As a passionate student of all types of history, I’ve gained tremendous insight from studying the business and investment experiences of the most successful professionals. There is no need to reinvent the wheel, nor veer from the core value investing framework that has made these people so incredibly successful. Leucadia (LUK) is a company that has been run two men over the last 35 years that has had enormous success, comparable to that of Berkshire Hathaway over the same time period. Most people have never even heard of the company and the two leaders are virtually never in the spotlight, so the company gets very little coverage. One of them has finally decided to retire, so the recent Chairman and CEO letter will be the last one, and I found it interesting because it outlines the history of the company. I believe Leucadia should continue to perform well under the leadership of Richard Handler and we have built a small stake that I’d like to add to over time.
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