Ruane Cunniff & Goldfarb - Reputation
I've seen a few topics posted about them but nobody ever giving out any real information. What is their reputation like on the street? Most younger people probably haven't even heard of them I'm guessing. Final round interviews for SA are on Tuesday and I'm trying to get an idea of how they compare to working in IBD or ER if HF is the ultimate exit opp... particularly in their Sequoia Fund. Any insight would be appreciated.
Not too sure. I just want to echo that Sequoia Fund is a pretty damn nice gig from what I hear.
I met Goldfarb last year and the others in my group showed him a LOT of respect. I think he's one of those old guys that's been around wall street for a really really long time, great track record, and knows everybody.
That probably doesn't help you much, though.
Thanks guys. So would you take an SA gig at Sequoia over solid IBD jobs if your end goal is HF? Then again it seems like nobody ever leaves Sequoia so maybe wanting HF would change. I know Goldfarb and Poppe are geniuses, so there would definitely be a ton to learn there about the research process and how to really pick stocks.
I'd love to hear this as well. I'm guessing their only having one superday tomorrow, so those interviewing should find out quickly?
Anyone know how many interns they usually have in a class? I'm assuming not many but how few are we talking about here?
If i remember correctly, the entire firm has around 40 or so employees. Assuming that number is right, it could be some arbitrarily large number if they enjoy bringing a lot of summer help on for some odd reason, or maybe as small as one person - who knows truthfully.
I'm curious how many final round interviews are taking place
All I've heard is that interviews are with the manager of the Chicago office and the New York office. So I'm assuming they take at least one for each? Who knows. Definitely an interesting place though I'd like to know more about if anybody has worked there or knows what the deal is.
I interviewed with them for a summer internship, they told me they generally take 1 intern. So possibly one for each office, but it could simply one overall. They are one of the top hedge funds on the street and a great place to learn investing. In terms of exit opps, plenty of hedge funds would want you, but their comp is great and they give tons of freedom to their analysts so there is little turnover.
I'm interested in doing an internship with them, but don't know what they look for in candidates. How did you land an interview? How was your background like? And how was the interview process?
What are comp numbers like? Similar to BB IBD?
Anybody interview today?
Ruane Cunniff & Goldfarb summer internship? (Originally Posted: 10/21/2012)
Guys,
Currently a junior math major at a west coast target (3.65 GPA). I've done investment banking at a MM bank for 4 months and studied abroad at LSE for finance.
Looking to get into investment management upon graduation. Very interested in value investing in particular, would love to work in the Sequoia Fund, or something with a similar learning experience.
Would love an opportunity to work for these guys this summer, but from what I know they don't recruit out here through our OCR. What is their recruiting process like? How could I get my foot in the door here?
Thanks.
Bump?
Seems like the only option would be to send a warm email to someone there and express interest. Maybe ask to talk over the phone about the firm/recruiting process.
I'm no expert i'm just using common sense here.
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Ruane, Cunniff & Goldfarb -- Sequoia Fund Investor Day Transcript (Originally Posted: 09/06/2013)
Just a little gift to all the monkeys out there. This is pure gold for anyone interested in investing. Discussion is always welcomed.
Good post (I own plenty of SEQUX). I try to read everything that these guys post (going back to when the fund was started in 1970). They have beaten the S&P 26 of out 44 years. S&P offered a 10.6% compounded return while Sequoia offered 14.5%. That spread since the fund's inception means a Sequoia investor has made over 4x as much money as the S&P investor. Index at your own risk suckers.
I don't own any SEQUX, but I do own/have owned, both personally and professionally, a few of the companies they talked about here. These guys really are just about as good as it gets.
Thanks for this - this really is gold.
While I appreciate their discussion, I can't say I agree with their take on Fastenal. They basically admitted that neither earnings or growth justify the valuation, rather the stock price is high because the market believes management is strong and the company has a compelling business model that can sell anything. I have trouble buying into that thought process because if management is as strong as the market believes, then they should be able to grow the company at a rate that justifies the valuation. The company either needs to focus aggressively on product line expansion or the international market, and even still, I struggle to see how the company could grow fast enough to justify valuation. Something has to give.
Have you met Will Oberton?
I don't own any FAST anymore, and I agree with the spirit of your point that the valuation is above what one could expect him or any other manager to do in terms of near-term performance, but the point is that this is a team that can grow its business at a rate far above satisfactory for a good investment, independent of its valuation. If I were to own the shares today at this price, then the satisfactory rate would have to be infinitely higher, but if I'd owned the stock at 80% of today's price originally, then I'd say it's certainly a hold. If I've already compounded value at 25% for the past 8 years, if I start compounding at 10% I'm still going to be doing way better on my money (since 10% of that new enormous sum is way more than 10% of my original position) than I otherwise would.
Of course, if you think you have a new name that can do 25% in this environment at these levels, then sure, I'd rotate into that. But given the level of conviction you get from this management team and the current investment RCG has in it, I'd say it's a very strong hold and their logic makes very good sense.
On an unrelated note, it's "Cunniff" ... Billy Cundiff is a kicker for the Browns.
This is amazing. Where did you find this?
