Last Update: 12-31-1969

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  • Mircea Baldean Interview With The Manual Of Ideas


    Mircea Baldean of Intellivestor Capital did a recent interview with the Manual Of Ideas. During the interview Mr. Baldean discuss how to use social media to generate investment indeas.


  • Bretton Fund 2Q15 Letter To Shareholders


    Bretton Fund has released its second quarter letter to shareholders. The fund discussed its second quarter performance and the returns of its equity positions. Two of the funds largest performers for the second quarter were Wells Fargo (NYSE:WFC) and JP Morgan (NYSE:JPM). One of the fund's largest destractors to performance was railroad equilities like Union Pacific Corporation (NYSE:UNP).


  • Sequoia Fund Comments on Omnicom

    David Poppe:

    Omnicom (NYSE:OMC) is one of four large advertising agency holding companies. The industry has really consolidated down, and there are four large ones left. We think Omnicom is best of breed, but in fact they are all pretty good. It is a very good industry for a couple reasons. One is media is really fragmenting right now. For large corporations that have huge marketing budgets, it is getting harder not easier as advertising spending fragments to online, mobile, social, as well as TV. And TV itself just continues to fragment as there is more and more cable proliferation all the time. We think Omnicom has a good stable of creative agencies. Arguably, you could say Omnicom is the best creatively. Its agencies tend to win the most prizes, for whatever that is worth. Omnicom is also very good at the data analytics side of it as are the others. It is an area where the clients need the help; so we think it is well positioned for the future. Another tailwind is that the emerging world is really growing and global marketers want to reach those new consumers or newly wealthy consumers. And Omnicom, WPP, another big advertising holding company, these companies are necessary to reach those potential new customers.


  • Sequoia Fund Comments on Berkshire Hathaway


    I have a question on Berkshire (NYSE:BRK.A)(NYSE:BRK.B) which I think is your second largest position. Warren Buffett (Trades, Portfolio) now is what, 84, 85. What if he should die or get sick and can no longer manage the company? I know he has given it a lot of consideration. But how do people feel about it?


  • Sequoia Fund Coments on Danaher

    Terence Paré:

    Danaher (NYSE:DHR) is in a lot of different businesses. It started out as an industrial company making things like hand tools and engine retarders. It used to make Craftsman mechanics tools. But the company right now is basically — and in fact has reclassified its documentation with the SEC — to that for industrial instruments. Danaher makes things like oscilloscopes, mass spectrometers. It has a very significant dental business. But it still sells Matco hand tools, which are sold in vans that drive around to garages, industrial printers, medical gear, water treatment equipment, and more.


  • Sequoia Fund Comments on Mohawk

    Terence Paré:

    We have owned Mohawk (NYSE:MHK) for a long time. But I feel better about the company today than I have in a very long time. There are a couple reasons for that. One, the company is practically a unique franchise. It is the only flooring company that has exposure across almost the entire globe and is in most of the important flooring markets in the world. Number two, its portfolio of brands covers just about every kind of flooring that there is. It will add sheet vinyl and luxury vinyl tile when it closes on the IVC acquisition, which it announced at the end of last year. So it will make every kind of floor covering, be in most important markets, and generally be the leader in just about every market that it is in. It is the largest ceramic tile manufacturer in the world, and ceramic tile is the largest floor covering in the world.


  • Sequoia Fund Comments on IBM


    I noticed the fund has a position in IBM and there have been many questions about Google. They seem to be companies moving in two different directions. Even though IBM screens cheaply on metrics, what is your attraction to the business right now?


  • Sequoia Fund Comments on Cabela's


    Can you comment on Cabela’s please? Was it a mistake? How long are you going to hold on to it? What do you think the future is?


  • Sequoia Fund Comments on Perrigo

    Saatvik Agarwal:

    Regarding Perrigo (NYSE:PRGO), Mylan (NASDAQ:MYL) made an offer for Perrigo about a month ago. The original offer was made for about $205 but Mylan never disclosed the actual terms of the offer. It came as a surprise to Perrigo. It came as a surprise to us. Since then, Mylan has actually disclosed the terms of the offer. And it does not quite work out to $205 a share if you use the terms Mylan has disclosed. You have to value it based on the stock price of Mylan before it made the offer, because it is a stock and cash deal, and the stock price of Mylan ran up when they made the offer partly because people speculated that it would put Mylan into play and that Teva would bid on Mylan, which is what happened — Teva made a bid for Mylan after Mylan made an offer for Perrigo. Then Mylan raised its bid for Perrigo.


  • Sequoia Fund Comments on Praxair


    Could you talk about the attractiveness of the industrial gas market, and more specifically about Praxair (NYSE:PX), the relative attractiveness of that company versus the other players in the market?


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