I own GM stock

[ponyo]

Originally posted by: TallBill

Originally posted by: manlymatt83

Whats so bad about it? Lots of transportation in there. Rail travel is good!

Till the government stops operating it at a loss and dumps it all together. Theres just no reason for commercial rail these days.

You have no clue. zero. nada.

 

[UDT89]

obviously you bought the stock hoping for a HUGE return. I think I read you bought at $4? the stock was up around $20-$25 this summer so buying it at the price point you did, you were hoping it could turn around back to that level.

And I agree, I like taking risks on stocks. I have money invested in more stable companies, but if you can spare a couple thousand on a gamble, then why not? Its better than going to a casino. I always throw $500 at a cheap stock at least twice a year, and i'd say 8 of 10 times i get a 50% return. Those returns arent coming b/c the company is all of a sudden doing well, but b/c of a press release they issue or shorts covering etc.

The fact the auto industry is singled out in such a bad economy is ridiculous. Whats next, retailers after the holidays? The amount of unemployed workers if GM goes under would take this economy to a level I dont think anyone on this board has experienced.

I hope for the sake of everyone here, their jobs, their families, and retirement funds........ something is done. B/c whether you buy domestic or import autos, that should be checked at the door for this argument. The real thing at risk is the well being of many families around the country.......and I'll back American families in trouble before I back a Toyota.

 

[UDT89]

sorry i dont even know if that last post made sense........I just know a lot of people that are relying on the actions of a few people. And its scary.

 

[alphatarget1]

I pwn GM stock.

(no I didn't short it, it was supposed to be funny)

 

[manlymatt83]

Does anyone else here actually own GM stock?

 

[imported_Lothar]

Originally posted by: manlymatt83
I'm a big rail fan, so I added CSX/NSC/BNI all at once.

There's no need to have 3 railroads. You only need one.
I'm in UNP.

 

[manlymatt83]

Originally posted by: Lothar

Originally posted by: manlymatt83
I'm a big rail fan, so I added CSX/NSC/BNI all at once.

There's no need to have 3 railroads. You only need one.
I'm in UNP.

Really? So between UNP, CSX, NSC, and BNI, there's no chance one will jump and the others wont? What if one of the freight companies does something amazing? Isn't that what competition is all about?

 

[s0ssos]

Originally posted by: G Wizard

Originally posted by: soccerballtux

Originally posted by: G Wizard
how badly do you need the money?
what is your avg. purchase price?

personally, i'd hold on to it. its a 3.15 a share. Surely the worst is over in terms of losses by now...

They're very close to being bankrupt.

Ask yourself this. Would you buy stock right now if you had money to invest? If not, and you would wait to see if they get a bailout, then you should sell with the intention to re-buy later. Why ride something out if you know it's going to go down? Play from your head, not from your heart. This is hard to do with your own money. I would recommend a sell. Of course I cannot be held liable if this is the wrong decision.

i'm saying in terms of a % loss the worst is probably over. The stock is 3 bucks. It doesnt cost anything to hold on to a stock.

The damage is not done until you sell. If a stock like GM goes to 0, then, that would be unprecedented. Chalk it up to bad luck that the quintessential American corporation just went belly up. If you anyone claims to have predicted and believed that a year ago, then, you're a fool for not short-selling.

All that said, I personally don't believe the gov. will allow GM to go under.

you wrote last week that it's 3.15. it's hit the bottom.
well, just today it's 2.88. that's almost 10% lower.

and who cares what you personally believe about it going under. unprecedented, huh? didn't lehman brothers set a precedent earlier?

 

[thepd7]

Matt don't you have a friend who is an almost guaranteed 30% return? Why are you investing in stock?

 

[manlymatt83]

Originally posted by: thepd7
Matt don't you have a friend who is an almost guaranteed 30% return? Why are you investing in stock?

huh?

EDIT: Oh, because prosper shut down. Otherwise I would be investing in her like I had already done. Smart ass.

 

[Fritzo]

You had the chance to double your money yesterday. If you bought at 1.70, and sold when it went up to 4.00 for a few minutes, you had a nice day

 

[yllus]

Buying on a low is a good idea, but isn't there a huge danger in the value of your stock becoming heavily diluted if the government asks for equity, or the company puts more stock on the market in order to raise capital to make it through lean times? A serious response would be appreciated.