All of the transcripts from the past years are here
http://www.sequoiafund.com/fund-reports.htm
Ruane, Cunniff & Goldfarb - Insight on the interview (Originally Posted: 02/13/2012)
Hey,
Does anyone here have any insight on the interview process for the summer analyst role at Ruane, Cunniff & Goldfarb?
Any insight on firm or interview process would be greatly appreciated.
Best,
For those of who might be interested... They post transcripts of their annual investor day meetings on the website. The most useful practical thing that I've read on the internet.
Go to sequoia funds website and then clock on the fund reports link.
is this for a first round or final round?
My understanding is their very value-investing driven and a lot of the work is self-directed
first round
Ruane, Cunniff & Goldfarb - Would an internship look good? (Originally Posted: 02/28/2008)
I have an interview here - does anyone know about the firm? Would an internship here look good?
Gurufocus.com
I suggest you start doing some serious homework.
It's the kind of place that will set you for life.
Edit - Assuming this is for a research job
This is a very smart value shop, very similar investing strategy to Warren Buffet. This is the fund (actually the Sequoia mutual fund, but was ran by the same person) that Warren Buffet told his investors to put their money in when he closed his partnership in 1969. I would suggest reading The Intelligent Investor and Security Analysis.
Thanks for the info - I will certainly try to do my homework over the next few days.
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I'm interviewing for a summer investment analyst position in one of their hedge funds. How would this compare to a BB S&T or IB SA position as a sophomore (I'm interested in working at a top HF after graduation)?
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Easily your best opportunity in life so far.
Hi omega --
I have an interview here soon and was wondering if you could give me an idea of what types of questions they ask. I know it was a while ago but any help would be greatly appreciated!
Hi Omega- I know this was long time ago. How did you get an internship here ?I'm interested in doing an internship with them, but don't know what they look for in candidates. How was your background like? And how was the interview process?
Hi Omega- I know this was long time ago. How did you get an internship here ?I'm interested in doing an internship with them, but don't know what they look for in candidates. How was your background like? And how was the interview process?
I believe they post on Penn's career board.
now i'm curious, did omega ever get it?
bump. Anyone have anything to add about RCG or the Sequoia Fund
Ruane Cunniff & Goldfarb - What sort of questions to ask (Originally Posted: 02/06/2011)
I have an interview coming up and was wondering if someone could give me an idea of what sort of questions they ask. Any help would be greatly appreciated!
Long term value investing - think Warren buffet kind of stuff
Ruane, Cunniff, & Goldfarb - Shed light (Originally Posted: 02/21/2013)
Hi guys, I just had my phone interview with this HF firm on Tuesday, waiting to hear back for their final round/superday interview... (this is for summer internship)
Has anyone who applied heard back yet?
Also, can anyone shed light on how their final round interview will be like? The phone interview was not very technical... should I expect the final round to be more technical/testing your financial knowledge?
Thanks!
Nope. Why do you say HF firm, is this for Chicago office or something?
Yeah this is for their Chicago office.
Ruane, Cunniff & Goldfarb - What types of questions (Originally Posted: 02/07/2012)
I have an interview with them in a few days, has anyone been through this before? What types of questions will I get? I literally have no idea what to expect, so any help at all would be awesome. The position just says analyst intern.Thanks.
I spoke to a recruiter there a while back. Their intern classes are pretty small, and a lot of the work is self-directed. I think she mentioned that their past interns were traveling to meetings/conferences on their own.
Don't know how the interview actually works, but I'd assume there's going to be some stock pitching, and you might be expected to show interest in a given industry and know it somewhat well.
I'd love to see if anyone else can shed some more light?
Anyone else know anything?
anyone know anything about this firm?
Ruane Cunniff & Goldfarb - Exit opps (Originally Posted: 02/01/2011)
Anyone know about this place? How are its exit opps to hedge funds vs. BB IBD?
Bump. Maybe I should clarify. Is this the kind of place you spend your whole life working at, and if not, is it easy to lateral to a hedge fund? Or would there be more opportunity for me a few years down the road in investment management if I had BB IBD experience?
I am fundamentally interested in value investing, which is why I am interested in Ruane, Cunniff & Goldfarb but am also interested in event-driven/deep-value/special situations investing which is why I'm comparing a first year research analyst role there vs. a IBD analyst role.
I have a friend that worked in the chicago office. Seems like it was a super autonomous (also read lonely) role with a lot of independent research. I am not sure how many of his investment ideas turned into positions, but I don't think it was very high. Lifestyle was good
How do you guys get interviews at Ruane Cunniff? Networking? I'm really into value and would love to get an interview there.
First round Interview started with walking through resume then mostly behavioral questions and ended with a stock pitch and whats in your personal portfolio. Felt like they just wanted to know that you were truly interested in value investing and the markets, as well as being a good person!
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Do you know when we should hear back?
was with an analyst and I think at some point next week
Could you possibly share what questions the analyst asked? I'm planning to apply next year
interviewer told me all about firm then began asking questions. Was asked to walk through resume, picked at different things on resume, favorite class, least favorite class, why specific college, why major, whats in your portfolio, what positions do you like, why, asked some about value investing
If you get this job, you may never have to or want to leave.
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