But first . . .
I went to bed Sunday night with SPRT at $2.14 (which is sort of like $1.14 for those of us who bought it long enough ago to have gotten the non-taxable $1 return of capital) . . . and woke up to see that I could sell it for $8, which I promptly did.
Some of you emailed to relate similar stories. This made me really happy.
Apparently, some company that mines bitcoins . . . (and what a worthwhile endeavor that is, bound to enrich humanity by consuming vast amounts of energy to make bitcoin less scarce) . . . wanted a cheap way to go public. Merging with an existing little public company was a good backdoor way to do it.
“Sometimes, patience pays off,” I wrote here a couple of years ago. “Buy when everyone else thinks it’s hopeless — like SPRT last week? (I bought more at $1.65) — but only with money you can truly afford to lose, because all too often everyone else is right. (SPRT faces some significant challenges sown by the previous management; but I like the CEO and am betting that in the long run this may work out.)”
In reminding me I had written this, one of you credited me with “prescience.”
Believe me: it was not prescience. Or patience.
It was complete, nutso, delightful dumb luck.
I also sold my CNX yesterday. Here’s why. I have no idea if the analysis is solid, but I don’t mind taking a double on the shares bought when we doubled down (and a modest profit on the initial shares). Especially because, if you double down in dollars, not shares, you come out well ahead. (Right? Buy one share at $14 and two more at $7. When the stock gets back to $14, you have $42. A nice profit.)
And now . . .
Meet Stella. She’s 16. I think you’ll like her. I don’t want to spoil it by telling you what the 5 minutes are about. Let her tell you.