Richard Cunniff | Mutual-fund founder, 91
Richard Cunniff, 91, vice chairman of the Sequoia Fund, which he founded with William Ruane and has outperformed market benchmarks for much of its 44-year history, died Sunday at his home in Lloyd Harbor, N.Y.
Richard Cunniff, 91, vice chairman of the Sequoia Fund, which he founded with William Ruane and has outperformed market benchmarks for much of its 44-year history, died Sunday at his home in Lloyd Harbor, N.Y.
Mr. 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 Inc., which manages Sequoia Fund, said in an e-mailed statement. "We're going to miss him."
- Bloomberg News