A dog is a dog is a dog and I am responsible for this dog. I can afford to hold and wait for the profite to come. I have also averaged down on this stock to hasten my way to profitability.
I want to share a quick story related to my pen name, Andrew Vance. Before coming onto SI and trying to help people with investments, I wanted to have a constant reminder of what effect I could have on people and their pocketbooks. Time and time again, I have stated that no one should be investing with less than $5000 and should prepare to lose it all. By lose, I mean having to sit on a dog until it recovers.
More than 50 people begged me to get them into the AEIS IPO a few years back (October of 1995 I believe) at $10. I obliged these people and the stock ran to $11 before it went on a freefall that got down to roughly $3. For the favor, I received a great deal of hateful comments and whining as if it was my fault. I kept telling people to buy down on the stock as I was. They said they couldn't afford to because they sunk all their money onto AEIS. Most of this was 100-200 shares making the investment a maximum of $2000.
As I came onto SI, I was still smarting from this situation and wanted to make sure I had a constant reminder of this event, even though it was not my fault(Word leaked out that I was getting into this IPO and everyone (50+) wanted a piece of the action). When I logged into SI late 1996, AEIS was in the $4-$6 range. I chose AnDrew VANCE (ADVANCE) as my pen name as my reminder to be very careful not to let this happen again. To make a long story short, AEIS was at 5.375 on 12/31/96 and broke $32 a few weeks ago. This was a 3X gain on the original 2 year investment for those that held on and up to a 10X gain for those that followed me down to the $3 range and held on. Patience paid off.
I did the same thing with both DIMD and CREAF. Both stocks were bought prematurely but I bought on the way down. They were both dogs for close to a year but I was able to maximize profits by buying on the way down. Both more than doubled in price from the original high entry price but it took time to recoup.
On the down side, I bought a few down into bankruptcy, notably SPCL, FPNX, and a few others.
My record is 1-2 dogs a year mixed in with a bunch of winners. It seems that once every 3 years, I pick a real loser that winds up going under. BYDS is my dog for 1997 since nothing seems to come close. I am positioned for a comeback and will wait on the sidelines. I am content to wait it out and smile when it goes double digits. I do not think this is a loser stock but a dog stock. Every dog has its day and so will BYDS.
For now, let the blame reside where it belongs, on me. But have the patience to wait out the game to reap the rewards. We have a great deal of upside potential and very little downside.<GGG>
Andrew |
