Albert Meyer

Leucadia National: 5 Guidelines for a Well Run Holding Company

"Earnings sheltered by NOLS are more valuable than earnings that are taxed!" Do you have a history of earnings generated by the company's operating businesses that you could share with us?


"Book value compounding at a 21% annual rate and the stock at 26% per year." How much of the compounding came from stock issues (acquisitions funded by stock) and the reversal of deferred tax valuation allowances? If you take out the stock issues and the deferred tax assets, what does the compounding look like then?

How long will it take the company to realize the NOLs. How long has it been on their books and how much of that have they realized to date?

Just asking. Thanks for the article. I know they have been very good at timing acquisitions and subsequent disposal of businesses, but does that not make LUK more of a closed-end fund? Should it not sell closer to book value and how do you value the intangibles and deferred tax assets (NOLs)? That said, it has been a phenomenal stock.

Valuation multiples (TTM): P/E 27.04, P/S 8.12, P/B 1.83 EV/EBITDA 151.8. Do you have an idea of what forward multiples might look like?