Financial markets are often cruel and unforgiving. A perfect example is the shocking performance of Citigroup’s share price. In the middle of a roaring bull market, it’s languishing at around $45, almost exactly where it was trading five years ago. It is impossible to bump into a Citi banker without a complaint about the insipid performance.
So should we feel sorry for Citi’s long-term shareholders? Some would argue that the market is right to require a calamity premium. Citi has suffered more than its fair share of...
