MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 29, 2016 Sequoia's Suffering, Revisited The Valeant fallout at Ruane, Cunniff & Goldfarb[profile] continues to play out while catching the eye of business and investing journalists.
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. Printed from: MFWire.com/story.asp?s=53718 Copyright 2016, InvestmentWires, Inc. All Rights Reserved |
