While Warren Buffet continues to buy up and broker M&A deals, making financial news headlines left and right, a fund that mimics his preternatural talent for picking winning stocks, bonds and private equity opportunitiesand run by Buffets former stockbroker Bill Ruanehas reopened.
Only trouble with the $3.8 billion Sequoia Fund, Inc., closed since 1982 and slated to reopen tomorrow, May 1, 2008, writes nationally syndicated columnist Chuck Jaffe, while it may be revered as a mysterious vessel with legendary powers it might actually be more fantasy than reality.
With a portfolio basket of only 25 stocks, half of which are in Buffets Berkshire Hathaway, the fund doesnt seem to have a mind of its own. Plus, Jaffe points out, other Buffet-miming funds have performed far better.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.