“Excuse me. My key card isn’t working.”

Who wants to see the list of 100 top paid people on wall street exactly 30 years ago to the week!

Waste of funds. We just use the same chip that was implanted w the vax.

This is the 14 year anniversary weekend of the Lehman Bankruptcy that marked the bottom of the horrible 2008 financial crisis. Some never before seen texts between me and Lehman CEO Dick Fuld. Also some important lessons.

I’ve been at @Jefferies for 34 years and like many other companies, our shares are currently at an all-time high.   Here are 10 of my observations about this that might differ from what you might expect:

$2 million coming in the morning Mike from #jefferies looking for your match. More to other Israeli humanitarian charities. Thank you for your leadership and heart.

#jefferies is proud to donate $8.6mm to 10 Israeli charities for immediate humanitarian relief. Read link for details: bit.ly/46KixpL

A real 28 year old’s finance biz card from the 80’s! “Subtle off-white coloring, tasteful thickness of it, even has a watermark.” #silianrailonbone

*Jefferies pls. fix

Tell me your time has no value without telling me your time has no value.

31 years ago at age 29, I lost my job…..

You never know folks how you will get that job……. Also, @DanielSLoeb1!

Click to read what you need to know about every financial crisis of the past 35 years and how it relates to today: bit.ly/3KrHUEA

It’s summer intern season! 15 real pieces of advice I wish I was given when I first started as an intern on Wall Street:

New total is $13mm! @MikeBloomberg matched for $2mm, Mark & Erica Gersen matched for $2mm, and $400k more from inspired clients and employees. Thank you all!

The IPO Window is OPEN   To Our Clients, Friends and Colleagues:   The two of us have regular contact with venture capital and private equity partners, as well as CEOs and other business leaders and owners. For the past year and even in the past week, a good number of them ask us: "When will the IPO market return?" When we tell them that the market is open today, some are skeptical. The bottom line is this: the IPO market is OPEN and there is meaningful demand for companies that are priced appropriately and have strong management, durable business models and solid long-term prospects. Well-positioned businesses are pricing their IPOs above price talk and are trading well in the aftermarket. If we are right in our belief that we are in the early innings of a normal capital markets cycle, then taking a company public in the next twelve months would be excellent timing, particularly for owners who would like to partially or fully exit their positions over the next 18 to 36 months.   We believe part of the reason many people still believe the IPO market is not healthy today is that the runaway 2021 IPO market and its aftermath are seared in their memories. We believe that period was remarkably unique (open-ended stimulus, compounded by super low interest rates) and, while incredibly and temporarily enjoyable, it was not the “real world” and certainly not sustainable. We strongly and humbly suggest that everyone forget what you saw or experienced in 2021 and trust in the reality that today we are in a more sustainable, realistic and durable market cycle. What we are seeing is not contained to only larger companies, as there are significant early signs of a rotation into small/mid capitalization equities. The Russell 2000 has outperformed the S&P 500 by 10% in July, the largest monthly outperformance since 2000. Interest rates have stabilized, operating profits are reasonable, and investors are looking for value across the spectrum of sectors and regions. We see this because we and our team speak to investors across the globe daily, and this message is widespread.   When the public markets provide the best opportunity for value maximization and realization, there should be no hesitation to act. Accessing this market takes time and a lot of work, and we have many clients who are actively engaged in this process today. Our goal with this note is to make sure all of our clients are aware of what we see so they do not overlook this viable option to recognize and realize value.   For background, the chart linked below is a schedule of U.S. IPO performance since May 2023, which we mark as the beginning of the opening of this IPO window. You will see solid initial pricing and overall strong aftermarket performance. Nobody has a perfect crystal ball, but from what we see today, we are optimistic that normal IPO activity levels are not that far away. All of us at Jefferies are standing by to assist you with the IPO option, as well as every other avenue to achieve your strategic goals.   Publicly wishing you the best,   Rich and Brian bit.ly/3WkC0Kc

10 Things I’ve learned as a CEO thus far into a pandemic.

#jefferies doing everything in our power to lead the boycott league tables on the banking side.

My 10-Day covid self-quarantine is over tomorrow. I am thankfully 100% healthy thanks to vaccines and booster. Here are 10 thoughts from my experience. Stay safe and strong all!

#jefferies to hold Global Trading Day on Tuesday, October 10th to provide Humanitarian Aid in Israel bit.ly/3topsGO

Got to love succinct smug anonymous day traders who think in hours (w immediate hindsight) versus using real experience and facts to try to assess the big picture.

