Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (19556)	6/8/2002 2:56:27 AM
From: Maurice Winn	Read Replies (2) of 74559

Jay, I did much better than that NEM thing. After saving my bacon with the $50 small sale, I was able to ride through the bottom with a margin call which I didn't have to meet because the price bounced up, giving me maximum possible upside leverage [much excitement] enabling me to quit all debt in the high $60s and some at high $50s. Meanwhile, I bought a large stack of Globalstar Senior Notes at about 4.4c on the $ which I sold at 9.7c recently. The Global Crossing Gloating Rights purchase was abandoned within a couple of weeks when I realized gloating wasn't sufficient justification for such a large scale investment when warned by the friendly Sier that I was in trouble. So, I've done much better than the pathetic potential gains from NEM. I should also have ditched the rest of my Mighty Q! but I value the company much higher than the current price, so it would be silly to accept some low offer from somebody who values the company much lower than I do. I am NOT going to buy gold. I understand full well that irrational exuberance and mania could propel the price to $1000 an ounce, but then again, it might not. Just as I was not prepared to take a gamble on the Internut mania, I'm not going to chase gold above its production cost. To me it remains just another metal with a very long price history to inspect; a price history which included huge wars stokesey.demon.co.uk famines, depressions [involving 30% unemployment]. I was going to try to join the cult, but couldn't work up the enthusiasm. Now, I'm off to eat some Indian food with family. Yumm. CU, Mqurice

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