Market capitulation occurred today, at least as far as CMGI is concerned, IMO.
I bought back my Dec 155 calls that I sold for approx 18, the Sept 130's, 125's, 120's, and 115's. Also bought more stock between 67 and 69. Early Christmas present for myself.
I know these markets are unsettling for everyone involved and this ride with CMGI has been gut-wrenching. But as far as this company goes, NOTHING HAS CHANGED. The hundreds of thousands of day traders that have never taken this ride, panicked. Everywhere. And everyone got hurt.
Do I give 1/3 of a horse's ass about the stock at this level? Well, sure. But I've always taken the position that this is a 3-5 year bet. The stock I bought today was buying CMGI at a 6.3B market cap. A gift, IMO.
You get alot of opportunities in life. Most of us don't grasp them because the detritus of day-to-day living and investing consumes our resources. Energy, emotion, capital, and time. I've struggled with stepping out of my own detritus but have found that life and investing are more satisfying to me when I grap ahold of an opportunity that many are uncomfortable adopting.
The market is no different. And there will be other bottoms. But right or wrong, I've placed my bets and can sleep with them at night without having to get up 2 or 3 times to check for the most recent news on my positions or their net liquidating values.
For those of you with a spiritual side, when God slams a door, sometimes, he opens a window. IMO, that's what occurred in the market this morning.
Good luck to all of us,
Mark |
