Sad to report.
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.
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