To Our Shareholders
In 2008,Leucadia reported a loss of $2,535,425,000 after tax,which is $11.00 per sharefully diluted. In 1992,following a ﬁre in Windsor Castle and marital problems formost of her children,the Queen of England in a speech marking the 40
anniversary of her Accession referred to the past year as “annus horribilis.”2008 was just such a year.As the chart below suggests,everything came tumbling down,the S&P 500 included.
(1) Amounts plotted are as of December 31
of each year,except for the ﬁnalmarket price and S&P 500 which are as of March 26,2009.
What follows is a dissection and explanation of the $2.5 billion loss (in millions).•Tax Asset Write-off$1,672.1•Mark Down of Investment Securitiesand Associated Company Losses680.2•Corporate Interest Expense140.1•Consolidated Business Results20.9•All Other,Net22.1
Letter from the Chairman and President
Market price per share Book value per share S&P 500
S &P 5 0 0
LEUCADIA NATIONAL CORPORATIONBOOK VALUE and MARKET PRICE PER SHARE(With the S&P 500)
P E R S H A R E A M O U N T S
1978 1985 1990 1995 2000 2005 2009