[5] The history of the Sequoia Fund traces its roots to Bill Ruane's lifelong friendship with Warren Buffett.

Bill Ruane first met Buffett at a value investing seminar taught by Benjamin Graham at Columbia University in 1950.

"[9] During his search for a candidate to succeed him as chief investment officer of Berkshire Hathaway, Buffett said, "I'm looking for another Bill Ruane.

[11] According to Morningstar, Sequoia Fund outperformed its large-cap blend-category peers in 332 of the 333 rolling 10-year periods dating back to its 1970 start.

"[18] The Valeant Pharmaceuticals position accounted for over 30% of Sequoia Fund's assets in mid-2015, and declined 87% from a high of $265.52 in August 2015 to $33.43 in March 2016.