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Jefferies Group, Inc.

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JEF

Dear Richard,
We run an investment website based on value investing. I see value in JEF and am a recent proud shareholder of Jefferies Group in the midst of this crisis. I have a few questions, pertaining to what I feel are the "more reasonable" concerns raised in the public domain:
1. Would the company consider liquidating the remaining 25% of its exposure to PIIGS?
2. Despite the capital raising and long term nature of our debt, many analysts cite a 13:1 leverage ratio exceeding industry peers such as Interactive Brokers. Are we able to deleverage further without raising more capital at such depressed levels. (Our critics -I am not suggesting we run our company based on the whims of rating agencies- state that Jefferies' total debt to capital ratio is 90.4%, compared to 67% for Interactive Brokers and 62% for Raymond James. Goldman Sachs and Morgan Stanley have ratios near 88%, but they are much larger than Jefferies and may have federal support via their banking charters)
Thank you for your attention.
Editors of www.theinflationist.com

theinflationist

23/11/2011 EST

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