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New Delhi: The adoption of <keyword id="20643295" type="General" weightage="100" keywordseo="Electric-two-wheeler" source="keywords">electric two-wheeler</keyword> vehicles in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on a gradual rise and it is expected that their share will rise to upwards of 13 per cent by 2026-27, investment banking company <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="261" meta.entityid="Jefferies">Jefferies</keyword> asserted in a report. In the financial year that ended in March 2024, the share of electric two-wheelers was at 5 per cent. Share of EVs in two-wheeler sales rose from just 0.4 per cent in 2020-21 to 5.4 per cent by early 2023, led by rising subsidies and new launches. However, Jefferies claimed that a subsequent reduction in incentives has resulted in the share remaining in the 4-7 per cent range for most of the past 24 months, despite the introduction of lower-priced vehicles by manufacturers. "We currently assume share of E2Ws rising from 5 per cent (0.9mn units) in FY24 to 7 per cent/10 per cent/13 per cent (1.4mn/2.3mn/3.4mn units) in FY25E/FY26E/FY27E, although we now see a downside risk to these estimates in the context of the new scheme targeting just 2.5mn E2Ws over two years," Jefferies said in its report released earlier this week. <keyword id="19897349" type="General" weightage="20" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="261" meta.entityid="Ola Electric">Ola Electric</keyword>, which has recently become a publicly listed company, has emerged as the dominant manufacturer in India's electric two-wheelers market, said Jefferies, noting that its market share rose from 21 per cent in 2022-23 to 35 per cent in 2023-24 and further to 49 per cent in 1Q-2024-25. However, as per the Jefferies report, Ola's market share has subsequently fallen to 31 per cent in August and just 29 per cent in September (month-to-date). Bajaj, TVS and Ather, on the other hand, have gained 5-9 percentage points each since June quarter, it said. This week, the Union Cabinet has approved a scheme for the promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over two years. The Cabinet's approval for the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' was based on a proposal from the Ministry of Heavy Industries (MHI). Among others, subsidies or demand incentives worth Rs 3,679 crore would be provided to incentivise e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, a release said. The Ministry of Heavy Industries is also introducing e-vouchers for EV buyers to avail of demand incentives under the scheme.

Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies

<ul class="summary-list"><li>The iPhone 16 lacks new features and a new AI smartphone is years away, wrote analysts on Sunday.</li><li>Apple's stock fell 2.3% after Jefferies cut its rating from buy to hold.</li></ul>One group of analysts finally said what even some of Apple's fans have been thinking: The iPhone 16 <a target="_blank" class="" href="https://www.businessinsider.com/apple-iphone-16-with-ai-seems-boring-could-be-good-2024-9">was underwhelming</a>, and it will take a while before a real AI smartphone is ready.In a note on Sunday, analysts at Jefferies said that the <a target="_blank" class="" href="https://www.businessinsider.com/apple-events">iPhone 16's </a>lack of new features and limited AI coverage mean that it might not sell as well as other analysts hope. They added that an AI-capable smartphone is another two to three years away."To expect an accelerated smartphone replacement cycle now due to AI is premature," analysts led by Edison Lee wrote. The firm cut <a target="_blank" class="" href="https://www.businessinsider.com/apple">Apple's </a>rating from a buy to a hold recommendation.The<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock"> iPhone maker's stock </a>fell 2.3% on Monday following the note.IPhone sales are a closely-tracked metric because they make up about half of the company's total revenue.Much of the optimism surrounding Apple this year came from its June announcement of <a target="_blank" class="" href="https://www.businessinsider.com/apple-apple-intelligence-delaying-iphone-16-china-2024-7">Apple Intelligence</a>, the company's take on artificial intelligence. The smartphone maker's stock has rallied over 30% in the last six months, in part over AI excitement.But the fanfare surrounding the new technology dimmed in July, when Bloomberg reported that the new <a target="_blank" class="" href="https://www.businessinsider.com/apple-intelligence-delay-wont-hurt-new-iphone-sales-analysts-2024-7">iPhone 16 would not come with Apple Intelligence.</a> Instead, users would have to wait for <a target="_blank" class="" href="https://www.businessinsider.com/apple-intelligence-abilities-questioned-2024-8">AI features,</a> which include an AI-powered Siri and an image generator, to be released through several software updates starting in October.In Sunday's note, Lee forecasted "flattish volume growth" in the second half of 2024 for iPhone 16 compared to the iPhone 15, and only 2.5% growth in lifecycle volume for the iPhone 16.To be sure, not all analysts think the delay in introducing Apple Intelligence will hurt the company. Some say it's a small part of the overall product lineup."It's like trying to weigh an elephant by a few of its hairs," Gil Luria, an Apple analyst for D.A. Davidson,<a target="_blank" class="" href="https://www.businessinsider.com/apple-intelligence-will-drive-sales-for-iphone-16-analysts-say-2024-9"> told Business Insider last month.</a> He said that he gives little credence to third-party reports of iPhone 16 sales.Even Jefferies' Lee wrote that AI in the iPhone has potential, just not in the short run.He wrote that Apple "is the only hardware-software integrated smartphone player" and that he is excited about its long-term AI capabilities.He estimated that the company would have 490 million AI-capable iPhones by 2026, and 845 million by 2027. Apple sold 45.5 million phones in the three months ending in June, according to Counterpoint research data.In October, 32 of the 38 analysts who covered Apple had a Buy rating on the company.

