After reviewing the Jefferies earnings call I’m very optimistic as to how this quarter should shake out for the other financials.  CEO Richard Handler has done an amazing job with Jefferies, in the most difficult of environment.  I really appreciate the way that he has opportunistically bought back stock and debt at favorable prices, and at T&T Capital Management we have done the same for some clients.  US banks and investment banks such as Morgan Stanley, Goldman Sachs, JP Morgan, etc should really start to see things perk up. Also with financing so cheap for the right deals, I’d expect to see M&A rebound which would be a boost for margins.

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