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Sequoia Takes Facebook Stake After `Recent Controversy'
Sequoia seems a shadow of itself. It's had asset outflows each quarter since Q2 2014 and is at about half of its peak size. If you look at performance since the departure of Bob Goldfarb in March 2016, it's pretty weak. $10,000 in Sequoia would have grown to $12,000 while $10,000 in its average peer would have grown to $14,000. Morningstar's most recent analysis of the fund remains hopeful, though I'm not sure why. They note that the legal structure of the adviser has been changed, the investment process has been changed and the team has been changed ... all of which calls into question the importance of the fund's long-term record.
I wish them well, but the whole operation feels tarnished to me.
Comments
I wish them well, but the whole operation feels tarnished to me.
David