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Re: our worst investments
Old 04-27-2006, 06:12 AM   #61
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Re: our worst investments

Mine was getting sucked into Stratton Oakmont (Long Island boiler room stock promotor that the movie was based on) back in the early 90's. Lost $45k. Thank god DW decided not to trade me in. :P [I asked a similar question on my first post here. Always good to see the humility. I think it is key to success in life.]
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Re: our worst investments
Old 04-27-2006, 09:28 AM   #62
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Re: our worst investments

My worst investment is my work 401-k. Nearly all of the funds have a poor performance record coupled with ridiculously high fees (surprise, surprise). I sure wish I could roll the 401k into my personal IRA, without quitting the job!
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Re: our worst investments
Old 04-27-2006, 09:59 AM   #63
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Re: our worst investments

Quote:
Originally Posted by Papi
My worst investment is my work 401-k. Nearly all of the funds have a poor performance record coupled with ridiculously high fees (surprise, surprise). I sure wish I could roll the 401k into my personal IRA, without quitting the job!
Funny, I was just heading to the "best investment" thread to post about my 401(k) there. Come to think of it, I guess it's pure luck my company used Vanguard and had several good funds to choose from. I didn't know the difference back then...I was about to say I wouldn't have thought anything if they put all my money in company stock, but that's not true as I was in the stock-buy program for 6 months then quit realizing (at the young age of 20-21) I had both my income and savings invested in the same place, and if the company tanked I could lose both. But anyway, I suppose it could've been the worst investment if it didn't happen to be a good trustee with good investment choices, and at the time I wouldn't have known the difference.
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Old 10-06-2007, 02:50 PM   #64
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- MOVI equity. Didn't foresee the whole business turning to **** just as the company took on a ton of debt to buy a larger competitor.
Here's an update on an old subject, with the other shoe going THUNK:
Movie Gallery to file for Chap. 11 protection: report | Reuters
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Old 10-06-2007, 02:53 PM   #65
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Looks like even the bondholders get no cash; and the old stockholders get nada. Tough business.

Ha
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Old 10-06-2007, 03:20 PM   #66
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I haven't done anything too stupid, but my husband let a FA talk him into buying stocks in each of his daughter's college funds. He still owns the stock in there! I am sick of lecturing him about what a huge mistake this is. He has no idea what he paid for it.
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Old 10-06-2007, 04:50 PM   #67
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Commodities on margin through a M-L broker just before my ship left for a short deployment. Money? What money?
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Old 10-06-2007, 07:14 PM   #68
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in 2000 my wife was working for AT&T. The big buzz around there was the impending IPO for the spinoff AT&T Wireless. All the higher ups were pushing it, telling the employees this was a rare opportunity to get in on the ground floor of a hot company. Everyone was taking out 2nd mortgages etc. to get in this thing. We ended up investing 100k all on margin. The stock never went anywhere, then tanked. The bubble burst on the stock market, then the margin calls came in. By the time it was over, We lost around 100K- 130K.
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Old 10-06-2007, 08:05 PM   #69
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Kids.
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Old 10-07-2007, 04:25 AM   #70
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I had too much $$$ in Company Stock. Lost $175K on paper in about 2 weeks. But overall I had a big gain. I should have diversified out of it.
Same here but no gain. Was in the stock purchase plan at SGI. I kept waiting for the stock to go up enough that I could at least cover the taxes I had to pay on the %15 discount. About a year ago they went bankrupt. Goodbye about $40,000.
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Old 10-07-2007, 05:48 PM   #71
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From one of my first posts on this forum:

