As intrepid readers know, Leucadia National (LUK) is one of the core holdings for the AIL Premium portfolio. And for a good reason.

Leucadia and its principles have shown uncanny ability over the years to make opportunistic investments and profit from it. Capmark appears to be a case in point, and although all is not said and done yet, Cummings and Steinberg have a terrific track record at finding value in the trash heap.