I own GM stock

[Savarak]

Originally posted by: Naustica
Think of it as a cheap call option with no expiration. It's never too late to sell a stock if there is a market for it. I sold out of a large Worldcom position the day before they went bankrupt. I had like 50,000 shares of that worthless company I was gambling on. That's when I had more money and balls than brain. Even though I took about 33% loss on that stock, that was the single best and the luckiest trade in my life.

It was your single trade that pushed them over the edge to bankruptcy!!

 

[Zim Hosein]

GM stock was up $0.16 today, I wish I owned some

 

[jeffrey]

Originally posted by: redly1

Originally posted by: manlymatt83
I own GM stock

no, GM stock pwned you

Best response I've read all day :beer:

 

[imported_Lothar]

Originally posted by: manlymatt83

Originally posted by: Lothar

Originally posted by: manlymatt83
Should I just sell and cut my losses? It keeps dropping.

The best way to play GM right now if you're "hoping" for a really big "speculative" bounce is to buy their SmartNotes.
They rank equal to senior unsecured debt, which recovers an average of about 40 cents on the dollar in bankruptcy cases.

What do stock holders get in bankruptcy cases? Zero.

The way I see it, it's a dumb move to buy either their stock or SmartNotes.
But the SmartNotes are a much better buy than buying (or holding onto) GM stock by a mile.

How do you buy smartnotes?

Why do you want to buy them?
Just take your loss and move on.

http://www.bloomberg.com/apps/...chive&sid=a_AUFalIF.Dg
http://www.gmacfs.com/us/en/pe...tnotes/Prospectus.html

 

[SSSnail]

Well seeing that you only own GM stock and not stocks, at most you'll lose a few dollars if it tanks. I on the other hand lost just a bit over a grand today, go me. I didn't expect the market to take a dive like that...

 

[Zim Hosein]

Originally posted by: SSSnail
Well seeing that you only own GM stock and not stocks, at most you'll lose a few dollars if it tanks. I on the other hand lost just a bit over a grand today, go me. I didn't expect the market to take a dive like that...

As did I SSSnail

 

[manlymatt83]

This is what I'm doing right now every week:

AIG AMERICAN INTL GROUP INC $100.00
AMD ADVANCED MICRO DEVICES INC $50.00
AMKR AMKOR TECHNOLOGY INC $50.00
BNI BURLINGTON NORTHN SANTA FE $25.00
CSX CSX CORP $25.00
GIS GENERAL MILLS INC $100.00
GM GENERAL MOTORS CORP $50.00
IYT DJ TRANSPORT INDEX (ISHARES) $50.00
NSC NORFOLK SOUTHN CORP $25.00
TQNT TRIQUINT SEMICONDUCTOR INC $50.00
VG VONAGE HOLDINGS CORP $100.00

I need to remove some of that. Some of it isn't good.

 

[Delita]

Originally posted by: manlymatt83
This is what I'm doing right now every week:

AIG AMERICAN INTL GROUP INC $100.00
AMD ADVANCED MICRO DEVICES INC $50.00
AMKR AMKOR TECHNOLOGY INC $50.00
BNI BURLINGTON NORTHN SANTA FE $25.00
CSX CSX CORP $25.00
GIS GENERAL MILLS INC $100.00
GM GENERAL MOTORS CORP $50.00
IYT DJ TRANSPORT INDEX (ISHARES) $50.00
NSC NORFOLK SOUTHN CORP $25.00
TQNT TRIQUINT SEMICONDUCTOR INC $50.00
VG VONAGE HOLDINGS CORP $100.00

I need to remove some of that. Some of it isn't good.

Oh man. Please give your money to someone that knows what they are doing.

 

[Slew Foot]

HAHAHAHAHAHAHA

you ought to change your name to bankruptmatt83, or bailmeoutmatt83 or something.

