Lets clear up some bull. Seems to be flowing, almost to a point of a stench.
All of the panic, accusations, and insinuendos of wrong doing on the part of the MM's or brokers, has been blown completely out of perportion.
First let me say to anyone who has bought this in the last few days, based purely on what you saw or thought you saw on verious boards, I empathise with you. But do not confuse that for sympathise. I will say that I do believe you will be just fine in the long run, and I do not think there is anything to worry about.
As for those of you who have bought through a broker who has suspended tradeing, well you do have my sympathy as well. Having been where you are at, in the past myself I do understand your frustration and anger. However I also understand that most of that stems from a feeling of complte powerlessness. You have absolutely no control of your money, your stock, or your choice, at the moment.
Last time I was there was GLKC, what a gift that turned out to be.
Now onto my main point. Why are you complaining?
Yes, seriously, why are you complaining?
There are only about two catogories to fall into.
1. You did absolutely no DD whatsoever. And had absolutely no idea what you were getting into.
For which there is no excuse, and no one to blame but yourself. Which can be difficult to do, at times.
Lets face it, even if you did no more that read these boards at any time during the last several weeks, you would have known the basic facts in regard to share shortage, fraudulent shares floating around, and day of reconing coming. If you had bothered to read any of the recent press releases that you would have also know that the CEO was addressing these issues, and was in fact the CEO who brought these problems to the attention of the SEC, DTC, FBI, and the MM responsible for most of this mess. Less than 10 minutes of looking would have answered many of your questions, and perhaps raised flags from which you may not have invested. But nothing has happened here after the fact. Nothing.
2. You knew what you were getting into, and why. A certian market maker sold countless millions of fraudulent shares into the market. I for one do not care why they did it. Just the fact that they did. Many if not most of us knew that the market was flooded with illegitmate shares, that is why we bought into this.
Old issue of risk v reward. In this case the odds are astronomical that we will win in the end.
Why, does not mater, the fact that this situation will have to be rectified in some manner does.
Brokers who stop tradeing this issue is just the tip of the ice berg. They stop for a very good reason. They do not want to get stuck any worse that they already are. Don't be surprised if a few more stop tradeing before we are done here. The second thing that happens has been seen here today, panic, anger, frustration, fear, illogical reaction. How many people who are tradeing through brokers whom have stopped tradeing will sell at the first opportunity the get. Just to at least feel safe. To many, the MM's win.
With any luck at all, we will soon see a feeding freenzy which will make many smile. Some will not, as they think of what could have been, if only they had not sold in panic.
No none of us has a crystal ball, and certianly do not know for a fact how this will play out. But if you have done any reasonable amount of DD, you certianley know and understand the risk v reward factor.
Now if you stop the panic, stop the crying, and threats of lawsuits, you just may realize a handsome profit, and lower blood pressure.
As for those who have already sold and realized a profit, in my opinion it is very simple. Are you satisfied or happy with the profit you realized? If the awnser is yes, then you have my congrats, afterall, a profit is why most of us come here. Myself, this time around, I think I will hold for more. Only because I do believe it is there. However you have my word no matter how this plays out, even if I lost every cent, you will not here me whine. Made what I consider to be a good decision, how it turns is out of my hands.
If you have managed to read this far, then let me thank you for takeing the time to endure some of my thoughts. and good luck to all. Yes eeven the few I have on iggy.
Have fun,
AI
