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.
Has anyone here made an investment mainly out of desperation (or, just on a wild-ass tip) and actually had it work out?
Has anyone here made an investment mainly out of desperation (or, just on a wild-ass tip) and actually had it work out?