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Ian Cumming

Ian Cumming

Leucadia National
Last Update: 2013-05-15

Number of Stocks: 2
Number of New Stocks: 0

Total Value: $37 Mil
Q/Q Turnover: 8%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:
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Ian Cumming Watch

  • Ian Cumming Eliminates Mueller Industries Position, Buys Jeffries in Final Transaction

    by Holly LaFon - Nov 14, 2012
    Ian Cumming - Ian Cumming Eliminates Mueller Industries Position, Buys Jeffries In Final Transaction Ian Cumming is the chairman of Leucadia National (LUK), a publicly traded investment company that owns subsidiaries in various industries. The value-oriented investors at Leucadia typically invest in distressed companies and turn them around for a profit. With this approach, they have posted compounded returns of more than 20% since 1978. Cumming announced in an SEC filing in November that he would resign as chairman of the board and CEO of Leucadia upon completion of an upcoming merger.

    In the third quarter, Leucadia eliminated its holding of Mueller Industries (MLI) and made no other changes to its portfolio.  Continue Reading »


  • Leucadia's Letter from Chairman and President Ian Cumming

    by Holly LaFon - Apr 13, 2012
    Ian Cumming - Leucadia's Letter From Chairman And President Ian Cumming To Our Shareholders

    Usually we begin our Letter to Shareholders with a recap of last year's earnings, but this year all business including Leucadia (LUK)'s plays second fiddle to the sad state of our body politic or more simply put the mess in Washington. It is true that unemployment is down and the economy is showing signs of a pickup, but the recovery is fragile and we think quite prone to relapse back into recession. The recovery seems more beholden to money printing by the Federal Reserve than to a growing strength in the underlying economy. It is ironic that the financial shenanigans1 that begat the financial crisis in the first place are being treated and ostensibly cured by financial shenanigans of our own government. Our national debt has gone up two and a half times in twelve years and government expenditures are now consuming 25% of GDP, up from a more normal 20%. All of the above is not sustainable and when interest rates get back to normal we'll be the headline, not Greece. Without fixing our fiscal infrastructure high inflation seems inevitable. One of us loves GLD2 the other farmland.  Continue Reading »


  • Leucadia (LUK), the Other Berkshire Hathaway

    by Mara Kohn - Nov 17, 2011
    Leucadia National Corp (LUK) is an investment company with diverse holdings in lumber and plastics manufacturers, a hotel and casino, wineries, an oil and gas contract driller, energy production facilities, medical product developers, and other real estate interests, to wit, Conwed Plastics; Idaho Timber; Keen Energy Services, and ResortQuest, just to mention some.

    Leucadia's way of doing business deserves the nickname of “miniature Berkshire Hathaway.” You may be asking yourself why. Does “investing in companies while their intrinsic value is low to allow compounding” sounds familiar to you? Of course it does. It's Warren Buffett's strategy. Well, Leucadia has followed Berkshire's path. Indeed, it has achieved assets of over $9 billion.  Continue Reading »


  • Jefferies Falls 46% Year to Date, Leucadia's Ian Cumming Ups 90% Stake

    by Holly LaFon - Nov 07, 2011
    Ian Cumming - Jefferies Falls 46% Year To Date, Leucadia's Ian Cumming Ups 90% Stake Jefferies Group Inc. (JEF) is a global securities and investment banking group that has served corporate clients, institutional investors and high net worth individuals for 50 years and has operations in 30 cities around the world. It is also a full 90.997% of investment company Leucadia’s (LUK) portfolio as of June 30, and they have been buying even more Jefferies stock in November. Leucadia’s portfolio is run by guru Ian Cumming, along with Joseph Steinberg, who are great investors. Leucadia experienced 10-year cumulative book value growth of 292.7%, compared to 16.4% for the S&P 500.

    Jefferies also appealed to Bruce Berkowitz, who liked it enough to buy 4,123,711 shares at an average price of $22.58 in the second quarter of 2011, while he was selling other stocks. Though the stock has fallen 46% year to date, something about the company keeps these gurus hanging on.  Continue Reading »


  • The "New" Buffett Is Buying Mueller Industries

    by matsandalex - Sep 14, 2011
    Many people view Ian Cumming of Leucadia National (LUK) as a modern day version of Warren Buffett.

