Leucadia National Corporation was a fantastic investment from its 1979 IPO at a split-adjusted $0.14 per share through early 2008 when it traded at a price of $54 per share. It was 22.8% annual compounding. Warren Buffett described the lead allocators of Leucadia, Joe Steinberg and Ian Cumming, in terms that would suggest he regarded them as investor equals.
I am always interested in these companies that had track records of twenty-percent or greater annual returns but never quite entered the common knowledge of the financial media at large. I am also interested in the fact that the company fell from $54 to the teens in 2019 and has delivered negative returns for … Read the rest of this article!