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."
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Unfortunately, during the first few years...
