Leucadia National, Cumming & Steinberg Final Annual Letter

[Pablo12345]

http://www.leucadia.com/c-p_letters/luk_c-p2012.pdf

 

[Parsad]

Great letter...on par with Buffett's.  Looking forward to Leucadia's future under Handler's watch!  Cheers!

[constructive]

My favorite part was their discovery that they owned Barbados Power & Light.

[Partner24]

My favorite part is the part where they wrote that despite their differences, the pofessional and personal issues they had over the decades, C&S obviously like each other very much.  That's a partnership that is terrific to have with someone.

 

I wish them well. They've done great for their long term shareholders.

[Parsad]

My favorite part is the part where they wrote that despite their differences, the pofessional and personal issues they had over the decades, C&S obviously like each other very much.  That's a partnership that is terrific to have with someone.

 

I wish them well. They've done great for their long term shareholders.

 

I think successful partnerships have to have that complimentary relationship.  If the only voice you hear is your own, you are going to make mistakes! 

 

A sounding board is always good to have...especially one that challenges your ideas and takes another perspective.  It's why this board works, when we are bashing out ideas and you have people pissing each other off when debating.

 

I can only say that Buffett & Munger and Steinberg & Cummings accomplished more together, than they would have alone!  Same with the Markels, Prem & his Hamblin-Watsa colleagues, and a whole host of other business people.  Cheers!   

[valueorama]

Thanks for posting the letter.

 

Best part of letter (even the best in business miss important information):

 

"Shortly after the acquisition one of us got a call from a gentleman who introduced himself as

David Mitchell, President of “our” power companies. We demurred saying we owned no power

companies, but David insisted, telling us that buried in the files of Baldwin United were stock

certificates representing controlling ownership positions in Barbados Power and Light,

El Salvador Electric, and Bolivia Power. To say the least, we were astounded. We were a utility!

One of us seized the day and became Chairman of all three and for years worked on maximizing

the value of these companies. "

 

[scorpioncapital]

And now, Jefferies & Rich`s first `semi-letter`!

http://jefferies.com/CMSFiles/Jefferies.com/files/Insights/JefferiesInsights_July2013.pdf

 

[Kiltacular]

scorpioncapital,

 

Thanks for posting this.