I used to fiddle in the markets but lost heart when I play big on GKG (I think that was the abbreviation ) I was given a tip so I passed up on what I wanted and bet the lot on a blue ribbon stock.
It immediately dropped 10 cents, not much for a stock that was around 8 or 9 dollars, but it did mean that I was holding a deficit.
For a full year after that it went up a couple of cents, down a couple of cents, until almost on the one year anniversary it rose to a whole 2 cents more than I paid.
I sold and after dealer fees was still a bit behind but the thing that hurt the most was the stocks that I had my eye on previously all did rather well and would have given me a nice return in the same period.
But nothing can match my Father's missed opportunity, my Father has played the markets for most of his adult life and he has done very well out of it too retiring at the age of 55 to spend the last 24 years traveling around the country with Mum, parked themselves at the Witsundays for 7 or 8 years but I digress.
My Father was an executive with the ANL (Australian National Lines) and through his work had a lot of contact with many characters from within the Ship Painters and Dockers, for my International friends just think of your powerful warfies Union (much the same) so anyway these guys have their fingers in very many pies if Dad did right by them there would always be that little whisper *Jack o Lantern race 6 Flemington* which was always a fixed race.
Anyway it came to pass that one day in late 1969 the whisper in his ear was buy Poseidon 'But Big!', now as I have already stated my Father was quite good at playing the market and by his analyse Poseidon was over priced at $1.20 and history would prove him right, however short term shows that there was money to be made and lots of it.
Being the wise fellow he is my Father declined to buy in to what he saw as a nickel (pun intended) and dime stock and promptly watched that stock rise to $10, the next time he was down at the docks a guy said 'what's wrong Bergie, you should be as happy as a lark', then Dad had to admit he didn't buy in, the instant response was theres still lots of time buy in now, but of course you now had this stock that was not worth the initial $1.20 over priced at $10 so Dad shied at doing so again, he was prompted again at $50 and one last nudge at around $100, if memory serves me well it peaked somewhere just shy of $300 a stock, talk about a missed opportunity
Ken