Author Topic: JEF - Jefferies Group  (Read 595189 times)

Grenville

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Re: JEF - Jefferies Group
« Reply #720 on: January 21, 2014, 06:47:58 PM »
I agree. I don't see Jefferies leaving LUK as long as Handler and Friedman are around unless they spin it off to shareholders as a separate company.


Myth465

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Re: JEF - Jefferies Group
« Reply #721 on: January 21, 2014, 10:14:40 PM »
I believe it was this guy.

http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Guest_Speakers/2013/Robotti_2013.htm

Theoretically they wouldnt have to sell Jefferies, but he said it gives LUK shareholders a more liquid security which will eventually be repriced at 2x book value.

I really liked the thesis and like that they are highgrading the portfolio.


Sportgamma

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Re: JEF - Jefferies Group
« Reply #722 on: January 22, 2014, 05:07:59 AM »
What are people thoughts about LUK post merger?  The merger closed for a few quarters now.
With an ibank in the mix, I'm just not sure how to think the whole company.

The way I view LUK is that is becoming a collection of businesses that process stuff (transactions of corporate assets, mortages, autos, beef, ) without having to carry much inventory.

Its undervalued and cash rich.

Regarding Jefferies, they did pass that real-life stress test of 2008 with flying colours and by looking at the multiples LUK was acquiring shares of JEF, it seems C&S thought 2x book was fair value.

rogermunibond

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Re: JEF - Jefferies Group
« Reply #723 on: January 22, 2014, 09:50:01 AM »
True they were fine in 08-09 but really the MF Global and Egan Jones smear job almost did them in. Does point to the fragility of an IB book value multiple.

ValueBuff

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Re: JEF - Jefferies Group
« Reply #724 on: January 24, 2014, 09:24:24 AM »
True they were fine in 08-09 but really the MF Global and Egan Jones smear job almost did them in. Does point to the fragility of an IB book value multiple.

That will not matter in 10 years.  Any multiple wrothy will be back on the business.

rogermunibond

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scorpioncapital

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Re: JEF - Jefferies Group
« Reply #726 on: January 31, 2014, 01:08:13 PM »
"In comparison, Cargill Inc's Plainview, Texas plant, which closed in a year ago because of tight cattle supplies, boasted a daily slaughter capacity of about 4,500 head."

Talk about being behind the curve, their competitor saw the writing on the wall at least a year before.

robface

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Re: JEF - Jefferies Group
« Reply #727 on: February 05, 2014, 04:32:37 PM »
probably a more complex issue than that as cattle stock seems more regional and the stock is different

ie SoCal probably has more dairy cattle, so vs. Cargill's Texas plan probably a different situation

scorpioncapital

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Re: JEF - Jefferies Group
« Reply #728 on: February 05, 2014, 07:56:34 PM »
I also remember Buffet's statement that they seldom give up on a business unless it's going to lose money indefinitely. Not easy to make these decisions for sure.

bookie71

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Re: JEF - Jefferies Group
« Reply #729 on: February 06, 2014, 09:11:09 AM »
Don't know if they process pork or not, but if they do this could have contributed to their decision:
http://www.foxnews.com/us/2014/01/11/widespread-pig-virus-threatens-to-bump-pork-prices/
Always remember, Pigs get fat and hogs get slaughtered.