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Monday, November 03, 2008 6:48:03 PM
That's fine. I take my chances, and I've been doing well at it. Sure, sometimes some of my investments are underwater (I was underwater for months with Sirtris, before eventually more than doubling my investment through shares and call options, when GlaxoSmithKline bought them, for example,) but I know how to play it, and I'm winning. I don't sell low and buy high, I do the opposite. It's a very rewarding strategy. The way I see it: Fear is for people who don't want to make money. Panic is for people who like to lose money. Neither describes me. I know my own strategy.
I'm not afraid of averaging down, with stocks that I believe are undervalued. DNAPrint Genomics is a company that has earned my admiration, and I put my money where my mouth is. If everyone were afraid to average down or buy a risky R&D stock, of course the share prices would plummet... (and publicly traded R&D stocks would fade out of existence,) but everyone isn't afraid. I'm not. DNAG is extremely undervalued. Feel free to average down, or not, as you prefer. I'm averaging down in a big way, and I'm quite confident that the risk:reward profile of my investment is a very good one. I understand the risks involved, thank you very much. The sky is not falling.
"Buy when the blood is running in the streets, even if it is your own." (Nathan Rothschild)
Good luck,
Daniel Gannon
Portland, Oregon, USA
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