It is clear that I am not one to dole out stock recommendations (reference my call on Bear Stearns) but I did want to serve up a company worthy of your review if you are so inclined.  I read an article about Leucadia National (LUK) many years ago and was intrigued for several reasons.  First and foremost, the story of Ian Cumming and Joseph Steinberg and how they have taken a distressed company and over the past 30 some odd years built an enormous amount of shareholder value by making (mostly) smart investments is a fascinating story.

Leucadia is sometimes called the "next Berkshire Hathaway."  Let’s be clear – the "next" of anything rarely pans out so don’t be lured by the promise of finding the next Warren Buffet.  Do, however, check out Leucadia and the really entertaining (and informative) annual letter to shareholders here.  The website is not flashy but this company owns some really interesting things from iron ore mining in Australia to Pine Ridge Winery (one of my favorites) to a recent investment in investment bank Jefferies.  I have owned it for a while and enjoy learning a thing or two from the smart folks leading the company.