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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (21504)	7/18/2005 11:07:21 PM
From: Spekulatius	Read Replies (4) of 78670

re Citicorp - new chance to add under 45$ soon. Earnings have been sucking wind this quarter but the global franchise in retail banking and credit cards is still intact. I like Prince efforts to simplify C's business (he sold Life insurance, transport finance and fund management for about 18B$). C can use the proceeds to add to it's stronger business, buy back stock and improve it's capital ratio (which has increased slowly over the years anyways). I like the high ROA and think C will overcome the current difficulties, which are at least partly caused by the stronger US$. I consider buying more below 44$. Despite BAC stronger looking earnings, I favor C over BAC as I think that the dilutive purchases (Fleet, MBNA) are destroying shareholder value.

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