In short: Historical, now private: the recapitalized old Baldwin-United, controlled by Leucadia. A $5 stock with a hidden Empire Insurance demutualization worth multiples — his first big "align with the smart controlling owner" win, through the 1987 crash.
21:36volatility? Well, 1987 was a particularly interesting time. It wasn't long after I had started the business — I didn't really have much of a business yet. Market corrects as much as it did, I thought about my grandmother's farm upstate New York, still in the family, said, well, maybe I'll go farm my grandparents' farm. But what happened was, one of the big investments we had was in a company called Phlcorp. And Phlcorp was the recapitalization of the old Baldwin-United, had been in bankruptcy and
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