Author Topic: JEF - Jefferies Group  (Read 599083 times)

scorpioncapital

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thepupil

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Re: JEF - Jefferies Group
« Reply #731 on: February 28, 2014, 02:00:13 PM »

constructive

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Re: JEF - Jefferies Group
« Reply #732 on: February 28, 2014, 03:01:46 PM »
I like that letter a lot. Handler seems like a worthy successor to Steinberg and Cumming. (Although, it would be nice if investment bankers paid themselves a little less.)

racemize

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Re: JEF - Jefferies Group
« Reply #733 on: February 28, 2014, 03:03:20 PM »
I'm sad that they cut the BVPS page.  I wonder if they still consider that relevant?  Seems like they would?

Liberty

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Re: JEF - Jefferies Group
« Reply #734 on: February 28, 2014, 04:06:08 PM »
I'm sad that they cut the BVPS page.  I wonder if they still consider that relevant?  Seems like they would?

Yeah, that's too bad.

Maybe they felt it wasn't their track record and wanted to start fresh..?
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scorpioncapital

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Re: JEF - Jefferies Group
« Reply #735 on: February 28, 2014, 05:18:58 PM »
Well, they do say that excluding a bad year data point does wonders for your track record  :)

However, I got the impression from the letter they are loading the gun, lots of cash to deploy and a few concentrated assets held long term. I'm just wondering if it's worth holding a full position for the new future investments over the next five years. The last five years have seen the sp500 trounce leucadia. Is the next five years likely to do the opposite or should one be more pro active? Views?


robface

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Re: JEF - Jefferies Group
« Reply #736 on: March 02, 2014, 10:46:57 AM »
Read the letter...glad to see they are keeping up the tradition, but wish there was more market and general commentary...also, they mentioned MLI was "sold where future value creation did not meet our return expectations"...I think it was sold as a block trade at $42 when the stock was trading at $48 and now its at $62...could be wrong, but seems like there was a chunk of value left on the table

skanjete

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Re: JEF - Jefferies Group
« Reply #737 on: March 03, 2014, 03:30:18 AM »
I can't say I'm impressed with the letter, on the contrary.
 
I miss quantification of results, evaluation criteria and evaluation itself.

jouni1

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Re: JEF - Jefferies Group
« Reply #738 on: March 03, 2014, 05:00:40 AM »
yep, it wasn't as easy to make an assumption of the worth and condition of the businesses. i have faith in handler and think he's going to make the right choices but i felt a bit left out after reading the letter.

Liberty

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Re: JEF - Jefferies Group
« Reply #739 on: March 18, 2014, 03:25:07 PM »
Quote
Richard Handler’s Leucadia National Corp. (LUK) added $253 million to its investment in Philip Falcone’s Harbinger Group Inc., more than doubling a bet on the owner of businesses from consumer goods to insurance.

Leucadia agreed to buy 23 million preferred securities in Harbinger Group from Falcone’s hedge funds for $11 apiece, Harbinger Group said today in a statement. That adds to common stock Leucadia acquired last year, now valued at $244 million.
"Most haystacks don't even have a needle." |  I'm on Twitter  | This podcast episode is a must-listen