(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.
But GuruFocus never lacks things to talk about, especially when the return of Ian Cumming
’s 1Q09 portfolio is so good. While we admire long term return, we also want celebrate short term outstanding performance. In the quarter just passed, the most outstanding performance is that of Ian Cumming
, chairman of the Leucadia (LUK
). From March 31, 2009, his stock portfolio has returned about 60%. Continue Reading »