The "new and improved" yahoo will not allow me to cut and paste the link.
The letter can be found by going to LUK's SEC filings page in EDGAR. Click on DEFA14A proxy materials at top of page. Click on the first link (Proxy Statement) when the page opens. The link to the letter can be found by scrolling down to the second page.
Just read the letter. A walk down memory lane recapping the success and failures of LUK. I thought ACF and FMG were amazing acquisitions. Some cheer leading for Rich Handler. Hope he can continue pumping out those 20% returns. 2012 had the best before tax earnings.
I acknowledge that Cumming and Steinberg made some great investments.
But pull up a chart of the stock performance from August 2006 (when they made the Fortescue investment) to current.
Fortescue paid off handsomely for Cumming and Steinberg, who paid themselves ~ $100m million in bonuses during 2011 and 2012. But it hasn't paid off for LUK shareholders. LUK shares are literally flat over that time period, and LUK hasn't returned any meaningful capital to shareholders.
The market apparently believes that LUK dribbled away the big Fortescue gains. As a long-time shareholder, it's disappointing that these guys paid themselves so much before heading out the door to run their "family investment partnerships" and whatnot.