during the emerging market crisis of the 1990's, citicorp was it three times tangible book value. than it waswer before the crisis. you have new management a little over a year ago. company running the less to be the next growth stock that did not blow up. all afternoon is not blow up. >> one threat to citigroup blowing up is volatile emerging markets. this could prove a big win for citigroup. >> they are guilty until proven innocent. emerging markets are down. citigroup stock is down. the stocks, what did do? the doubled. citigroup was down 90%. they aren't all created equally. the cell was close to $500. >> that is pretty good. try tothink he will scale back on emerging markets? >> that is great timing. consider where citigroup is a big. it is mexico, hong kong, singapore. they characterize hong kong and singapore as emerging markets. they are based in hong kong. that is a legacy, a bad legacy of the prior ceo. >> you like their exposure. what about the valuation? >> would you look at five prior crises, they have twice as much capital and one half to one third of the valuation.