<refuses to sell at bargain prices>
If the buzz about margin calls is correct, then maybe today, Wednesday will be the low--and why sell now at the precise low?
Wish I'd been smart enough to see the crash coming, but when you're moving up ten percent a day--as biotech did move up on many days back there in February, it is hard to imagine moving down ten percent a day as we did on a number of days in March. And still going down here in April...yup, I was down 10% again on Tuesday. Of course a ten percent loss isn't what it used to be, ~heheh.
How much pain can a person take before he buckles?
Well, I guess the best way to live with this is that if one buys a company for specific reasons maybe there is no reason to sell until your expectations are met. I posted a couple of blurbs about Genset over there...take a look and tell me if I sound rational--or is it rationalizing?
Message 13354891
With my account, I find myself doing exactly what I did last fall with the Ariad stop loss. First at a buck, then moved it to 7/8ths, then 3/4ths, then finally I sold shares at the precise low at 1/2. Seems like old times as I am off 50% from the high. I had told myself that I'd set my account stop loss at 800k, and as you know, I went below that a week ago (or whenever it was that I PM-ed you that I was "stopped out"). Then 700k...and now 600-something-K. And I'll probably be below that threshold later today as the next excuse for a sell off--margin calls, kicks in.
Classic deer-in-headlight behaviour, and it probably makes the folks who know me more uncomfortable than it makes me! I know one fella I work with lurks on SI, probably shaking his head in disgust, that's a lot of money taken off the table this past few weeks, really a shame.
I remember when I was telling a fellow at work about the Ariad debacle last fall, he started getting all uptight, as if it was his money I was working with! It'll be interesting to see how the fellas react when I go back to work in a few days, and they find out I'm not retiring anymore--see if they get all blustery about how I should have locked it in after I'd made my million. No kidding!
And now my folks finally have a PC--if they find their way over to Silicon Investor, I am going to get the devil for not having diversified weeks ago.
(folks should select "Ignore this Person" if I am making them uncomfortable...I know that my tendency to spill my guts online can get some folks uptight--I remember Pirkkal of the Yahoo Ariad thread laying into me last fall for posting my thoughts online...) Of course I'm still up 460% ytd, but somehow that does not make the losses of the the last month any easier to take. |
