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Old 09-19-2009, 06:44 AM   #41
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Lets see:

Lucent
An annuity
1031'd proceeds from our office bldg sale into 3 Florida condo's
Not selling my company stock when my acct said to
putting my 401k into cash right before y2k and not putting back into equities at the right time

The list goes on and on
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Old 09-19-2009, 11:32 AM   #42
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I had invested in I2 Technology before the internet boom. Rode it up more than 10-fold, and then rode it down to sell at a loss. Did more or less the same with LSI Logic, 3 Com and Cisco. Though these stocks double and tripled, I sold them all at a loss.
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Old 09-19-2009, 11:54 AM   #43
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Unpaid bills mount for top Chrysler executive - Yahoo! News

Despite making millions as director of Toyota and head of Chrysler, Jim Press borrowed deeply in anticipation of bonuses he didn't get and had no savings to pay the loans, his mortgages or his taxes. Definitely not a LBYM kind of guy.
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Old 09-19-2009, 12:10 PM   #44
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Yeah - don't forget about the Cheseapeake Energy CEO who lost all his company stock on margin last year. He had used margin to buy up company stock before the commodity market crash.
Chesapeake CEO Sold `All' Stock to Meet Margin Calls (Update3) - Bloomberg.com
Chesapeake's McClendon Went 'All In' ... and Lost - State Journal - STATEJOURNAL.com
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Old 09-19-2009, 12:16 PM   #45
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Originally Posted by audreyh1 View Post
Yeah - don't forget about the Cheseapeake Energy CEO who lost all his company stock on margin last year. He had used margin to buy up company stock before the commodity market crash.
Chesapeake CEO Sold `All' Stock to Meet Margin Calls (Update3) - Bloomberg.com
Chesapeake's McClendon Went 'All In' ... and Lost - State Journal - STATEJOURNAL.com
I have a friend who calls this "high dollar hand to mouth".
It is (or was) rampant.
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Old 09-19-2009, 12:24 PM   #46
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Have you ever made a mistake so stupid you wanted to bang your head on the wall ?
Bought 1000 shares @ $2.79 of DNDN.
Total cost: $2796.

I only planned to keep the shares for a day or two. I had never done any sort of day trading, but it seemed to me that this might work. Anyhow, I kept the shares for five days before selling them. (I can't even daytrade correctly). Anyhow...

Sold 1000 shares @ $3.81 a shares for a total for $3803. So, I made about $1000 in a week. The plan worked. Easy money.

DNDN is now at $29.20.

Got a spare wall, Moemg? All of mine have been knocked down. By the way, instead of banging your head against the wall, you might try throwing your body against the wall. The pain is much more punishing as it pulsates throughout your entire body. And, sometimes, with some luck, you might end up hurting yourself in places you didn't anticipate. Try it, you'll thank me.
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Old 09-19-2009, 12:42 PM   #47
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OK, I have this friend (no, it's not me), who put his entire IRA (about $60,000) into cash and then yesterday bought $60,000 of DNDN (Dendreon) a biotech stock at about $5.29 a share. He's about 62-63 years old, almost owns his house, and has no other real savings. He still works. He says buying DNDN was a move of desperation. I suggested that with what ever money he may have left that he invest in a small caliber pistol and a bullet. However, we have a mutual friend who really did well the last time DNDN had a huge run-up, sold it before it dropped, and could have launched into retirement with his earnings, but decided not to.


So how did your friend do ? Hope he held out for $29.00 .
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Old 09-19-2009, 12:54 PM   #48
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OK, I have this friend (no, it's not me), who put his entire IRA (about $60,000) into cash and then yesterday bought $60,000 of DNDN (Dendreon) a biotech stock at about $5.29 a share. He's about 62-63 years old, almost owns his house, and has no other real savings. He still works. He says buying DNDN was a move of desperation. I suggested that with what ever money he may have left that he invest in a small caliber pistol and a bullet. However, we have a mutual friend who really did well the last time DNDN had a huge run-up, sold it before it dropped, and could have launched into retirement with his earnings, but decided not to.


So how did your friend do ? Hope he held out for $29.00 .

Moemg,

Just go away, will you, please do that for me? He called me yesterday. He made (paper profits) of close to $86,000 last week.

'Wanna run into a wall with me?
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Old 09-20-2009, 08:49 AM   #49
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Moemg,

Just go away, will you, please do that for me? He called me yesterday. He made (paper profits) of close to $86,000 last week.

'Wanna run into a wall with me?

Thanks but I will skip the running into the wall part . I was interested in how that story with your friend turned out . So I guess he saved his retirement and all is well . That is a happy ending to a ballsy experiment .
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Old 09-20-2009, 02:45 PM   #50
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I have made untold stupid money mistakes, many in a career context.

But my investing over close to 40 years has been a relative bright spot. I try not to revisit money left on the table, but since many of the stories in this thread are in this vein, I'll give my most recent one. Back in March Genworth was crashing down near $1/sh, and at the same time there was lot of fairly high dollar offDisDDicer buying. So I paid about $6000 for 5000 shares. I told myself, this is an option, make a lot or lose the bet. Almost immediately it started climbing. One day in April I think some cutie from MegaBroker called and asked if I could meet with the advisor assigned to my account. I like my account rep, and I always like to see the young women in their cute black suits, so I thought why not?

