:D certo...
grazie di questa news, non l'avevo ancora captata,
la seguo più sul lato delle materie prime,
ha partecipazioni in due miniere che entrarano in produzione nel 2008, una in spagna nel rame e l'altra è veramente un colpaccio di questo management...2 anni fà hanno concesso un finanziamento alla società Fortescue per lo sviluppo di una grande miniera di ferro nel nord dell'Australia, in cambio hanno ottenuto il 10% di Fortescue + una royalty sul fatturato della miniera quando sarà in produzione....
il prezzo di Fortescue nel frattempo si è sestuplicato, anche alla luce di quello che succede tra Rio Tinto e BHP, infine nord dell'Australia, praticamente sono davanti a casa dei cinesi che in effetti acquiesteranno quasi tutta la produzione di questa nuova miniera.

Ecco un'piccolo esempio di "capacità manageriale", lungimiranza e furbizia..., altri dettagli sul loro sito

Intanto sono usciti anche i risultati del quarto trimestre, a chi interessa,

Leucadia 4th-Quarter Profit Rises, Helped by a Large Tax Benefit

NEW YORK (AP) -- Leucadia National Corp., a diversified holding company, said Friday fourth-quarter profit rose sharply, helped by a hefty tax benefit.
Quarterly earnings totaled $445.7 million, or $2 per share, compared with $11.2 million, or 5 cents per share, during the same period last year. Results include a $566.7 million tax benefit and a penny-per-share gain related to discontinued operations.


Revenue rose 60 percent to $282.6 million from $176.4 million a year ago.

For the year, net income more than doubled to $484.3 million, or $2.22 per share, from $189.4 million, or 88 cents per share, last year.

Revenue rose 34 percent to $1.15 billion from $862.7 million last year.

The tax benefit relates to an adjustment that reduced the company's deferred tax valuation allowance and credit income tax expense. The change comes from the company concluding it will likely have enough future taxable income to realize the portion of the net deferred tax asset.

The company's subsidiaries are in industries ranging from manufacturing, real estate, medical product development and winery operations.
senza commenti...:D

NEW YORK holding company Leucadia National faces a $2 billion-plus payday for backing Andrew Forrest's bid to break the Pilbara iron ore duopoly.

Fortescue Metals, founded by Mr Forrest, has booked an interim loss of close to $1 billion after revaluing a $US100 million, 13-year unsecured loan from Leucadia at a mark-to-market value of $1.8 billion, double the value of market estimates.

The loan was a crucial piece of funding for Fortescue in July 2006, allowing it to begin a tour of global debt markets, and came alongside an equity placement to Leucadia of 26.4 million shares, or 10 per cent of the company, which then valued Fortescue shares at $15 each.

Leucadia only became involved after Fortescue's negotiations with Hong Kong-based Noble Group fell over when Fortescue refused to cede control of a joint-venture company to market its iron ore.

Taking into account the 10-for-one share split last year, the shares have improved in value more than four times.

Repayment of the loan is based on 4 per cent net of government royalties from offtake at Fortescue's Cloudbreak and Christmas Creek sites. The $1.8 billion figure covers the entire 13-year life of the notes.

The upside of the deal for Fortescue is that on the same valuation basis it expects to reap close to $44 billion in net revenue over 13 years from mining at both sites.

The Leucadia deal shows just how desperate Fortescue was at the time to get financing to progress its massive $3.7 billion. But the bigger the payday for Leucadia, the more revenue Fortescue will pull into its coffers.

The $1.8 billion valuation on the loan assumes that Fortescue will be producing 110 million tonnes of iron ore a year by 2019, when the note matures.

It also takes into account future iron ore prices and foreign exchange forecasts based on the views of a range of international banks.

Fortescue also revealed it had started making interest payments on Saturday on a range of subordinated notes it signed with European and US investors.

These funded the bulk of the development of its Chichester Ranges dream of becoming initially a 45 million tonne a year iron ore producer.

