Fund legend dies


Sad to report.

Richard Cunniff, vice chairman of the Sequoia Fund, which he founded with William Ruane and has outperformed market benchmarks for much of its 44-year history, has died. He was 91.

Bloomberg reports that he died on March 23 at his home in Lloyd Harbor, New York, according to his son, Richard Cunniff Jr. The cause was complications from congestive heart failure.

Cunniff and Ruane, who died in 2005, studied under famed value investor Benjamin Graham, and many of their earliest clients were referred to them by Warren Buffett. The fund had $8.4bn under management as of December 31 and is known for taking big stakes in a few companies and holding the shares for many years.

'Rick was a rigorous stock analyst, patient teacher, and a true gentleman', David Poppe, president of Ruane, Cunniff & Goldfarb, which manages Sequoia Fund, said in an e-mailed statement. 'We’re going to miss him'.

At the end of 2013, according to the fund’s annual report, 52% of assets were invested in eight companies: Valeant Pharmaceuticals International, Berkshire Hathaway, TJX, Fastenal, Rolls-Royce Holdings, Precision Castparts, MasterCard and Pirelli.

To access the complete Bloomberg article hit the link below:

Richard Cunniff, Sequoia Fund Co-Founder with Ruane, Dies at 91

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