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!
INVESTING IN THE FINANCIAL MARKETS INVOLVES RISKS. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.