Long term buy and hold suffering Message Board

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Pastimes : Long term buy and hold suffering

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To: Hawk who wrote (35)	9/10/2002 8:02:23 PM
From: Gulo	Read Replies (1) of 63

I did well over the last few years and was beginning to think I was smart and lucky. The tech bubble burst didn't hurt me, and my portfolio reached a new high in May this year. I lost half of my portfolio since then because of three big mistakes. 1) I thought I was lucky, so I bought lots of a speculative gold stock (V.ALS). I sold the last of it at a 30% loss. 2) I thought I was smart, so I bought a bunch of BBY at 30, some of it on margin. It tanked 30% in a day the week after I bought in. The margin call almost cleaned out the account. (I bought more at $20, so the story's not over yet.) 3) I thought everyone else was dumber than me, so I bought ELN when the dumb masses sold it down to $9. The dumb masses then proceeded to sell it down to $2. Somehow, that doesn't make me feel smarter. Three big mistakes after five years of mostly good moves - talk about a wake-up call! I'm awake now. Or at least I think I am. -g

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