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Leadership Letters

2013 Annual Report Shareholder Letter (LUK)

One year ago, Leucadia and Jefferies combined to form a unique and powerful merchant and investment banking platform, a combination almost as old as commerce itself. Leucadia is distinguished by our ability to take a truly long-term view in a world often characterized by impatience and increasingly shorter investment horizons. 

Perspective As We Give Thanks for All We Have and All That Can Be…

Last month, as we started our 2014 fiscal year (our "New Year" began on December 1), we sent this note to everyone at Jefferies and we thought we would share it with you so you may understand what we think is important in life and in our relationships with you and with each other: 

It’s All About People And Doing What is Right

In a world awash in brands, balance sheets and technology of all kinds, one can overlook the most important differentiator in life—the human touch—people who care, who listen, who think, who drive, who protect, who serve, who question, who solve, who execute…the list goes on and on.

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?

Why Being In Our 50’s Makes Us – But Not Jefferies – Middle-Aged

This week, our firm finished its first half-century in business as Jefferies turned 50 years old. Coincidentally, the two of us writing this note also hit the 50-year milestone in the last few years. We would like to take this opportunity to talk about the importance and meaning of these milestones. 

The Jefferies Delorean

Given recent headlines and the ongoing global consternation with the financial services industry, we want to share some thoughts of what an investment banking firm could/should look like in the year 2012.

What a Difference Three Months can Make

What a difference three months can make. With help from the European Central Bank, the threat of an imminent breakdown in the European financial system appears to have been averted, at least for now.