RUANE, CUNNIFF & GOLDFARB

We are a registered investment adviser best known for managing Sequoia Fund. We also run separately managed accounts according to this same strategy. We and our affiliates advise private partnerships that pursue strategies that are unique, but aligned with our overriding investment philosophy.

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WE INVEST WITH A
LONG-TERM MINDSET

Though we operate in an industry obsessed with one-year price targets, quarterly earnings releases and monthly returns, we analyze and invest in businesses for the long run. Foremost and always, we are long-term business owners because we believe that the only reliable way to value stocks is to think of them as interests in the profits of a business enterprise.

We hold for the long run, not for the quarter.

Our Investment Philosophy

WE FOCUS ON THINGS
THAT ARE KNOWABLE

We focus on what we can understand, such as the quality of a business, the competence of a management team and the structure of an industry, rather than on inherently unpredictable factors like the direction of the economy and the sentiment of the stock market. We are students of business who spend our time researching the strengths, weaknesses and prospects of individual companies. Because this work is painstaking and difficult, we focus our holdings on a small group of businesses. Concentration allows us to know what we own and should also allow us to outperform if we use our research to make thoughtful judgments.

We focus on what we can understand, such as the quality of a business, the competence of a management team and the structure of an industry, rather than on inherently unpredictable factors like the direction of the economy and the sentiment of the stock market.

Investment Options

WE HAVE ALWAYS HAD A
UNIQUE AND SPECIAL
RELATIONSHIP WITH OUR
CLIENTS

We try to talk plainly about our failures and our successes, and to treat our clients as true partners. We are the stewards of a proud legacy, spanning nearly 50 years, defined by humility, patience, kindness, integrity—and a commitment to do right by our clients in all the ways that can be counted, and in the many ways that can’t.

We try to talk plainly about our failures and our successes, and to treat our clients as partners.

Our Team

SELECT RECENT COMMUNICATIONS

Q4 2022 – Sequoia Strategy Letter

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Q3 2022 – Sequoia Strategy Letter

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Q2 2022 – Sequoia Strategy Letter

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RUANE, CUNNIFF & GOLDFARB

WE INVEST WITH A LONG-TERM MINDSET

WE FOCUS ON THINGS THAT ARE KNOWABLE

WE HAVE ALWAYS HAD A UNIQUE AND SPECIAL RELATIONSHIP WITH OUR CLIENTS

SELECT RECENT COMMUNICATIONS

WE INVEST WITH A
LONG-TERM MINDSET

WE FOCUS ON THINGS
THAT ARE KNOWABLE

WE HAVE ALWAYS HAD A
UNIQUE AND SPECIAL
RELATIONSHIP WITH OUR
CLIENTS