For Sequoia, Life After Buffett Is Sweeter

摘要

Warren Buffett recommended the Sequoia Fund when it opened in 1970, and that proved to be a smart call. The fund's performance beat the U.S. stock market over the past four decades, in part because it had a lot of its money in Buffett's diversified and highly regarded company, Berkshire Hathaway. That all changed in 2010, after Buffett warned that Berkshire wouldn't grow as fast as it once did. The managers of the $4 billion Sequoia Fund cut their reliance on the stock almost in half. That proved to be another smart call. Sequoia delivered a 13 percent return in 2011, better than 99 percent of its value-stock fund peers, according to data compiled by Bloomberg.