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Email of the Week: NetNet as a Contrarian Indicator

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A reader by the name of "Jim K." writes in to comment on our coverage of the banking sector. He's a bull who is really hoping we don't change our bearishness.

Dear NetNeters,

You're obviously thoughtful and insightful folks and are good at analysis. I very much enjoy reading your articles even if i don't completely agree. And when I agree but don't think it'll matter stock wise.

I've invested what is to me a large amount of money in Citigroup and others and for a while now i have done pretty well.

Hopefully you folks have invested in one way or another in the banks that your posting about. Otherwise, you'll miss an opportunity to make some money because of being clouded by all the negative sentiment you are creating.

And please dont change your tone to positive, i'm superstitious.

Incidentally, neither Cadie, Ash nor I am either long or short Citigroup or any other bank, except perhaps accidentally. I don't invest in individual stocks. Most of my wealth (to use a completely inappropriate term; my "poor" sounds awkward though) is in US dollar-denominated bank deposits or a diversified portfolio of mutual funds, as it has been since I graduated from law school in 2000. CNBC rules prevent us from trading individual stocks. And, in any case, we certainly would not be long or short any financial position or company we write about without being very explicit in our posts on the subject.

That said, we do like the way this guy thinks. Bank stocks are way up since the launch of NetNet back in September. If we ever turn positive, run for the hills.

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