JEF - Jefferies Group

[Sportgamma]

Does anybody have the old Leucadia shareholder letters handy? The Leucadia site seems to be redirected to Jeffries now and only has recent letters.

[NeverLoseMoney]

At the bottom of this page there is a .zip file with the letters from 1978-2015: https://www.valuewalk.com/2016/04/leucadia-national-letters-1978-2015/

[Sportgamma]

Fantastic. Thank you NeverLoseMoney.

[greenwave]

Just a heads up...the old LUK and JEF threads have now been merged into this thread.  Cheers!

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" Jefferies Financial Group Inc. Announces Second Quarter 2018 Results
Business Wire   Business Wire•July 26, 2018
NEW YORK--(BUSINESS WIRE)--

Increases Share Buyback Authorization by Additional 25 Million Shares,
Having Repurchased over 24 Million Shares in the Second Quarter

Increases Quarterly Dividend by 25% to 12.5 Cents Per Share....."
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Hopefully the buybacks and dividend increase are indicative of a long term sustainable trend towards intrinsic value .

greenwave

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 'At December 31, 2017 , we have recognized net deferred tax assets of $743.8 million. '

Maybe this finally becomes a useful asset over the next few years .

[spark411]

JEF is down quite a bit in the last two days.   More than the market.   Does anyone have thoughts on the drop?

[ukvalueinvestment]

They had an investor day recently, didn't they?

[greenwave]

Yes , the investors day presentation is posted on Jeffries
Investor Relations web link .

http://jefferiesfinancialgroupinvestorrelations.jefferies.com/presentations

Very detailed ...

greenwave

[spark411]

I read through the presentation when it came out.  This is why I'm so perplexed the stock is going down so much.   The presentation is positive and the direction is solid.   My biggest question mark on this stock is Richard Handler the CEO.   I wonder if he is interested in making the stock go up or if he is only interested in paying himself through the company.     If he is interested in growing the stock price, they should be aggressively buying back stock.   Hope to see it in their next earnings report.

[ValueMaven]

Most IB's havent done much lately, and JEF has historically been a value trap IMHO.  With that said - at a 5 year low, you now have me interested!

[Spekulatius]

Most IB's havent done much lately, and JEF has historically been a value trap IMHO.  With that said - at a 5 year low, you now have me interested!

It’s mildly interesting, but also note that GS trades at 1.1x book and is a far better business. also note that GS has a huge wealth management business that would be worth a much higher multiple stand alone. JEF does not have a wealth management business, it’s a second grade investment bank.