Sequoia was down over $3 today yet most of their large holdings (BRKA, Fifth Third, Progressive, USB, JNJ, Freddie Mac, etc.) were all up. Could they have made a huge new purchase? Is Ruane jumping on the internet train? Or could the price been a mistake?
I was also wondering why most of Sequoia's holdings were up yesterday and the NAV decreased almost 2%. I don't think the fund would buy internet companies; however, I think they may be buying mid-cap companies that have been out-of-favor for the last few years, or a dividend or capital gain was distributed yesterday. I have researched this company's past returns and holdings, and their philosophy is to buy great companies at a very good price. This strategy has worked during the past 25 years.