Wednesday, December 18, 2013 1:17:20 PM
The only time I really wept was the day in court when Rosen made his little speech about not representing the interests of equity, and how, 30 minutes before he opened his mouth, insiders knew what was going to happen and the sell-off began. I watched my portfolio of then-equity UQ, K and P shares fall from a value of over $150,000 to less than even 10% of that when the bloodbath was over. I kept putting off what I knew I should have done -- selling off shares when the escalation of pps was white hot; but I got greedy and saw fantasy millions dance before my eyes, and a shot at retirement.
In hindsight, how could I really have known what Rosen was about to do; but some logic at the core of my being kept nagging at me to sell -- at least half -- and to not just make back the original investment, but have enough profit to put money down on a house - something that, as a native NYC kid and now as a grown man of 53, I'd always wanted but never had the opportunity to save anything as I moved out of my parents' apartment early, went to school at night for advanced degrees and to work during the day; got married, had kids; and with no rich mother or father to spot me with a head start, I never could accumulate much of anything.
So sure - knowing what I know now, and even what I sensed then, I should have sold at least half my holdings.
Likewise, after the conversion and the understanding that NEWCO would survive, with NOLS, as WMIH, I was happy to just let things be. I knew I'd be in it for a long ride, but I felt there was a really good possibility that my patience would be rewarded at some point.
Do I wish I'd bought more over these last 12 or so months? Nope.
Do I wish I'd sold any over these last 12 months? Nope.
Will I think about lessons learned from the past and sell some, or all, if the pps reaches a certain personal target? YEP.
It's a fool who walks around with a loaded gun, yet manages to shoot himself in the same foot ... twice.
Dion
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