Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Sequoia's Suffering, Revisited Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 29, 2016

Sequoia's Suffering, Revisited

News summary by MFWire's editors

The Valeant fallout at Ruane, Cunniff & Goldfarb[profile] continues to play out while catching the eye of business and investing journalists.

David Poppe
Ruane, Cunniff & Goldfarb
President
MarketWatch reports 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."

Bloomberg reports 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.

And MarketWatch 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."

Poppe revealed 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. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
40 Wall Street | 28th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use