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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: Re: Take a Deep Breath
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Oct 19, 2009 11:32AM
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Oct 19, 2009 10:04PM
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Oct 20, 2009 01:04AM

Quote: "I still can't beleive that he had "leveraged" stock and got "stopped" out on margn call (at about 2 bucks, if memory serves me). A millionaire shouldn't be margin called! I can't recall him buying back in, just getting options! It is soooooo obvious that he has been in bed with the bankers on this!"

On a positive note, although you have several valid points in your post, the fact that he got called on his margin indicates that he had extreme confidence in the prospects for his company. I would want any insider to have that kind of confidence. It is unfortunate that the economy and markets went to hell the way they did. I can't really blame him for not seeing the same wall of fiscal misery that ravaged so many of us. I even made a post in my blog a few hours after Lehman failed, saying that it was time to take the money and run, but I failed to follow my own advice. Oh, how I regret not listening to myself. Check this out:

http://www.djbolivia.ca/blog/2008/09/lehman-brothers-in-bankruptcy.html

How prescient was that?

Note the exact time and date of that post. I barely slept that night, wondering if things were about to explode. And yet, I still failed to take the appropriate steps to protect my own portfolio.


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Oct 20, 2009 07:33AM
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