Author Topic: JEF - Jefferies Group  (Read 601850 times)

jay21

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Re: JEF - Jefferies Group
« Reply #570 on: April 30, 2013, 08:26:46 AM »
I was really hoping the old guard stay on to keep Handler in check and mentor him some more. I knew JEF was relatively well managed but still...

I am not worried.  Handler brought them Fortescue, made a great investment in Knight, and bought back bonds and stock during JEF's turmoil.  Wheeler brought in National Beef Packing.  So even though we will miss the old guard, Handler and Wheeler have made the bigger deals in recent history and have proven themselves as capital allocators.

@jay_21_


rjstc

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Re: JEF - Jefferies Group
« Reply #571 on: April 30, 2013, 09:00:47 AM »
I was really hoping the old guard stay on to keep Handler in check and mentor him some more. I knew JEF was relatively well managed but still...

I am not worried.  Handler brought them Fortescue, made a great investment in Knight, and bought back bonds and stock during JEF's turmoil.  Wheeler brought in National Beef Packing.  So even though we will miss the old guard, Handler and Wheeler have made the bigger deals in recent history and have proven themselves as capital allocators.

+1  I think the absolute last thing the old guard would have done is turn things over to a bunch of dunces. Plus I imagine they still have a lot of skin in the game.

Grenville

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Re: JEF - Jefferies Group
« Reply #572 on: May 02, 2013, 05:19:30 PM »
A little more detail on the board changes in the WSJ:

"Leucadia to Slash Size of Its Board"
http://online.wsj.com/article/SB10001424127887323528404578455542470712644.html

Robert Beyer (new director) was a colleague of Richard Handler at Drexel. Stuart Reese was a former CEO of Mass Mutual which has a lending JV with JEF.

berkshiremystery

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Re: JEF - Jefferies Group
« Reply #573 on: May 10, 2013, 06:51:14 AM »
Leucadia National Corporation Announces First Quarter 2013 Results

http://finance.yahoo.com/news/leucadia-national-corporation-announces-first-142500814.html

Leucadia National Corporation (LUK) today announced its operating results for the three month period ended March 31, 2013. Net income attributable to Leucadia National Corporation common shareholders for the three month periods ended March 31, 2013 and 2012 was $305,103,000 ($1.08 per diluted common share) and $490,877,000 ($1.97 per diluted common share), respectively. These results do not reflect the operations of Jefferies Group LLC and its subsidiaries, which was acquired in March 2013. Jefferies results of operations will initially be included in the Company’s consolidated results of operations commencing with the quarter ending June 30, 2013.


rogermunibond

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Re: JEF - Jefferies Group
« Reply #575 on: June 11, 2013, 04:01:35 PM »
Tough to say, these are complex, expensive projects. View them as free options with potential ig payoffs but low chances of success.

Lake Charles, La. Pet coke to methanol looks to be progressing.

Indiana, and Chicago projects were looking good last year but both are now dead due to political oppo. - governors in both states killed them.

Miss. gasification is still alive but I haven't seen anything recently.

Oregon LNG is sure to get significant environmental and state oppo. 


giofranchi

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Re: JEF - Jefferies Group
« Reply #576 on: June 12, 2013, 11:37:20 PM »
Muscleman sent me the following PM:

Quote
Hi gio,
Since you really like great capital allocators, I am curious if LUK fits your taste, and if you have any opinions on it? It is trading below book value as of this week, though it is still far above tangible book.


Thanks!
Muscleman

Hi muscleman,
First of all, I don’t care about “tangible book”. Tangible book per se is meaningless and might even be very often deceiving. As always, you must know and understand the business. There is no substitute for that.
Second, truth be told, I don’t like change… because change decreases my knowledge and understanding of the business. Imo, Mr. Cumming and Mr. Steinberg were Leucadia National. Are they so out of the business to not even put out the shareholders letter for year 2012? Well, I fear that my knowledge and understanding of the business has decreased… a lot! So, LUK might certainly be cheap, if it still were the business that I used to know. But, what if it is no longer that business? It might still be “statistically” cheap… But statistically cheap things are for traders, when I invest (I mean, when I buy something for the next 10 years, with no intention of selling), I NEED and REQUIRE to know and understand the business. No matter what the price is, because there is no substitute for knowledge and understanding.
I stay away for now, while I try to watch the new management very closely and get to understand them better. If in time I still like what I see very much, I will be glad to invest in LUK once again! :)

giofranchi
« Last Edit: June 12, 2013, 11:43:06 PM by giofranchi »
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racemize

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Re: JEF - Jefferies Group
« Reply #577 on: June 13, 2013, 05:28:13 AM »
I am similarly cautious with luk right now, but am still holding on to my old position given handler's own bvps record.

Grenville

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Re: JEF - Jefferies Group
« Reply #578 on: June 13, 2013, 06:49:58 AM »
Are they so out of the business to not even put out the shareholders letter for year 2012?

I was wondering about this as well.

I asked IR at JEF if there was a LUK AR/letter coming out along with the proxy. They replied that the annual report with chairman/president's letter will be mailed out the week of June 24th because the AGM is July 25th.


giofranchi

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Re: JEF - Jefferies Group
« Reply #579 on: June 13, 2013, 07:43:59 AM »
I asked IR at JEF if there was a LUK AR/letter coming out along with the proxy. They replied that the annual report with chairman/president's letter will be mailed out the week of June 24th because the AGM is July 25th.

Thank you Grenville,
good news! I will certainly read that letter with the utmost attention and, as always, with much pleasure. :)

giofranchi
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