18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,048 Blog Posts

“The Fly” Wins Again

On Friday of last week I took a floater on PHUN, thinking it would be “fun.” I was amused by the ticker and like a child I bought the stock for whimsical reasons. Shortly thereafter, I was in a hell-storm of losses — as the stock narrowed and plunged lower on non-existent volume. Obstinate and unwilling to take a loss in such a “fun” stock — I doubled down at $7.9, reducing my basis to $8.67.

In the pre-market this morning the stock broke higher and edged towards $11. I didn’t sell it there — because I was greedy and wanted to see if the stock could go higher. After all, why sell a 10% position up 30% before the market opened. Why — I could hold on and perhaps realize 40-100% gains. Anything could happen.

But when the market opened, the stock looked weak and I knew it was foolish of me to bargain with the Gods in the pre-market. I knew I had made a mistake. As a matter of fact, I made a sundry of errors. In the first place, I should never have bought the stock in the first place. The combination of hubris and boredom is a powerful combination.

So I sold it all — and booked a 9% gain on a double sized position. I consider myself lucky.

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  1. irma vep

    Ahhh! :-). Risky way to play the game but you won. I like your style.

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  2. irma vep

    By the way, have you seen the movie “Dunkirk”. It’s great! You rarely get to see Tom Hardy’s beautiful face but my 90 year old Mother even stayed awake and watched it all. She started to cry at one point, thinking about my Father and what he went through during WWII. It really brings it to life. Could give a Veteran a jolt of PTSD.

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  3. irma vep

    Sorry, more story, There’s this great guy at my Mother’s Assisted Living place (I could use worse terms to describe it right now but I won’t. The Aides are underpayed and overworked and spoken to by mgmt like children.)

    Anywho, This guy is a Vietname Vet. He was in demolition. Had his eardrums blown out so he was sent to Walter Reed. He had one more year to go and wanted to go back. They wouldn’t send him. After his service he learned to fly. He has a beautiful little Yorkie named Missy that lives with him in his room.He’s really cool but as much as my family is dysfunctional his ended up as well. But I love him. We talk and laugh about life and what goes on in that place.

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