Real AI smartphones are still a few years away, say Jefferies analysts

The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

Rising claims pose challenge for health insurance sector in India, says Jefferies

<ul class="summary-list"><li>A Trump election win will spur a Chinese stock sell-off that will then offer a buying opportunity, an equity strategist said.</li><li>Trump's track record shows he is not as anti-China as feared, Christopher Wood of Jefferies said.</li></ul>A presidential victory for Donald Trump will trigger a sell-off in Chinese stocks that would then create a buy-the-dip opportunity, Christopher Wood of Jefferies said.In a <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-10-21/jefferies-wood-buy-china-stocks-dip-if-trump-wins-video">Bloomberg TV interview</a>, the global head of equity strategy said investors are excessively concerned by the Republican candidate's loud opposition to Beijing. He's far less pessimistic.While Trump has asserted that he will levy a 60% tariff rate on all Chinese imports to the US under his administration — part of a broader pledge to impose universal duties on all foreign products — Wood says it's largely bluster.He says critics are not paying attention to Trump's track record with China. In his view, the former president isn't likely to raise tariffs as much as he touts."Bottom line, if Donald Trump's elected and Chinese stocks collapse, that's an opportunity to add to China," he outlined.He continued: "People have forgotten that Donald Trump did the big trade deal with China in January 2020. A trade deal was done, and it was all hunky dory, and Donald Trump was going to run on that presidential campaign as I'm the guy who's negotiated the best trade deal with China since WTO."The agreement effectively <a target="_blank" href="https://www.npr.org/sections/money/2022/02/15/1079761270/china-promised-trump-a-better-deal-for-america-it-didnt-actually-deliver">capped further escalation to the 2018 trade war</a> between the US and China, requiring that Beijing buy an additional $200 billion of US exports.But that past precedent also shows that Trump is willing to negotiate with Beijing. For instance, he suggested that China would accept higher duties if Trump could relax restrictions on advanced US semiconductor technology. <a target="_blank" href="https://www.businessinsider.com/china-us-chip-export-restrictions-nvidia-ai-2024-8">Chip export controls</a> have increased on chips in recent years amid a rising concern for national security."[Trump's] not one of these national security guys in Washington who believe China is a threat to US hegemony," Wood said. "In fact, he's the opposite"Trump would likely view increased semiconductor trade as benefitting US business, as a cut-off Chinese market has already <a target="_blank" href="https://www.businessinsider.com/nvidia-china-competition-chip-makers-ai-huawei-2024-5">proven a challenge</a> for some leading chipmakers, such as Nvidia.

A Trump win will fuel a long-term buying opportunity in the Chinese market, stock chief says

