Citigroup Inc.
Thesis
Similar to his investment in JP Morgan, Jabre bought Citigroup in 2009 after hearing the CEO's positive outlook on the bank's financial health, which indicated a significant opportunity as the market had a negative view of banks at that time.
Did it work?
worked
confidence: high
The contrarian long thesis on Citigroup in 2009 — betting the bank's financial health was sound despite the market's deeply negative view of banks — clearly played out. Over the ~17.6 years since the pitch, the stock returned +247%, far exceeding any reasonable horizon the thesis implied and validating the bet that Citi would survive and recover from the crisis. The direction of the return matches the long positioning decisively.