Stock Itch

Check out The Street’s Note to the Deluded: Don’t Buy GM Stock article.

As noted back in October 2008, I bought a few shares of General Motors Corporation (NYSE:GM) for what I considered a small cost (30 shares at $5 a share). Today it looks like that opportunity is in the toilet (but I’m not whining…my overall portfolio is diverse and just fine).

As I’ve watched the stock price go down and down and down and then flushed, it became clear quickly that there’s no way I was investing any more money into it. If I made it out on the positive side, great, but I wasn’t holding my breath.  The up and down movements (in “penny stock” territory) confused me. My gut was to just observe and when/if the stock is wiped out, use the loss for what it is.

And regarding the “new” company, don’t get me started on that. Bottom line, I think that the powers that be in Washington D.C. are a bunch of morons who in 9-months have increased our deficit so drastically that I bet my great-great grand-children will still be paying for it. But that’s another topic for a different blog.

If I were to add any auto company back into my portfolio, it’d be Ford (which I have held in the past) due to sticking to their guns and not taking a “bailout”, but at this point I’m still just a little hesitant. Luckily, as I said, the portfolio is diverse & I cannot stress enough how important that is.

This entry was posted on Monday, June 1st, 2009 at 7:55 pm and is filed under Auto & Truck Manufacturers, Consumer Cyclical. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.