Author Topic: JEF - Jefferies Group  (Read 618281 times)

thepupil

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Re: JEF - Jefferies Group
« Reply #1600 on: March 04, 2020, 09:55:15 AM »
sold JEF completely today to triple down on various real estate investments, Berkshire, and Alphabet.

JEF has done its job for me over the past 9 months, producing a satisfactory absolute return, relative outperformance, and nice capital return. On various lots I made something like 15-50% and outperformed relevant indices/my other holdings.

I believe JEF is cheap, but I think there have been several material negatives that push out JEF catalysts and make it less attractive over these next quarters

These include:

- A drastic decline in oil and gas and energy related equities (hurts Vitesse)
- A 15% and counting peak to trough drawdown in the italian stock market (could kill/delay Linkem IPO)
- a significant widening in junk credit spreads (hurts Jefferies Finance generally)
- generalized increase in recession risks

There are positives: Berkadia could get some juicy refi's, I think momentum is building overall in the narrative of shifting to more profitable assets over time, the buyback / capital returns been great. I could be wrong.

I am a relative value guy whose always more than fully invested and always buying risk assets with net savings, so not really a market call, but rather a JEF call. we'll see.




« Last Edit: March 04, 2020, 09:59:09 AM by thepupil »


thepupil

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Re: JEF - Jefferies Group
« Reply #1601 on: March 26, 2020, 01:34:13 PM »
pretty great pre-corona quarter, validating to long term thesis. as state above no longer  own, but glad to see them print a nice ROTE on the I-bank, of course this is partly due to them robbing peter (merchant bank) to pay paul (I-bank) by putting Berkadia in there.

http://ir.jefferies.com/Cache/IRCache/f2a9a4e2-039f-db43-ff4f-70749eb82b9a.PDF?O=PDF&T=&Y=&D=&FID=f2a9a4e2-039f-db43-ff4f-70749eb82b9a&iid=103464
« Last Edit: March 26, 2020, 01:36:33 PM by thepupil »

mcliu

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Re: JEF - Jefferies Group
« Reply #1602 on: March 26, 2020, 02:16:25 PM »
That repurchase timing..  ??? O&G and real estate's gonna have a rough Q2.
Otherwise, balance sheet is in decent shape. Lots of liquidity and cash.
$25 TBV. ~0.6x TBV before adjusting for potential write-downs in O&G, real estate.

petec

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Re: JEF - Jefferies Group
« Reply #1603 on: March 27, 2020, 12:51:00 AM »
That repurchase timing..  ??? O&G and real estate's gonna have a rough Q2.
Otherwise, balance sheet is in decent shape. Lots of liquidity and cash.
$25 TBV. ~0.6x TBV before adjusting for potential write-downs in O&G, real estate.

I'm not sure you can call them out on timing given the unpredictability of what's happened! I'm more interested in the repurchase value and I'm glad to see them buying back below TBV and accelerating the buyback as the stock dropped. Good thing is they have dry powder to do more. I sold at $21 and bought back in at $14 which feels quite nice. Small positions though - I use JEF as a trading stock, one to buy when markets panic and sell then they're riding high.
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petec

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Re: JEF - Jefferies Group
« Reply #1604 on: March 27, 2020, 12:52:06 AM »
PS won't be surprised if Linkem is signing customer like crazy in locked-down Italy. You need good internet to make use of that free premium offer from PornHub ;)
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thepupil

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Re: JEF - Jefferies Group
« Reply #1605 on: March 29, 2020, 07:59:40 AM »
Jefferies Group CFO Dies From Coronavirus Complications

Sunday, March 29, 2020 10:56 AM
By Giulia Camillo

(Bloomberg) --Jefferies Group LLC said Chief Financial Officer Peg Broadbent has died from coronavirus complications.
The company named Teri Gendron, CFO of Jefferies Financial Group, as the interim CFO and Chief Accounting Officer, according to a statement on Sunday.

petec

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Re: JEF - Jefferies Group
« Reply #1606 on: March 29, 2020, 08:14:42 AM »
Jefferies Group CFO Dies From Coronavirus Complications

Sunday, March 29, 2020 10:56 AM
By Giulia Camillo

(Bloomberg) --Jefferies Group LLC said Chief Financial Officer Peg Broadbent has died from coronavirus complications.
The company named Teri Gendron, CFO of Jefferies Financial Group, as the interim CFO and Chief Accounting Officer, according to a statement on Sunday.

Holy cow. Makes it real.
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sleepydragon

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Re: JEF - Jefferies Group
« Reply #1607 on: March 29, 2020, 11:20:01 AM »
Jefferies Group CFO Dies From Coronavirus Complications

Sunday, March 29, 2020 10:56 AM
By Giulia Camillo

(Bloomberg) --Jefferies Group LLC said Chief Financial Officer Peg Broadbent has died from coronavirus complications.
The company named Teri Gendron, CFO of Jefferies Financial Group, as the interim CFO and Chief Accounting Officer, according to a statement on Sunday.

Holy cow. Makes it real.

This is gonna scare everyone working on Wall Street

Spekulatius

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Re: JEF - Jefferies Group
« Reply #1608 on: March 29, 2020, 11:36:57 AM »
Jefferies Group CFO Dies From Coronavirus Complications

Sunday, March 29, 2020 10:56 AM
By Giulia Camillo

(Bloomberg) --Jefferies Group LLC said Chief Financial Officer Peg Broadbent has died from coronavirus complications.
The company named Teri Gendron, CFO of Jefferies Financial Group, as the interim CFO and Chief Accounting Officer, according to a statement on Sunday.

Holy cow. Makes it real.

This is gonna scare everyone working on Wall Street

He was 56 and in good health.
Life is too short for cheap beer and wine.

petec

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Re: JEF - Jefferies Group
« Reply #1609 on: March 29, 2020, 01:43:18 PM »
He was 56 and in good health.

Do we know the latter?
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