Not surprisingly, at the annual meeting of shareholders of the Sequoia Fund last week, the conversation often turned to Warren Buffett, who runs Berkshire Hathaway, a company whose stock constitutes more than a third of Sequoia's portfolio. Asked by a shareholder whether Sequoia has become more growth-oriented and less value-oriented, Goldfarb replied that great companies these days rarely sell for single-digit price-earnings ratios, so Sequoia has been paying up for great companies -- and not regretting it.