (yet effective), but his lifestyle is as well. As he says, he doesn’t want to “flash.” This is actually a character trait I’ve noticed among several great investors — starting with Warren Buffett and Charlie Munger — as well as among some outstanding business leaders.
Longevity
I believe that for passionate long-term investors, their love for the stock market becomes an additional motivation to live a long and healthy life. The two best examples of this phenomenon are Charlie Munger (who passed away in 2023 at the age of 99) and Warren Buffett, who is now 95. Personally, this is great news, as it suggests there may still be many wonderful active years ahead for my father, who recently celebrated his 80th birthday and remains very active in both investing and philanthropy.
A Desire to Contribute Positively to Society
Retired for a few years now from portfolio management, Mr. Jarislowsky apparently remains very active within the foundation he created, which continues to give generously.
Thank you, Mr. Jarislowsky, for your exceptional contribution to Québec and Canadian society and for being such an inspiring example to so many people, especially investors. I wish you many more years to continue pursuing the passion of your life!
Philippe Le Blanc, CFA, MBA
Chief Investment Officer at COTE 100
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