Some of the notes have an annual interest repayment of 10.65 per cent -- about one-20th of what Leucadia will be getting through its generous scheme, which only kicks in when Fortescue starts shipping.

Fortescue can claim a minor win in the repayment of the $US denominated notes -- about $US1.3 billion worth -- because of the appreciation of the Australian dollar.

The next repayment on the subordinated notes is due on September 1, and analysts expect Fortescue to struggle to meet the financing requirements if it fails to begin shipping product before that date.

Fortescue maintains, however, that it is still on track to deliver its long-awaited first ore on ship by mid-May, about two months later than the initial internal forecasts. Fortescue shares gained 7c yesterday to $7.70.
Oggi performance spettacolare, chiusura a 48,75$, +7,81% :yes:
noto con piacere che qualcun'altro segue il titolo...
Comunque a differenza di Berkshire è molto più volatile !
per chi ha occhi per vedere e orecchie per sentire:D:D....

da MF

The Best Stocks in a Panicking Market
By Richard Gibbons April 3, 2008

The market is a dangerous place right now. When a top-five investment bank goes from "we don't see any pressure on our liquidity" to agreeing to sell out at less than 3% of book value in a few short days, you know times are rough.

And in rough times, it's easy to be both fearful and greedy. The best opportunities arise during a panic, but the wrong stock during a bear market can cause the value of your investments to plummet.

In times like these, one kind of investment is better than any other. It allows you to find the best opportunities in the market without worrying nearly as much about making a big mistake.

I'm talking about shares of companies run by brilliant investors -- exemplified, of course, by Berkshire Hathaway, the company managed by legendary value investor Warren Buffett.

Volatility medicine
Stocks grounded in the proven acumen of brilliant investors are ideal when things get volatile. First, during a bear market, the price of these companies can fall -- allowing you to purchase them at a big discount to their net asset values. This gives you leverage and an even bigger upside.

Second, superior capital allocators really shine when blood is in the streets. During a downturn, the best investors can wade through the carnage, identifying the best opportunities and avoiding the traps. As Shelby Davis said, "You make most of your money in a bear market. You just don't realize it at the time."

The third great thing about these investments is that you can hold them for a long time, confident that the brilliant investor who works for you will be on the lookout for excellent stocks. The company may seem fairly valued now, but in a few years, after the investor makes several amazing picks, it may turn out to have been cheap.

Own Warren Buffett
Take Berkshire Hathaway. When you buy Berkshire, you aren't just buying a conglomerate. You're buying the best investing mind the world has ever seen. What's more, you're giving him the flexibility he could never have at the helm of a mutual fund.

Buffett's used that flexibility to leverage his already superior investment returns with the float generated from the insurance companies Berkshire owns. Plus, he's written 15- and 20-year puts on stock market indices, a $4.5 billion investment that seems almost certain to be hugely profitable for Berkshire.

Even better, when you buy Berkshire, you're getting Buffett at a great price -- his annual pay is only $100,000, far less than the 2% of assets and 20% of profits that you'd pay for a top hedge fund manager. The only real challenges with Berkshire are that the company's size makes it harder to grow, and that there's a two in three chance that Buffett will expire before those index puts do.

Amazing capital allocators
Berkshire Hathaway isn't the only opportunity. You should also consider similar companies such as Leucadia National (NYSE: LUK) and Brookfield Asset Management (NYSE: BAM).

Ian Cumming and Joseph Steinberg have run Leucadia, a company that has actually partnered with Berkshire in the past, since 1979. It owns a diverse range of businesses, from grocer Winn-Dixie (Nasdaq: WINN) to nanotechology equipment firms Veeco Instruments (Nasdaq: VECO) and FEI (Nasdaq: FEIC). Cumming and Steinberg compounded book value at an impressive 20.8% annual rate from 1979 to 2006, while Leucadia's price per share grew by 24.9% annually.

