Never Seen Before Letters: Bill Ruane Searching For Value (1970s-80s Letters) [Pt.2]

As I covered in the first part of this series, in 1970, Bill Ruane set up the Sequoia Fund after receiving encouragement from Warren Buffett, who had decided to close his own investment partnerships in 1969. Buffett recommended Ruane to his partners as he believed he was a money manager with “integrity and ability,” and reassured his investors that he “will probably perform as well or better than I would in the future.” If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out ValueWalk’s exclusive value newsletter, Hidden Value Stocks. Use code 15percent10 at…