fareastwarriors Posted April 10, 2013 Share Posted April 10, 2013 http://www.bloomberg.com/news/2013-04-09/jefferies-posts-one-day-of-trading-losses-in-quarter.html Jefferies Posts One Day of Trading Losses in Quarter Link to comment Share on other sites More sharing options...
tengen Posted April 11, 2013 Share Posted April 11, 2013 http://www.bloomberg.com/news/2013-04-09/jefferies-posts-one-day-of-trading-losses-in-quarter.html Jefferies Posts One Day of Trading Losses in Quarter Sounds good but how does it compare to their peers? Link to comment Share on other sites More sharing options...
twacowfca Posted April 12, 2013 Share Posted April 12, 2013 http://www.bloomberg.com/news/2013-04-09/jefferies-posts-one-day-of-trading-losses-in-quarter.html Jefferies Posts One Day of Trading Losses in Quarter Sounds good but how does it compare to their peers? That's noise, not much information other than that their spreads narrowed last quarter. Link to comment Share on other sites More sharing options...
Grenville Posted April 16, 2013 Share Posted April 16, 2013 Found this on my feed, I haven't found a good way to verify it, but it seems legit: http://hereisthecity.com/2013/04/15/its-all-about-culture-not-fortress-balance-sheets/ Here's something interesting sent to clients last week by Jefferies CEO Richard Handler and President Brian Friedman. At the End of the Day, It Is All About Culture What makes a business thrive and be sustainable across cycles ? Why are some companies able to constantly reinvent themselves in an ever-changing world, while others remain complacent with products, strategies and services that worked yesterday ? Who is responsible for making sure capital expenditures, acquisitions and investments are smart, targeted, and capital and cost efficient ? Who is responsible for convincing clients and investors that the firm’s foundation is strong, honest and trustworthy ? The answers to these and countless other questions that define and determine the success of every business rest in the hands of the most vital asset within every business: the people. People across our industry speak about 'fortress' balance sheets. We all know that one weak individual guarding even the largest fort can allow the course of history to change instantly. People talk about businesses with incredible barriers to entry. Without the right people leading innovation and continuously taking smart, calculated chances, every barrier becomes porous, and even the best business models become vulnerable. How many businesses have we seen in recent years with world-class brands that were the envy of competitors ? Well, how many of those companies fell because the people entrusted as stewards were arrogant or complacent ? And then, when hope was lost, when the right team of people get together with a broken brand, often there is a rebirth and a new chapter begins. Between the two of us, we have been at Jefferies (and now Leucadia) for 33 years. We have watched the competitive landscape evolve in a multitude of directions. We live in a very competitive industry that often feels like 'the Land of the Giants'. We succeed without a trillion-dollar balance sheet, a multi-trillion-dollar over-the-counter derivatives portfolio, our name on a sports arena, ATM machines on every street corner or a reliance on massive bank deposits from individual customers to fund ourselves. We are not too big to fail and we do not have the Federal Reserve or taxpayers standing by to protect us from ourselves if we take excessive risk. We do have something that today appears to be a more valuable and scarcer resource than ever: we have a real culture of caring. Caring about our clients, caring about the value and differentiation we provide them, caring about the integrity of our profession, caring about the implicit promises we make in our work and caring about each other. We are 3,841 employee-partners around the world who have come together to form the foundation and core of Jefferies. We operate as a team and, as a firm, we greatly value the individual. None of our clients needs to do business with Jefferies (nor any other single investment banking firm or commercial bank, for that matter). The vast majority of our principal competitors believe the source of their strength and competitive position is their balance sheet or name. We believe our foundation rests primarily in our people, who are the ones who get the job done every day. Don’t get us wrong, we have tons of capabilities. Our parent company, Leucadia, is a $10-billion-market-value enterprise with less than $1 billion of parent-level long-term debt. Leucadia’s brand of 35 years of smart investing and remarkable shareholder results is wonderful to be associated with. Jefferies has a $38 billion balance sheet aimed at serving our clients. We are a full-service investment banking firm with every product and service one needs to meet your needs. All that said, our only secret weapon is our people. We will remain a strong firm so long as our culture maintains its foundation of being honest, hardworking, transparent, client focused, devoid of politics, humble, aggressive and creative. The day we rest on our enhanced balance sheet, our brand or a belief that our clients cannot do without us, that will be the day we begin our decline - and it might not be a slow one. We ask you, our clients, as our most important constituency, to remind us every day of our commitments to you and to hold us accountable to the high standards we aspire to consistently reach. Honest and timely feedback allows us to learn and, when necessary, make the right adjustments. What we ask for in return is that - if we are indeed treating you as a long-term client versus a short-term counterparty - you return the favor and treat us accordingly. It is a long race and we intend to win, in partnership with you and our 3,841 culture-bearing employee-partners. Sincerely, Rich and Brian Link to comment Share on other sites More sharing options...
