Citigroup Inc. (C)

Comments on US banks are fairly consistent. Had big runs last year. Short term results have been a little disappointing. Are good long term buys.

He decided his firm's best bet was to position themselves in the area that had the most damage in '08/'09 so their multiples were a lot less than the senior players. Over time he felt there would be a journey of forgiveness – they would earn it from the markets. This is exactly what has happened. It is still trading below book value.

Last year, there was a lot of optimism for U.S. banks. The market got ahead of itself with the deregulation promised by Trump. Currently, Citibank is trading at decent levels and this is a good time to get in. Mortgages may soften, so that
may be a headwind.

U.S. financials have moved sideways, so there's room for them to move higher. Citigroup has enjoyed higher earnigns and share buybacks, but he prefers Bank of America--they have more operating leverage and have done well cutting costs. Nothing against Citigroup, but he prefers Bank of America.

This is a diversified financial. It has good emerging market exposure. He likes owning financials now, but thinks the valuations are getting too expensive. He would prefer Bank of America with a more US focus and the e-brokers.

He has also been selling many bank holdings in Canada. The momentum is weakening and you are getting lower highs and lower lows. You would probably bring buyers back in about $56-$60. Pay attention to stocks rolling over.

He likes them because the valuation is very reasonable. It has a great global network, giving exposure to global economic growth. They may look to unlock value by slowly selling off assets that do not create shareholder value. He is in it for the long haul.

He likes all the US banks. Regulations are coming easy for them as opposed to more difficult. Reasonable investment bank arm. He likes other US banks better at the moment though.

(A Top Pick July 11/17 Up 4%) He still loves the big US financials, especially those too big to fail. They are doing all the right things including stock buy backs. He thinks they should be increasing their dividend. As interest rates go up they will increase margins.

The U.S. banks are attractive, though he prefers others to Citi. Citi is more international with operations in Mexico for example, so they don't benefit as much from U.S. tax reform.

(A Top Pick April 6/17 - Up 20.4%) Still like it. Trading at one times book value. One pf the cheapest in the group. Lighter regulatory environment will benefit them. They have a strong global presence (50% of their revenues).

An underperformer for years. He owns a few US banks, but not this one. This is still struggling on the execution front. Morgan Stanley performs better.

(A Top Pick March 9/17, Up 24%) Trading at just above 1x book-to-price value. Dividend of 1.7% will likely climb and/or continual share buybacks for the next few years. Will be $60 billion of capital returns to shareholders. A lighter regulatory environoment will help. Their global presence (i.e. Latin America) distinguishes them from other American banks, like Bank of America. 50% of revenues come overseas.

(A Top Pick Feb 6/17 Up 35%). He loves this company and has a big position, buying after the US federal election. The US financials are starting to make interest spreads again. Higher interest rates will be a major positive and they are promising dividend increases. They only pay out 20% of earnings in dividends and thinks the dividend could be increased. Yield 1.7%. (Analysts’ price target is $83.85 )

He loves this company and has a big position, buying after the US federal election. The US financials are starting to make interest spreads again. Higher interest rates will be a major positive and they are promising dividend increases. Yield 1.7%. (Analysts’ price target is $83.85 )