The ONLY people that lost during the October selloff last year were those that sold. I took a 20% loss...dad just held firm and ended up about 300% ahead. Remember the ole saying - buy low, sell hi? Well, if you buy when everything is great, and sell during these corrections, you're kinda doing the opposite.
The best time to buy is when there is blood in the streets.
I am in at 140, 130, and 120. If we drop to 100 tomorrow, I will buy more. The redder the blood, the better the sell-off. And I WANT a blood red selloff - until that happens, we cannot zoom to new heights. Today was bloody...tomorrow with margin calls...could at least start off bloodier. Once this turns around, we will never look back.
In my opinion, it's a hell of a lot easier buying AOL here than waiting till we're pumping 10-20 pts a day leading into earnings and another possible split.
So...just take a deep breath. Remember that this has happened before and it was NOT the end of the world. This correction will be over even quicker (last one had the threat of world depression). Three steps forward...one big step back...followed by 3 steps forward.
My old dad's best advice here - "Son, do you honestly think AOL will be less than today's price or twice today's price one year from now?" I said..."probably 3 times today's price". Nuff said. I'm listening to dad this time.
SM |
