Position Trading in Canada Message Board

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Gold/Mining/Energy : Position Trading in Canada

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To: Greg from Edmonton who wrote (2096)	3/14/2000 11:12:00 AM
From: keith massey	Read Replies (1) of 2259

What was PHV's estimated "book value" at the time? PHV's book value was huge but let's not forget about Loewen (LWN). I got caught holding the bag on that one when all hell broke loose two years ago and ended up taking a healthy loss (my biggest ever). Book value was $12 and I had just bought in at $9 on what appeared to be a very safe bounce off a triple bottom. Next thing I know the stock drops $2 to $7 in a couple of minutes on the same day I buy. It was my very first trade on the new Etrade Canada (trying out the service) and quickly learned that they don't allow stop losses (cancelled my account 1 week later). I didn't ask questions and quickly sold knowing something was wrong but I didn't know what. About 8 hours later it comes across the news wires that the police broke down the doors in 30 of LDM's offices and that they were up on fraud charges and cooking the books. LWN ended up dropping to .34 so Thank God I bailed when I did and didn't average down. Good lesson that book value often doesn't count and also to never trade without stop losses. Best Regards KEITH

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