Ian Cumming

Ian Cumming

Last Update: 2014-08-12

Number of Stocks: 2
Number of New Stocks: 0

Total Value: $546 Mil
Q/Q Turnover: 53%

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

Ian Cumming' s Profile & Performance

Profile

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).

Web Page:http://www.leucadia.com/

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. Leucadia's investing maxims guide its investment decisions. The Leucadia strategy says, don't 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, don't overpay.

Total Holding History

Performance of Leucadia Corp. Book Value

YearReturn (%)S&P500 (%)Excess Gain (%)
2011-11.52.08-13.6
201059.115.0644.0
200959.826.4633.3
3-Year Cumulative125 (31%/year)48.5 (14.1%/year)76.5 (16.9%/year)
2008-55.2-37-18.2
200739.15.6133.5
5-Year Cumulative40.2 (7%/year)-1.2 (-0.2%/year)41.4 (7.2%/year)
20066.215.79-9.6
200561.44.9156.5
20044.512-7.5
200317.128.7-11.6
200219-22.141.1
10-Year Cumulative250 (13.3%/year)34.8 (3%/year)215.2 (10.3%/year)
2001-0.7-11.911.2
200010.2-9.119.3
1999-33.921-54.9
19982.528.6-26.1
199757.733.424.3
15-Year Cumulative309.2 (9.8%/year)124.1 (5.5%/year)185.1 (4.3%/year)
19960.223-22.8
199517.637.6-20.0
1994-3.51.3-4.8
199347.210.137.1
199239.27.631.6
20-Year Cumulative853.4 (11.9%/year)355.1 (7.9%/year)498.3 (4%/year)
199134.530.54.0
199020.1-3.123.2
198928.131.7-3.6
198814.316.6-2.3
1987-11.85.1-16.9
25-Year Cumulative1888.9 (12.7%/year)828.9 (9.3%/year)1060 (3.4%/year)
19865318.634.4
198512.231.6-19.4
198472.16.166.0
198319.422.4-3.0
198215721.4135.6
30-Year Cumulative17930.7 (18.9%/year)2185.7 (11%/year)15745 (7.9%/year)
198116.7-521.7
19809.132.3-23.2

Top Ranked Articles

Value Contest Submission - Leucadia
BACKGROUND: Leucadia (LUK) is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses (which I’ll outline in a minute); the company is known among many as a “miniature Berkshire Hathaway” and has been run by Ian Cumming and Joseph Steinberg since December 1978. Read more...
Leucadia National - Notes of the Annual Shareholder Meeting
Leucadia National (LUK) - Notes of the Annual Shareholder Meeting Read more...
Leucadia Goes Bottom Fishing Again: Buys AmeriCredit Corp and Jefferies & Company, Inc.
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. Read more...
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. Read more...
Bottom Fishing at Leucadia National Corp: Buys Stake in AmeriCredit Corp
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. Read more...
» More Ian Cumming Articles

Commentaries and Stories

  • Currently 3.20/5

Rating: 3.2/5 (5 votes)

Are You A Value Investor or Value Groupie? Warren Buffett,Ian Cumming - Are You A Value Investor Or Value Groupie?
Are you really a value investor? More...

  • Currently 4.00/5

Rating: 4.0/5 (4 votes)

Analysis of Guru Companies: Jim Tisch, Loews Corp Carl Icahn,Ian Cumming - Analysis Of Guru Companies: Jim Tisch, Loews Corp
Of the gurus we follow at GuruFocus six have publicly traded companies that are directly affected by their investments. So far I have discussed Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway (BRK.A), Carl Icahn (Trades, Portfolio)’s Icahn Enterprises (IEP), Ian Cumming (Trades, Portfolio)’s Leucadia National (LUK), and Prem More...

  • Currently 4.40/5

Rating: 4.4/5 (5 votes)

Analysis of Guru Companies: Ian Cumming, Leucadia National Ian Cumming - 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. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Leucadia National Corporation: 2014 Annual Shareholder Letter from New Management
Fellow Shareholders: More...

LEUCADIA, JEFFERIES


  • Currently 3.71/5

Rating: 3.7/5 (7 votes)

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. [b] More...

  • Currently 2.67/5

Rating: 2.7/5 (6 votes)

The Last Hurrah - Cumming and Steinberg's Final Leucadia Shareholder Letter (2012)
  • Currently 3.20/5

Rating: 3.2/5 (5 votes)

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. More...

LEUCADIA, IAN CUMMING, JOSEPH STEINBERG


  • Currently 3.92/5

Rating: 3.9/5 (13 votes)

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. More...

LEUCADIA, IAN CUMMING, JOSEPH STEINBERG


  • Currently 3.36/5

Rating: 3.4/5 (11 votes)

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. More...

  • Currently 4.31/5

Rating: 4.3/5 (49 votes)

Value Contest Submission - Leucadia
BACKGROUND: Leucadia (LUK) is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses (which I’ll outline in a minute); the company is known among many as a “miniature Berkshire Hathaway” and has been run by Ian Cumming and Joseph Steinberg since December 1978. More...

LONG LUK & BRK.B


  • Currently 4.67/5

Rating: 4.7/5 (21 votes)

Leucadia's Letter from Chairman and President Ian Cumming
To Our Shareholders More...

  • Currently 2.88/5

Rating: 2.9/5 (16 votes)

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. More...

LEUCADIA, BERKSHIRE HATHAWAY, WARREN BUFFETT, IAN CUMMING, JOSEPH STEINBERG, COMMODITIES


  • Currently 4.00/5

Rating: 4.0/5 (33 votes)

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. More...

  • Currently 3.50/5

Rating: 3.5/5 (6 votes)

The "New" Buffett Is Buying Mueller Industries
Many people view Ian Cumming of Leucadia National (LUK) as a modern day version of Warren Buffett. More...

  • Currently 2.75/5

Rating: 2.8/5 (12 votes)

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. More...

  • Currently 3.50/5

Rating: 3.5/5 (8 votes)

Leucadia National Corporation Publishes Letter to Shareholders
Chairman Ian Cumming and President Joseph Steinberg published their annual shareholder letter to Leucadia National Corporation (LUK). More...

  • Currently 2.75/5

Rating: 2.8/5 (4 votes)

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. More...

  • Currently 2.14/5

Rating: 2.1/5 (7 votes)

“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, More...

  • Currently 4.00/5

Rating: 4.0/5 (21 votes)

What Todd Combs and I have in Common: Leucadia National Corp.
Recently, Todd Combs, a 39 year old hedge fund manager, was named by Berkshire Hathaway to manage a "significant portion" of the company's investment portfolio. Mr. Combs has been managing Castle Point Capital, a Greenwich based hedge fund for the past five years. Today, not much is known about him or his hedge fund, but we can look at Castle Point Capital 13-F SEC reports and learn of his investments. Between March 31, 2010 and June 30, 2010, Mr. Combs purchased 4 new names and added to a few of his existing positions. One of the 4 new positions is in a company called Leucadia National Corp. (LUK). He purchased 255,000 shares at an average cost of $23.36. Coincidently, I too purchased Leucadia for my portfolio around the same time at an average cost of $19.97. More...

LONG


  • Currently 1.50/5

Rating: 1.5/5 (6 votes)

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. More...

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User Comments

Drcorvo@yahoo.com
ReplyDrcorvo@yahoo.com - 4 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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