POWER OF ATTORNEY

         KNOW ALL PERSONS BY THESE PRESENTS, that the person
whose signature appears below hereby revokes all prior powers
granted by the undersigned to the extent inconsistent herewith
and constitutes and appoints Robert D. Goldfarb, to act as
attorney-in-fact and agent, with power of substitution and
resubstitution, for the undersigned in any and all capacities,
solely for the purpose of signing the Registration Statement, and
any amendments thereto, on Form N-1A of Sequoia Fund, Inc. and
filing the same, with exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, hereby ratifying and confirming all that said
attorney-in-fact, or his substitute or substitutes, may do or
cause to be done by virtue hereof.


                                  /s/ Roger Lowenstein
                                  ___________________________
                                       Roger Lowenstein


Dated:  April 20, 2001

69900020.BF4