VersaillesinNY

Many thanks Liberty!

Interesting to see that Giverny hired David Poppe from Ruane Cunniff & Goldfarb in order to launch a new investment firm. It will give wings to Giverny's US operations. My guess is that David Poppe had a one year non compete agreement after leaving RCG, where he worked for almost 20 years.

Many thanks!

May 17, 2019 – Investor Day Transcript https://www.sequoiafund.com/Download.aspx?ID=d2978b9c-4642-4edb-900f-5d222e88aba1&Name=May_17,_2019_%E2%80%93_Investor_Day_Transcript_ May 17, 2019 – Investor Day Slide Presentation https://www.sequoiafund.com/Download.aspx?ID=3c672408-ad47-4173-9702-ac8b81b9ec06&Name=May_17,_2019_%E2%80%93_Investor_Day_Slide_Presentation_

Some additional material. The-Hippocratic-Method-in-Security-Analysis.pdf Profit_Guru_Walter_Schloss_interview.pdf

Lessons learned

The article, in particular Part II is disturbing and not a good PR news for Howie Buffett, a current BRK board member and its designated future Chairman. Kudos to Howie and his foundation for building hydroelectric plants in Africa, fighting hunger while helping farmers around the world; these are noble causes. The fact that Howie advocates tighter security on U.S. borders, investing in Mexico and fighting drug trafficking is not shocking either, given his values and the challenges at the border. A BRK board member who likes wearing the sheriff uniform in his county while playing cowboys, G.I. Joe, Vigilante or whatever you like to name it, can seem awkward, but it's is not even my business. Boys like playing cowboys and American patriots like carrying guns while taking pictures with their militia buddies. Although, militias shouldn't act or replace law enforcement officers; militias are part of the American culture dating back to the revolutionary war. But, what is disturbing to me is Howie Buffett alleged association/financial support with far-right ranchers and the white-supremacist ideology, which is described in the newspaper. Howie is supposed to guard Berkshire culture once Charlie and Warren are gone, but will shareholders support Howie Buffett in the future? Following some scandals, Warren Buffett successfully extracted his son from the boards of ADM in 1995 & Coke in 2017 while preserving his reputation. As a BRK shareholder, I would expect some clarification from Howie and the BRK board of directors regarding this negative article and the reputational damage that it can cause.

His interesting speech at HKU: Freedom and the future of China - 30 October 2018 https://webb-site.com/articles/chisun.asp

https://www.bloomberg.com/news/videos/2018-12-18/druckenmiller-on-economy-stocks-bonds-trump-fed-full-interview-video

Many thanks Liberty!

I'm a big fan of Carol Loomis, this interview has been under the radar, let's share it. Carol Loomis, Trailblazer in Financial Journalism - April 26, 2018 https://www.youtube.com/watch?v=gcRUXCXkg8s

David Poppe retiring from RCG at 54 years old!? David is a Natural Born Value Investor! It seems that the Valeant fiasco is still producing some collateral damage at the firm, even if 2 years have passed. Is it a putsch from the young raising stars or an orderly "generational transition"? I hope that David Poppe will eventually explain his move forward, without scaring existing clients. In the meantime, I wish him all the best in his future. I wonder when will they shorten the firm's name to Ruane Cunniff? Perhaps, the day that Robert Goldfarb, a "significant shareholder", will reduce his 25% ownership of the firm.

George Soros Bet Big on Liberal Democracy. Now He Fears He Is Losing. https://www.nytimes.com/2018/07/17/magazine/george-soros-democrat-open-society.html

May 18, 2018 – Investor Day Transcript https://www.docdroid.net/UMlgtw1/may-18-2018-a-investor-day-transcript.pdf#page=2 May_18_2018_–_Investor_Day_Transcript.pdf

The Nutella Billionaires: Inside The Ferrero Family’s Secret Empire https://www.forbes.com/feature/ferrero-candy-empire/#605f8a296c49

Thanks for sharing!

An interesting article and video on David Rockefeller 1915-2017 (Grandson of John Davison Rockefeller, Sr.) http://www.christies.com/features/David-Rockefeller-and-the-art-of-giving-8963-3.aspx

2017 Sequoia Annual Report https://www.sequoiafund.com/Download.aspx?ID=2a7cc777-1e39-46fc-b5b5-068aee839d70&Name=December_31st,_2017_-_Annual_Report

For those interested, here is the transcript: https://www.georgesoros.com/2018/01/25/remarks-delivered-at-the-world-economic-forum/

George Soros on Trump, Social Media and Cryptocurrencies - Davos 01/26/2018 https://www.bloomberg.com/news/videos/2018-01-26/george-soros-on-trump-social-media-and-cryptocurrencies-video

Bonus. Letter_to_Clients_and_Shareholders.pdf RCG_Letter_7-12.pdf Sequoia_clientletter.pdf

Race, here you go. Ann15.pdf

AR 1999-2004 WSJ 1973-1974 letters excerpts Ann00.pdf Ann01.pdf Ann02.pdf Ann03.pdf Ann04.pdf Ann99.pdf Sequoia_1973-74_letters_excerpts_WSJ_5-7-01.pdf

Q4 2017 - Investor Letter http://www.sequoiafund.com/assets/pdf/Q4%202017%20Letter.pdf

Thanks for sharing! i guess Santa came early this year.