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Sequoia Fund Investing Legend Bob Goldfarb Resigns
FYI: Did he fall on his sword? The 71-year-old leader of the well-known investment product, which has underperformed 98 percent of its peers since January, is stepping down. Goldfarb’s 36-year tenure at the helm comes to a close after his mutual fund suffered huge losses — to the tune of 25 percent of the fund’s value since 2015 — following heavy investments in Valeant Pharmaceuticals International. Concern over the venerable fund’s reputation has prompted action, and Goldfarb will retire at the end of the month. Regards, Ted http://www.ozy.com/presidential-daily-brief/pdb-68659/bowing-out-68669
@Charles Yes, indeed, I've been waiting for the answer to that one for over a month. One passage in the above suggests that a certain person of importance never learned a damn thing:
At a board meeting last week, the directors realized that “we were at an untenable situation” because of Goldfarb’s “inability or unwillingness to sell the position,” Swiggett said. He declined to comment on whether the board forced Goldfarb to retire.
Peter Lynch had the right idea. Retired at 46 while on top the pack.
Sequoia sure looks like a focused fund, inherently subject to higher highs and lower lows. Requires more patience to hang onto than most of us possess. "And when they stop smiling back - that's an earthquake." (Death of a Salesman, Arthur Miller)
Comments
http://www.bloomberg.com/news/articles/2016-03-24/ruane-cunniff-analyst-who-helped-champion-valeant-left-with-ceo
@Charles Yes, indeed, I've been waiting for the answer to that one for over a month. One passage in the above suggests that a certain person of importance never learned a damn thing:
Sequoia sure looks like a focused fund, inherently subject to higher highs and lower lows.
Requires more patience to hang onto than most of us possess.
"And when they stop smiling back - that's an earthquake."
(Death of a Salesman, Arthur Miller)