Logic for $C is pretty simple: 8x P/E $86 TBV Limited CRE Exposure Cut costs by $1 - $2 Billion a year and you get to $6.50 EPS Remember, back in the glory days, even when Citi was making less, 2017-2019 you had $15 Billion in repurchases every year Covid came, they got scared and were put in regulatory jail even though at this point Wells Fargo has robbed at least 25% of their customers atone point or another YTD Repurchases of only $1.5 Billion (sad), but each share repurchased creates $35 of value for other shareholders Can see $C finishing out the year at $65 if we get back to $1- $1.5 Billion in quarterly repurchases Own it at 0.50% weight. Not really into big banks, but it is the cheapest of the Big 4 and who doesn't love a comeback story Only concern is now that they are firing people left and right, it looks a little insensitive to go cuckoo on the buyback, so they may take some time and pretend they are sad making "touch decisions" and wait until 2025 to go nuts Lastly, Tier 1 Capital Ratio of 15.4% is the highest it has been since 2016, only $JPM is slightly higher