Hello Can anyone help me ? Where I can open an accoiunt for investing in index funds if I am not a US Citizen ? I am from EU country : Romania Thanks
Mike Does anyone know what happened to the lawsuits against SEQUOIA?
Throughout it all, Sequoia management continued to charge 1.0 fee. For what? They did not know about Valeant pharmacies, sent investigators after WSJ reported they existed. If you were to spend a couple billion of other people's money on something, would you do some research first? I bailed after the WSJ articles started in April last yr. Never, to this day, has Sequoia disclosed two directors resigned. Material facts hidden from shareholders. But management was paid as always. They were stewards of my money. Did a lousy job. But paid themselves handsomely anyway. Only morons would violate firm rules and put 30% in a single stock. Do not know why they are still in business. Have lost much more money YTD.
“Our new leadership elected to sell our position in Valeant Pharmaceuticals, exiting completely by mid-June,” the mutual fund’s leadership from parent company, Ruane, Cuniff, and Goldfarb wrote in a Tuesday letter to clients. “Valeant was our largest position to start the year and its 80% decline through June 30 badly penalized our results.”
Thank goodness. " There is no lesson in the second kick of a mule."
Sequoia Fund Dumps Roughly Half Its Valeant Stake. Sequoia shareholders have lost 27% over the past year, compared with a flat S&P 500, performance that is worse than all other large-cap growth funds tracked by Morningstar.
Sequoia share holders have HUGE PROFIT over the years...YET. Some of them are still complainig Dont know what to say...
Moreover Since the initial purchase of the VRX the fund didnt loose money overall,and vrx is still in the money, now most of the profit in the vrx has evaporated but hey that is life nothing remains up and strong forever....
Fund Managers are Humans too, they can make mistakes...... Nothing is full proof in this world of ours..Mgrs in this fund fell into the vtx trap...he is not the only one many of them got suckered into it..VRX mgrs and some of its investors conspired and cornered the stock by giving the impression that VRX will corner the Pharma Market at large..so the snow balling effect took place , some bankers advised them how to pull this racket as well it is more involved very sophisticated multi dimensional criminal activities took place but i belive no one will prove that and crime will pay to its masterminders.
stick it to your ears:" WHEN A PHARMACEUTICAL AND OR A BIOTECH COMPANY DOES NOT HAVE A GOOD RESEARCHERS , GOOD CHEMICAL ENGINEERS STAY THE HELL AWAY FROM THAT COMPANY,IT IS ONLY A MATTER OF TIME THAT IT WILL RUN INTO A TROUBLE."
Some Funds mgrs used VRX to manipulate. the prices of the other pharma stocks....VRX lied and stock price went up than hostile M&A bids to other pharma those who already knew which one to be targeted ahead of time bought the targetted company stock and profited huge amounts. than the #$%$ hit the fans... Now the innocent investors in VRX got #$%$
SEQUX. Goldfarb or whatever fell over too quick. Perhaps he was going to retire anyways and took the fall for the team. In all actuality, didnt they make money on VRX since they bought in 2010. It wasnt even a loser in their port. Regardless, the ambulance chhasing lawyers which contribute zero value to society are pursing lawsuit on the best fund manager in the industry. We lost a great man but Im guessing he was soon to retire regardless. This is no reason to seel SEQUX in my opinion and I, being a long term holder, not selling anytime soon.
Here, I, the most ardent consistent critic of SEQUX Mangment.. I have screaming on this board for months about these insiders, the cricket kroookks, the swindlers at SEQUX... loads of lawsuits on their way to unravel their criminal behavior as they lined their own pocket...