Brookfield has a deep management team headed up by Bruce Flatt, focused on acquiring undervalued assets that provide sustainable cash flows. Brookfield's investments in real estate, power generation, and resources have been excellent, causing its shares to appreciate by 16% annually in the last 20 years, and 25% annually in the last 10.

A crash predictor
Another option is Fairfax Financial (NYSE: FFH) and its partially owned subsidiary Odyssey Re (NYSE: ORH). Fairfax is a holding company for insurance businesses, while Odyssey Re focuses on property and casualty insurance and reinsurance.

Prem Watsa runs both companies' investment portfolios, with considerable success. In the last 15 years, Fairfax's stock picks have returned 19.5% against the S&P 500's 10.4% return, helping Fairfax to compound its book value at a 26% rate over the last 22 years.

Fairfax is particularly timely right now, because it predicted this housing and credit bust and positioned itself to profit from it. By last June, it had purchased $341 million in credit default swaps, betting that a housing blow-up would affect the credit ratings of many companies. By mid-February, those swaps had a market value of $2.1 billion -- a hefty chunk of change for a $5 billion company to make in eight months.

Even with these gains, Fairfax and Odyssey get no respect. They're trading near or below their book value right now
Oggi si rivedono i 53$... :yes: Si avvicinano nuovi massimi?
oggi me le sono vendute a 54,04, vediamo se questa volta ho visto giusto...
Uscito oggi giusto in tempo, prima dello sciacquone... L'importante è essere usciti in gain, anche se avrei potuto fare di meglio... :rolleyes:
LEUCADIA NATIONAL invests in 2 Argentine companies

Link to the SEC filing below. Information is about 1/3 down the filing.

In March 2008, the Company increased its equity investment in the common
shares of IFIS Limited ("IFIS"), a private Argentine company, from
approximately 3% to 26% for an additional cash investment of $83,900,000.
At March 31, 2008, the Company's aggregate investment in IFIS was
classified as an investment in an associated company of $86,300,000 and is
accounted for under the equity method of accounting. At December 31, 2007,
the Company's investment in IFIS was classified as a non-current investment
and was carried at cost. The Company's share of IFIS's net income for the
period ended March 31, 2008 was not material.


IFIS owns a variety of investments, and its largest investment is
approximately 34% of the outstanding common shares of Cresud Sociedad
Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria ("Cresud").
Cresud is an Argentine agricultural company involved in a range of
activities including crop production, cattle raising and milk production.
Cresud's common shares trade on the Buenos Aires Stock Exchange (Symbol:
CRES); in the U.S., Cresud trades as American Depository Shares or ADSs
(each of which represents ten common shares) on the NASDAQ Global Select
Market (Symbol: CRESY). Cresud is also indirectly engaged in the Argentine
real estate business through its approximate 34% interest in IRSA
Inversiones y Representaciones Sociedad Anonima ("IRSA"), a company engaged
in a variety of real estate activities in Argentina including ownership of
residential properties, office buildings, shopping centers and luxury
hotels. IRSA's common shares also trade on the Buenos Aires Stock Exchange
(Symbol: IRSA); in the U.S., IRSA trades as ADSs on the New York Stock
Exchange ("NYSE") (Symbol: IRS).

The Company also acquired a direct equity interest in Cresud for an
aggregate cash investment of $54,300,000. The Company owns 3,364,174 Cresud
ADSs, representing approximately 6.7% of Cresud's outstanding common
shares, and currently exercisable warrants to purchase 11,213,914 Cresud
common shares (or 1,121,391 Cresud ADSs) at an exercise price of $1.68 per
share. The warrants expire on May 22, 2015 and are exercisable during a six
day period from and including the 17th to the 22nd day of each February,
May, September and November. The Company's direct investment in Cresud is
classified as a non-current available for sale investment and carried at
fair value.
Rientrato negli ultimi giorni, nuovi massimi in avvicinamento. OK!
Non la seguo, ma ho trovato questa notizia.

Now, here is a concentrated equity portfolio.

