On the Continent, our largest holding was Pirelli (MIL:PC), the Italian maker of performance tires. Pirelli was down about 11% in dollars in March when we sold it, but had been a solid performer previously. We didn’t sell because of short-term price gyrations but because of concerns over corporate governance. The family that controls Pirelli had decided to sell a significant ownership stake to Rosneft, the Russian oil company that is aligned with President Vladimir Putin. We opted to exit immediately.
From Ruane Cunniff (Trades, Portfolio)’s Sequoia Fund Q4 2014 Shareholder Letter.
