Ian Cumming is the Chairman of Leucadia National. Leucadia National (LUK) is a publicly traded investment company controlled by guru investors Ian Cumming and Joseph Steinberg. Through its subsidiaries, Leucadia engages in telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses. Since 1978, their investment returns have compounded more than 20%. From the end of 1978 through the end of 2004, Leucadia's stock soared an annualized 33% (compared with 27% for Berkshire's A shares). As of January 4, 2008, Leucadias stock has gained 297.92% over the past 10 years.
Investing Philosophy:
Using value investing approach, Leucadia buys distressed companies at discount prices, revives them and sells them for profits. They buy assets that are out of favor, and therefore cheap or disheveled. They then improve their performance until they are the most efficient and productive in their market segment. Leucadias investing maxims guide its investment decisions. The Leucadia strategy says, dont overpay, buy companies that make products or provide services that people need or want, sheltered earnings are more valuable than taxed earnings, and once again, dont overpay.
Leucadia National President Joe Steinberg sells 890,000 shares of his company stock on Sept. 30 at the average price of $25.01 per share. The proceeds from the sale is more than $22 million. After the sale, he still owns more than 23 million shares of LUK. Leucadia shares dropped more than 7% today. More...
(GuruFocus, September 11, 2009) The two gentlemen at the helm of Leucadia National Corp, Ian Cumming and Joseph S. Steinberg received far less attention than Berkshire Hathaway’s Warren Buffett. The truth is the two-man team produced an enviable track record in growing their company’s diversified business. This is from their 2008 Annual Letter to shareholders: for the 21 years from 1978 to 2008, they grew their company’s book value at an average rate of 17.3% per year. This is after a $11.00 write-off of 2008. In the same period, S&P returned 7.8% per year. More...
(GuruFocus, September 2, 2009) Investment Guru, Ian Cumming, Chairman of Leucadia National. Leucadia National (LUK), has bought more shares of AmeriCredit Corp. (ACF). GuruFocus Data shows that on August 17, 2009, Cumming added 0.9% to his position in ACF, bringing the total to 33,340,400 shares. The trading price was at $16.82 per shares. More...
Leucadia National just reported their Q2 equity portfolio, which consists of 5 stocks with a total value of $1.5 billion, all in financial sector. The portfolio has very little change compared with the first quarter. These are the details More...
(GuruFocus, July 4, 2009) GuruFocus is dedicated to value investing. In an ideal world, value investors, including the Investment Gurus whom we track are supposedly to heed everything Ben Graham said, buy stocks when they are cheaper than intrinsic value and sell them when they are dearer. In between, they wait, waiting for the market to turn around, or the company to turn around, or just the stock to turn around. The return hopefully will be decent, better than the market, the turn over will be low, the news will be rare, the life of the GuruFocus and GuruFocusers will be quite boring. More...
(GuruFocus, May 30, 2009)The U.S stock market has rebounded during the past three months, making the best three month rally in the past 10 year. The S&P 500 climbed almost 36% from its March 9 low of 676 to May 29 close of 919. From the beginning of the second quarter of 2009, the index increased a little over 15%. More...
Disclaimer: These notes were taken in real time at the Leucadia Annual Meeting in New York, NY on Monday, May11th, 2009 without the use of a recorder. The goal was to get the gist of the questions and as much of the answer as possible. Please excuse any mistakes or omissions. More...
As Berkshire Hathaway saw a 9% drop in its book value, Leucadia National (LUK) got a 55.2% hit in its during 2008. Leucadia’s stock lost about 80% from its peak to bottom during the past 12 months. It looks much better in the past 30 years, Leucadia has grown its book value per share 17.3% a year on average, and its stock has rewarded investors with an annual average gain of 21.5%, which amassed 2000 times since 1978. More...
Leucadia National released its 2008 shareholder letter today. In 2008, Leucadia reported a loss of $2,535,425,000 after tax, which is $11.00 per share fully diluted. More...
(gurufocus.com, April 2, 2009)Investment Guru Ian Cumming, for his company Leucadia National Corp. (LUK), bought an addition of 225,000 shares of AmeriCredit Corp. at the price of $6.26 per share, on March 27, 2009. The purchase brought Leucadia’s ownership of AmeriCredit to 32,940,440 shares, or 25.02% of the total 131.66 millions shares outstanding. More...
LEUCADIA NATIONAL MAY BE THE CLOSEST THING to what Berkshire Hathaway was 20 years ago, before Berkshire became so large that Warren Buffett needed investments of several billion dollars to move the needle. More...
Distressed investing gurus at Leucadia (LUK) are certainly seeing opportunities these days. They bought investments at distressed prices, just to see these investments become even more distressed. Leucadia’s own shares have also declined to multi-year lows. This is a review of Leucadia’s investment portfolio. More...
Time like this is great for distressed investing gurus Ian Cummning, the Chairman of Leucadia National and Joe Steinberg, The President. They said in 2007 that they smelled something and issud stocks and bonds to have cash in hands. Then too many opportunties come. These are the details of the buys and sells during the third quarter. More...
Ian Cumming buys Maine & Maritimes Corp during the 3-months ended 06/30/2008, according to the most recent filings of his investment company, Leucadia National. Ian Cumming owns 8 stocks with a total value of $1.2 billion. These are the details of the buys and sells. More...
Well respected investment company Leucadia National has been buying large stakes of AmeriCredit Corp (ACF) and Jefferies & Company (JEF), Inc. With this article we would like to review the company and these deals. More...
Jefferies Group, an investment bank that services middle-market companies, on Monday said Leucadia National Corp. has taken a roughly 14% equity stake in the firm. More...
In 2007, Leucadia reported $484.3 million in after tax income ($2.10 per share, fully diluted). We lost $88.3 million from continuing operations pre-tax1 and had non-cash income of $542.7 million by bringing into income part of our deferred tax asset. More...
While stock market continues to struggle, it might be a good time to buy for those with deep pocket. Leucadia National Corp. (LUK), a holding company managed by Ian Cumming and his partner Joseph Steinberg, had agreed to acquire 11.3 million shares of AmeriCredit for about $146 million. More...
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