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cummingIan M. Cumming, Chairman and CEO of Leucadia National (LUK), is a value investor who often aims to take controlling positions in companies. Cumming looks for distressed companies at bargain prices and gets aggressively involved to increase productivity, with the aim to significantly raise value -- then sell for excess returns. Leucadia, a publicly traded holding company with a market cap of about $6.6 billion, has been dubbed a "mini Berkshire Hathaway" with an average annual return of over 22%.

Mr. Cumming along with President Joe Steinberg have run Leucadia since the late 1970's. The latest SEC 13F filing shows a new position in Winn Dixie (WINN) as well as the liquidation of Parkervision (PRKR). Data from quarter ending 12/31/2006; filed 2/14/2007:

Recent buys for Leucadia National:

  • Winn Dixie (WINN): NEW POSITION Bought 504,267 shares = 2.38% of overall stock holdings

Recent sells for Leucadia National:

  • Parkervision (PRKR): Sold 473,680 shares = .7% of overall stock holdings; liquidated the firm's position

Leucadia National Portfolio as of 12/31/2006:

  • Eastman Chemical Co. (EMN) 4 million shares; 83% of overall stock holdings
  • International Assets Holding Company (IAAC) 1.38 million shares; 14% of overall stock holdings
  • Winn-Dixie (WINN) 504,000 shares; 2% of overall stock holdings
  • FEI Co. (FEI) 26,000 shares; .24%
  • Alcatel-Lucent (ALU) 41,000 shares; .21%
  • Veeco Instruments Inc. (VECO) 25,000 shares; .17%
  • Symyx Technologies Inc. (SMMX)20,000 shares; .15%
  • Accelrys Inc. (ACCL) 35,000 shares; .07%

Total holdings in publicly traded securities: $286 million

Source: Leucadia's Ian M. Cumming: Buys, Sells, Portfolio