FormerXBC Inc XEBEQ

How I went from Riches to Rags

[RichesToRagz]

In January/February 2021 I was a multi-millionaire with large positions in high growth stocks like Xebec, AcuityAds, GoodFood, CloudMD, Skylight Health, Teledoc, Plug Power, Ballard etc. etc. Although I was "diversified" with about 30 different stocks across different sectors, I was anything but diversified, since I was invested entirely in growth stocks, with no value stocks to balance things out, and no bonds. 

Fast forward to today I'm effectively broke. My entire net worth has been put in these high growth stocks. I'm a relatively early retiree with no cash flow, and no dividend stocks. In order to get cash I have to raid my growth stocks which are extremely deep in the red. 

Let this be a lesson to everyone. Learn from my mistakes and be a more conversative investor. Diversify your holdings. Balance growth stocks with value stocks. Buy dividend paying stocks. 

Thank you for reading. Feel free to criticize my poor investing skills and my precarious financial position, I deserve it.

[LongoGlueStick]

Hi RichesToRags, I feel your pain. But dont worry, you are in good company. We have a poster on this board named filoux who failed to properly plan for his retirement. Now he aims for 25% a year because his nest egg is so small.

[filoux004]

The weather here is minus 6. Gday

[tony08]

Very sad.....hope your mortgage is paid. Someone who has no debt is rich in a way. 

[savyinvestor333]

Wow a good reminder of how fletting fame is and to not put all your eggs in one basket of assets. The stock market is only one of many ways to invest.

[69andcounting]

Riches I really feel for you, and NO ONE is going to criticize the decisons you made as much as you already have yourself.  All of us are pulling for you to get through with as little loss as possible!

[RichesToRagz]

Thank you 69andcounting.If the severely beaten down growth stocks that I own return to at least 50% of their Jan/Feb 2021 high by year end I'll be able to rebuild my depleted retirement fund with a major lesson learned, however, I'm not too sure if it's probable.  For Xebec, for example, returning to 50% of its Jan 2021 high would be $5.77. It's certainly possible to reach

[Zebec2021]

STEADY THERE RICHES.....i doubt you should be gambling away the rest of it here!! oil &gas divy payer for the next leg...ARX ,TOU ,WCP, CVE SU,.....OR UTILITIES......AQN ,FTS, CU,NPI,....SO MANY SAFER PLAYS FOR YOU.....AM I SCREAMING!!! oh sorry bout that!  funny money you stick in here for now! not nest eggs!!!!! beware the silver tongued ...and to the rest of you die hard longs ......

[sumpineh]

 Completely agree I could add many other safe dividend payers that i have held for years. Like going to a casino,you only play with money that you can well afford to lose.

[ZouZS3]

Money comes & goes. I personally fall in love with stocks but never with money. I did fall in love with Xebec but like every love story, there is pain that comes with it. Many times it's good pain that makes you learn and grow. To make you feel better, I've invested 100% of my portfolio in Xebec not to mention all the people I know who also invested in the hundreds of thousands of

[RichesToRagz]

Good advice. I wouldn't be in such a bad position if I had some cash flow or cash savings, which would allow me to wait out this growth stock carnage. For now, I have to take out small amounts from my very deep in the red growth stocks each month to pay my bills, and hopefully there'll be something left over by the time growth stocks rebound in a meaningful way. I have nobody to blame

[ZouZS3]

another reason I don't waist my time investing in so many growth stocks is because can you imagine the amount of reading and analysis is needed to make informed decisions. Too much. I personally dont have time for this. I trust myself and I would never feel good investing in a company I don't understand. Your mission now is to figure out which stock has less potential to sell them first

[ZouZS3]

Teladoc is on the verge of replacing Tesla as Ark Invest's biggest holding. Here's why Cathie Wood is so bullish on the telemedicine company.

[VicesVertus2222]

Yes, Cathie Wood did very well in the last 5 years, because of growth stocks ... just like Riches to Rags probably did while his stocks where outperforming. I would be curious to see Ark'performance in thelast few months. She was very high on Meta amongst others. And again, diversification in opinions about the economy in 2022. I believe that she does not see inflation in 2022, but deflation.