 

[manlymatt83]

Originally posted by: Delita

Originally posted by: manlymatt83
This is what I'm doing right now every week:

AIG AMERICAN INTL GROUP INC $100.00
AMD ADVANCED MICRO DEVICES INC $50.00
AMKR AMKOR TECHNOLOGY INC $50.00
BNI BURLINGTON NORTHN SANTA FE $25.00
CSX CSX CORP $25.00
GIS GENERAL MILLS INC $100.00
GM GENERAL MOTORS CORP $50.00
IYT DJ TRANSPORT INDEX (ISHARES) $50.00
NSC NORFOLK SOUTHN CORP $25.00
TQNT TRIQUINT SEMICONDUCTOR INC $50.00
VG VONAGE HOLDINGS CORP $100.00

I need to remove some of that. Some of it isn't good.

Oh man. Please give your money to someone that knows what they are doing.

Whats so bad about it? Lots of transportation in there. Rail travel is good!

 

[glenn1]

Originally posted by: sandorski

Originally posted by: CPA
sell, and take the loss on your income taxes.

Probably a good idea, but if you don't need the Tax Deduction and can afford to lose it all, I'd hold onto to it. I seriously doubt that it will go under and it is very unlikely it will enter Chapter 11. Chapter 11 will cause more harm than good and would likely seal it's fate.

OP should harvest the tax loss now. If after 30 days (to avoid the wash-sale rule) he still thinks GM is a good buy, he can buy his long position back at a much reduced cost basis having pocketed the capital loss.

Only way he should hold is if he thinks shares will skyrocket in the next month and he won't be able to get back in at a reasonable entry point. Even if one were to assume this might happen, it'd still be better to take the loss now and re-enter with the higher basis.

 

[ponyo]

Originally posted by: manlymatt83
This is what I'm doing right now every week:

AIG AMERICAN INTL GROUP INC $100.00
AMD ADVANCED MICRO DEVICES INC $50.00
AMKR AMKOR TECHNOLOGY INC $50.00
BNI BURLINGTON NORTHN SANTA FE $25.00
CSX CSX CORP $25.00
GIS GENERAL MILLS INC $100.00
GM GENERAL MOTORS CORP $50.00
IYT DJ TRANSPORT INDEX (ISHARES) $50.00
NSC NORFOLK SOUTHN CORP $25.00
TQNT TRIQUINT SEMICONDUCTOR INC $50.00
VG VONAGE HOLDINGS CORP $100.00

I need to remove some of that. Some of it isn't good.

Are you buying AMKR, BNI, and TQNT because I liked them? I haven't bought any of these yet. Although all are getting very close to my buy point.

I would take out AIG, AMD, GM, VG, along with two of the rails. AMKR and TQNT are speculative picks I like but you might have to hold for couple of years.

 

[manlymatt83]

Originally posted by: Naustica

Originally posted by: manlymatt83
This is what I'm doing right now every week:

AIG AMERICAN INTL GROUP INC $100.00
AMD ADVANCED MICRO DEVICES INC $50.00
AMKR AMKOR TECHNOLOGY INC $50.00
BNI BURLINGTON NORTHN SANTA FE $25.00
CSX CSX CORP $25.00
GIS GENERAL MILLS INC $100.00
GM GENERAL MOTORS CORP $50.00
IYT DJ TRANSPORT INDEX (ISHARES) $50.00
NSC NORFOLK SOUTHN CORP $25.00
TQNT TRIQUINT SEMICONDUCTOR INC $50.00
VG VONAGE HOLDINGS CORP $100.00

I need to remove some of that. Some of it isn't good.

Are you buying AMKR, BNI, and TQNT because I liked them? I haven't bought any of these yet. Although all are getting very close to my buy point.

I would take out AIG, AMD, GM, VG, along with two of the rails. AMKR and TQNT are speculative picks I like but you might have to hold for couple of years.

No, I didn't. Actually, the funny part was I already owned AMKR, and I added TQNT because of reading your post, and I thought it was quite funny that I already had half of what you had recommended.

