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Principles of Leucadia National

Leucadia National (NYSE: LUK) is a Berkshire-like vehicle achieved a ROE of 20.8% over a period of 29 years. It is run by Ian Cumming and Joseph Steinberg. Some quote from their shareholder letters: “We tend to be buyers of assets and companies that are troubled or out of favor and as a result are … Continue reading

How Contrarian Value Investing Makes its Money & Market Timing

Chris Mayer wrote about an interesting thing from Barton Bigg’s “Hedgehogging” book. Biggs looked into the track records of the 10 investment management firms in Buffett’s “The Superinvestors of Graham-and-Doddsville”, and spotted something interesting: the superstars lagged the S&P 500 in about 30 to 40 percent of the years studied.  None of the group always … Continue reading

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