Leucadia Management on Net Operating Loss (NOL) and Deferred Tax Assets

Leucadia National Corporation was a New York based holding company, founded by the acclaimed value investors Ian Cumming and Joseph Steinberg. After a merger with Jeffries Bank and the retirement of Cumming and Steinberg, the holding company was renamed into Jeffries Financial Group. Turnaround Investors To most Value Investors, Leucadia is a household name. As … Continue reading Leucadia Management on Net Operating Loss (NOL) and Deferred Tax Assets

Bruce Berkowitz on Accounting for Debt

From a transcript of Bruce Berkowitz AAII presentation from June 1, 2011: It’s not easy; it’s a painful process. You climb this wall of worry eventually over a multi-year period. You get sharp drops like we had today in the market-place. You have to deal with this crazy accounting that companies have now. The companies … Continue reading Bruce Berkowitz on Accounting for Debt

Marty Whitman´s four sources of wealth for the value investor

The following conjecture is an excerpt from a Barron´s interview with Martin Whitman of Third Avenue Funds. Mr. Whitman is a legendary value investor who has a very interseting approach to value investing.  Whitman is very critical on GAAP and which he thinks is exessively geared towards flows as opposed to net asset values. Anyway, … Continue reading Marty Whitman´s four sources of wealth for the value investor