As the rest of the stock market collapsed in 2000/01, the Sequoia Fund, which was still being managed by its founder Bill Ruane, charged ahead.
Q4 hedge fund letters, conference, scoops etc
Between 1998 and May 9, 2003, the date of Sequoia's 2002 annual shareholder meeting, the fund gained 22.5%, while the S&P 500 lost 15%. According to a transcript of the shareholder meeting, between April 11998 and May 9, 2003, Sequoia outperformed the S&P 500 by a compound annual rate of 7.9%.
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