 

[PepePeru]

Originally posted by: s0ssos

Originally posted by: G Wizard

Originally posted by: soccerballtux

Originally posted by: G Wizard
how badly do you need the money?
what is your avg. purchase price?

personally, i'd hold on to it. its a 3.15 a share. Surely the worst is over in terms of losses by now...

They're very close to being bankrupt.

Ask yourself this. Would you buy stock right now if you had money to invest? If not, and you would wait to see if they get a bailout, then you should sell with the intention to re-buy later. Why ride something out if you know it's going to go down? Play from your head, not from your heart. This is hard to do with your own money. I would recommend a sell. Of course I cannot be held liable if this is the wrong decision.

i'm saying in terms of a % loss the worst is probably over. The stock is 3 bucks. It doesnt cost anything to hold on to a stock.

The damage is not done until you sell. If a stock like GM goes to 0, then, that would be unprecedented. Chalk it up to bad luck that the quintessential American corporation just went belly up. If you anyone claims to have predicted and believed that a year ago, then, you're a fool for not short-selling.

All that said, I personally don't believe the gov. will allow GM to go under.

you wrote last week that it's 3.15. it's hit the bottom.
well, just today it's 2.88. that's almost 10% lower.

and who cares what you personally believe about it going under. unprecedented, huh? didn't lehman brothers set a precedent earlier?

first, GM going bankrupt would eclipse the hell out of Lehman Bros. Do you realize how many suppliers, supply GM? What about the dealerships that are in every city of any consequence in the US? I guess I forgot that Lehman Brothers had an office selling securities, employing say 25-50 people in Great Bend, Kansas or Spencer, Iowa.

So, yes, it would be unprecedented.

I was working under the assumption that this guy purchased this stock months ago, years ago and not recently trying & to make a quick buck, or whatever reason anyone would buy this stock during this time.

Would you sell this stock now if you bought it 5 years ago? Would you sell this stock now if you bought it 1 year ago? I wouldn't.

GM, paid a nice dividend & was awash with cash. Like I said, you claim to have predicted this 1 year ago, 5 years ago, you're the fool for not selling the stock short.

Hell, there's still time for you to make some money. You've missed out on 10% from my alleged claim of a 'bottom' which, I never made.

 

[Stojakapimp]

I would stay away from these companies. Yeah, the price is attractive if it's low, but too volatile. The fundamentals are so junky with GM...which is expected I guess. They have $45 billion in debt. Even if they get their bailout, which would probably be about $12B for them, they'd still be in a lot of debt.

If you plan on holding on to them for the long term, like multiple years, then sure, maybe they'll rebound, but you better be willing to part with the money you invest.

 

[Arkaign]

Heh, I got in on a bunch of this at $3.36, I had planned on getting in earlier (when it was higher), but delays held me back. Oh well, I think I'll do fine. Probably better than my AMD stock

 

[imported_Lothar]

Originally posted by: manlymatt83

Originally posted by: Lothar

Originally posted by: manlymatt83
I'm a big rail fan, so I added CSX/NSC/BNI all at once.

There's no need to have 3 railroads. You only need one.
I'm in UNP.

Really? So between UNP, CSX, NSC, and BNI, there's no chance one will jump and the others wont? What if one of the freight companies does something amazing? Isn't that what competition is all about?

No chance.

In choosing UNP, I went with them because they paid a higher dividend and had less debt compared to all the others(as of Summer '07 when I made my investment).

I don't know if that's still the case now, but I haven't really been bothered to check and I'm not going to.
The railroads(unlike most other industries) are very correlated.
I prefer to be on the west side rather than the east when it comes to railroads. That means Union Pacific and Burlington.

 

[PhoenixOrion]

Originally posted by: manlymatt83
Should I just sell and cut my losses? It keeps dropping.

It all depends on how you ask to the questions already posted by others:

1. what's your overall strategy? are you 'investing' for long-term or just 'trading'?
2. do you need the liquidity that it overweighs locking for a loss?
3. do you need the loss to offset the capital gains you already have in other transactions for this tax year?
4. how large is your position in GM stock, in the context of your overall portfolio, in the context total $ to what you perceive you can afford to lose, etc?