Hello All,

Just wanted to add a quick posting. Today I picked up about 80 shares of Citigroup. If you’re not familiar with it, Citigroup is one of the worlds largest banks (1).

Why did I buy? Because its well globally well diversified, it should be a good position to capitalize on changing market conditions in the financial sector. Also, Citi’s management has been aggressive about limiting the financial impact of the subprime crisis on its bottom line. More importantly, the company is trading at an attractive 19 dollars a share, so it seems a good value.

Are there some downsides? Of course, the US is a recession. This means that pretty much all of Citigroups core businesses are going to be under pressure. Also there is still the potential of further write downs due to their exposure to sub prime lending, but for 19 dollars a share, its a good long term value.

We’ll let you know how things turns out.

Thanks,

James

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