As I covered in the first part of this series, Bill Ruane's Sequoia Fund had a rough start to life when it was launched in 1970. Ruane set up the fund, with his partner, Richard Cunniff in 1970 as a favor to Warren Buffett who had asked Runae to take on his clients at Buffett Associates Ltd. after he decided to leave the money management business. If you’re looking for value stocks, and exclusive access to value-focused hedge fund managers, check out ValueWalk’s exclusive value newsletter, Hidden Value Stocks. Use code 15percent10 at checkout.