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No. of Recommendations: 4
LUK is now selling below 2004 high and less than half 2008 high.

Book Value / Share is flat over the last 5 years and management doesn't discuss it or emphasizes it in its performance metrics.

Average Shares outstanding are flat over the last 4 years and are higher than in end-2013. So no significant share repurchases even substantially below book value.

The previous management C & S pretty much squandered the financial meltdown opportunities chasing cigar butts and tax losses.

It is now viewed as mostly a medium size, deeply cyclical (not too big to fail) investment bank with a few average, cyclical businesses. Without prospects of significant book value growth and double-digit ROE, it is doomed to trade at a significant discount to book value for the foreseeable future.

Maybe it is a bargain now, even for a mediocre company. You can always hope.
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