Ruane Cunniff & Goldfarb Inc., managers of the Sequoia Fund Inc., made a paper profit of about $300 million today on shares of Valeant Pharmaceuticals International Inc., bringing its gain on the investment to approximately $3.8 billion since it first bought the stock in 2010.
Bill Gross just can’t catch a break. As investors flock to funds designed to make money even if interest rates increase, Gross’s Pacific Investment Management Co. is alone among the biggest bond managers in suffering withdrawals from the strategy.
Bank of New York Mellon Corp., the world’s largest custody bank, will buy back as much as $1.74 billion in stock and boost its quarterly dividend starting in the second quarter after the Federal Reserve approved its capital plans.
When John Bichelmeyer’s mutual fund fell 48 percent in 2008, he decided his portfolio needed an upgrade. The Buffalo Emerging Opportunities Fund would still invest in small companies with the potential to become big ones. What it wouldn’t do is invest in businesses that were burning cash, or in biotechnology firms whose prospects were difficult to gauge, Bloomberg Markets magazine will report in its April issue.