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Five Days after the Tragic Death of Its Bearish Equity Strategist, Tobias Levkovich, Citigroup Puts Out a Bullish Call on Global Bank Stocks

Courtesy of Pam Martens

Tobias Levkovich, Chief U.S. Equity Strategist at Citigroup, Died on October 1, 2021. His Death Is Being Investigated by a Homicide Squad.

Tobias Levkovich, Chief U.S. Equity Strategist at Citigroup, Died on October 1, 2021. His Death Is Being Investigated by a Homicide Squad.

By Pam Martens and Russ Martens

Buying global bank stocks at this moment in time would be like storing dynamite next to your fire pit.

One of the worst pieces of advice we’ve ever read at Bloomberg News had a prominent headline on their digital front page early this morning. It read: “Citi Says Banks Are In, Tech Is Out Ahead of Rates Lift-Off.” The advice is so bad that we found ourselves pondering if this was a paid post from Citigroup. There wasn’t the typical paywall on the article, which further fueled our suspicions.

The gist of the article is this:

“In the race to find the best hedges against higher rates and inflation, Citigroup Inc.’s chief global equity strategist is moving with the tide toward global financial stocks.

“Like a growing number of his peers, Robert Buckland expects value stocks to provide a degree of protection against the market turbulence brought about by rising bond yields.”

For starters, never take advice on buying global bank stocks from a global bank that blew itself up just 13 years ago and whose share price has yet to recover. The S&P 500 is up 200 percent from before the crash in 2008 but Citigroup is still down 75 percent from 13 years ago. (Citigroup did a 1-for-10 reverse stock split at the opening of trading on May 9, 2011 in order to dress up its share price. The 1-for-10 reverse split meant that investors who owned 100 shares of Citigroup were left with just 10 shares – but those 10 shares had a much prettier share price to obscure the reality that the investor’s life savings had been put through a shredder.)

One has to seriously question if long-time chief U.S. equity strategist at Citigroup, Tobias Levkovich, would have challenged this recommendation, had he not died on October 1. Levkovich succumbed to injuries suffered from being hit by a car while walking early in the morning in Woodmere, Long Island on September 1.


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