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Worst: I actually got suckered into investing with Stratton Oakmont sometime around 94. They were the infamous Long Island boiler room IPO operation. loss => $45k. Completely my fault and plenty of stress on the marriage since the wife wasn't paying much attention to the investments at the time. Will never forget that lesson in greed and gullibility
By no means a savvy investor now, just not as pathetically dumb as then.
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Old 10-07-2007, 05:58 PM   #72
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All this company stock talk reminded me of another one. When megacorp was purchased by mega-megacorp one division was a high tech something or other. High tech gets spun off just before high tech meltdown. Watched in disbelief as value of my high tech spinoff went down over $100,000 in my portfolio. I was confident it would come back. Hasn't yet; doubt it ever will.
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Old 10-07-2007, 06:29 PM   #73
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Worst investment: buying our business. -$175,000. Ouch.
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Old 10-07-2007, 11:52 PM   #74
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The second worst is TMFZ. Bot 2.6 nearly three years ago, now .3, still holding. It cost me 13k, 80% of my Roth IRA

The worst is that I bot 6k CNEH @.4 with all my left Roth. Sold it @1.18. In next four days, CNEH got 4.5.
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Old 10-13-2007, 05:21 AM   #75
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Maybe I missed it but I didn't see anyone list this one.

MEDICAL!!

This was my worst "investment" I got misdiagnosed and wasted 3 years treating a disease I never had.

Lots of money completely lost...you can't even sell out at pennies on the dollar!

Jim
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Old 10-13-2007, 09:11 AM   #76
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Does Amway count as an investment? I've lost more money in certain stocks, but as far as my own stupidity goes, Amway wins hands down.

A good friend got very into it, and asked me to join. I gave him a hundred or 2, I can't really remember. I had no intention of actually selling all of the stuff, just supporting a friend. I figured that would be the end of it. It wasn't....

Suddenly I was getting phone calls pretty regularly from those higher up wondering why I hadn't sold anything, inviting me to go to some convention, inviting me to listen to them signing people up, or offering to come over and help me get started. In hindsight I should have been straight up with them all, but I never like to tell anyone that I think what they are involved in (especially when it is almost a religion) is kinda cheesy, and very pyramid-like. Eventually they got the idea that I was either not interested, or too dumb to participate in this most wonderful way to make all of my financial dreams come true.
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Old 10-13-2007, 10:40 PM   #77
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All my mistakes were in the 80s:
Bought points on a mortage that I paid off two years later.
Bought stocks right before 1987 crash...Sold stocks right after the 1987 crash.
Started my 401K with way too much fixed income.
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Old 10-14-2007, 08:21 AM   #78
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Worst investment: White Oak, a tech mutual fund. Took it to the top in my 401K and bailed at the bottom, post bubble. Lost 250K in paper profits. DW did not panic in her better diversiified 401k, went to the bottom and then back up. Never sold and recovered her $$. Now we have it all linked in a unified (free) plan at Vanguard, visible as a whole on the web site. I do not allow myself any discretion outside the plan. I know that I get caught in the frenzy with the wrong instincts.
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Old 10-14-2007, 12:44 PM   #79
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Latest is New Century Financial. Got in at 41, got out at 5, 100 shares but Uncle Sam will pick up a portion of my losses since it is in my taxable account.
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Old 10-16-2007, 11:52 AM   #80
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Does Amway count as an investment? I've lost more money in certain stocks, but as far as my own stupidity goes, Amway wins hands down.

A good friend got very into it, and asked me to join. I gave him a hundred or 2, I can't really remember. I had no intention of actually selling all of the stuff, just supporting a friend. I figured that would be the end of it. It wasn't....

Suddenly I was getting phone calls pretty regularly from those higher up wondering why I hadn't sold anything, inviting me to go to some convention, inviting me to listen to them signing people up, or offering to come over and help me get started. In hindsight I should have been straight up with them all, but I never like to tell anyone that I think what they are involved in (especially when it is almost a religion) is kinda cheesy, and very pyramid-like. Eventually they got the idea that I was either not interested, or too dumb to participate in this most wonderful way to make all of my financial dreams come true.
I had friends many years ago who were into Amway. They were proud members of MENSA and had a neat response to my "but that sounds like a pyramid." Amazing.
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