Market timing prowness - rant
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Nov 2, 2007 2:29 pm
I bought up one of the big banks substantially off of their highs a month or 2 ago in my personal account. Not to hold forever, just thinking that there would be a rebound that I could use to sell. It never rose more than about 5% from my entry price, and I’m down 35% as of this morning. At least I didn’t do it for any clients.If I would follow my own damn advice I would have more money and would waste less time watching the stock ticker.
Remember First Republic Bank of Texas? I bought it after it took a big hit in the late '80’s early '90’s (can’t remember!). It was a huge bank, too big to fail, right? Wrong! The FDIC brokered its sale to another bank, which had as a condition, that all existing shareholders get wiped-out.