No, I've never shorted anything.
Spring 2000 was a once in a lifetime
chance to buy puts, and I didn't do
that either.
I have been thinking about my most
miserable failure--not holding the blue
chips I'd bought with my biotech profits.
They all went on to be three to five baggers,
sickening. Corning maybe did the worst, but
even it did well. I think maybe JCPenny would
have done the best for me, I probably held it
fow only a few weeks, and then for whatever
reason got bored*. Owned it around $10 or $12,
I think it is $50 now.
Anyway--would I have held any of those for
my 3 to 5x?? Probably not, so I cant beat
myself up for it too much I guess.
Several times I've thought of one of my Poker
buddies strategy. He hasn't done as well as I
have (1999 and early '00 funded my retirement,
athough I haven't actually retired yet) but he
has done awfully well--and in only one stock.
This fellow bought Philip Morris years ago,
kept buying, got his dividend, and did it all
in a retirement account. He did very well, with
just the one stock, and never sold.
I had some luck--but no luck at all since 2000.
Increasingly, I think I would trade infrequent
luck, for one good stock to hold for a decade.
Buy it and forget it.
Meanwhile, I am content to guess that, as I said,
we are in for several awful years and cash is king.
Silly me--it never really ocurred to me that the
greenback would lose value agaist yen/pound/euro,
as it did for the past couple years, and also pay
a miserly rate, the 4%.
............
*Actually, with JCP, the stock was obviously
very cheap--but I don't shop there. I thought
if I am not shopping a JCP, why am I bullish
on the stock? So there was some rationalization
for not holding the shares.
Likewise, an investment in WaMu only lasted a
few weeks. Ouch, that would have done quite well
for me too. After awhile, I probably thought to
myself that everything that WaMu does, my credit
union does better. Again, the stock was fairly
cheap, but I rationalized dumping the position
for something sexier.
But if a gut spilling here, thanks for endulging me. |
