Back in February of 2008 I thought I made a decent stock pick when I bought shares of Dollar Thrifty Auto (DTG) for around $16.50 for my IRA account. Soon thereafter, as happens frequently to me, the stock began its descent. I kept waiting for it to turn around, but it didn't.
Finally it got so low that it wasn't even worth selling - better to just hang on and see if it would reverse direction. Well when November came around, forget it. DTG and almost everything else took a nosedive.
In March of this year it was going for as low as 60 cents!! Now at that point I figured for sure why sell it, the worst it can do is lose another 60 cents. So I held on. The thought did cross my mind to buy some more since it was so cheap but I thought no, this company seems like it's not going to improve any.
And as usual, I was wrong. Here's a chart of the stock's price since those down days back in March (click to enlarge):
Yesterday I finally sold it for $17.26 a share, making a small profit. Today (Tuesday) naturally after I sold it, it kept going up and in after-hours trading it went over $18. Now just think.. if you had purchased $1,000 of this stock back in March when it was 60 cents, you would have $30,000 today.
Oh, if only I had bought more at that point. But I tell myself if I had done that, I wouldn't have held on to the stock, I would have sold it a long time ago.
Today's YouTube features a song whose title matches the stock. Now that I've sold it maybe you should buy it because it will probably soar over $50 in a few months if past experience holds true, haha..
By the way - the guy in the left on the video used to be a janitor at my elementary school. Then the group hit it big and wouldn't you know, he quit his job. I'm really happy when things like that happen to people - what a great story!
2 comments:
I once received such poor service at dollar (no caps is correct) that you would have been proud of me Rickie. I made them send me two $25 gift vouchers. They said I had a reservation that they could not fill. Since I had paid in advance, we had a contract that they breached. The real problem was trying to get a vehicle at the airport from somewhere else and getting my money back. It too three months and a four way call between American Express, Expedia, Dollar and me. I figured I would not use them again and forgot about the vouchers. Earlier this year we did use them. On the day we returned the car someone left a dollar sized ding in the door. Sucks to be them.
Well those two $25 vouchers are probably what helped send them into a nosedive down to 60 cents a share!
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