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Prospect Capital Corporation Message Board

  • johnsonjoel1 johnsonjoel1 Jun 3, 2014 10:57 AM Flag

    Started A Position

    I didn't think PSEC would tank today; I thought it would be more of a slow bleed. I grabbed 500 shares at $9.66; will grab more if it drops farther, and will save more cash for later this Summer. Had no intention of buying today, but the market dictates good entry points; couldn't pass up the low prices. GLTAL.

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    • Wait and buy all you want at $8.

    • jjoel,
      Congratulations on the buy in price of $9.66. I would have thought you were waiting for capitulation, which I believe is still bound to happen.
      A very knowledgeable board contributor told us about this on another stock I own(ed). The board was full of stock cheerleaders like PSEC has, but this was the one person who kept telling us that the Market Makers were going to take this down. They promised to tell us when to buy.
      Sure enough, a stock that had sold for as high as $38 was dropped to a low of $6.00 on 10/07/1998. This board naysayer posted heavily that day with the message to "BUY, BUY, BUY!!!!!!". Unfortunately, I didn't buy that day, because I was sickened by the way my stock, which once looked so promising, was now in the single digits. What was next? Zero?
      10/18/1998 was the last day the stock was in the single digits, and a little more than a year later, 11/03/1999, it closed at 44.12.
      But, the principle holds true to this day. This investing expert often told everyone on the board to try to find several out of print investing books by an author named Richard Ney, written in the 1970's, particularly "The Wall Street Jungle" and "The Wall Street Gang", which attempts to show how the market makers play their games to maximize their profits.

      So, fellow longs, this is NOT an anit-PSEC message. For those of you who are long, hold on, do NOT sell into a capitulation. Instead, back up the truck and BUY, BUY, BUY.

      BTW, that stock, which was bought by another company that issued $20 cash per share plus 1.1502 shares to shareholders, closed today, 06/03/2014, at an price that would have been equivalent to the old share's price of $119.02.

    • Welcome aboard the Titanic!

 
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