On Thursday, I spent time with the junior members of our Dallas office to listen and understand what they are feeling.  I also wanted to express my heartfelt condolences on the terribly sad passing of Carter McIntosh and to make sure they know that both Brian and I, and every leader at Jefferies, are here at any time if anyone needs support or help.  I was touched by what I heard about Carter being such a warm, outgoing colleague who had a joy for life and was so welcoming to everyone.  It is clear what a well-liked and respected professional Carter was and how his loss has deeply impacted the office and, throughout Jefferies.     I hope that all who know me understand how heartbreaking this is for me. I think you know that I spend a lot of time with our juniors, not out of obligation but because I respect them and get more pleasure out of the experience than I can possibly offer in return.  I do my best to share my perspectives with them in person and on social media for the benefit of all who might care to learn from things I did right and wrong during my career.  And yes, I certainly joke with the younger folks in person and join them occasionally on social media as we laugh and poke fun at ourselves and our chosen industry through silly memes.  My relationship with them, including the banter, is one of the highlights of my job.  They are my extended family and I enjoy them thoroughly.      What none of us enjoy is the venom spewed on social media right now. The mostly anonymous social posts would rather use this heartbreaking event to lash out and make unfounded, vitriolic attacks accompanied in too many instances by violent physical threats.  This is a sad reality of the world today, but we cannot let that negativity win the day.      My wish is that those who are so quick to judge, please think about the grieving McIntosh family.  Carter and they deserve better than this.  At this point, nobody knows exactly what happened and engaging in speculation with cynical assumptions serves no useful purpose and only adds to the grief that the McIntosh family is suffering. They deserve more respect and kindness than that.  Now is the time to honor Carter’s memory and support his family and the ones who knew and loved him.      It is not right to mention the social media frenzy without talking about the topic of work demands.    My view is widely known as I have written about it at length internally and on my social media posts, and it is a view that Brian shares completely.  We speak often and emphatically about this and just a few weeks ago at our most recent town hall in front of the entire firm.  We must appreciate our juniors and do as much for them as they do for us every single day.  If any of you need help, we are both a phone call away.  So are so many of our senior leaders throughout Jefferies.  We are completely sympathetic to your needs and have employed considerable resources to support you.  So, whether it is being overwhelmed by the sadness of Carter’s passing or getting overloaded by work or even feeling like there are things in your personal life that seem unmanageable, always feel free to reach out to us or to any of our capable senior leaders.  We respect and value all of you and our goal has always been to be here for you.  We may not have all the answers, but we are confident that we can get you the support you need. We have gotten these calls throughout our many years of service on Wall Street.  What we hear has always been held in confidence and, in virtually all cases, has led to meaningful support.     Some people will pick apart this note and spin it with hate and ugly nuance once I share it publicly.  I am not going to respond further privately or publicly to any of the vile comments or threats from these people.    In closing, I want to again express my most heartfelt condolences to Carter’s family, friends and colleagues.  I personally grieve with you, as does all of Jefferies.    Respectfully, Rich

1. You are never as dumb as you feel when your stock price is low.  However, you are also never as smart as you think when your stock prices is high.

A little something about celebrating an anniversary of one of the most important mentors in my life: Joe Steinberg/Leucadia bit.ly/48eBC4P

Someone on insta asked for my strategy on being efficient: Get to it! $JEF @Jefferies

#Jefferies stands with the people of #Ukraine! All global net trading revenues on March 2 will be donated to #Ukrainian #humanitarian #aid. @ZelenskyyUa #StandWithUkraine #freedom #democracy #dignity #leadership #doinggood #charityday $JEF #PressRelease➡️bit.ly/3ItvTLB

Note to junior and mid-level folks from Credit Suisse (and other banks) who had recent career and life changing events, just like I did 33 years ago. What I learned about myself and the world when Drexel Burnham Lambert disappeared: bit.ly/3TzKPOy

“He was an amazing Excel guy . . . Everyone in the bullpen used his templates.” -Financial Times @litcapital may be the second most successful ex-jef exec in history behind @DanielSLoeb1! Can one of you guys hire me?! ❤️❤️

Frank Baxter hired an inexperienced and overconfident 28 year old punk in 1990 and allowed another 35 special people from post-bankruptcy Drexel to join his fine firm called @Jefferies. We lost Frank today, but I will be forever grateful for the opportunity he gave me that changed my life forever. His remarkable legacy will live on through all of us at Jefferies, his wonderful family, and all of the countless people his heart touched throughout his impactful and important life. ❤️

“Friends” are abundant during good times. You only know who is truly with you when the chips are down. And a “friend” who hopes you do “well,” but not “too well,” is never a “friend.”

Get your butt back in the bullpen @litcapital!

4. When things are going well, that is generally the time when things are most dangerous.  These are the times when arrogance, complacency, laziness and greed can sneak into your persona and company.

I so relate to this. If you want to talk to me, just call me! Don’t ask to schedule!!!

