Citigroup Addict Buys More Shares

| About: Citigroup Inc. (C)
Hi. My name is David and I'm a Citigroup (NYSE:C) addict. My addiction started in 1990 when I took out a student loan to get a root canal. I had been financing a significant portion of my graduate school expenses using a Citibank credit card and paying 19.8%. The root canal didn't cost as much as I thought so I did something I would never do now, I bought a long term position in a stock on borrowed money. To avoid brokerage fees and get a discount on the stock, I sent a check to Citi's Dividend Reinvestment Plan [DRIP]. I still own those shares.

Later when I had a job I sent a monthly check and accumulated more with my meager savings until Citicorp (that's what it was called back then) canceled their DRIP and dividend in the early 1990's. I have never sold a share of Citigroup. My position in the stock has enjoyed significant capital gains and I already have a big exposure to financials through my holdings in previous employers.

citiOn Friday, I paid $50.10 for more Citigroup. I couldn't help myself. It just happened. The stock was down a few percent, I saw that p/e of 11.5, a dividend yield of 4.4%, a growing global business with a presence in every market of the world. I saw that I was getting investment banking talent at a commercial bank price with a great franchise thrown in. I just had to buy.

Disclosures and Confessions: I own Citigroup (C). I used Citibank global banking services while living abroad. I found the Citibank 'Live Richly' campaign fantastic. Even though I thought Citigroup a bit insincere, I hope the anti-greed messages stuck with some people.

C 1-yr chart:

C 1-yr chart