RE:RE:RE:RE:RE:RE:1.59 Canadian. Sooner, many of us junior-oriented investors are underwater on at least a few issuers here or there.
My advice with the juniors is try not to chase them when they are getting too hot. Yes, I understand that even at $2 we are looking at a 50% discount from the highs, but if you were acquiring when the price was well under a dollar you were really hurting your average cost basis anytime you purchased near $2.
We always have to be mindful of what our potential upside is. You are dead set on WRN being bought out at $6, so if you are purchasing between $2 and $3, you are not leaving yourself much upside at all. In the junior sphere, a one or two bagger is absolutely pitiful.
I took a peek at my purchases, I have only bought 1,100 shares above $2, so for me that is a serious resistance level. But, I also believe we are going to get double digits on a buyout, so even at $2 in my world it is still a 5 bagger, but anything less than that and you are likely in the wrong stock. We are in an environment where you can easily get juniors at 90% or greater discounts. I love my WRN, but it is "only" at 70% discount from the highs.
You are doing the correct thing by holding and you will be rewarded either a little or a lot, we will have to see. If we hit a dollar, you can easily bring your average cost basis down. I'm not ruling out going back under a dollar, the market is very sick right now, like an old man about to go into cardiac arrest, and all equities will continue to get hammered.