Couldn't Resist

If you've been paying attention to the financial markets, then you probably know MF Global declared bankruptcy earlier this week.  Jefferies Group (JEF) is a similar company, and much like Lehman followed Bear Stearns, people are concerned JEF will follow MF.  

In fact, JEF plummeted over 20% today before trading was briefly halted.  When trading resumed the stock recovered somewhat, but is still down about 10%.  Having a significant % of my portfolio in cash, and being a big fan of JEF's management and a huge fan of their largest shareholder (Leucadia, which also happens to be a big holding of mine), I decided scoop up some shares.  More specifically, I bought 1250 shares at $11.11 for a total outlay of $13,886 (including commissions).  

So what's going to happen with JEF?  Frankly, I don't know.  However, my guess is they'll be just fine.  If so, JEF could be a huge home run.  But in the meantime I'll be keeping my fingers crossed!

Questions?  Comments?  Email mevsemt@gmail.com