Word: sequoia
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Dates: during 1990-1999
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...that to work, though, you need a home-run-hitting stock picker--and that creature is as rare as the Mark McGwires of the world. The Sequoia Fund, for example, has beaten both the average stock fund and the S&P 500 for the past one, three and five years. But it does not accept new investors. Some solid big-bet funds that do welcome new money include Davis Growth, Clipper, Janus Twenty, Lexington Corporate Leaders, Yacktman and Enterprise Growth...
...market. At my request, Morningstar screened for stock funds that hold 35 or fewer stocks today and also met that test in 1995 and 1993. That weeds out new funds and those that were concentrated for only a short time. The screen turned up 31 funds. Only four (Sequoia, New England Growth, Enterprise Growth and Clipper) are beating the market this year. On average, the group of 31 has returned just 12% a year for the past five years, vs. 18.3% for the S&P 500. The big-bet funds lag badly over three- and one-year periods too, though...
Their first meeting with a venture capitalist, Michael Moritz of Sequoia Capital, was all they needed. "With no promotion, no advertising and just word of mouth, something was happening," Moritz recalls. "Jerry and David had developed something for themselves that, I think probably to their great surprise and consternation, was as attractive to other people as it was to them." Moritz took a gamble on the entrepreneurs and gave them $1 million for a 25% stake (it turned out to be a good bet--that stake would now be worth around $2 billion). Stanford told them they could keep...
...children, was always willing to help out fellow musicians and passed out laxatives to royalty and heads of state. However well he was received in Europe, the large public celebrations with which West Africans welcomed him during a tour in the late '50s were far more appropriate for this sequoia of 20th century music...
...Morris paints himself as the cool, mature mind who advised on everything from suitable vacation spots to the Bosnian peace talks. And he breathlessly describes how he and Clinton toiled alone on the '95 State of the Union address, he at the typewriter, the President above him, "like a sequoia...