Probably because he took so much abuse from IOM fanatics. I'm not judging one way or another, just guessing.
Anyone catch the MF IOM thread started by Iomeganut (aka Rockwell Smarty-Smart, Secret Rocker Agent 86?) It starts in post 22300:
Where is the apology from David Gardner? After shamelessly hyping this stock at above $9, you'd think he'd at least have the courage to pay a little visit here and tell why we should hold on at $3 7/8? After all, his recommendation of IOM when it was about $9 1/2 led to many here throwing their hard-earned $$$ money down the toilet.
Those who listened to David G. last February or so now are sitting on a 60%+ LOSS. Isn't there some kind of Foolish Rule about holding onto <$5 stocks? Or about knowing when to let go?
Evidently, these rules go out the window when it helps one David G. save a little face, and avoid the embarrasment of having to show his face around here. For those wanting answers about recommending this trash from David G, I wouldn't hold my breath. Time to move on and dump this garbage scow. Beware of those Investment Gurus like David G who write down one set of rules, and follow another.
David responds in post 22378:
My article on January 6 was entitled "My One-Stock Contest Pick This Year," in which I stated, "I harbor hopes that the old nag may ride again."
This contest was for a bottle of wine, and an in-family thing. Iomega was at $8 1/4 that day.
What I did not say: I did not say Iomega was my favorite stock. I did not say to you or anyone, "Buy it." I did not say it was a model of business success.
What I did say: I did say that I was picking it to win my family contest this year. I said I liked that it was coming out with the 250 MB Zip drive, and that it's Clik! product looked very interesting. I said I liked its new management. I also said, "... it remains just far enough off Wall Street's radar that it might do very well in 1999. But it's a calculated risk, of course. I could've made a safer and surer pick for the family contest. But you know what? Wouldn'a been as fun. Investing has to be fun, too."
I am not writing this to make excuses. I am very disappointed by Iomega. On the one hand, we are not halfway through this year, so my family contest is far from over. On the down side: Iomega has performed exceptionally poorly in the first half of this year, and I am losing faith in the company's ability to ride again.
I don't really regard an investment as a failure until I cash out and wave the white flag. But I'm certainly happy to own up to the obvious fact that this stock has been a real dog. This post doesn't represent the first time I have done this, though. Further, I certainly realize that it's less likely Iomega will do well now, than when we began the year. So I am prepared to admit failure, should Jeff and I decide against Iomega. But let me just make one thing clear: My analysis of this stock so far this year has sucked.
It's always disappointing to have one or more crappy stocks in one's portfolio. But the reason we diversify into 8-15 different stocks is because we know this will happen with one or two. We take risks in the Rule Breaker portfolio; we know we will screw up as risk-takers. Comes with the territory. Iomega has ended up being a crummy investment in the first half of 1999, primarily because it has failed to execute effectively.
But look at the title of this thread? Do I have to apologize? Do you understand the purpose of The Motley Fool?
David
And my favorite response to Rock..er..you-know-who is this jewel from rem50 (post 22437):
So typical of the wafting whimpering stink that emanates from Washington, and has infected every
area of American life. "It wasn't me!!" "It's not
mmmyyyyy fault!! " "It was somebody else who made me
buy that stock, its their fault...look what they made me do!!" "Not my child, somebody else is to blame!!"
Shut up...who wants to hear your crap. Are you the one
who bought it? Then shut up...ever hear of 'due diligence' ?
Get one thing straight, and remember it...."You, are
responsible for the conditions of your life that you
find yourself in...nobody else. You are the one that
made all the decisions that brought your pitiful whimpering life to the point you find yourself at.
You make me wanna puke. Stand up straight and face the
world. One thing I apologize for,is not being as direct as I wanted to. You got your apology.
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