C - Citigroup: Invest Alongside Buffett In This Turnaround Story

2024-01-28 07:44:19 ET

Summary

• Citigroup has destroyed more shareholder value than it has created over the years.
• Quarterly results have continued to be a letdown, though progress on the mid-term turnaround is encouraging.
• The key remains Citi's deeply discounted stock, which has room to re-rate quite significantly if things go even slightly right.

In many ways, Citigroup ( C ) has long been the ‘sick man’ of the systemically important banks and its share price underperformance has reflected this. But there’s a price for everything, and at the current discount to underlying book, Citi is quickly emerging as a value investor favorite – note Berkshire Hathaway ( BRK.B ) swapping its long-held Wells Fargo (WFC) position for Citi and, more recently, backing CEO Fraser’s reorganization plan....

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