JHVEPhoto Jefferies Financial Group (NYSE:JEF) is a bank focused on investment banking and capital markets, which does not have any particular competitive advantage in the industry. This makes its business very exposed to market cycles, leading to volatile financial figures. Not surprisingly, its valuation is usually at a discount to peers and currently its shares don’t seem to be undervalued. Business Profile Jefferies is a global diversified financial services company, being mainly focused on investment b ...