My two sense (about all that's left....
I always made money on Penney Stocks, at least for a few years,
then things changed, instead of sticking to what worked
I started talking to the Principals who ran the stocks,
that cost me bundles, every time, and not just here. Yes I should have learned.
In Pete's case, I was ready to bail and then started talking to him, about how great the Oil Wells was going to do, so after getting out with just a bit left (maybe $10k) I started listening to him, put it back in and some more.
Do I blame him, well not totally, I blame myself for being stupid,
as they repeated the wash and rinse game, I did the same, listening to them and being washed and rinsed..
Here's the thing, when the Oil thing failed, he blamed it on the Water Boy that they were saying was in charge of managing the Oil Business, but in reality here's a CEO of this Company that never even made a trip out to the Oil Fields that he was managing, Never! I think that's because the money was in Managing us, then the dilution which was probably the final act that he could pull off before dumping and then exit stage right.
So again, do I blame him, No I blame myself, I'm a grown man and should know better then drinking the Kool-Aid and asking for a refill.
I don't see how he could ever come back in Public Stocks again though, look at all the stocks he's been involved in, show me one that's real, solid, hit expectations and is working, Just One... The same stamp and results are on every one of them.
MC