You carve up ownership into tiny pieces, sell them on the blockchain and use the profits to buy another house. #rookie

10 random thoughts from a long weekend: 1. In times of a potential systemic financial crisis, governments will re-write the rules to protect as many innocent people as possible, and that is a good thing.  Thank you Switzerland.

If I was really efficient I would have been your anchor investor. ⚓️🤣

“Broken window theory. You allow one typo and next thing they want is food truck Wednesdays.” 🚛🌮🫔

When your first boss and daughter show up at your MD offsite to wish you a happy birthday! ❤️

My very best advice for all summer interns: bit.ly/457UlhA

Smart investor letter by @DanielSLoeb1.

Even the most legendary financier of our generation likes to make sure nobody can just swipe his socks.

When markets are in the crapper, the news cycle is relentless in blame, fear & despair. When markets approach highs, it is an unsustainable “melt-up,” not based on value. How about we just appreciate the good part of the cycle and remember that the best investing is long-term.

Unbelievably, today marks my 35th anniversary at @jefferies. Thank you to all my wonderful colleagues and clients who made this remarkable journey possible. I am in awe of the Company you built. I am grateful to all of you for having me as your CEO these past 25 years and I could not be more excited or motivated for what comes next. 🙏🏼❤️

Never forget folks, influence can be fleeting……

Looking forward to reading this! @Convertbond

3. One of the many major factors that affects stock values are overall market conditions.  Never forget that stocks (especially ones in the financial sector) are generally higher when capital formation and liquidity are strong and investor sentiment is favorable.  Lots of boats get lifted in strong operating environments.  Don’t believe your own press or confuse a higher stock price with an increase in your own IQ or personal capabilities.

10. It is ok to step back for a moment and reflect on the hard work, loyalty, tenacity, integrity and countless accomplishments thatdefine the entire team and are the primary reason why our share prices has reached a new high.  If you cannot smell the roses once in a while and appreciate all you have, the battle is not worth having.  That said, a moment (or two) are all that are allowed.  Great firms and people who experience moments of success are driven harder to keep proving themselves to all of their constituencies every single day.  What goes up in the short-run also goes down in the short-run, and that is ok.  It is always the long-term that defines us.

“He’s talking loudly and vaguely into his cell phone about the $16B deal, but I can see the wallpaper w the fam dog.” 📱📈🐶

8. Generally, the best and most valuable lessons are learned when things are not going well.  The best lesson that can be learned when things are good is humility.

Tomorrow I get to meet the first group of @Jefferies 361 global analyst and associate summer interns! Here are 20 things I wish someone told me way back when I was a summer intern! bit.ly/4kjAqTs

Haha! Maybe the best advertising for @jefferies is that our customers sell us their “small boats” after they can easily upgrade! @TilmanJFertitta!

We at #jefferies just pushed back general RTO to Oct. 4 vs Labor Day. We will always adjust as facts present themselves. Vaccines will be mandatory to return, and hybrid solutions will be embraced. Common sense will help us protect our trusted & valued $Jef partners. #onefirm

Doesn’t suck.

Need to update my resume.

Instagram is fun @handlerrich

We asked all 345 summer interns to write our monthly note setting the August tone for @Jefferies. Click to read the 4 winners: bit.ly/4fnIvVb

The time to void someone’s “exorbitant” pay contract for exponentially increasing shareholder value is before they exponentially increase shareholder value.

9. There are not enough hands to count the number of larger competitors who had much higher stock prices than ours, but are no longer with us.  Never confuse high equity values with invincibility or a predictor/guarantee of additional future success.  Everything is, and will always be, incredibly fragile. The only difference is that now we have even more responsibility to protect our home.

2. While it is wonderful to receive words of congratulations and respect when values are up, it is the people you work with, the clients and all of the critical constituencies that you rely on every day that reflects the real value and durability of a company.

Thanks Dan! You and I both know how hard it is to stay consistent to a plan while constantly adapting to change and volatility. Good thing we both have great people around us who do the heavy lifting.

Capital structure optimization should be left for Boards, mgt and shareholders to decide. Taxing buybacks up to 4% vs returning capital to stakeholders (individual investors) seems arbitrary and manipulative. Should we give companies a 4% tax credit every time they issue stock?

I miss the days when the biggest controversy was Michael Milken’s junk bond market.

Not the highest of hurdles but I appreciate it! 😄

Last night with my friend and mentor, the legendary Mike Milken at our @Jefferies Private Internet Conference.

If you want to get technical, the real bottom for me was Nov ‘11 when I was buying my own bonds at 20 cents on the dollar! All except for the ones you snagged.

No current/former Treasury Sec. asked little Jefferies to speak out against a US default. All politicians’ jobs are to make people’s lives better. Stop the nonsense and fix this now vs acting like a hero after you harm our collective reputations by not paying our debts on time.

