Similar to what BRK has done (1.0X BV and then upped it to 1.1X BV) a stock buyback policy announcement is something that would be good for shareholders......I would favor 1.0. As I've previously mentioned when we see the compensation (salary + bonuses) numbers at JEF one has to hold their nose especially when they post mediocre numbers.
I agree 100%. Historically, LUK would never do it. But maybe Handler and team will acknowledge that, if they are going to grind along delivering "new normal" returns, they should return some cash to shareholders through buybacks. Still, I wouldn't hold your breath.
Selling just shy of 0.9x BV. Not unusual for companies in the financial sector (compare GS at 1.0x BV, MS at 0.8x BV) (not strict comparables, but...). Remember, "new LUK" is effectively "old JEF" with some legacy LUK investments.
I think the run up during/following the merger was the unusual move. This move back down to 0.9x BV seems like a normal correction.
I think it's trading about 1.25x tangible book since some 3 billion of assets are goodwill and intangibles. Isn't LUK's tradition to not show amounts paid above book off balance sheet to be conservative? Jefferies obviously didn't follow this practice and so we have some assets on the books that we don't know how to value exactly.