The $5 billion fund, down almost 10% for the year, is granting the plebians a very generous request. After year’s of keeping the fund’s door closed to outside money (12/10/13), the pretentious assholes at Sequoia are reopening their completely idiotically managed fund to new investors.
“We’ve had a number of requests from investors who would like to get into the fund at these levels, so we are considering recommending to the board that Sequoia reopen in the proximate future,” manager David Poppe wrote in a letter to shareholders posted on the fund’s website today.
Like morons, they placed like fucking 40% of the fund in VRX, becoming its largest and biggest bagholder. It’s astounding to me to see this fund still open, let alone in a position to accept new money. Their multi-million share VRX position is down 80% since they last declared the position.
Along these lines, VRX is no longer a large position of theirs, since they almost completely wiped out on it. They’re down to the tune of $1.6 billion on it. Now, their big plays are TJX, ORLY and FAST.
Who’s ready to sign up?
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How do these guys even have money to manage?? Do new inflows to the fund come with complementary strippers? Wtf???
A discount retailer, an industrial supplier, and an auto parts retailer.
3 years, no significant change in Net Income;
3 years, no significant change in Net Income; and
3 years, no significant change in Net Income.
+50% change in stock price over 3 years,
no change over 3 years; and
+150% change in stock price.
Does an auto parts retailer ever really warrant a 30 PE? Doubt it.