Recently, I apologized for some of the awful stocks I had suggested (“Year-End Tax-Selling Buying Opportunities”), concluding:
All that said, would this be a time to buy a little GLDD? A little PRMRF? A little BOREF? Each under $5? Check back with me in a year or two and we’ll know.
In the 10 weeks since . . .
GLDD is down slightly. I just wait, and wait, and wait, as the silt accumulates (they are the nation’s largest dredging company) . . . and the CEO, with any luck, gets fired.
BOREF is up by a third. Sort of. I mean, it is . . . but it trades so thinly, it could go right back down if some guy decides to sell 500 shares and no one happens to be around to buy them. But this is not a stock to buy for a small quick gain anyway; it is a stock to buy for either an eventual wipe out (somehow, I guess) or else for a big score. Two years ago, when the stock was $16.50 and the company less far along, I posted, “BOREF: $338 A Share? Or $2.79?” To me (and perhaps only to me), the logic still holds. I wouldn’t sell any at $6.20.
PRMRF is up 50% and depends almost entirely on the price of oil. My hope is that even at today’s prices, low-cost producers like this one will do okay. (My even greater hope is that the world will move away from fossil fuels altogether.) But if in a couple of years oil is back to $70, say, PRMRF could be back into the 20s. And it was in the 20s that my smart rich friend who had researched it deeply thought it was worth a great deal more. I’ll settle for the 20s.
As always: my little speculations are only for money you can truly afford to lose.
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If a word in the dictionary were misspelled, how would we know?~Steven Wright
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