Jim Rogers: Citigroup is a buy at $5

I wonder what he has to say about the 20% move in C today.

 

real turkeys. article from 1.08

 

Almost there. C dropped from about $30 at the time of the original post, to just under $12 at today's pre-open. Another $7 and we are there

Unfortunately, at this point I am afraid to buy Citi even at $5. The bank will survive (or be saved), and depositors will be Ok, but there is now a real probability that shareholders will be wiped out.

full disclosure: I'm short WFC and BAC, no position in C (yet).

 

Last post for BOOST123 was 12/30/2007....trading? homeless?

 

Citi says credit card losses may rise through 2009

Bank suffers $1.4 billion hit from card-backed assets in latest quarter

By Greg Morcroft, MarketWatch
Last update: 1:44 p.m. EST Nov. 2, 2008

NEW YORK (MarketWatch) -- Citigroup said that it lost $1.4 billion in the third quarter from credit card securitizations and that it expects such losses will continue, possibly reaching record levels in 2009.

http://www.marketwatch.com/news/sto...x?guid={BE8D388F-5173-4BC3-A880-DC409509989C}

 

wow.....thank you for that "unexpected news" you have just shocked me with this unexpected news. what is next? maybe ncc going under? wow what a shock

 

almost there..

 

Rather than C at 5.00 I prefer UYG at that price. Little risk of this fund going to 0, plus it's somewhat leveraged (although for long-term, not actually 2X like many people think.)

 

Jim Rogers revised his entry point - now $1.50.

 

boost123, do you still trade ??????

bgp