Yes, I consider my penny stock investments my "play" money. Basically when trading penny stocks I'm just trying for big gains, which I would assume everyone is doing.
I take my risks, but I definitely also hold what I consider more stable types of investments mostly in blue chip stocks, some corporate bonds and an occasional treasury bill here and there. I also have some real estate holdings.
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I am holding the stocks I discuss on this board, unless stated otherwise. I am not giving any investment advice. Penny stocks are risky investments. Do your own research before buying any stock.