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Leucadia Shareholder Letter

|Includes:Leucadia National Corporation (LUK)

It doesn't get much better than Lecuadia (NYSE: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

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: LUK