    In recent days, Cumming and his holding company have been loading up on shares of Mueller Industries (MLI).  Continue Reading »


  • Leucadia National Buys Jefferies Group Inc., Mueller Industries, Sells Global Power Equipment Group Capital Southwest Corp., Winndixie Stores

    by gurufocus - Aug 11, 2011
    Leucadia National just filed its first quarter equity holdings. The firm likes to buy distressed companies at fire sale prices. Leucadia is run by its chairman Ian Cumming and president Joe Steinberg. During the second quarter of 2011, the firm bought more Jefferies Group Inc. and Mueller Industries Inc and sold Global Power Equipment Group Inc, Capital Southwest Corp., Winndixie Stores Inc. As of 06/30/2011, Leucadia National owns 5 stocks with a total value of $1.2 billion. These are the details of the buys and sells.

    This is the portfolio chart of Ian Cumming. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.  Continue Reading »


  • Leucadia National Corporation Publishes Letter to Shareholders

    by guruek - Apr 13, 2011
    Chairman Ian Cumming and President Joseph Steinberg published their annual shareholder letter to Leucadia National Corporation (LUK).

    Like great investors such as Warren Buffett and Prem Watsa, the Cumming and Steinberg team also show their scorecard at the beginning of their letter. Since1978, the company’s stock price has appreciated 28.3%. For the year of 2010, book value per share increased 59.1%, and for the period from 1979 to 2010, the same matrix increased 19.6%.  Continue Reading »


  • Leucadia’s Top Holdings: Jefferies Group; Top Purchases: GLPW and WINN

    by guruek - Nov 30, 2010
    The two men at the top of Leucadia National (LUK) – Ian Cumming and Joseph Steinberg has accomplished something amazing for their fellow investors. Since the 1978, the firm has returned 28.5% per annum. There have been little activities in the past year or two, during the financial crisis and the aftermath.

    That is until this morning, before this piece from AP:
    Leucadia National Corp., a holding company for a wide range of businesses, said Tuesday it has agreed to sell its remaining stake in the Cobre Las Cruces copper mining project to Canada's Inmet Mining Corp. for about $480 million.  Continue Reading »


  • “Davidson” on Poetry, Science and Value Investing

    by Todd Sullivan - Nov 07, 2010
    [quote][quote]Ian Cumming has a phrase which he repeated at the 2009 annual meeting that sums his investment philosophy,

    “The science is in the “In”. The poetry is in the “Out”.  Continue Reading »


  • Leucadia National Corp. Buys Endwave Corp., Millenium India Acquisition Company Inc.

    by - May 12, 2010
    Ian Cumming - Leucadia National Corp. Buys Endwave Corp., Millenium India Acquisition Company Inc. Leucadia National just filed its first quarter equity holdings. The firm likes to buy distressed companies at fire sale prices. They just added two new positions, and AmeriCredit. These are the details.

    Leucadia is run by its chairman Ian Cumming and president Joe Steinberg. They bought Endwave Corp., Millenium India Acquisition Company Inc. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Leucadia National. Ian Cumming owns 7 stocks with a total value of $2 billion. These are the details of the buys and sells.  Continue Reading »


  • Leucadia National -- A Berkshire Hathaway-like Company that Always Survives Troubled Times

    by Street Authority - Apr 29, 2010
    Ian Cumming - Leucadia National -- A Berkshire Hathaway-like Company That Always Survives Troubled Times Diversification is your best friend in the investment world. During the market crash of 2008-2009 that wiped some -55% off the major averages, a diversified portfolio allocated across many different types of investments suffered far less. Sometimes, even a single stock could provide this diversification. These conglomerates managed to scoop up ownership in a bunch of different public and private companies, making them a de-facto mutual fund.

    In the case of Leucadia National Corporation (LUK), you have a company that's been around for more than 30 years that has amassed ownership positions in a broad array of interesting businesses. That diversification is just one reason the company intrigues. There are several other compelling reasons to give Leucadia a good look as a potential investment.  Continue Reading »


  • Leucadia National Corp. Bosses Comments on Future and Holdings: AmericCredit Corp. and Jefferies Group Inc.

    by guruek - Apr 12, 2010
    Ian Cumming - Leucadia National Corp. Bosses Comments On Future And Holdings: AmericCredit Corp. And Jefferies Group Inc. Sitting at the top of Leucadia National Corp. for the past 31 years have been Ian M. Cumming, Chairman and Joseph S. Steinberg, President. For 31 years, the two investment Gurus have grew their company leaps and bounds: Book value grew at a rate of 18.5% from 1979 to 2009, and market price of the Leucadia National Common stocks increased 21.4%.