Grenville Posted April 16, 2013 Share Posted April 16, 2013 Found this on my feed, I haven't found a good way to verify it, but it seems legit: http://hereisthecity.com/2013/04/15/its-all-about-culture-not-fortress-balance-sheets/ Here's something interesting sent to clients last week by Jefferies CEO Richard Handler and President Brian Friedman. At the End of the Day, It Is All About Culture What makes a business thrive and be sustainable across cycles ? Why are some companies able to constantly reinvent themselves in an ever-changing world, while others remain complacent with products, strategies and services that worked yesterday ? Who is responsible for making sure capital expenditures, acquisitions and investments are smart, targeted, and capital and cost efficient ? Who is responsible for convincing clients and investors that the firm’s foundation is strong, honest and trustworthy ? The answers to these and countless other questions that define and determine the success of every business rest in the hands of the most vital asset within every business: the people. People across our industry speak about 'fortress' balance sheets. We all know that one weak individual guarding even the largest fort can allow the course of history to change instantly. People talk about businesses with incredible barriers to entry. Without the right people leading innovation and continuously taking smart, calculated chances, every barrier becomes porous, and even the best business models become vulnerable. How many businesses have we seen in recent years with world-class brands that were the envy of competitors ? Well, how many of those companies fell because the people entrusted as stewards were arrogant or complacent ? And then, when hope was lost, when the right team of people get together with a broken brand, often there is a rebirth and a new chapter begins. Between the two of us, we have been at Jefferies (and now Leucadia) for 33 years. We have watched the competitive landscape evolve in a multitude of directions. We live in a very competitive industry that often feels like 'the Land of the Giants'. We succeed without a trillion-dollar balance sheet, a multi-trillion-dollar over-the-counter derivatives portfolio, our name on a sports arena, ATM machines on every street corner or a reliance on massive bank deposits from individual customers to fund ourselves. We are not too big to fail and we do not have the Federal Reserve or taxpayers standing by to protect us from ourselves if we take excessive risk. We do have something that today appears to be a more valuable and scarcer resource than ever: we have a real culture of caring. Caring about our clients, caring about the value and differentiation we provide them, caring about the integrity of our profession, caring about the implicit promises we make in our work and caring about each other. We are 3,841 employee-partners around the world who have come together to form the foundation and core of Jefferies. We operate as a team and, as a firm, we greatly value the individual. None of our clients needs to do business with Jefferies (nor any other single investment banking firm or commercial bank, for that matter). The vast majority of our principal competitors believe the source of their strength and competitive position is their balance sheet or name. We believe our foundation rests primarily in our people, who are the ones who get the job done every day. Don’t get us wrong, we have tons of capabilities. Our parent company, Leucadia, is a $10-billion-market-value enterprise with less than $1 billion of parent-level long-term debt. Leucadia’s brand of 35 years of smart investing and remarkable shareholder results is wonderful to be associated with. Jefferies has a $38 billion balance sheet aimed at serving our clients. We are a full-service investment banking firm with every product and service one needs to meet your needs. All that said, our only secret weapon is our people. We will remain a strong firm so long as our culture maintains its foundation of being honest, hardworking, transparent, client focused, devoid of politics, humble, aggressive and creative. The day we rest on our enhanced balance sheet, our brand or a belief that our clients cannot do without us, that will be the day we begin our decline - and it might not be a slow one. We ask you, our clients, as our most important constituency, to remind us every day of our commitments to you and to hold us accountable to the high standards we aspire to consistently reach. Honest and timely feedback allows us to learn and, when necessary, make the right adjustments. What we ask for in return is that - if we are indeed treating you as a long-term client versus a short-term counterparty - you return the favor and treat us accordingly. It is a long race and we intend to win, in partnership with you and our 3,841 culture-bearing employee-partners. Sincerely, Rich and Brian Link to comment Share on other sites More sharing options...
