Conglomerates can be tricky to assess, and Leucadia National‘s (NYSE: LUK) combination of holdings includes well-known financial company Jefferies Group, food company National Beef, and a host of other companies in a variety of industries. Coming into Wednesday’s third-quarter financial report, Leucadia investors had high hopes that the company would be able to get through what has been a tricky time in the investing world and reverse poor performance from the year-ago quarter. Leucadia succeeded in doing that, but shareholders still fear tougher times ahead.