Sequoia Fund, founded by Warren Buffett's friend Bill Ruane, just released its shareholder letter.
"We are pleased to report that we made a number of new investments in high-quality businesses in 2006. Our largest new investment was Bed, Bath & Beyond. This unusual company — management rarely speaks to Wall Street, does not belong to any industry trade groups and otherwise keeps its own counsel — was founded in the early 1970s and today is a very successful purveyor of kitchen, bath and home décor items. It is distinguished from its competitors by its breadth of product offering and superior financial returns. The company has a terrific balance sheet with an enormous amount of cash on hand and no debt."
Read the complete letter
"We are pleased to report that we made a number of new investments in high-quality businesses in 2006. Our largest new investment was Bed, Bath & Beyond. This unusual company — management rarely speaks to Wall Street, does not belong to any industry trade groups and otherwise keeps its own counsel — was founded in the early 1970s and today is a very successful purveyor of kitchen, bath and home décor items. It is distinguished from its competitors by its breadth of product offering and superior financial returns. The company has a terrific balance sheet with an enormous amount of cash on hand and no debt."
Read the complete letter
