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.
Took a chance on financial stock that actually paid off
September 23rd, 2008 at 03:18 pm