Deja vu Just a little entertainment while we await the consolidation phase to run ints course.
Fifty years ago I started investing as a 22 year old graduate student in Australia. Old gold mines near Kalgoolie were all the rage since they were loaded with nickle which 100 years before had not interested the gold seekers.
As I scanned the paper looking for a good penny stock, my attention was drawn to a company called Poseidon - yes believe it! This little company was started by a group who had backed a horse called Poseidon in the Melbourne Cup back before 1920 sometime. They had won a small fortune and decided to spend it on gold prospecting in the Kalgoolie - Koolgardie region of Western Australia. They started this company Poseidon. Now I had grown up in Kalgoolie during 1942 - 1946 when my dad was slogging it out with the Japanese in New Guinea, Moriti and Borneo. So I thought Poseidon was a good pick.
It was trading at 1 pound, but when I checked its past 12 month trading, it had run up from 1/4 of a penny to 1 pound. There were 12 pennies to a shilling and 20 shillings to a pound. So the stock had already appreciated 1,000 fold.
For my first investment, I was scarred to put my hard earned money in at the top. So I lost my money on some other penny stock.
However, I kept checking in on Poseidon. In one month it hit 30 pounds. It listed on the London Exchange and eventually peaked at 300 pounds before collapsing to nothing.
Last year I bought into ONR in order to get into Poseidon. I loaded up in two of my accounts and three of my wife's. She has been with me for 50 years and knew all about the old Poseidon.
She said "do you know what you are doing?" remember what happended to that other Poseidon.
Yes I said, and I will keep a very wary eye on this little venture.
So I sold some shares yesterday but am keeping a core position.
Good luck to all.