Loading ...A little history would help understanding my situation…I started in early 1950’s I bought 5 stocks ..Pan Amer air,BBM photocopy..I was 25 years old and walked into a brokerage and met a young broker there ..He was from Miami I from NJ.and we hit it off immediately since I was famliar with Miami and loved it .It was a Grand place in the 50,s.. He had another client ..a guy about 90 years old from miami and he was a bottom fisher and taught me how to buy stocks after a crash ..I thought his ideas made sence and put them to use..over the next several years..I bought Toys r us in Bankruptsy..at .50 later sold it at $50 bucks..bought A&P in Bankruptsy for My biggest COUP $5 bucks later sold 10,000 shares at $37.00 after the 87 crash,it actually got to $54.00 days before the crash .My biggest COUP was Circuit City a Richmond based company who bought a penny stock I owned called Lafayette Electronics at .37 cents that sold electronics in NYC. I was then a stock holder of Circuit City and did research on it and I discovered they were in the VCR busines that was just getting started ..a new invention I was delighted. They were originally an appliance business ,but the electronics was growing fast and thats what interested me.I kept buying more stock .The old guy running it called it “the loading Dock” ..His son had no interest in the business as he was a Lawyer in DC.So the old guy hired a guy that sold him electronic cash registers and understood electronics named Rick Sharp.Well he made Rick an offer he couldent refuse ,come work for me and grow us into an electronic powerhouse and Ill make you CEO of a big company ..He did and they did,and my 2 thousand dollar investment in a small NYC electronics business Lafayette Electronics grew into the Largest VCR and electronics business in the US.He went to California where nobody sold tvs or Electronics except in Furnature stores and created the Circuit City Super store….I ended up owning 16,000 shares of CC worth $50 per share after 5 splits and 5 years…all from a penny stock.. I became a confirmed bankruptsy expert buyer..bottom fishing…The most intersting case was A&P ..the stock was $5.per share ,but they had $11.00 per share in CASH hidden in the old guys pension funds ..I said to my self what ? I get the stores for nothing and double my money in cash .Whats not to like ? it took a few years but they hired the right guy away from grand Union Supermarkets ,a turnaround specialist and he found the money and busted the Unions who were killing the company.. Yes I still like bottom Fishing ! It take time to bear fruit years mostly,but the rewards are great ! So in 87 I had huge profits ,I had turned a tolol investment of about 15,000 in to 1.6 million using margin …even after the crash what I had left was still profits ..margin was the problem ..Taxes were going to be a problem because I sold nothing all those years .There were many more companies involved than I described here and LOTS of IPO’s that Wesley got me participated in.He was making 50,000 a year on my commissions ,but gave it back to me in IPO’s participation worth at least as much..We were a Great team… I still miss him..
No Comments
No comments yet.
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.