Post of the Day
February 24, 1999
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Subject: Thank you My Motley Fool Brethren
Please learn from me, all who are tempted to go down the Wise path.
I was a person who thought it profitable to follow the Wise, opposed to believing in myself. I read the Motley Fool Investment Guide, and yet still thought myself too unWise to invest without help. I let a broker (A. C. Macpherson and Co.) invest $1,000 for me. They made me $120.00 in 1 month. Flushed with this success I invested $15,000 with them. They put it in a goldmine (Indostar was the name) in Indonesia , (can we say Bre-X?). It wasn't Bre-X, but it might as well have been. These guys didn't do their homework, and were banking on speculation on a "Bre-X-ish" style investment interest. Who was the bigger fool, the brokerage house not doing homework, or the investor, throwing cash to the wind and believing the broker who didn't do his homework?
|"Who was the bigger fool, the brokerage house not doing homework, or the investor, throwing cash to the wind and believing the broker who didn't do his homework?"|
After the price started sliding, their response? Buy more and average down the price of the shares. Put another $5,000 in. It's been sitting at .25 cents a share forever. My price? Oh, $1.28 or so. They said tough luck, speculating is risky. I said, "What is speculating, I thought I was investing?" They said give us another $10,000 and we will prove that that was just bad luck. I said sure, but I would be watching them closely. Bought IPLC and JVAJ , it promptly made a little money. They said put more in it's going through the roof. I put another $20,000 in. It dived like a Sea Gull heading for a Macdonald's dumpster! I watched them closely allright, close enough to see me lose a nother truckload of dough.
They said tough luck, market correction! I said what the heck is a market correction? They said give us another $10,000 and we will invest in Microforum at $3.05 a share. When my shorts were so heavy laden with excrement the price was $.48 a share. I told them please don't call me again. They were fired. They said I would never be able to do it without them.
|"I told them please don't call me again. They were fired. They said I would never be able to do it without them."|
I then came to my senses, put what the book and you guys in the forum have been saying all along into action, invested another $125,000 in cash into believing in myself, and due to fortuitous timing and doing things right, have regenerated all $45,000 in lost revenue since October 2, 1998 when I went online with my own deep discount brokerage account.
Guys, (both the Gardners and my friends on this and other message boards within TMF) if it hadn't been for you and your advice, I would be $45,000 in the hole and feeling very blue. If it hadn't been for my stupidity, I would be $45,000 to the good. A lesson learned that didn't kill me. I feel priveleged to call you my e-compatriots.
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