Re: Throwing Good Money After Bad
in response to
by
posted on
Dec 28, 2007 03:52PM
Engineering, procurement, construction & management of crude oil refineries.
Speedymac - Yes, I averaged down too, but I'm not waiting for it to just break even. I'm planning on making some money on this one.
I have one in my portfolio called "P" (T.P). I don't have a whole lot of it but it went down over 50% since I bought it, early last summer I think. I didn't want to average down on that because I thought the company could go bankrupt and that really would have been throwing good money after bad. In the meantime the Ontario Teachers Pension fund came along and helped us out so it went up about 37% yesterday and 17% today so I'm back in the green. You just never know.
I know WWF is speculative but I have been in for a lot of the story, and I believe in it. Of course I don't want to lose my money but I think the potential gains are worth it. If it doesn't work out, well then so be it. I would rather do something if I have a gut feeling about it rather than kicking myself later if I didn't do it. I don't know how many kicks at the can we get to invest early in something that has the possibility of being so sensational. I would rather work a few more years if I have to than think to myself "You should have done it while you had the chance."
I really wanted another 50,000 of WWF for my RRSP and didn't have enough cash in the account to do so and couldn't add more cash because of the RRSP restrictions, but I got a kick out of selling 40 shares of my RIM at $117 (bought at $58) which equalled over 27,500 shares of WWF at $0.17 yesterday so that I could have my fill. RIM is my favourite workhorse stock so you can see how much faith I have in WWF if I can sell some of that to buy more WWF.
Just my two cents worth. Have a nice weekend all and a very merry New Year.
Regards and good luck to all
Goldie