RE:Who buys DRYS? [FT article]Thanks for posting. Pretty much sums it up. Imagine the bagholder types that average up using the "cheapies". OMG! If I had more time, I would retro-analyse this trash to get some more insight how trash looks like on charts to make sure to always avoid these....
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DryShips — DRYS on Nasdaq — is just the weirdest listed stock in the world. It’s a machine for taking investors’ money off them. Consider the longer term price chart for this specialist printer of share certificates, with a Greek shipping business attached…"
... Economou clearly has quite a scheme going, but it can’t continue indefinitely since the constant consolidations will send the share count towards zero.
But, in the meantime, back to that question posed at the top of this post: who the hell is buying DRYS?
The short answer seems to be US day-traders, who try to catch sudden, extreme, inexplicable price rallies — people like Henrik Alex, a daytrader who contributes to Seeking Alpha.
Please don’t follow his daft advice.