Well I am not in this for the adrenalyn rush. Like you, I saw a hyper distressed stock everyone was selling at the end of last year for tax losses.
The CT's with a $25 face value were a half cent apiece. To me this was never a risk factor, but rather, as I thought then and still do, this was a chance of a lifetime. So far this has turned out to be true, and not just me. There are many others who were in early too.
So let the MM's whack these to pieces on a daily basis. Show us losses of 30% and we will continue add more. I never felt so sure about continuing to buy more as the games continue. It is so transparent to me how manipulated all the Lehman preferreds are.
It is like watching a puppet show with $25 tied to each string. They move up and they move down, but the underlying value still remains constant.
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