" When all those shares were selling and the price was dropping, somebody was buying."
I guess the implication is that if someone is buying they are smart, or must "know something". Well someone was buying when someone was selling at 1.20, correct? Someone was buying when someone sold at recent highs in the 80s too, right? And the most telling part is this same motto you said here now was also said right here when we were in the 50 cent area!! Now, how did those buyers do?
Were the any of the buyers in the last 6 years smart when 99% of all the shares purchased in that period are in the red? (most of them far more than 50% in the red) So, why speculate about today's buyers? Out of hope? How about let's took at the buyers for the past 6 years here first!
"If you sell, you have no shot of salvaging anything," Actually you do, as you could move the funds into a quality growth company, and regain some of your losses! One basic concept of investing is capital preservation, which is a concept unknown in the pinks. It means being to understand when you are wrong, and being able to sell and avoid more losses.
"No sense dumping shares at this price level." It was also said that when we were in the 40 cent range that there was no sense at selling at those "low prices". People who thought that then have watched 2/3rd's of their investment disappear in just 6 months!
While I seen all three of those rally cries in every bad stock I've ever watched, I don't think I have ever seen them all rolled up in one post before!!!! Well done!
The point is, whenever I see these motto's quoted, I know I am watching a very bad company, and in the long run, there is more bad to come!
Investing isn't about motto's or rally cries, it isn't about hoping, its about understanding and seeing things BEFORE they happen. For instance, seeing that bankruptcy was coming here. For instance, being to understand that their financial situation was hopeless and there would be no refinancing at lower rates. For instance, being able to understand that the bankruptcy filing discussed here yesterday (or more like hinted here yesterday...lol) is not saying L3 is NOW offering more to buy the company.
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