The Valeant fallout at Ruane, Cunniff & Goldfarb
] continues to play out while catching the eye of business and investing journalists.
| David Poppe|
Ruane, Cunniff & Goldfarb
that yesterday Morningstar
took the rating of RCF's flagship Sequoia Fund
down two notches, from Gold to Bronze. The rating had been labeled as "under review."
that, per new RCF CEO David Poppe
, the analyst who covered Valeant has followed former CEO Robert Goldfarb
out the door. Though Poppe didn't name the departing analyst, Bloomberg
points to Rory Priday
as the likely analyst in question.
Meanwhile, the Wall Street Journal charts
Valeant's importance to RCF's flagship Sequoia Fund
over the past six years.
columnist Chuck Jaffe
wonders what lessons should be learned from the RCF's Valeant pain. He declares that "the real problem has been Sequoia's management stubbornness, infighting, and governance issues."
last week that, after 45 years at the company, Goldfarb will retire on March 31. Goldfarb and Poppe had helmed RCF's Buffett-esque Sequoia Fund. The fund, which has a famously strong long-term track record versus the S&P, is down 11.6 percent year-to-date thanks for its big Valeant take.
Neil Anderson, Managing Editor
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