Why remove two of the rails?

EDIT: I also already had BNI. I'm a big rail fan, so I added CSX/NSC/BNI all at once.

 

[ponyo]

Nothing wrong with having all three rails but they tend to trade together. So I see it as kind of redundant. I like the rails. I think commodities will come back once the dollar loses steam and gets cut in half.

Most people have never heard of AMKR or TQNT so that's why I asked. I'm curious how do you know AMKR? It's not a company most people would know or want to invest in.

 

[manlymatt83]

Nothing wrong with having all three rails but they tend to trade together. So I see it as kind of redundant. I like the rails. I think commodities will come back once the dollar loses steam and gets cut in half.

Yes, but what about the day when one of the rails launches maglev or something like that? Will the others follow suit? Not necessarily! Unless I'm over-reacting. Perhaps the Dow Transportation Index would work better. But what's the fun in that? That's what mutual funds are for.

Most people have never heard of AMKR or TQNT so that's why I asked. I'm curious how do you know AMKR? It's not a company most people would know or want to invest in.

No idea actually. Perhaps I heard about it on here a long time ago I forget where I Found out about it. But it was in my ticker from a while back.

 

[Cattlegod]

Originally posted by: Slew Foot
HAHAHAHAHAHAHA

you ought to change your name to bankruptmatt83, or bailmeoutmatt83 or something.

lmao @ bailmeoutmatt83

Mods - Please change his tag from "Diamond Member" to "Bail me out!"

 

[manlymatt83]

Originally posted by: Cattlegod

Originally posted by: Slew Foot
HAHAHAHAHAHAHA

you ought to change your name to bankruptmatt83, or bailmeoutmatt83 or something.

lmao @ bailmeoutmatt83

Mods - Please change his tag from "Diamond Member" to "Bail me out!"

I don't think "Bail me out!" would be a good tag, though I think many people know me on here as "Make my decision!" or something of the sorts which would be more appropriate.

 

[Chadder007]

Originally posted by: Naustica

Originally posted by: IHateMyJob2004

Originally posted by: V00DOO

Originally posted by: IHateMyJob2004
There will be a bailout. You should have never bought it. Toyota is the best auto maker out there to invest in and even that company is not worth investing in.

Yes I agree, they'll get bailout. As a country we can't afford to let GM go out of business. Imagine how many jobs will be lose if GM goes out of business.:Q

I want Ford, Chrysler or GM to go under.

With one of them gone, the other two will come out much stronger (better margins, increased sales, etc). From what I've read about GM, they should be the first to go. And unions (the UAW) need to be put in their place.

bailing out Gm will just lead to more bailouts down the road.

We should not have bailed out any company in the first place. Bailing out AIG, Fannie and Freddie, banks, and other financial institutions has led us down this slippery slope. Now we're on this slope and you want to play favoritism.

I'd rather them had bailed out the Auto industry instead of the Banks. Too many jobs are affected down the line with the Auto industry.

 

[Erock]

lawl, you were dominated. to hell with the stock market!

 

[sunzt]

If they had an inverse/short ETF for autos, i'd be all over that. I would have made bank from that.

 

[TallBill]

Originally posted by: manlymatt83

Whats so bad about it? Lots of transportation in there. Rail travel is good!

Till the government stops operating it at a loss and dumps it all together. Theres just no reason for commercial rail these days.

 

[StageLeft]

I own some, too

 

[TallBill]

Originally posted by: Skoorb
I own some, too

Don't inflate the value.

 

[StageLeft]

Originally posted by: Slew Foot
HAHAHAHAHAHAHA

you ought to change your name to bankruptmatt83, or bailmeoutmatt83 or something.

LOLs for real, out loud in the flesh.

 

[StageLeft]

Originally posted by: TallBill

Originally posted by: Skoorb
I own some, too

Don't inflate the value.

True. I can wipe my ass with TP but with a $0 next to any ticker in a brokerage account I cannot even do that.