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An investment adviser that traces its origins to Warren Buffett likely netted a nearly $900 million gain on Wayfair in under three months.
Ruane, Cunniff & Goldfarb bolstered its position in the online home-goods retailer to 5.2 million shares as of March 31, and the Sequoia Fund it manages also built a stake of 1.9 million shares.
Wayfair’s stock price has soared 230% since then, lifting the combined value of those investments from about $380 million to $1.25 billion.
Bill Ruane founded Sequoia Fund in 1970 at Buffett’s request, as the famed investor was closing his partnership to focus on Berkshire Hathaway and wanted Ruane to take on his partners as investors.
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An investment adviser with historic links to Warren Buffett was more daring than the Berkshire Hathaway boss in the first quarter, and as a result it probably scored an almost $900 million gain on a single stock in less than three months.
Ruane, Cunniff & Goldfarb raised its stake in Wayfair by 30% between February 18 and March 31, after boosting its position in the online furniture-and-homeware retailer by 39% in the fourth quarter of 2019, SEC filings show. See the rest of the story at Business Insider
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