Hi carranza2, yes, I did buy GX August 2007 8.7% senior debt at 0.70 cents on the dollar and watched it drop to 0.51 cents within three weeks after the initial foray into the minefield. This is reminding me so much of my 1998 ‘buy the bargains’ emerging market financial storm speculation – didn’t matter what I bought or when I bought it, the next move in the bargain is another 20% drop, followed by yet one more.
So, buy slowly, broadly, in allocation size that does not kill or maim, and given the number of ‘bargains’ and ‘tempting treats’, do not bother with averaging down; just buy something that will deliver on the next 20% decline, it is easy:0)
The pain goes away after a while, as the numbing envelops all sensitive spots, and soon, fever, delirium, thoughts of redemption and forgiveness. Finally, seeing the light.
Chugs, Jay |
