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Sequoia's Robert Goldfarb and David Poppe are seeking a firm with as much earnings potential at a low price as Buffett's company 20 years ago, but they note the outcome is unlikely.
Despite continued poor performance, there's reason for optimism at this Bronze-rated fund.
The fund is more diversified than in years past, but no less focused on quality and the long term.
If you're harboring doubts about Sequoia Fund's reopening, cast them aside. It's still a great mutual fund.