Leucadia's (LUK) 13-F reveals equity holdings in just 7 companies:

Amount of holdings in millions:
Americredit (ACF)= $295
Capital Southwest (CSWC)= $2.4
Cresund (CRESY)= $51.3
Georesources (GEOI)= $4.6
International Assets Holding (IAAC)= $34.5
Jefferies (JEF)= $68.8
United Western Bank (UWBK) = $2.2

Total= $458.8

The interesting part is that 88% of the portfolio is in financials. United, Amercredit, Capital, International Assets and Jefferies are all in the financial sector in some form.

Now, that is concentration...

Anonymous said...
Is it really concentrated?

LUK market cap is ~$12B, so the 13F portfolio is 4% of market cap.

Revenues for LUK in '07 were ~$1.2B. Cash and cash equivalents as of 12/31/07 were ~$457MM.

Please take a look at the annual report to better understand the company's investment holdings (public and private).

May 14, 2008 12:41 PM
Todd Sullivan said...

I know they own outright other businesses such as wineries and have a real estate arm. they are also a 10% investor in Pershing for Target.

Their stock investments are than concentrated, as a conglomerate (like berkshire) their businesses holdings are more diversified...

May 14, 2008 1:22 PM
Titolo interessantissimo, complimenti a gioia23 per la segnalazione.

E' decisamente complesso ed è difficile farsi un'idea del suo valore, anche se mi sembra che sia corso un pò troppo ultimamente. Da monitorare.
Articoletto su Luk...

Everyone has heard the theory that no investor can expect to consistently beat the market over the long term; the stock market today is simply too efficient. Of course, in most cases this sentiment is correct; it is exceedingly difficult to be on the right side of the market year after year. However, there are exceptions to every rule and one exception to this investment adage is Leucadia National Corp. (LUK). To be fair, LUK does not outpace the market every year, but over the long haul its performance is undeniable. From 1979 through the end of 2007, this diversified holding company has returned a gaudy 26.2% per year versus an annualized 9.8% return on the S&P 500. Yet, there is relatively little buzz about LUK and also fairly little information available about the company—but this is certainly a story that should be told.LUK

The key to Leucadia’s success has to be the talented men that steer the strategic vision of the company: Ian Cumming and Joseph Steinberg. These two gentlemen have successfully navigated the ups and the downs over the last few decades always with a firm grip on macroeconomic trends. For example, as they describe in their annual letter to shareholders, after observing the simultaneous rise of population and standard of living in Asia (China and India in particular), Cumming and Steinberg sensed opportunity. Realizing that infrastructure expansion in these regions would surely be necessary to foster further growth, they invested in copper and steel mining operations. As they surmised, global demand for basic materials ramped up in a big way—with prices following suit—and now their investments are paying off. This is just one demonstration of the fundamentally sound and profitable vision of these two leaders. Their management style is to find and exploit under-appreciated value in the marketplace, and in my opinion it is an approach that is part science and part art.

Leucadia has a diversified portfolio of businesses that are either partly or wholly owned. LUK has invested in industries ranging from mining, drilling and real estate to specialized wineries, international pre-paid phone cards and sub-prime auto loans. Essentially, as long as there is untapped value, it seems that no industry or business is off-limits for the company. An incredibly simple approach for two of the most sophisticated investors of our time, and one of their key guiding principles is merely: don’t overpay! Is it any wonder that Ockham Research (remember our namesake Ockham’s razor) has admired Leucadia’s investment style and abilities for some time now.

Ockham Research currently rates LUK a hold because— according to our methodology— the company is trading within our expected price range. Based on the average level of price-to-sales and price-to-cash flow over the last ten years, we would expect to see LUK trade for $47.80 given current levels of revenues and cash flow. The stock was knocked down more than 5% in today’s brutal market to below $43. We view LUK as an attractive opportunity for long-term investors to hitch a ride on the rising star that is Leucadia’s management team. They have demonstrated insight into the market that is all too rare. There is still time to grab a piece of their investing prowess as both Chairman Cumming and President Steinberg have signed on through 2015.