Author Topic: JEF - Jefferies Group  (Read 601952 times)

txlaw

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Re: JEF - Jefferies Group
« Reply #210 on: February 07, 2012, 07:04:03 AM »
I'd agree that this is probably a case of selling cheap to buy (or hold) cheaper. 

If Bruce B wanted to keep his AIG, MBIA, BAC, SHLD, LUK, etc., he likely needed to sell off his other holdings due to redemptions.  That's probably why all the i-banks have been jettisoned from his portfolio.


Grenville

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Re: JEF - Jefferies Group
« Reply #211 on: February 07, 2012, 07:38:41 AM »
An additional reason I found while reading the Goodhaven report is that mutual funds are not allowed to own more than 5% of a broker/dealer when the position is created.

tombgrt

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Re: JEF - Jefferies Group
« Reply #212 on: February 27, 2012, 11:28:16 AM »
Anyone know when our friends at LUK will bring out their 10-K?

Turns out my buy on Nov 23st was 5 cents from the bottom, wish I knew it back then!

Evolveus

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Re: JEF - Jefferies Group
« Reply #213 on: February 27, 2012, 01:35:40 PM »
You timed that question as well as that LUK purchase...it came out today.

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000096223&owner=include

The shareholder letter should come out in early to mid April.

valueinvesting101

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Re: JEF - Jefferies Group
« Reply #214 on: March 06, 2012, 01:56:23 PM »
According to 8K posted today it looks like National Beef earned 221 mil + 52 mil(D&A) = 273 mil and since LUK has NOL assets they will not be paying any taxes on this earning. This seems very good deal at the price of 870 mil.
Am I miscalculating something here?
http://www.sec.gov/Archives/edgar/data/96223/000090951812000089/mm03-0512_8kea1991.htm

tombgrt

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Re: JEF - Jefferies Group
« Reply #215 on: March 06, 2012, 02:05:14 PM »
They only have a 80% ownership of the business. Looks like a great deal, even if those earnings aren't sustainable.

Nice sell off today, I'm thinking of buying more now it is slightly above (?) BV.

Grenville

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Re: JEF - Jefferies Group
« Reply #216 on: March 27, 2012, 06:53:45 PM »
A couple of good articles on Jefferies in the FT:

Jefferies to set up Europe financing arm
http://www.ft.com/intl/cms/s/0/9cbafd90-7517-11e1-90d1-00144feab49a.html#ixzz1qLH01PlK

Jefferies puts debt debacle aside
http://www.ft.com/intl/cms/s/0/ffede76e-7748-11e1-baf3-00144feab49a.html#ixzz1qLHM17kh

Also, Q1 earnings came out last week. The management call was pretty good. Things look to be back to normal. The company earned 77million. The two recent deals for Bache and Hoare Govett were very opportunistic and and the firm is expanding the Bache commodities platform with new hires.

I like what I've seen and heard so far. The investment banking business is growing and the earnings run rate is also growing with expansion abroad.

Q1 results:
http://www.jefco.com/pdfs/0320121Q12FinancialResults.pdf

WarrenWatsa

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Re: JEF - Jefferies Group
« Reply #217 on: April 03, 2012, 07:01:22 PM »
Back within earshot of book.

Ian and Joe getting little respect.

berkshiremystery

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Re: JEF - Jefferies Group
« Reply #218 on: April 03, 2012, 08:56:51 PM »
Back within earshot of book.

Ian and Joe getting little respect.

I might add this interesting discussion thread about LUK's NOL's / DTA.

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_L/threadview?m=te&bn=10954&tid=15725&mid=-1&tof=10&rt=2&frt=2&off=1#-1

<snip>....

LUK - Year Reported NOL's (10-K)

2003 ... $3,550,000,000 [approx]
2004 ... $3,900,000,000 [approx]
2005 ... $5,100,000,000 [approx]
2006 ... $5,200,000,000 [approx]
2007 ... $5,400,000,000
2008 ... $5,745,600,000
2009 ... $5,985,000,000
2010 ... $5,400,500,000
2011 ... $4,738,150,000


2010: used ~ $600m of NOLs

2011: used ~ $660m of NOLs


...<snip>

tombgrt

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Re: JEF - Jefferies Group
« Reply #219 on: April 06, 2012, 03:57:27 AM »
Thanks berkshiremystery. The january sell of 100,000,000 FMG shares and new earnings from Nat beef should use a big chunck of the DTA again this quarter.

Letter should be out soon too, maybe we hear something new about the FMG note litigation. It's on the books for a fraction of what it is worth* if they rule in favor of leucadia. I have no idea about the odds tho. Anyone got an idea?


(*)LUK's 10-K mentions they earned $214m (before taxes) in interest income in 2011 alone. This was during a year of expansion in its Cloud Break and Christmas Creek operations to a production capacity of 55 million metric tons/year. They plan to expand to 90 million metric tons/year for the area. They sold 46.5 million metric tons in 2011 so if spot prices stay around the 2011 average price level, we are looking at $400m/year in intrest income until august 2019.