My biggest individual stock loss was with LOR.TO. Stupid tip from a former boss. He had like six figures in it and was talking about it non stop. I was a broke ass straight out of univeristy student and managed to get 15k worth of it through a margin account. Needless to say, I got ass raped to the tune of about 10k. While not the biggest loss of my life, at the time it hurt like a mutha cuz I was broke. That 10k represented about 80% of my net liquid worth.
Name your Biggest stock loss yet...
- Thread starter 21pro
- Start date
I am down about 9K on hxd...but still holding as a hedge. I may get out on the next market blip.. also lost about 10 K on Worldcom....but on the whole I have done ok.. now days I am almost always in cash and only take positions for a short time. I just think something has gotta give. Between the MASSIVE real estate bubble in China and the mind boggling soverign and municipal debts.. as well as under capitalized banks.. I find buy and hold wayyyy to scary.
I told people to sell short this sucker after I crystallized capital loss in 2008 before the mother of all bailout. Too bad I didn't walk the talk and thus no "extra cash" for real punting.
Citi would be lucky if it's back up to double digit. HSBC is way better than Citi, even after the former disaster on buying trailer park trash business known as Household International in 2003.
Speaking of Citi, their "crown jewel" remaining is Banamex in Mexico but given the heinous, brutal drug war right now, I am not so sure though.
My biggest blow up was good old BSC... I bought at 62 and received 1$ initially from JPM, then they upped it to 10$. An the good old days of the crash...
Great i'm depressed again....
Great i'm depressed again....
I was kidding about $70/share. I've sold about 1/2 my position at $4.60 - $4.80 - so I've made about $25,000 and still holding a bunch just in case it does continue to move. And Citi is planning on paying a dividend this year, so we'll see what it does.I told people to sell short this sucker after I crystallized capital loss in 2008 before the mother of all bailout. Too bad I didn't walk the talk and thus no "extra cash" for real punting.
Citi would be lucky if it's back up to double digit. HSBC is way better than Citi, even after the former disaster on buying trailer park trash business known as Household International in 2003.
Speaking of Citi, their "crown jewel" remaining is Banamex in Mexico but given the heinous, brutal drug war right now, I am not so sure though.
Timbit
I dunno since they are going to pay .01 dividend per share after the Citi completed 1 to 10 reverse stock split. No?
Sounds like a recipe for disaster to me, or a brilliant move by Vikram Bandit....oops Pandit the priest. LOL.
Meanwhile I would rather punt State Street, even Blackrock than other US Banks. How do one know their books are not Mark-to-Madoff?
You're right about the stock split (and the dividend). A couple of things though - a $40 stock will appear more appealing to the "uninformed" investor down in the States - it will look more respectable. Secondly, there are sometimes price limitations to mutual funds and pensions buying shares - with a $40 stock price, those limitations will be met. Also, hopefully there will be less volatility in the share price - it's pretty typical for the stock to move $0.10 a day which translates into 2%+ price moves - I'd rather it stay stable and gradually move up (though i wouldn't complain if it tops $5.00 in the next little while...)I dunno since they are going to pay .01 dividend per share after the Citi completed 1 to 10 reverse stock split. No?
Sounds like a recipe for disaster to me, or a brilliant move by Vikram Bandit....oops Pandit the priest. LOL.
Meanwhile I would rather punt State Street, even Blackrock than other US Banks. How do one know their books are not Mark-to-Madoff?
Timbit
Wachovia in 2008 during the height of the financial crisis/meltdown.
Shorted 300 shares at around $32. This bank is definitely headed for a further downward spiral like Washington Mutual. Yet John Mack of Morgan Stanley was able to convince the SEC to ban short selling. Because of this Wachovia shot up some $25 the next two days. That dreaded house call came. So instead of throwing good money towards bad I just covered my short with a $6000 loss. Then the week after Wachovia dropped all the way to zero even with the ban of shorting.
Shorted 300 shares at around $32. This bank is definitely headed for a further downward spiral like Washington Mutual. Yet John Mack of Morgan Stanley was able to convince the SEC to ban short selling. Because of this Wachovia shot up some $25 the next two days. That dreaded house call came. So instead of throwing good money towards bad I just covered my short with a $6000 loss. Then the week after Wachovia dropped all the way to zero even with the ban of shorting.
Norshield. Don't ask.
One of the biggest hedge fund losses in Cdn history yet it hasn't received the attention it deserves. CBC Newsworld did a story on it.
Retail investors alone lost $132 million. Institutional, at least double that but they can take the hit better.
There's a story that the CEO of that fund got some bruises from a Montreal crime family but maybe they got their dough back. Don't ask me what I think he deserves.
One of the biggest hedge fund losses in Cdn history yet it hasn't received the attention it deserves. CBC Newsworld did a story on it.
Retail investors alone lost $132 million. Institutional, at least double that but they can take the hit better.
There's a story that the CEO of that fund got some bruises from a Montreal crime family but maybe they got their dough back. Don't ask me what I think he deserves.
