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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: cfimx who wrote (5370)	12/2/1998 6:33:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 78666

Twister (Leucadia), >>Wayne, could you give me a one paragrahpher on LUK? I know they are savvy. Just an insurance company? Thanks.<< There's not much to recommend at this point. I had a number of brief e-mail conversations with Joe Steinberg (president). He reads my monthly market view. That's how I became interested in the company. He has as good an investment record as any I have ever seen. The company is bearish/cautious on the market from a valuation point of view. They've been selling off all their assets for cash. They now have an enormous pile of cash and no ideas. The thing I like about it is that if they continue to sit on that cash, at some point during a bear market (someday I hope) you may be able to get that cash at a discount and a genius at the helm. I like having brilliant guys as partners, especially when I can get them at a discount. In the mean time I have a token position so it forces me to follow it casually. Wayne