Quite probably, also as was the term Credit Crunch which was liberally used.And we think we invented everything.
Oddly enough, there were many rich investors on a ship on which J.P. Morgan had an office onboard, with a wireless connection to their NY office.
These investors who held huge positions on margin, when they left Southampton were rich, however when they arrived in NY they were wiped out,although they had been trying to sell all the way on their return voyage home.
Many of these people lost as much as $20 Millions each and one of the investors in NY offered and finally did put up $25 Millions of his own Capital, only to lose it.
Being somewhat entrepreneurial, he had saved some cash and bought back the $250.00 shares for 20 -30 CENTS EACH and held onto them.
His son was interviewed from his Long Island home a few weeks ago. Apparently, they have kept the fathers spoils of war, as they are not living in abject poverty.
The moral of the story could be: Hold Nortel and Bre-x, they just may come back
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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