Second, losses at its Citi Holdings unit, which contains noncore assets, fell to $284 million from $804 million in the year-ago period. Nevertheless, those developments illustrate my thesis that the market may have overestimated the extent of Citigroup's plight, particularly in the wake of the Fed's decision. With shares valued at nearly a one-fifth discount to their tangible book value as of Friday's close, I continue to think Citigroup offers genuine long-term value (even after today's pop).