Don't buy corporate spin on write-downs
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#1 Mar 9, 2008
I admit that you're right about being wary of the corporate hype, but even so, shouldn't Citigroup @$20.+ a share be an appealing stock?
If not, why?
#2 Mar 9, 2008
I wouldn't jump in at $20 because it will probably dip to $18 before the bouncing back. It is a decent long-term investment because Citi is has a good product and income base. However their short-term outlook is very unsure: how many more billion will be written off: how will Pandit reduce expenses by 15%.
It is going to be a very bumpy road ahead for the next couple of years but Citi will either come out of it stronger OR be taken over and broken up. As a long-term investor either outcome will give you a very good return.
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