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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (177180)	7/3/2002 12:01:52 AM
From: LLCF	Read Replies (1) \| Respond to of 436258

Yep... one of my favorite stories of savy investing is myown for my father in law. The market was rocking a few years ago, and a guy who had virtually NEVER been in the market wanted to buy something. I had been following biotech and he wanted one to buy... he guaranteed that it was really for the kids anyway [my wife and here sisters] and didn't care that it was risky. I told him to buy a couple hundred INCY as I knew the story and considered it dirt cheap @ around $20... one of the few bio's that made money, into genomics, etc... and biotech really hadn't moved yet. I didn't talk to him for weeks, and he mentioned it had moved up at some point a few months later... I had been watching as I also had quite a large position and told him that was an understatment as it was around $60 already. We dropped it, and I certainly didn't urge him to sell... couple hundred shares.. big deal. I forgot how much more time passed but the thing was rocking over $100-$150 and I told my wife to tell Dad to sell. They came to dinner a few days later and he brought his statment and wanted me to take care of it since he didn't really know how to do this stuff... he uses Schwab and actually called them even though he has automated phone OR online for 1/2 the price. [he's VERY clueless... and that's an understatement]. So he shows me his Schwab statement [other than his pension, which is pretty nice, this is IT... ] and he has like $900 in cash and 1200 INCY. He's put ALL HIS EXTRA MONEY [a pittance IMO, but he does have a great pension and a like amount in cash in the bank he lives off of] in INCY.... he called the broker and told him to "buy some"... and when the guy asked how much, just said 'whatever we can buy" or some such thing!!! Long story short the guy makes 1/4 million in the "puff" by the time we're done selling. Love that story... true, every word.... just dumb freakin luck. DAK