“Plowing good money after bad” and “patience” (not just patience to hold forever. But patience when to buy and/or add)….these sayings come to my mind with investing in mind. Macro environment factors, hemo hold, few near term catalysts and a major cash crunch are some very valid reasons that has seen this stock crater 65% the last year and ~50% YTD. BIIB and others selling at $8.50+ sure seems like a smart move at the current pps. Of course time will tell if just “riding” this out will be worthwhile for the diehard longs’ while. But please the ad nausem hype is tiring…if I’m being honest. Also being honest a message board is best when there is a debate and not just a hugfest. Easier said than done I know. People’s personalities, feeling and pride tend to take over. Oh well, it is what it is. MB dynamics can be a funny thing really. Anyway I’ll close with these gems of words of wisdom that may be most pertinent to at least a few on this board. But regardless the words are good for all!
"A stock is for all practical purposes, a piece of paper that sits in a bank vault. Most likely you will never see it. It may or may not have an intrinsic value; what it is worth on any given day depends on the confluence of buyers and seller on that day. The most important thing to realise is simplistic: The stock doesn't know you own it. All those marvellous things, or those terrible things, that you feel about a stock, or a list of stocks, all these things are unreciprocated by the stock or group of stocks. You can be in love if you want to, but that piece of paper doesn't love you, and unreciprocated love can turn into masochism, narcissism, or, even worse, market losses and unreciprocated hate" Adam Smith, the Money Game
“As investors, we deceive ourselves a thousand different ways, both small and large. We attribute gains to acumen when they are the product of luck, and attribute losses to ill fortune when they are often the product of stupidity or inattention. We believe that the market remembers or cares about the price we paid for a stock, or that our stocks will go up when every other stock is going down. But most commonly in markets, we fall in love with a company that is unworthy of our affection” Leon Levy “
"We document our analysis and valuation not only at the beginning, but also by formally revisiting everything in writing at least twice a year. It’s easy to get married to something you own and if it’s not working to change the reason your’e still in it. We find this a very good exercise to help prevent that kind of thesis creep” David Hurwitz
“Never fall in love with anything! If facts change, re-evaluate your position!” James Dinan “If we only confirm our beliefs, we will never discover if we’re wrong. Be self-critical and unlearn your best-loved ideas. Search for evidence that disconfirms ideas and assumptions. Consider alternative outcomes, viewpoints and answers.” Peter Bevelin
“One of the important things in stocks is that a stock does not know that you own it. You have all these feelings about it; You remember what you paid. You remember who told you about it – all these little things. And it doesn’t give a damn. It just sits there. If a stock’s at $50, somebody’s paid $100 and feels terrible, somebody else has paid $10 and feels wonderful – all these feelings. And it has no impact whatsoever” Warren Buffett