Ian Cumming wrote in his annual shareholder letter: We worry about the profligate ways of our country's fiscal policy. The trade deficit is huge and growing and represents debt to foreigners. We will do fine until the day our little green markers, our dollar bills, printed at little cost and which represent our promises to pay, become less attractive to our creditors. If these creditors decide precipitously or all at the same time to exchange these markers for other countries' markers, our big strong bustling nation is in big trouble. One of us is very worried.
As there is nothing we can do about this problem, we will continue to work with our large pile of low yielding cash to put it to higher and better use! We have many things in the hopper that look interesting and hopefully by next year at this time we will have a measurable reduction in cash and an increase in higher yielding investments.
We have been seriously considering the future of Leucadia and its management. One of us is 62 and the other will be 66 this summer. We are both in good health and have nine years left to go on our new ten-year employment contracts. Our enthusiasm is unabated for deals and investments, but we do recognize our responsibility to ensure management continuity and are working on the problem. We don’t have anything speciï¬c to report but we want to make sure that our $5.1 billion NOL is used up and our Deferred Tax Asset reduced to zero.
Read the complete letter
As there is nothing we can do about this problem, we will continue to work with our large pile of low yielding cash to put it to higher and better use! We have many things in the hopper that look interesting and hopefully by next year at this time we will have a measurable reduction in cash and an increase in higher yielding investments.
We have been seriously considering the future of Leucadia and its management. One of us is 62 and the other will be 66 this summer. We are both in good health and have nine years left to go on our new ten-year employment contracts. Our enthusiasm is unabated for deals and investments, but we do recognize our responsibility to ensure management continuity and are working on the problem. We don’t have anything speciï¬c to report but we want to make sure that our $5.1 billion NOL is used up and our Deferred Tax Asset reduced to zero.
Read the complete letter
