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Took a chance on financial stock that actually paid off

September 23rd, 2008 at 07:18 am

several months ago I noticed that two Ohio bank stock prices had plummeted to $3 or $4 a share. I know these banks, and I was convinced that this was really a rock bottom price, so I bought several hundred shares.

I looked today, and on one stock I am up $539, basically doubling my original investment. And on the second, I am up $174, or about 50 percent on my original investment.

I know, you don't really win until you sell. But I paid so little for these stocks, that I feel comfortable hanging on. I am sure they will be back up to $22 or so a share in a year or two...

The stock market seems scary right now, but we do need to stop and think about it as a giant clearance sale for stocks. Now is the time to buy.

7 Responses to “Took a chance on financial stock that actually paid off”

  1. Broken Arrow Says:

    Hey, nice gains there!

  2. thriftorama Says:

    I knew you'd appreciate a stock post, BA!
    It's a buyers market right now, even though it seems like the sky is falling.

  3. Broken Arrow Says:

    Hehe, yes, how'd you guess?

    I need to get back in. Still looking though....

  4. Broken Arrow Says:

    If you don't mind me asking, what's the gain in %? That's what I personally look at, rather than the absolute dollar amounts....

  5. thriftorama Says:

    The first was an 85 percent gain, the second a 45 percent gain. Not too shabby.

  6. Broken Arrow Says:

    What the. You made 85%? YIKES! My best trade was 30%, and the volatility on that one scared me senseless. But seriously, congrats. A well-deserved pat on the back indeed.

  7. thriftorama Says:

    It was a fluke, really. I saw the stock price had hit rock bottom and because the share prices were so low, I took a chance. I figure $300 or $400 for some shares won't kill me if they go lower. That's kind of my MO right now. I am looking for stocks in solid companies that I think have gotten so low that they just have to rebound. I'm waiting for SallieMae to hit $10, then I will buy. I may as well earn some of my student loan interest back!

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