OK; I am back from taking my kid to the 200 years Mexican celebration parade.
Pee Dee, you seem like a smart man and it seems you have enough time to write long comments. Can you use a little of that time to check your facts first or at least stop being overconfident and use words like never?
Banks are regulated institutions and their information is public. Banamex can be sold today at more than $25 billion. We are not talking about BBVA or Santander here so please stop changing the subject every time you are caught in an error.
Banamex is a very successful and profitable institution. Its former head Medina Mora was mentioned in the short list to replace Chuck Prince. That reminds me of something.... where are those form 4s
P 2009-03-03 2009-03-04 16:36:48 CITIGROUP INC C MEDINA-MORA MANUEL CEO 1,500,000 $1.24 $1,860,000.00 2,427,310 129.84% view P 2009-03-02 2009-03-04 16:31:07 CITIGROUP INC C HERNANDEZ ROBERTO director 6,000,000 $1.25 $7,500,000.00 6,000,000 119.20% view P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 50,000 $15.15 $757,350.00 50,000 -49.16% view P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 50,000 $13.63 $681,500.00 50,000 -43.51% view P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 250,000 $9.45 $2,362,500.00 1,844,950 -18.52% view P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 186,900 $9.52 $1,780,220.00 1,594,950 -19.16% view P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 313,100 $8.92 $2,791,910.00 1,408,050 -13.65% view
Yes, those insiders have not bought a single share mmmm.
Pee Dee, I really do not have time to discuss every single Citibank crown jewel when you are not willing to do some basic research. And the fact remains that you have been unable to disprove that Citigroup three years into a recession is generating more than $1 per share in PTPP earnings and cash flow from operations.
Wrong on GSTC, wrong on Citibank's earnings potential, wrong on insiders buying, wrong on Banamex value. Can we just please stop this?
More on the Gulf of Mexico and Deepwater Production [View article]
With the new changes, things maybe will start to get "subprime AAA". But the previous standards were very conservative and these numbers include only PROVED reserves.
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That is a good question and I do not know the answer because I bought the common. There is a link in the fourth part ("loose ends") to the prefs prospectus
Newcastle Investment: A Cheap Stock Ahead of Earnings [View article]
Cash flow, cash flow, cash flow.
NCT is cheap, but not as cheap as you imply. Plus you show no understanding of the industry sharing ratios that are heavily influenced by one time gains.
Portfolio Results; Learning From Past Mistakes [View article]
Jae, we have not talked much lately but that does not mean I am not keeping track of your progress, copying some of your ideas, and cheering your successes.
There is an old interview where you said that managing money was not one of your goals. Also I remember thinking that time that you probably were going to change your mind: you had the character and the work ethic, you just needed the self confidence. I am glad you found it and that others have recognize your capabilities.
Banamex? it just shows once again that you do not know how dominant and profitable it is. A safe financial group with $14B in equity with those characteristics could easily sell at 2x BV, I wanted to be conservative with the $25B.
Let's keep my final word short: the fact remains that you have been unable to disprove that Citigroup three years into a recession is generating more than $1 per share in PTPP earnings and cash flow from operations. The rest is just words.
Never say never, "Goldman Sachs, The Culture of Success" by Lisa Endlich former VP and foreign exchange trader at.... Goldman Sachs. She got full cooperation from GS an even interviewed John Weinberg so get your facts straight and stop the innuendo.
Regarding #3 Banamex at the top of my mind. #1 and #2 again just innuendo. You should check Yes Prime MInister on character assassination.
"The firm's eight partners had not sold any of their 10 percent holding in the original trust, and by the end their extensive legal costs coupled with the trading losses amounted to about $13 million. In the aftermath, the firm's capital was reduced to $5 million by 1936, a devastating blow considering that the partnership capital had been $4.5 million thirty years earlier. With the Depression and World War II, it would take decades to rebuild the firm's business, and it was not until the mid-1950s that the firm's capital would again rise above $10 million"
I do not dispute Citigroup past issues, I am discussing their present. A bank cash flow is very relevant 3 years into a recession. If those loans were really that bad should not C be getting a large interest income hit? Nowhere to be seen.
An regarding GSTC, an investment bank reputation is their equity (check Drexler, Salomon and several other examples). And BTW, Citigroup is much, much more than an investment bank.
Citibank IS earning more than $1 per share. Check the pre-tax pre-provision earnings.
