NYT: Huge Valeant Stake Exposes Rift at Sequoia Fund (SEQUX)

claimui

Some interesting background details behind the resignation of the two independent directors from Sequoia SEQUX: http://www.nytimes.com/2015/11/13/business/huge-valeant-stake-exposes-rift-at-sequoia-fund.html?_r=0

One point that I hadn't heard before is that SEQUX bought an additional 1.5 million shares in Valeant sometime in the summer (the fund's official portfolio holdings list hasn't been updated since June 30). Also, apparently the remaining independent directors have insisted that the managers can't buy any more shares of Valeant.

heezsafe

http://www.bloomberg.com/news/articles/2015-11-10/valeant-holder-sequoia-fund-sees-98-9-million-in-outflows

davidrmoran

>> “One lesson of recent events is that sometimes doing everything legally permissible to maximize earnings does not create shareholder value.”

Good Lord, what a thing not to know, and then to say.

VintageFreak

davidrmoran said:

>> “One lesson of recent events is that sometimes doing everything legally permissible to maximize earnings does not create shareholder value.”

Good Lord, what a thing not to know, and then to say.

The real problem is people reading it and thinking "next time they will not do it". Hah!