<ul class="summary-list"><li>India's stock market is poised to more than double in value to $10 trillion by 2030, Jefferies says.</li><li>Jefferies analysts also predicted the Indian economy would surpass Japan's and Germany's by 2027.</li></ul>India's stock market is poised to skyrocket, more than doubling in value to $10 trillion by 2030, thanks to the country's surging economy and persistent reforms, analysts at Jefferies wrote in a note published Thursday.With a value of $4.3 trillion, India's equity market is the world's fifth-largest, and Indian stocks have managed to consistently yield 10% annual returns over a 20-year period.Even after that run of stunning equity returns, the Jefferies analysts said investors in the country's stock market could still expect returns of 8% to 10% in the next five to seven years."Assuming market returns in line with the last 15-20 year history and new listings, India will become nearly a U$10trn market by 2030 - impossible for large global investors to ignore," the analysts wrote.India <a href="https://www.businessinsider.com/india-china-economy-emerging-stock-markets-xi-jinping-narendra-modi-2024-2">has emerged as a hot spot</a> for global capital inflows in recent years, especially as its longtime rival China struggles to keep investors from fleeing economic turmoil in the country.China's flailing economy, its <a href="https://markets.businessinsider.com/news/stocks/china-stock-market-crash-rescue-plan-ban-selling-support-measures-2024-2?_gl=1*nyfnkq*_ga*MTIzMDA5Njk4OS4xNzA3ODc2NDgz*_ga_E21CV80ZCZ*MTcwODYyMTgxMC4yNi4xLjE3MDg2MjIzMjQuNTMuMC4w">cratering stock market</a>, and a never-ending property crisis have driven foreign investors to shift their focus to India, helping push the country's stock market 31% higher last year.Meanwhile, India's financial-system reforms, favorable geopolitical dynamics, a growing entrepreneurial landscape, and the country's emphasis on services exports are all boosting its prospects for strong growth and stock-market returns. India's gross domestic product has seen a 7% compound annual growth rate in the past decade."Over the next 4 years, India's GDP will likely touch US$5trn making it the 3rd largest economy by 2027, overtaking Japan and Germany, being the fastest growing large economy with the tailwinds of demographics (consistent labor supply), improving institutional strength and improvement in Governance," the note said.Correction: February 23, 2024 — An earlier version of this story misstated the year by which Jefferies analysts expect the Indian stock market to reach $10 trillion in value. It's 2030, not 2023.

India's stock market will soar to $10 trillion by 2030 and the country's growth is impossible for investors to ignore, Jefferies says

<ul class="summary-list"><li>Hurricane Milton may cause major losses for catastrophe bond investors.</li><li>Cat bonds transfer the risk of weather events to investors, offering high returns in years with little damage.</li></ul>The back-to-back barrage of Hurricanes Helene and Milton could trigger big losses for investors in catastrophe bonds.The fixed income securities allow insurers and reinsurers to <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">transfer risks associated with major weather events to investors.</a>Investors who buy cat bonds <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">can see big returns</a> if it's a relatively quiet year for hurricanes and other natural disasters. As long as there are few extreme weather events or damage from any event is mild, investors continue to collect the relatively high yield on the bonds. That's <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-climate-change-us-treasury-yields-disaster-insurance-costs-2023-10">what happened in 2023,</a> as there were just a few major hurricanes relatively tame in terms of the damage they brought to Florida and surrounding states.The Swiss Re Global Cat Bond Index surged 20% in 2023, nearly matching the S&amp;P 500's 24% gain last year. The solid returns reflected the sleepy hurricane season last year.However, on the other hand, a strong hurricane can trigger various clauses within catastrophe bonds, resulting in big losses for investors. The money that would otherwise flow to bondholders is instead used to help pay out money to policyholders affected by natural disasters. In 2022, Hurricane Ian caused about $60 billion of insured losses and triggered a big loss in cat bonds, with the Swiss Re Global Cat Bond Index plunging 10% in September 2022. The index dropped 2% for all of 2022.According to data from Artemis, 2022 was the only down year for the Swiss Re Global Cat Bond Index in 20 years.Cat bond investors could see a repeat of 2022, or worse this year, if the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-timeline-see-storm-evolution-from-space-satellite-imagery-2024-10">worrying projections for Hurricane Milton pan out.</a> The storm is barreling towards the west coast of Florida as a Category 4 hurricane, scheduled to hit the state late Wednesday or early Thursday. Initial estimates suggest Milton could trigger more than $100 billion in damage, according to <a target="_blank" class="" href="https://www.reuters.com/business/finance/hurricane-milton-could-cost-insurers-60-bln-raise-reinsurance-rates-rbc-says-2024-10-09/">analysts at Jefferies,</a> with a massive storm surge expected to flood a wide swath of Florida's west coast.<a target="_blank" class="" href="https://www.reuters.com/business/finance/hurricane-milton-could-cost-insurers-60-bln-raise-reinsurance-rates-rbc-says-2024-10-09/">According to RBC,</a> Milton could cause insured losses of about $60 billion, which would likely be big enough to trigger losses on cat bonds."Market seems to be pricing in a similar impact from Hurricane Ian of a $60bn industry loss in 2022," RBC analysts said of Hurricane Milton.This comes just two weeks after Hurricane Helene ravaged parts of Florida and North Carolina, creating estimated losses for insurers of as much as $11 billion, according to an estimate from Verisk.The Stone Ridge High Yield Reinsurance Risk mutual fund, which owns cat bonds, has plunged 7% over the past month, erasing its year-to-date gains.Meanwhile, the Pioneer Cat Bond Fund has declined 2% in the past week.However, according to RBC, higher reinsurance rates implemented following Hurricane Ian could soften the blow for cat bond investors, depending on the severity of Hurricane Milton."Better reinsurance contract terms, broader earnings diversification and bigger reserve buffers should put the sector in better stead than before," RBC said.The potential for massive damage caused by Hurricane Milton, which is considered to be a once-in-a-generation event, is also dragging down global reinsurer stocks.Shares of Swiss Re and Munich Re are down 3% and 2% in the past week, respectively.