Nonsense not worthy of the amazing @MikeBloomberg name. @BillAckman @NeriOxman

Celebrating the opening of the Milken Center for Advancing the American Dream with the man who has advanced more dreams than anyone I know. Mike Milken! @AdvanceTheDream

If you ever want to negotiate w legendary and feared corporate activist Nelson Peltz, just bring a pickle to the gunfight. 😂

My interview with @calcalist on the tech industry in Israel, @BillAckman’s smart investment in the Tel Aviv Stock Exchange (TASE), global capital formation, ratings and most importantly, the heartbreak due to the pain of all innocents. Full Story: bit.ly/4cr9T3n

Some projects for those early in their careers to work on in 2025. Happy Holidays to all. @Jefferies

10. Good people unfairly wind up in bad spots when their company is pulled out from under them. Fortunately, good people land on their feet and eventually (but not today) will be better for the experience.  Lend a helping hand. It can happen to any of us.  It did to me.

It drives me nuts that our politicians will take us to the precipice before solving the debt ceiling and then expect a hero’s ovation for not driving us into the abyss, but it beats the alternative.

6. Competitors pay more attention and focus harder on beating you when they see you doing well.

In my experience, which appears no longer relevant, the bond market is almost always right. #okboomer

If you were in Israel this week at @Jefferies TechTrek, you got to meet the most incredible local entrepreneurs and learn from the wisdom of @BillAckman, @DanielSLoeb1, @GavinSBaker, Paul Singer and David Fialkow! 🇮🇱💙🤍

Wow. I graduated in ‘83 and was sure I was in my prime. Now I see what a then 52 year old accomplished during these same past 37 years. Highly motivating for someone who is now 59. Thanks @SahilBloom for sharing.

Bloomberg

This is from @Jefferies 1994 Annual Report. 30 years ago the @Jefferies uniform was the maroon silk Bomber Jacket. And look at the dressed up punk running Taxable Fixed Income! @litcapital @OHWallStreet

I was hacked today and someone tried to use our assistance in the Ukrainian crisis to defraud people who follow me. I am sorry for the inconvenience. Clearly despicable behavior. I am back.

It can be scary and lonely to be a contrarian. It may also take time to see if you are right. But if your goals are long-term, the best time to invest is when all others are selling. Existing Team @Jefferies cannot wait to start ‘24 with our new partners from around the globe!

5. Great pride should be shared by everyone in a company when the market validates their collective hard work over time, especially when the company also has purpose as well as profits.

Happy “Start Over From Zero Day,” to all who celebrate! $JEF @Jefferies

Waste no time or energy worrying about things like these 10:

#Dinner and #fun w great #friends who are #family! Fertitta/Icahn/Lorber/Lebow/Whittaker

#HappyBirthday @kirstin_taylor! You still need to visit all of us!@nywolf.org @scotthoying

#jefferies will donate our global trading revenues on August 16th for humanitarian efforts to aid our friends in need from the horrible #MauiFires. Thanks to our clients, shareholders and 5,300+ employee-partners for allowing us to do our small part. bit.ly/47ySmUr

The one time they spell it right, we get blamed for shutting down the Gov’t!*Jeffries pls fix 🤣🤣

I have loved the @Giants since I was a boy growing up in NJ. @Daniel_Jones10 is a tremendous athlete and has been a class act since joining the team. It did not work out, but football is a team sport and it is never fair to solely place blame on only one player’s shoulders. Trash talk is easy when the talker has never once put themselves on the line or dedicated themselves to the hard work every professional athlete puts in. I wish Jones much future success and will only root against him when he is playing against our Giants.

7. Clients and co-workers rightfully expect more from you when things are going well.  Striving to meet these increased expectations is hard work and a privilege.

Only thing better than 6 minute abs is 5 minute abs.

I’ll give you the answer for $75 bucks.

Thank you Bill! Means a lot coming from you.

Today I have the honor of speaking at commencement to the University of Rochester’s graduating class of 2023! My list of the 100 things I wish I knew when I graduated college: bit.ly/2WRbtW9

With so much pain and angst in the world today, it just makes me frigging happy that Taylor Swift is so frigging happy. ❤️

Today Team #Jefferies is wiring $6 million to 45 amazing charities to help Afghanistan refugees, military heroes, and victims of the Haiti disaster. Click link for detail➡️bit.ly/3jg87s1

My list of 100 things I wish I knew before I became a CEO 23 years ago. bit.ly/3O8aw6o @litcapital @BusinessInsider @UofR @emmalysemedia @insider @StanfordGSB @Jefferies

Happy Halloween! 🎃

While one could get offended when offered “lessons,” it does sound more hopeful than “sessions.”

No doubt the the debt limit will only get solved at the very last second. People in #WashingtonDC get too much time to do everything.