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| Citigroup Inc. > What is your expectation on Citi's earnings this week? |
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That's interesting. Especially considering if we bought this
"bankrupt" bank in 1987, we would have ended up in tatters...and a 1900% stock appreciation, not to mention the dividends on top of that...I know that the banking industry is crap right now, but if the banking industry fails, capitalism fails...it wouldn't matter if you had $0.50 or $1b at that time...it would be like owning German marks after WWI...Capitalism is built off strong financial institutions...C has a strong worldwide franchise, but had idiots at the gate...as they right the ship, things will improve...shorts may win in the short term, but I'm willing to wait with my hedges...In any case, a good diversified portfolio of financials, including stronger banks like M&T and BAC will result in better earnings long-term...Buffett hasn't sold his financials, so I may not be smarter than Buffett, but Buffett's not stupid enough to sell his banking stocks...in fact he's buying more BAC and USB...I have shares in USB...I'm just holding some C for the longer ride up... infofi...@gmail.com wrote:
> sharaddhin > I dont differentiate between solvency of bankruptsy. For me, both end > up in tatters, with solvency taking away the name as well. Look what > happened to BSC. it may infact very be worth $2 given its exposure to > CDS market and with its exposure JPM would have fell in no time. They > covered it up, put the stinking body into the freezer for now, wait > until electricity goes out and everyone starts to smell it again. If > you take into account $157 trillion CDS market and look at the worlds > largest banks who are the holders of this trash, do you really think C > would be worth anything? Its a coverp. You and I are not smarter than > Warren Buffet and Warren Buffet has labeled this CDS as a weapond of > mass destruction of global financial system, when he says this, it > surely means something. I hoppe you know and understand what CDS is. | |||||||||||||||
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