We met, and after a little chit-chat he essentially wanted me to give him the rationale for every item in my portfolio. At this time I was about 90% invested in stocks, and maybe 9% in speculative bonds. I believe he was a little nervous that I might break my retirement, and then he would feel bad, though he has no responsibility.

One by one we went through my motley collection. When we got to Genworth he said, do you really think this belongs in an IRA? So doubt was planted in my mind. A little later I got prudent and sold out for a little over $15,000.

You may know that recently Genworth has been on a tear, and my little $6000 stake would be worth $65,000 at Friday's close. Salt in this wound is that my braggart brother bought it a little cheaper than I did, and he kept his!

I still think it is a black box and probably worth nothing like that amount, but I wish I hadn't called on brokerage that day.

I need to learn to listen to others, but be sure that I don't just blindly apply whatever they might say.This goes for pundits, brokerage advisors and most of all FAs. Not that I am any more clever and perhaps less so than many of these people, but I am familiar with my own game, and I should continue to play it my way.

Ha
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Old 09-20-2009, 04:12 PM   #51
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Ha- Thanks for sharing a great story. It makes me feel better about money I've left on the table!
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Old 09-20-2009, 04:14 PM   #52
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My vote for best story go to ejaman. Great story.

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Back in 1978 I came across the story of a feller by the name of W. Buffett in a fascinating article. All the research I did indicated that this was a very smart fellow doing great things with a company he'd taken over by the name of Berkshire Hathaway. I decided to buy the stock but was taken aback by the fact that the stock then was about $300 a share or so and I had only saved about $5,000 then so I could have only bought about 16 shares or so and would not qualify for a round lot. So I didn't do it. Lets see 16 shares at today's closing price $1,635,200...
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Old 09-20-2009, 08:53 PM   #53
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I have always stayed pretty close to conventional wisdom (from conservative financial advice) and it has been pretty solid in the long term, but recently it cost me a bunch of money.
Last year, the company I worked for announced a large acquisition about July - but the deal didn't close until November. Because of the agreement and the economy, we paid too much for the company and our company stock went from $45/share to $5/share by Jan '09. At that time, it looked like it could go either way (up or to BK), and I was swayed by conventional wisdom (don't have all your eggs in one company basket - employment, pension, 401K in company stock, etc.) Had about $500K in the 401K at the time - and could have dumped it all (or at least SOME of it) into the company stock - but didn't. Stock is now back to the mid-40's. Could have made nearly $3.5MM in the last 6 months. Market timing is everything....
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Old 09-21-2009, 07:51 AM   #54
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hmmm, more about what I DID NOT do rather than what I did.

Should'a/would'a/could'a sold half a dozen properties 4 years ago for 50% more than they're worth today. Same story riding the DOW down.
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Old 09-21-2009, 07:59 AM   #55
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In three words... 'N0 Stop Losses' last Fall

We just watched our asset values tank, and sat on our hands. Now we put in stop losses to give ourselves a "bottom".
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Old 09-21-2009, 02:15 PM   #56
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Last year, the company I worked for announced a large acquisition about July - but the deal didn't close until November. Because of the agreement and the economy, we paid too much for the company and our company stock went from $45/share to $5/share by Jan '09. At that time, it looked like it could go either way (up or to BK), and I was swayed by conventional wisdom (don't have all your eggs in one company basket - employment, pension, 401K in company stock, etc.) Had about $500K in the 401K at the time - and could have dumped it all (or at least SOME of it) into the company stock - but didn't. Stock is now back to the mid-40's. Could have made nearly $3.5MM in the last 6 months. Market timing is everything....
Based on this timeline and your introduction, I know which company you are talking about. It is amazing how fast the stock price improved once the company showed that it could survive.
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Old 09-21-2009, 02:26 PM   #57
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My only sad story is the C I'm keeping like an albatross around my neck that we bought at $29. Reminds me that I really don't have any business in individual stocks.

Those advisors who sold y'all annuities in your IRAs are going to a very hot place if there is any justice in the afterlife.
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Old 09-21-2009, 07:26 PM   #58
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Well thanks to all the other mistake makers ! I was convinced I was the only one on this board who ever made a big mistake . I feel better now !
I'm really trying to come up with one. Other than paying a sales load on my very 1st mutual fund, I'm drawing a blank.
But then again I'm a babe in the woods compared to this crowd.
Give me time...
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Old 09-21-2009, 09:14 PM   #59
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I have made a ton of little mistakes. Believe me, they all add up.

It grieves me that my kids have no interest in learning anything from me. Maybe later. What did Mark Twain say? "When I was 18 I couldn't believe how stupid my father was. When I turned 25, I was amazed at how much he had learned in seven years." <or something like that.>
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Old 09-22-2009, 12:22 AM   #60
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It grieves me that my kids have no interest in learning anything from me.
Might be something in our water up here. I see my sons often, we go out to eat, we watch sports together, we take walks- they are always warm and friendly but they don't seem to have any interest at all in learning from me.

Probably just as well!

Ha
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