Tag Archives: C

Buy Citibank. Doesn’t mean you can’t hate banks. Just a trade…

Posted on Sep 22, 2009 by WHC Bassetti.

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According to our virtual poll (two participants — ourselves and our evil twin Karnak) Banks rate right up there with politicians and cancer on the hate list.  On the rape pillage and plunder index they compete with Attila the Hun.  We think they should be muzzled like dogs with rabies. And their pay packages should be rigorously controlled.  Their bonuses are an insult and an injury to stockholders and the public.

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Citibank, buy, sell, hold, juggle with chainsaws?

Posted on Aug 26, 2009 by WHC Bassetti.

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090826cHere is an example of mismanagement of a position because of failure to follow Basing Point procedures.  Also a little of Ahmed’s Dilemma was involved (i.e., whether to trade or ride the trend).  We bought C close to the bottom in March and sold it in late June for a decent profit.  That was not smart.

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Erosion, like rust, never sleeps…

Posted on Jun 23, 2009 by WHC Bassetti.

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We bailed on C and scaled out of most of FRE.  The ability to set a stop and honor it is what distinguishes successful investors from those people who lost 43% in the great Bush bear market.  The profits on these trades ranged from 10 to 73%.  As we said when we bought them they were lottery tickets.  The markets are looking iffy at this point which is another reason for exiting.  Meanwhile our trades in F and BAC and even AIG are scandalously profitable, and there is no reason to exit them.

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