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
He died March 23 at his home in Lloyd Harbor, N.Y., 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 $8.4 billion under management as of Dec. 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 Manhattan-based Ruane, Cunniff & Goldfarb, which manages Sequoia Fund, said in an e-mailed statement. Sequoia beat 99 percent of rival funds over the past three years, according to data compiled by Bloomberg. During the past quarter century, the fund has beaten the Standard & Poor’s 500 Index by almost 3 percentage points annually.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.