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John Buckingham, CIO of Al Frank Asset Management, Talks Banks and Citi Pessimism

July 16, 2013 | About:
Holly LaFon

Holly LaFon

262 followers
Guru John Buckingham is not impressed with Citigroup (C), and discusses JPMorgan (JPM) and Wells Fargo (WFC).


Rating: 3.7/5 (3 votes)

Comments

smgacm
Smgacm premium member - 1 year ago


This investor seems to miss the point of effective capital allocation. Arguing that dividend yields are the best way to value a bank stock seems misguided. Citi's management has repeatedly stated that repurchases are a superior way to deal with excess earnings if the stock price is low relative to book value. I would argue that Klarman's admonition to "buy assets and sell earnings" would be a better way to frame this discussion.

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