2974: Penny Stock Debacle: How I Lost $5,000 and You Can (and Better) Avoid It by Jeff Rose of Good Financial Cents
Description
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Episode 2974:
Jeff Rose shares a cautionary tale of losing $5,000 on penny stocks due to greed, poor advice, and ignorance about the over-the-counter market's volatility. He emphasizes the importance of informed investing, avoiding high-risk ventures, and adopting long-term, passive strategies to achieve financial security.
Read along with the original article(s) here: https://www.goodfinancialcents.com/lose-money-penny-stocks/
Quotes to ponder:
"Greed is not always good. I was doing just fine making a decent return on my boring mutual funds, but the chance of quadrupling my money got the best of me."
"It’s more like traveling to a flea market in Spain and trying to bargain with a vendor even though I don’t speak the language. Chances are I’m going to get screwed just like I was in this situation."
"You don’t conjure up strategies driven by greed to beat the market because you don’t need to beat the market to meet your financial goals."
Episode references:
A Random Walk Down Wall Street by Burton Malkiel: https://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393358380
The Intelligent Investor by Benjamin Graham: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661
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