Wow, over 1 BILLION shares....insert your Dr. Evil impersonation here...lol
That's a lot! I think I need to pick up some Citi shares next week...hopefully they'll be cheap on fear and reality of R/S potential and dilution fears...but still, at three dollars a pop, I think the long-term (one year or more) potential is too great to ignore. I'm building a foundation for future wealth, and my only regret is that I don't have more capital to invest at this time...wish I had more back in March, to be honest.
Citgroup had the most revenue out of all its peers listed on the Reuters report (for last year). This year the estimated revenues will be less than BAC, but 95,000 million compared to BAC's 124,000 million. Honestly, this might be our last chance to catch a quality bank at a firesale price; I missed BAC at $2.53 and don't want to let it happen again...there's no real reason to fear that Citi will go under or be nationalized, only fear of the dilution and R/S. But still, as long as they are profitable over the next few years, WE WILL RETURN to a respectable pps...it's almost inevitable unless the world economy collapses for some unforeseen reason. If that happens, we're all out of luck anyway! To those who labeled me a basher, I wish they would have realized that I am simply an investor/trader who looks at both the positives AND negatives. Last year was my first year trading a discretionary portfolio, and I rarely looked at what could go wrong with a company; I also traded penny stocks and we all know how that usually goes. Yes, you can make big money quick (11,000% gain for one stock I traded within two weeks; and no, I didn't get in in time for the entire 11K percent...but still made some cash), but they can also (and usually do) wipe out your entire trading account in an afternoon over time.
So, I now look at everything that can go WRONG in addition to the upside. How is that bashing? Yes, I'm worried about the dilution and R/S and it would be downright foolish not to, but after weighing everything I think it is still cheap enough right now to justify some investment. This quarter wasn't profitable, to be sure, but I think it's our last chance to pick up a great bank at basement prices...I'm in next week (if I'm lucky, lol).
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