From The Brooklyn Investor blog (found via the Corner of Berkshire & Fairfax).
LUK is an Inflation Play
In answering the above question about the future of LUK, Steinberg said that they started first and foremost as opportunists. He then went on to say that LUK is now a bet on future inflation. As they wrote in the annual report, there is no way out of this predicament other than inflation. The assets owned by LUK; Inmet, Berkadia, Jeffries, Idaho Timber etc... all benefit when inflation finally comes.
He said that if you don't believe inflation is coming, you should sell your stock.
That's how LUK is positioned now. It wasn't some strategy or plan that led here, but that's the way it is now. The assets of LUK will benefit from inflation.