Owners of 'catastrophe bonds' are staring down big losses as Hurricane Milton  barrels down on Florida

<ul class="summary-list"><li>Netflix's stock hit a record high this week for the first time since the pandemic.</li><li>The stock is rising as shares of competing streamers struggle.</li></ul>The streaming war is a crowded conflict, but investors think they see a winner in Netflix this week.Shares of the streaming giant closed at an all-time high of $698.54 on Tuesday. The stock extended gains slightly in Wednesday's session to about $698.82 as of 2:53 p.m. ET.The stock is up 44% year-to-date in a huge reversal after crashing by more than 75% from its pandemic peak in 2022.Meanwhile, investors are turning away from other media companies that operate streaming services as they struggle to make a profit with their offerings. Year-to-date, shares of Paramount and Warner Bros. have fallen 25% and 33%, respectively, while Disney's stock has remained level.So why are investors pushing Netflix to fresh highs this week?Kickstarting the gains on Tuesday was an announcement in <a target="_blank" class="" href="https://about.netflix.com/en/news/netflix-closes-successful-upfront-and-expands-advertiser-capabilities">a blog post</a> from Netflix stating that it continues to see growth in ad sales. The company has seen a 150% rise in upfront ad sale commitments compared to 2023, the blog said. The streaming giant said those deals are a result of the highly-anticipated new seasons of shows like Bridgerton, Squid Game, and Emily in Paris, plus its Christmas Day NFL games.Netflix announced a <a target="_blank" href="https://www.businessinsider.com/netflix-nfl-football-streaming-deal-explained-peter-kafka-2024-5">three-year deal with the NFL</a> back in May, which will let it show two NFL games on Christmas this year and one or more games on the holiday in 2025 and 2026.In addition to strong demand from advertisers, Netflix's expansion into live sports could give the platform a value add to justify raising subscription prices, analysts say."We view the venture into NFL games (at just ~2% of annual content spend) as a significant Q4 subscriber driver, creating a further tailwind to NFLX's password sharing initiative and supporting a price hike," Jefferies analyst James Heaney said in a client note.And earlier this month, Disney announced <a target="_blank" class="" href="https://www.businessinsider.com/disney-streaming-profitable-price-hike-earnings-2024-8#:~:text=On%20Tuesday%2C%20the%20company%20announced,is%20a%20Netflix%20board%20member.">plans to raise prices</a> for its Disney+, Hulu and ESPN+ subscription tiers this fall, which could make Netflix more likely to follow suit.Both developments could help customers justify a higher price for Netflix, Heaney said.The stock has been steadily rising before this week, though, too. Shares are up nearly 10% in the last month following the company's strong second-quarter earnings report on July 18. The report showed user growth surpassed expectations, with Netflix gaining over 8 million new subscribers for the quarter amid a crackdown on password sharing. Revenue grew 17% in the quarter.Analysts said they see the company's upside as a result of moderating competition as other streaming companies focus on profits rather than growth."Over the past year, we have seen a normalization of the 'streaming wars' with various services/companies focusing on cost structure and with that, a return to licensing out content and focusing on existing markets," analysts from Goldman Sachs said in a note before Netflix's latest earnings.Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.

Netflix stock is cruising at record highs this week. Here's why Wall Street is cheering on the streaming giant.

