Ian Cumming

Ian Cumming

Last Update: 2014-11-26

Number of Stocks: 2
Number of New Stocks: 0

Total Value: $559 Mil
Q/Q Turnover: 53%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Ian Cumming Watch

  • Analysis of Guru Companies: Ian Cumming, Leucadia National

    So far I covered the companies run by Warren Buffett (Berkshire Hathaway)(BRK.A) and Carl Icahn (Icahn Enterprises)(IEP). The next stock I am discussing is Leucadia National (LUK), led by the investing of Ian Cumming.


    Guru

      


  • Leucadia National Corporation: 2014 Annual Shareholder Letter from New Management

    Fellow Shareholders:


    One year ago, Leucadia and Jefferies combined to form a unique and powerful merchant and investment banking platform, a combination almost as old as commerce itself. Leucadia is distinguished by our ability to take a truly long-term view in a world often characterized by impatience and increasingly shorter investment horizons. A philosophy of patient and prudent risk-taking is one shared by the founders of Leucadia, as well as the two of us. With hard work and good luck, we intend to capitalize on our ample permanent capital and ability to invest for the long-term.

      


  • Top Three CEO Buys of Last Week

    The following three companies reported the largest CEO buys in terms of transaction amount over the past week. A common idea regarding insider buying is that an insider wouldn’t spend their own money investing unless they expected the price to rise. Which leads to the importance of CEO buys. CEO insider transactions are important to note because as the leader of a company CEOs are typically thought of to have the most insight into the inner workings of a company.

    Kewaunee Scientific Corp. (KEQU)
      


  • The Last Hurrah - Cumming and Steinberg's Final Leucadia Shareholder Letter (2012)



  • Another Lucky Find: Leucadia's 2002 Letter from Its Chairman and President

    As I was (again) perusing the SEC filings for Leucadia National Corp., I stumbled upon the 2002 letter from the company's chairman, Ian Cumming, and president, Joseph Steinberg. I say that it's lucky because the 2002 letter is not posted on the company's current website. Instead, it is located in the first part of the annual report to security holders (i.e. a scanned paper document) on the SEC website.

    Without further ado, here is Leucadia's 2002 Letter from Its Chairman and President. Enjoy.  


  • A Lucky Find: Leucadia's 2003 Letter from Its Chairman and President

    As I was perusing the SEC filings for Leucadia National Corp. (LUK), I stumbled upon the 2003 letter from the company's Chairman (Ian Cumming) and President (Joseph Steinberg). I say that it's lucky because the 2003 letter is not posted on the company's current website. Instead, it is located in the first part of the annual report to security holders (i.e. a scanned paper document) on the SEC website.

    Without further ado, here is Leucadia's 2003 Letter from its Chairman and President. Enjoy.  


  • 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.  


  • 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.  


  • Leucadia (LUK), the Other Berkshire Hathaway

    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.  


  • 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.  


  • The "New" Buffett Is Buying Mueller Industries

    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).  


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

    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.  


  • Leucadia National Corporation Publishes Letter to Shareholders

    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%.  


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

    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.  


  • “Davidson” on Poetry, Science and Value Investing

    [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”.  


  • 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.  


  • 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.  


  • 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!  


  • 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.  


  • 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”.  


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User Comments

Drcorvo@yahoo.com
ReplyDrcorvo@yahoo.com - 6 months ago
This shows HRG as a new holding. But also that it was purchased, 3rd quarter 2013. The share count hasn't increased and there is no showing of a sale. What is the accurate history/price? Also, wasn't HRG acquired in a private deal?



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