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Sequoia Fund Comments on Verisk Analytics

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August 28, 2015 | About:

Question:

I know you have a relatively small position in Verisk Analytics. Just a question on the investment thesis, the valuation, capital allocation, and more specifically the Wood Mackenzie acquisition, which the company announced in March.

Chase Sheridan:

I will try to be brief. Our position in Verisk (NASDAQ:VRSK) rounds to 0.0% of the portfolio. So I would not consider it a real position. It is a great business. Verisk is basically becoming a platform for buying data analytics firms. Its core business in the insurance space has as big a moat as you are going to find anywhere but the returns on its expansion businesses, the jury is still out. The acquired businesses are good but the returns on those investments are not anywhere approaching the returns in its core business. It is probably not worth it to take any more time because we really do not have a material position.

From Ruane, Cunniff & Goldfarb Investor Day 2015 Transcript Part II - Sequoia Fund.


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