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Started By
Message
What has been your worst investment?
Posted on 12/1/23 at 6:49 am
Posted on 12/1/23 at 6:49 am
About 3 years ago, a friend of mine was raising money for his company that would eventually IPO in August 2022.
His pitch (which i agreed with) is the retail market places a different multiple on internet based small businesses than wallstreet. We can acquire at a 3x yearly net and get a value of a 10xish in the open market
He was going to acquire multiple internet based companies and once it goes public, we should double to triple our money.
In theory, it was a great plan. So I sent him over $10,000 along with many others who invested much more.
The IPO was a massive failure. It opened at $4.50 and is now around $0.50 a few years later.
I doubled down at $2.00
The SEC sent us a notice of delisting when it fell below $1.00
Bloated management costs are the main problem and I don't see him gettin this corrected.
LINK
I'll probably ride this ship to the end.
His pitch (which i agreed with) is the retail market places a different multiple on internet based small businesses than wallstreet. We can acquire at a 3x yearly net and get a value of a 10xish in the open market
He was going to acquire multiple internet based companies and once it goes public, we should double to triple our money.
In theory, it was a great plan. So I sent him over $10,000 along with many others who invested much more.
The IPO was a massive failure. It opened at $4.50 and is now around $0.50 a few years later.
I doubled down at $2.00
The SEC sent us a notice of delisting when it fell below $1.00
Bloated management costs are the main problem and I don't see him gettin this corrected.
LINK
I'll probably ride this ship to the end.
29
Posted on 12/1/23 at 6:53 am to I Love Bama
The market cap at IPO was around 25 million. Would you have been up at that time?
Posted on 12/1/23 at 7:07 am to slackster
Maybe close to break even at the IPO.
I hold common shares but if I would have opted for the preferred shares (pays quarterly dividend) I would be up or break even now.
Sucks. Wanted to support a friend that had what I thought was a good plan.
I hope he can get it turned around but i think he got in over his head and knows that now.
He still needs to raise money for more purchases but the market has lost all confidence in his ability to turn a profit.
ETA: No, even with preferred I would still not be break even yet.
I hold common shares but if I would have opted for the preferred shares (pays quarterly dividend) I would be up or break even now.
Sucks. Wanted to support a friend that had what I thought was a good plan.
I hope he can get it turned around but i think he got in over his head and knows that now.
He still needs to raise money for more purchases but the market has lost all confidence in his ability to turn a profit.
ETA: No, even with preferred I would still not be break even yet.
This post was edited on 12/1/23 at 7:16 am
Posted on 12/1/23 at 7:36 am to I Love Bama
Worldcom
Posted on 12/1/23 at 7:44 am to I Love Bama
Bama you sure could have used that cash to buy the big dip you said was coming in 2023. Sorry i couldn't resist.
Now to your question.My worst investment was many moons ago(around 1998) and my only play with options. A young buck i was that scrapped up about 2k and was told to short a small book company that didnt even own any physical stores. You may know the name: Amazon. I bought puts and watched it skyrocket over the next few months and lost that 2k. I still remember the so called stock guru that gave me this great tip never giving anymore advice after this one. I do think that little online book store has done ok though.
Now to your question.My worst investment was many moons ago(around 1998) and my only play with options. A young buck i was that scrapped up about 2k and was told to short a small book company that didnt even own any physical stores. You may know the name: Amazon. I bought puts and watched it skyrocket over the next few months and lost that 2k. I still remember the so called stock guru that gave me this great tip never giving anymore advice after this one. I do think that little online book store has done ok though.
Posted on 12/1/23 at 8:10 am to I Love Bama
I exited after my 20% stop loss kicked in; but, I got talked into buying NIO when it was in the $40’s.
If I had held on to it we’d be looking at about $7 today.
Same with ARKK. Got out in time there.
If I had held on to it we’d be looking at about $7 today.
Same with ARKK. Got out in time there.
This post was edited on 12/1/23 at 8:12 am
Posted on 12/1/23 at 8:13 am to FLObserver
quote:
Now to your question.My worst investment was many moons ago(around 1998) and my only play with options. A young buck i was that scrapped up about 2k and was told to short a small book company that didnt even own any physical stores. You may know the name: Amazon. I bought puts and watched it skyrocket over the next few months and lost that 2k. I still remember the so called stock guru that gave me this great tip never giving anymore advice after this one. I do think that little online book store has done ok though.
That's a great story. It really goes to show how big people like to swing and miss. What would that $2k be worth today if you had just bought the stock?
I don't have any huge losses or gains in the market story unfortunately. Lost a couple thousand on Ancient Tiger plays but fortunately my other stocks at the time offset the losses.
I did know a guy that bought a bunch of blockbuster near the end thinking it would never go away and it would rebound.
Posted on 12/1/23 at 8:15 am to I Love Bama
ORGN
Posted on 12/1/23 at 8:15 am to I Love Bama
I am very risk averse and boring when it comes to saving and investing so most of my life has been spent putting things in boring index funds or target date funds. During Covid, specifically around the time gamestop was exploding, I got a wild hair from this board to throw some cash at some of the flavor of the week suggestions from AT. Of course all of them flopped. Fortunately thanks to my risk aversion I didn't lose very much money in the grand scheme of things, but it's still mentally shitty to throw money into like 5 different companies then see every one of them go down to practically zero
Posted on 12/1/23 at 8:25 am to WG_Dawg
I bought in for over $30k in startup Biotech called Athersys
Complete shite show of management …bad trial set ups, bloated management costs , terrible reverse split decision on the stock….to name a few
Complete shite show of management …bad trial set ups, bloated management costs , terrible reverse split decision on the stock….to name a few
Posted on 12/1/23 at 8:35 am to I Love Bama
AUPH April 2022 $24 calls. $240k worth of calls I bought October 2021 before the Bloomberg rumor that shot it up. It dropped quickly in Feb/March during earnings report and I was holding on to a miracle. Expired worthless.
Posted on 12/1/23 at 8:38 am to Crescent Connection
quote:
Expired worthless.
Posted on 12/1/23 at 9:05 am to Crescent Connection
quote:Holy shite, the day I'm spending $240k on calls is the day I hope I'm sitting on a beach sipping a drink on a Tuesday because I no longer have to work from my tens of millions in earned somewhere else
$240k worth of calls I bought October 2021
Posted on 12/1/23 at 9:24 am to Crescent Connection
quote:
$240k worth of calls
There is rich. And then there is rich rich.
Posted on 12/1/23 at 9:52 am to 21JumpStreet
LVVV Immaterial dollars but took a flyer.
Immaterial dollars but took a flyer. Posted on 12/1/23 at 9:55 am to 21JumpStreet
quote:
Trusting Celsius
I own many shares of this. It has dropped a little recently but im not really worried long term. How has holding celsius did you wrong? My only regret is i didnt buy earlier.
Posted on 12/1/23 at 9:56 am to I Love Bama
any amount of time spent on the Rant.
Posted on 12/1/23 at 10:43 am to I Love Bama
My biggest stinker is LUMN.
Posted on 12/1/23 at 10:52 am to I Love Bama
1) WorldCom 6 months before it imploded
2) A Penny Stock a friend of mine convinced me was going to go up 10 X within a year. It went to Zero within months
2) A Penny Stock a friend of mine convinced me was going to go up 10 X within a year. It went to Zero within months
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