Kuwaiti fund rakes in $1 billion profit on Citigroup sale - Tom Johansmeyer

Sign Up | Log In | What is SocialPicks?

Kuwaiti fund rakes in $1 billion profit on Citigroup sale
Dec 06, 2009 07:10 PM UTC

Tom Johansmeyer

Return	Risk
+32.62%	LOW

Tracked Blogger

Profile & Performance

Subscribe to author

Symbol	Sentiment	Start	Return	Closed
C	n/a
BAC	n/a

Via BloggingStocks:

Filed under: Citigroup Inc. (C), Bank of America (BAC)

In a case of buy low, sell high, Kuwait's sovereign wealth fund just unloaded its $4.1 billion stake in Citigroup (C). In doing so, the fund scored a $1 billion profit -- and a 37% rate of return on its investment -- according to the Kuwait Investment Authority (KIA).

The fund invested in Citigroup in January 2008, before the financial industry came to the brink of collapse last year, but well after the impact of the mortgage crisis had been identified. The fund also invested $2 billion in Merrill Lynch, which was acquired by Bank of America (BAC) in September 2008.

Continue reading Kuwaiti fund rakes in $1 billion profit on Citigroup sale

Kuwaiti fund rakes in $1 billion profit on Citigroup sale originally appeared on BloggingStocks on Sun, 06 Dec 2009 14:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

Read the rest of original post »

Add Comment

Be the first to comment on this story and earn 2 points.

Your Comment

IN THE PRESS

None of the information contained on SocialPicks.com constitutes a recommendation by SocialPicks or its users that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. SocialPicks is not responsible for the posts, discussions, and recommendations of the users on the Site. SocialPicks does not provide investment advice. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the website. SocialPicks' users' past results are not necessarily indicative of future performance. Neither SocialPicks nor any of its users guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the website. You understand and agree that you use the Site and Services at your own discretion and risk and that you will be solely responsible for any damages that arise from such use. Before acting on any information contained on the website, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.