Ron,
I also was a former investor of the Bear stock, apparently privvy to the same "bedtime stories" Rob Ady was. I have thought often about the question you ask, "what keeps them believing in this stock after this length of time"? Initially, in less than 2 weeks, they were signing with a major for $100+ a share. I jumped in. How could I resist? Time dragged. While we searched for info from other sources, bedtime stories persisted. The President would tell our group when we called to just be patient and we would be able to "buy a nice pair of shoes for Christmas". Several months later with bedtime stories getting more unbelievable, (and I mean lots of them) I bought more shares at a higher price, then a few months later, did it again at a higher price yet. Stories of the President buying a new car, house and the like put credibility into the cause. Why would he buy these things if it all was not true? There was the story of the Champion Bear execs all going out for the celebration dinner with the joint venture company they had all signed with. People claimed to have seen them all drunk in the white limos after signing, property guarded to keep people from stealing the gold laying around on the ground. The press release sitting on the President's desk just waiting for one last detail. Stories sounded credible and we wanted to believe them all! Great fortunes were soon to be ours!
In hindsight, now somewhat emotionally removed from the company, there were indicators that these stories were fabricated from within that company. I changed jobs a year later, and the totally new group of associates I became involved with, very geographically removed, had heard all the same stories, word for word, event for event. I also bailed out of that hollow company while it went for its incredibly unrealistic rise, feeling lucky for the chance.
I apologize for rattling on. I could entertain you around a campfire for several nights with the stories we heard, and you would probably buy more Bear stock when I was done. I for one put distance between me and that company the moment I could, and only because of sheer luck did I make any money. I still fail to see any substance to the company even after their latest release.
Best of luck, for luck it is.
Regards,
John |
