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No. of Recommendations: 2
Value + arbitrage

Every 10 shares of Jefferies, now below book, will get you 8 of Leucadia (LUK) when the merger goes through. Though you'll miss out on Crimson Wine Group, something of a gap has now opened between the price of Jefferies and Leucadia shares, as long as Jeffcadia sounds like something you want to own anyway.

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