Baytex Energy Corp T.BTE

RE:RE:RE:RE:RE:RE:RE:BTE

[Boulter]

Traderx11 wrote: Im not trying to stress my wealth.... I don&rsquo;t care for that.&nbsp;<br /> <br /> I am saying I invested a large amount, &nbsp;made the wrong decision. Bad investment.&nbsp;<br /> Ive made good investments as well.&nbsp;<br /> <br /> Continuallly to average down to salvage a investment is not necessarily great etiquette. &nbsp;How does one have all that capital to average down. &nbsp;Imagine if you didn&rsquo;t, it would of been a terrible investment.&nbsp;<br /> <br /> Look at Bte. Past years. &nbsp;Tell me it&rsquo;s not a bad investment. &nbsp; Why are you fighting me on this. Any serious investor would agree. &nbsp;Is it a bad investment right now. More debatable. Maybe not. &nbsp;Past performance, definitely. &nbsp;

<br /> <br /> OK, say I agree with you and a bad investment is one that loses money and a good investment is one that makes money.&nbsp; How does this thinking help you going forward?&nbsp; Do you think it leads to greater or less wealth in the long term?&nbsp; I think it hides and obsucates errors in thinking about and understanding of the investing process.&nbsp; I don&#39;t think this way and I do WAY better than average.<br /> <br /> So the following is likely not for you...<br /> <br /> I could have labelled my initial I think it was 200 shares of OSB at about $100/share (equivalent working through the restructuring) circa 2005 as a bad investment and never again purchased shares.&nbsp; We stay away from things that are bad, right?&nbsp; The investment is bad and the company is bad because I lost money.&nbsp; If it was a bad investment in the past it is just plain bad and cannot ever be anything but bad.&nbsp; No need to consider it in the future, got burned once by the bad investment, and by golly you are not going to get me again!&nbsp; This is the way you and frankly the vast majority of investors think.<br /> <br /> Or was it an investment made in good faith at the time that I thought held promise, but in the fullness of time lost big?&nbsp; What if I think of it and label it instead as ill-timed, unfortunate, a mistake on my part, unlucky even?&nbsp; What if OSB is not forever bad?&nbsp; What if there is opportunity today even though I lost big in the past?&nbsp;<br /> <br /> Do you see what I am getting at?&nbsp; If I consider my losing transactions and positions as &quot;bad investments&quot;, it sets up a framework in my mind, a bias, that works to preclude me from seeing the opportunity that exists today in the same security.<br /> <br /> I went on to buy a few more shares on the way down to $5 circa 2008/2009, but then bought large between $5 and $12 up until 2010 or 2011.&nbsp; At some point this was a losing position 5 or 6 years after starting in it at $100.&nbsp; Mlost investor&#39;s heads explode in this sort of situation, they just cannot handle it.&nbsp; Just look at ENB investors who cannot handle a 6 month drop from $55 to $38 and sell near $38 instead of buying more near $38 (or start a position as I did near $38).<br /> <br /> Today my lifetime 13 years with OSB has made me on the order of 1/4 to 1/3 million dollars.&nbsp; If I had framed my initial $100 position as a bad investment, would I have been able to see the opportunity?&nbsp; Oh and my initial 200 shares is still in a loss position after 13 years, what a bad investment that was!<br /> <br /> As to the issue of being able to or not buy more shares of a company that is falling in price:&nbsp; You seem to think that if there is no fresh cash, then there is no choice to buy more shares.&nbsp; This is also false thinking, aided by another kind of false thinking.&nbsp; The second common false thinking is that you don&#39;t make or lose money until you sell a security.&nbsp; So in 2009 I had shares in some banks and utilities that were is a loss position, say 25%.&nbsp; Most investors resist selling in such a situation because it will be a loss.&nbsp; This is unture, if the security market price is under what you paid for it, you already have a loss!&nbsp; So my brain not holding to this particular falsehood was able to sell some of these positions down in the range of 25% to buy shares that were down 75 to 95%.&nbsp; Not beholden to that particular lie that most brains tell most investors, I was able to set myself up for massive investment returns this past decade.&nbsp; Then there is margin possibilities as well.<br /> <br /> So if it makes you happy, you can have the wins here.&nbsp; BTE is a bad investment and you cannot buy more shares if you don&#39;t have any cash.&nbsp; I&#39;ll continue to think about these things, incorrectly in your view, and continue to struggle with how I am going to give it all away one day, for I am no longer a young man, money is actually suprisingly useless to me at this stage of life, and yet the money just keeps pouring in with no regard for my incorrect views on investing.<br /> <br /> <br /> <br /> <br /> <br />