Grenville Posted April 16, 2013 Share Posted April 16, 2013 I just found the original source: http://www.jefferies.com/CMSFiles/Jefferies.com/files/Insights/JefferiesInsights_April2013.pdf Link to comment Share on other sites More sharing options...
Grenville Posted April 16, 2013 Share Posted April 16, 2013 I just found the original source: http://www.jefferies.com/CMSFiles/Jefferies.com/files/Insights/JefferiesInsights_April2013.pdf Link to comment Share on other sites More sharing options...
Guest FFHfan Posted April 16, 2013 Share Posted April 16, 2013 thanks :) Link to comment Share on other sites More sharing options...
Guest Dazel Posted April 16, 2013 Share Posted April 16, 2013 Anyone own any bonds or know what their current yield is? Save me the trouble... Thanks, Dazel. Link to comment Share on other sites More sharing options...
robface Posted April 16, 2013 Share Posted April 16, 2013 I hear that the salt lake office is being "restructured" unfortunately. Has Handler said much about how he's going to incorporate Leucadia and Jefferies? How long will other long-timers (Joe and Tom Mara) be around? Link to comment Share on other sites More sharing options...
Grenville Posted April 16, 2013 Share Posted April 16, 2013 I hear that the salt lake office is being "restructured" unfortunately. Has Handler said much about how he's going to incorporate Leucadia and Jefferies? How long will other long-timers (Joe and Tom Mara) be around? I am very curious! What do you mean by "restructured"? I assumed that Handler would try to keep most of the legacy LUK folks in their roles given LUK historical track record. Link to comment Share on other sites More sharing options...
BRK IN MKE Posted April 24, 2013 Share Posted April 24, 2013 Does anyone know when the LUK shareholder letter is going to be released? Usually it comes out around this time in April. Link to comment Share on other sites More sharing options...
racemize Posted April 24, 2013 Share Posted April 24, 2013 Does anyone know when the LUK shareholder letter is going to be released? Usually it comes out around this time in April. I've also been waiting for it--I was hoping for this weekend. (Actually, I was hoping for the past two weekends, but it seems like it has to happen this one?) Link to comment Share on other sites More sharing options...
Grenville Posted April 24, 2013 Share Posted April 24, 2013 I'm not sure when it will come out either. It might be delayed given the fact that the annual meeting isn't till July when it's normally held in May. Link to comment Share on other sites More sharing options...
Grenville Posted April 24, 2013 Share Posted April 24, 2013 Short article about Indian firms listing outside India, commentary about Jefferies in India, and commentary from a Jefferies MD in India who also runs Investment Banking there. http://www.bloomberg.com/news/2013-04-22/u-s-lures-firms-with-ipos-as-home-demand-drops-corporate-india.html?cmpid=yhoo Link to comment Share on other sites More sharing options...
Grenville Posted April 25, 2013 Share Posted April 25, 2013 JEFFERIES EXPANDS EQUITIES BUSINESS THROUGH AN ALLIANCE WITH ASIA PLUS SECURITIES IN THAILAND http://www.jefferies.com/News/PressReleases/201/309 NEW YORK, LONDON, HONG KONG and BANGKOK, April 25, 2013 – Jefferies today announced that it is entering into an alliance with Asia Plus Securities Public Company Limited (“Asia Plus”). Under the agreement, Asia Plus will provide equity research on companies in Thailand, which Jefferies will distribute on a co-branded basis to the firm’s global base of institutional clients. The alliance, in which Asia Plus will also provide local equity broking services to Jefferies clients, is expected to begin operating before the end of the year. ... Link to comment Share on other sites More sharing options...