<ul class="summary-list"><li>Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers.</li><li>At the conference, there was talk of IPOs and M&amp;A being back.</li></ul>As bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference.IPOs and M&amp;As are finally back, and on top of that, there is an exciting new catalyst for rising tech valuations — generative AI."We surveyed a lot of the 140 entrepreneurs that are coming here and found 'IPO' is not a dirty word anymore," said Cameron Lester, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "People are thinking maybe they will go public."After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. But there was not much to talk about in the way of actual deals. Now the logjam is finally breaking."We're as busy today as we were in 2021," said Jason Greenberg, Co-Head of Global Technology, Media, and Telecom Investment Banking at Jefferies."We ultimately succeed and get paid on the success of deals happening and closing. I don't think as many deals we're on today will turn into announced deals in 2024 or early 2025 compared to 2021. But even if they don't close at the same rate, you're going to see a market that was down 60% peak to trough recover a lot."AI is driving many of those deals, according to Greenberg; The theme of this year's conference was "In the Age of AI.""Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&amp;A," according to Greenberg.Reports that Salesforce <a target="_blank" href="https://markets.businessinsider.com/news/stocks/salesforce-s-strategic-and-financially-sound-acquisition-of-informatica-backed-by-analyst-s-buy-rating-1033255009">is in talks</a> to buy the $10 billion data management software firm Informatica is another sign dealmaking is back (though some people at the conference were skeptical the deal would ultimately go through).This week, there was also promising news that Goldman Sachs reported its investment banking division saw fees rise 32% in the first quarter thanks to strong underwriting and advisory work growth."It's clear that we're in the early stages of a reopening of the capital markets," said David Solomon, the bank's chairman and CEO, told investors.Reddit went public in March, though the stock is down from its opening price. <a target="_blank" href="https://www.businessinsider.com/the-11-startups-most-likely-to-ipo-in-2024-2024-3#epic-games-2">Other companies in the IPO pipeline include Databricks. Epic Games, and Getir.</a><div type="image" title="Marc Andreessen speaks at the Jefferies Private Internet Conference 2024" height="1391" width="2048" msid="109431736" hostid="261"></div>Aside from the lavish Nobu dinner, attendees at Jefferies also heard from Andreessen Horowitz cofounder Marc Andreessen and Anthropic's head of business development, Neerav Kingsland.Jefferies has significantly bulked up its tech investing division to better compete against more established players like Goldman and JP Morgan Chase."In the last 18 months, we've increased the number of MDs [managing directors] in our investment bank by 70%, which is kind of crazy given what's happened to our industry in terms of the decline over the past couple of years," Lester said.Now that deals are finally happening again, Lester is hoping the investment pays off."People don't typically choose a banker in a 30-day period," Lester said. "They choose it based on relationships built over a couple of years."

Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back

<ul class="summary-list"><li>Jefferies CEO Rich Handler sold $65 million in company stock to buy a luxury yacht.</li><li>He's said to be buying a Westport 164 from his friend Tilman Fertitta, a Jefferies client.</li></ul>Jefferies CEO Rich Handler sold $65 million of his stock in the company to buy himself a gift — a luxury yacht.<a target="_blank" href="https://ir.jefferies.com/press-releases/press-release-details/2024/Jefferies-CEO-Rich-Handler-Sells-1.5-Million-Shares-of-Stock/default.aspx">Handler sold 1.5 million shares</a>, or 7% of his holdings, to purchase a "personal boat and to pay tax obligations," the investment bank said in a Wednesday statement."My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares," Handler said in the statement. "I remain extremely bullish on Jefferies."A source told the <a target="_blank" href="https://www.ft.com/content/6ac8c763-e14d-49d5-b762-43ae35acecb3">Financial Times</a> the boat was a Westport 164 yacht and was being purchased from Handler's longtime friend Tilman Fertitta, a Jefferies client.Fertitta is the billionaire CEO of the hospitality company Landry's and owns the Houston Rockets, an NBA team. The two men jointly own Landcadia Holdings, a blank-check company.Jefferies said in the statement that Handler, who's been with the bank since 1990, had received about 70% of his pay in the form of company shares. The bank said he'd previously sold shares only for tax purposes and charity.Jefferies didn't immediately respond to a request for comment from Business Insider.Investors often view executives' stock sales as signaling a lack of company confidence, so any sales are carefully messaged.In October, JPMorgan Chase CEO Jamie Dimon said he would sell 1 million of his 8.6 million shares, his first sale since becoming CEO in 2006. The <a target="_blank" rel=" nofollow" href="https://jpmorganchaseco.gcs-web.com/node/595086/html">filing announcing the planned sale</a> said that Dimon chose to <a target="_blank" rel="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-fed-rates-tech-stocks-ai-jpmorgan-trading-2024-2">sell the stocks</a> "for financial diversification and tax-planning purposes" and that he "continues to believe the company's prospects are very strong."Dimon sold the first of the sets of shares in February for <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-ceo-jpmorgan-sells-150-million-stock-shares-2024-2">$150 million</a> and sold the remainder earlier this month, pocketing <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-stock-sales-billionaires-wall-street-banks-economy-2024-4?amp">$183 million</a> in total proceeds.