I agree with all what what you say about Wells, but it has nothing to do about the depth of the current credit issues and the numbers show that the credit issues are improving.
Be Greedy When Others Are Fearful, Wells Fargo Edition [View article]
I did not say amazed, I said surprised :) Check Wells Fargo's cost of funds and pre-tax pre-provision earnings, intangibles sometimes are very tangible.
And M2M accounting of loans for banks? One of the stupidest ideas around. Let's give Mr Market control of our financing sytem precisely at the time when he is being a maniac.
Bruce Berkowitz on Financials [View article]
Pee Dee, you seem like a smart man and it seems you have enough time to write long comments. Can you use a little of that time to check your facts first or at least stop being overconfident and use words like never?
Banks are regulated institutions and their information is public. Banamex can be sold today at more than $25 billion. We are not talking about BBVA or Santander here so please stop changing the subject every time you are caught in an error.
Banamex is a very successful and profitable institution. Its former head Medina Mora was mentioned in the short list to replace Chuck Prince. That reminds me of something.... where are those form 4s
P 2009-03-03 2009-03-04 16:36:48 CITIGROUP INC C MEDINA-MORA MANUEL CEO 1,500,000 $1.24 $1,860,000.00 2,427,310 129.84% view
P 2009-03-02 2009-03-04 16:31:07 CITIGROUP INC C HERNANDEZ ROBERTO director 6,000,000 $1.25 $7,500,000.00 6,000,000 119.20% view
P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 50,000 $15.15 $757,350.00 50,000 -49.16% view
P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 50,000 $13.63 $681,500.00 50,000 -43.51% view
P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 250,000 $9.45 $2,362,500.00 1,844,950 -18.52% view
P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 186,900 $9.52 $1,780,220.00 1,594,950 -19.16% view
P 2008-11-13 2008-11-13 19:12:00 CITIGROUP INC C PANDIT VIKRAM S CEO 313,100 $8.92 $2,791,910.00 1,408,050 -13.65% view
Yes, those insiders have not bought a single share mmmm.
Pee Dee, I really do not have time to discuss every single Citibank crown jewel when you are not willing to do some basic research. And the fact remains that you have been unable to disprove that Citigroup three years into a recession is generating more than $1 per share in PTPP earnings and cash flow from operations.
Wrong on GSTC, wrong on Citibank's earnings potential, wrong on insiders buying, wrong on Banamex value. Can we just please stop this?
More on the Gulf of Mexico and Deepwater Production [View article]
Gramercy Capital: A Graham Stock Wrapped in a Mystery [View article]
variantperceptions.wor.../
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He used to be a smart guy and know his circle of competence. Then he got into AHR, DJSP, CCME, macro opinions, ... and we lost him.
Glen, this is an intervention.
Newcastle Investment: A Cheap Stock Ahead of Earnings [View article]
NCT is cheap, but not as cheap as you imply. Plus you show no understanding of the industry sharing ratios that are heavily influenced by one time gains.
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Portfolio Results; Learning From Past Mistakes [View article]
There is an old interview where you said that managing money was not one of your goals. Also I remember thinking that time that you probably were going to change your mind: you had the character and the work ethic, you just needed the self confidence. I am glad you found it and that others have recognize your capabilities.
Bruce Berkowitz on Financials [View article]
Let's keep my final word short: the fact remains that you have been unable to disprove that Citigroup three years into a recession is generating more than $1 per share in PTPP earnings and cash flow from operations. The rest is just words.
Bruce Berkowitz on Financials [View article]
Regarding #3 Banamex at the top of my mind. #1 and #2 again just innuendo. You should check Yes Prime MInister on character assassination.
Bruce Berkowitz on Financials [View article]
Never say never.
Bruce Berkowitz on Financials [View article]
An regarding GSTC, an investment bank reputation is their equity (check Drexler, Salomon and several other examples). And BTW, Citigroup is much, much more than an investment bank.
Bruce Berkowitz on Financials [View article]
I agree with all what what you say about Wells, but it has nothing to do about the depth of the current credit issues and the numbers show that the credit issues are improving.
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Bruce Berkowitz on Financials [View article]
Be Greedy When Others Are Fearful, Wells Fargo Edition [View article]
And M2M accounting of loans for banks? One of the stupidest ideas around. Let's give Mr Market control of our financing sytem precisely at the time when he is being a maniac.