I would say this is a reproduction of calligraphy done by Fujita Tōko, who was an advocate of martial arts, and calligraphy, and the last character is probably 書 (meaning: written by).
Joadbres, well done in figuring that out. I tried but didn't get very far. Did you just know 彪 by looking at it, or did you use some other avenue to figure it out?
(I was thinking 魁 or 龍, but was getting nowhere...Didn't even know that 彪 existed.)