txlaw Posted April 25, 2013 Share Posted April 25, 2013 JEFFERIES EXPANDS EQUITIES BUSINESS THROUGH AN ALLIANCE WITH ASIA PLUS SECURITIES IN THAILAND http://www.jefferies.com/News/PressReleases/201/309 NEW YORK, LONDON, HONG KONG and BANGKOK, April 25, 2013 – Jefferies today announced that it is entering into an alliance with Asia Plus Securities Public Company Limited (“Asia Plus”). Under the agreement, Asia Plus will provide equity research on companies in Thailand, which Jefferies will distribute on a co-branded basis to the firm’s global base of institutional clients. The alliance, in which Asia Plus will also provide local equity broking services to Jefferies clients, is expected to begin operating before the end of the year. ... Very, very interesting. Is this a new strategy for JEF -- to go into emerging economy capital markets that the bulge bracket firms aren't focusing on? Does anyone know what the i-banking market looks like in Thailand? Link to comment Share on other sites More sharing options...
Grenville Posted April 30, 2013 Share Posted April 30, 2013 Update on the board of directors at LUK. Ian Cumming is retiring from the board. I assumed he would stay on as a director. Only two directors remain from LUK's former board: Joseph Steinberg & Jeffrey Keil. Here's the filing: http://www.sec.gov/Archives/edgar/data/96223/000090951813000116/mm04-2613_8k.htm On April 25, 2013, the Board of Directors of Leucadia National Corporation (the “Company”) nominated for election as directors of the Company at its 2013 annual meeting of shareholders, two new nominees, Robert P. Beyer and Stuart H. Reese, along with the following seven current directors, W. Patrick Campbell, Brian P. Friedman, Richard B. Handler, Robert E. Joyal, Jeffrey C. Keil, Michael T. O’Kane and Joseph S. Steinberg. Mr. Beyer, Chairman of Chaparal Investments, LLC, a private investment firm and holding company, is currently a director of The Allstate Corporation and The Kroger Co. Mr. Beyer previously had been Chief Executive Officer and a member of the board of directors of The TCW Group, Inc. (Trust Company of the West), a global investment management firm. Mr. Reese is the former President and Chief Executive Officer of Massachusetts Mutual Life Insurance Company and was a member of the Board of Directors of the Federal Reserve Bank of Boston. In addition, each of the following current members of the Company’s Board of Directors advised the Company that he has decided not to stand for re-election as a director: Ian M. Cumming, Richard G. Dooley, Paul M. Dougan, Alan J. Hirschfield, James E. Jordan, Jesse Clyde Nichols III and Michael Sorkin (collectively, the “Retiring Directors”). Each of the Retiring Directors will complete his term and retire following election of directors at the Company’s 2013 annual meeting, which will be held on July 25, 2013. Link to comment Share on other sites More sharing options...
scorpioncapital Posted April 30, 2013 Share Posted April 30, 2013 It's odd he's retiring as director as the previous release said he would stay on. It really seems like a major change in control and a new future. I'm not even sure there will be a letter this year, hope there is to get a sense of the future. Link to comment Share on other sites More sharing options...
fareastwarriors Posted April 30, 2013 Share Posted April 30, 2013 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... Link to comment Share on other sites More sharing options...
jay21 Posted April 30, 2013 Share Posted April 30, 2013 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. Link to comment Share on other sites More sharing options...
rjstc Posted April 30, 2013 Share Posted April 30, 2013 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. Link to comment Share on other sites More sharing options...
Grenville Posted May 3, 2013 Share Posted May 3, 2013 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. Link to comment Share on other sites More sharing options...
berkshiremystery Posted May 10, 2013 Share Posted May 10, 2013 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. Link to comment Share on other sites More sharing options...
jay21 Posted June 11, 2013 Share Posted June 11, 2013 I am not an energy expert so I am hoping someone can help me out in determining how big this is: http://finance.yahoo.com/news/oregon-lng-files-export-application-203300858.html;_ylt=Al3G.FjYxW1UpLjG8gXVgqeiuYdG;_ylu=X3oDMTIxM2U0bjg5BG1pdANXaWRlIFF1b3RlcyBNb2R1bGUEcG9zAzM2BHNlYwNNZWRpYVJlY2VudFF1b3Rlc1BvcnRmb2xpb3NXaWRl;_ylg=X3oDMTFkcW51ZGliBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3BtaA--;_ylv=3 Thanks Link to comment Share on other sites More sharing options...
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