Other large holdings that generated significant outperformance included TJX, which rose 51%; Rolls-Royce, up 51%; MasterCard, up 71%; and O’Reilly Automotive, which rose 44%. We have owned each of these businesses for at least six years. We think our strategy of identifying great businesses, buying their stocks when they seem mispriced, then holding them as long as management continues to execute (and the share prices don’t become extremely overvalued) is working as well today as it ever has. We expect that our portfolio companies will grow earnings at a good rate in the future, but not at the 23% rate we saw in 2013.
Sequoia Fund Comments on TJX, Rolls-Royce, MasterCard, and O'Reilly Automotive
Mar 07, 2014
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