    Match that!  Continue Reading »


  • Leucadia National Corp. President Joe Steinberg Sells 890,000 Shares

    by - Oct 01, 2009
    Ian Cumming - Leucadia National Corp. President Joe Steinberg Sells 890,000 Shares 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.

    Joe Steinberg, together with his partner, Chairman and CEO Ian Cumming has run the company for more than 30 years. The return on equity over the years has averaged more than 20% a year. The partners are devoted to distressed investing. They buy distressed companies at deep discount, then they either fix the problem and sell or hold until they sell at better prices. Most recently, Leucadia partnered with Warren Buffett’s Berkshire Hathaway Inc. created a partnership to acquire real estate-related assets owned by Capmark Financial Group, according to Bloomberg news.  Continue Reading »


  • Ian Cumming Top holdings: Jefferies Group Inc., AmeriCredit Corp., International Assets Holding Corp., Capital Southwest Corp., TravelCenters of America LLC

    by guruek - Sep 13, 2009
    Ian Cumming - Ian Cumming Top Holdings: Jefferies Group Inc., AmeriCredit Corp., International Assets Holding Corp., Capital Southwest Corp., TravelCenters Of America LLC (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.

    GuruFocus tracks their equity investing activities under “Ian Cumming”, but really, we are talking about the two-man team whenever we mention “Ian Cumming”.  Continue Reading »


  • Leucadia National Corp. Increases Stake in AmeriCredit Corp.

    by guruek - Sep 02, 2009
    Ian Cumming - Leucadia National Corp. Increases Stake In AmeriCredit Corp. (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.

    AmeriCredit Corp. is an independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. Americredit Corp. has a market cap of $2.06 billion; its shares were traded at around $15.49 with a P/E ratio of 258.2 and P/S ratio of 1. Americredit Corp. had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Americredit Corp. the business predictability rank of 2.5-star.  Continue Reading »


  • Leucadia National Q2 Portfolio: Jefferies Group Inc., AmeriCredit Corp., Buys TravelCenters of America LLC

    by - Aug 11, 2009
    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

    Leucadia National is managed by its CEO Ian Cumming and president Joe Steinberg. The company buys TravelCenters of America LLC, sells CRESUD S A C I F Y A during the 3-months ended 06/30/2009, according to the most recent filings of his investment company, Leucadia National:  Continue Reading »


  • Leucadia National's Portfolio Performance Review : Jefferies Group Inc., AmeriCredit Corp., International Assets Holding Corp., Capital Southwest Corp.

    by guruek - Jul 06, 2009
    (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 »


  • AmeriCredit and Jefferies Group Inc. Propel Leucadia National's Ian Cumming's Portfolio Performance

    by - May 30, 2009
    (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%.

    The comeback is even fiercer for the Investment Gurus tracked by GuruFocus.com. GuruFocus tracks the long equity positions of the gurus. From the beginning of the quarter, The Scoreboard of the Gurus shows 50 out of 68 Gurus have their stock portfolio performing better than S&P 500.  Continue Reading »


  • Leucadia National’s Cumming and Steinberg Comment On Jeffries Group, AmeriCredit, Fortescue Metals, Cresud, Sangart, and Moody’s On Annual Shareholders Meeting

    by Inoculated Investor - May 15, 2009
    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.

    Speakers: Chairman Ian Cumming, President Joe Steinberg, Director Jeff Keil, CFO Joseph Orlando (if the speaker is not listed then he/she was not identified)  Continue Reading »


  • Leucadia National CEO Keeps His Confidence in Jefferies Group, Inc. (JEF) and AmeriCredit Corp. (ACF)

    by - Apr 15, 2009
    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.

    Leucadia is often referred as mini-Berkshire; it is run by great investors Chairman Ian Cumming and President Joe Steinberg. Contrary to Warren Buffett's favorite investment strategy, Leucadia is not looking for good companies at fair prices and holding them “forever”. They concentrate on deep value investments in distressed or out of favor assets, and stay within their circle of competence which includes, among others, telecommunications, lending/banking, real-estate and mining industries. Once they control the company they turn it around and sell it for what have been historically excess returns.  Continue Reading »


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