It doesn’t get much better than Lecuadia (LUK) when it comes to value investing.  These low profile investors have bought and sold a variety of different businesses in different industries and during the process have accumulated one of the best track records in the business.  Between 1979-2011 they have compounded book value by 19.1%.  This is a fabulous shareholder letter which starts with some pretty heavy yet fair criticism of our policy makers, and ends with a discussion on succession as the Chairman Ian Cummings plans on stepping down in 2015 at the age of 75.  Enjoy!

http://www.leucadia.com/c-p_letters/luk_c-p2011.pdf

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