Sequoia Fund investors learned a hard lesson when the fund's investment in Valeant Pharmaceuticals went bad last year. "Bad doesn’t even begin to describe the situation for Sequoia, one of the most legendary mutual funds, which has seen its reputation torched by a bad bet on a controversial stock," writes MarketWatch's Chuck Jaffe in his latest column. Robert Goldfarb, CEO of adviser Ruane, Cunniff & Goldfarb and co-manager of Sequoia, resigned his fund duties last Wednesday. Read the original column from MarketWatch.