Bill Ruane died on Tuesday (free New York Times article, registration may be required).
He was a founder of the investment firm Ruane, Cunniff & Goldfarb, and most known for running the Sequoia Fund (an open-end mutual fund that's been closed to new investors since 1982).
When Warren Buffett closed the Buffett Partnership in 1969, he gave the partners a choice of receiving shares of Berkshire Hathaway or cash. Those taking cash were encouraged by Buffett to put their money in the Sequoia Fund. Either choice turned out to mean profits of millions of dollars.
I first heard of Ruane when a co-worker turned me on to Benjamin Graham's Intelligent Investor in the mid-1980s. No, he's not mentioned in Graham's text. An appendix was a copy of an article Buffett had written called, "The Superinvestors of Graham-and-Doddsville". Ruane was one of the Superinvestors Buffett discussed.
I'm sure all readers of this site join me in extending heartfelt sympathies to Bill Ruane's family and friends. May he rest in peace.
that was truely a great loss. I have yet to set foot in Omaha. The death of Ruane makes me want to jet off to there and meet Buffett in person before one of the greatest follows his friends.
Posted by: javasoy | October 09, 2005 at 09:28 PM
javasoy,
Sounds like a plan. Thanks for reading.
Posted by: John | October 09, 2005 at 11:13 PM