I've taken my loss on Bank of Montreal (BMO) so that I could free up some capital for the Visa (V) IPO on Wednesday. That has been pretty successful but it really hurt watching BMO fix its problems in 3 days and surge like it did! Oh well, can't dwell on that now.
Speaking of dwelling on bad decisions - after investing in Bear Sterns (BSC) on the Friday when it fell to $30/share, I was able to hold the next week until it went to $7. After that I was able to short it down to $5 and make some of my money back.
Not sure what next week holds but I'll be looking to put the rest of my capital to work and sit on it for a week while I go on vacation.
Friday, March 21, 2008
Sunday, March 16, 2008
Well, I tried to catch a falling knife on Friday by buying BSC after it dropped almost 40%. I got in at around $34 and now the news that the sale to JP Morgan. However the analyst says "Terms of the deal were still being hammered out Sunday afternoon. Reflecting the dire situation at Bear, the company is likely to fetch considerably less on a per-share basis than its stock price of $30 in New York Stock Exchange composite trading Friday at 4 p.m."