Jefferies CEO sold $65 million in stock to buy a yacht from a client

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/jefferies-ceo-sold-millions-shares-stock-bought-new-yacht-fertitta-2024-4">Jefferies CEO Rich Handler sold $65 million of stock</a> — some of which he used to buy a superyacht.</li><li>He purchased Boardwalk from billionaire friend and client Tilman Fertitta.</li></ul>Earlier this week, <a target="_blank" href="https://www.businessinsider.com/leadership-advice-from-jefferies-ceo-richard-handler-2023-7">Jefferies CEO Rich Handler</a> sold $65 million worth of stock in the investment bank — enough to warrant a press release — partly to buy a yacht from his friend and client, hospitality billionaire and <a target="_blank" href="https://www.businessinsider.com/tilman-fertitta-buys-houston-rockets-2017-9">Houston Rockets owner Tilman Fertitta</a>."My sale of shares today was a gift to myself and my family," Handler said in the release.It's a pretty good gift. The boat in question is a 50-meter <a target="_blank" href="https://www.businessinsider.com/billionaire-superyachts-luxury-cost-size-status-symbol-2024-3">superyacht</a> named Boardwalk.According to the yacht's shipyard, Westport Yachts, the off-market deal was pending as of last month. The sale price isn't public.Boardwalk, which is currently moored in <a target="_blank" href="https://www.businessinsider.com/moving-to-florida-weather-rent-fort-lauderdale-politics-healthcare-millennial-2024-2">Fort Lauderdale, Florida</a>, was originally delivered in 2010. She features a spa pool and helipad on her sun deck, as well as multiple bars and 15 bathrooms, of which at least one has a television. The master cabin has a dressing room and a private study, and there are scooters on board to make getting around easier — and more fun.<div type="image" title="Boardwalk yacht" height="3457" width="6364" msid="109646474" hostid="261" sizebytes="583424"></div>She can fit 12 guests and 12 crew members, according to industry source <a target="_blank" href="https://www.superyachttimes.com/yachts/boardwalk">SuperYacht Times</a>."It isn't cheap, I can tell you that. I just love it," Fertitta told a local <a target="_blank" href="https://abc13.com/the-boardwalk-yacht-tilman-fertitta-rockets/1223177/">ABC affiliate</a> in 2017, referring to Boardwalk's $40 million price tag.While Boardwalk is technically part of "a series" — one of a fleet of boats built by the shipyard of this size and general design — Fertitta made many custom adjustments, adding lights throughout and opening up spaces to create a less formal feel, he told <a target="_blank" href="https://www.yachtsinternational.com/yachts/westport-boardwalk-high-stakes-fun">Yachts International</a> in 2011.Handler has been a <a target="_blank" href="https://www.businessinsider.com/superyacht-etiquette-how-to-behave-on-yacht-2024-4">guest on the yacht</a> before, landing on its deck via helicopter when it was moored in <a target="_blank" href="https://www.businessinsider.com/where-the-worlds-richest-people-spend-the-holiday-season-2023-12">St. Barts</a>, according to a video posted on Fertitta's Instagram account in 2018."It's a shame when you have to pick your friends up to come see you. This is @handlerrich roughin' it to the @boardwalk164," he wrote in the caption. "It's one of those things that I've always wanted and I'll always have," Fertitta said during the 2017 interview.While he won't always have this exact boat, Fertitta, who is worth $9.3 billion, per Forbes, will likely always have a yacht and appears to have traded up.He teased his new, fully custom vessel — a 77-meter giant built by <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-bought-superyacht-launchpad-speculation-pictures-2024-3">Dutch shipyard Feadship</a> — in 2019. It was delivered in 2021 and is also named Boardwalk. The new Boardwalk has a more modern design. The gym has a Peloton and a <a target="_blank" href="https://www.businessinsider.com/lululemon-reportedly-exploring-sale-of-mirror-its-500-million-acquisition-2023-4">Mirror</a>; there's a sauna and beauty salon; and there are six sit-down bars — appropriate for a hospitality billionaire."This takes it to a whole new level," his son, Michael, told <a target="_blank" href="https://www.boatinternational.com/yachts/editorial-features/feadship-superyacht-boardwalk">Boat International</a>.Looks like Handler still has something to aspire to.

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