Pat - an old maxim is never to buy on the way down but wait for the uptrend. Application of that rule-of-thumb may well influence the short-term movement of the sp but I feel that the it (the sp) will be comfortably above the present level in a year from now. Comfortably above? Well, 10% after paying commissions and stamp duty would be a lot better than you could get on a BOI or AIB deposit account. But perhaps not as good as on from the higher-yielding stocks on the FTSE350, CAC 40 or Dax 30. Choices exist and diversification is always prudent.
Ninja; thanks for your kind words but i am not sure I are worthy of the title `experienced investors'. I first started buying shares in 2009 after the crash. I am sure there are others on here with many years more experience. At the time I had a pot of money from contracting in the UK and I put in every penny I had progressively and into lots of different stocks. I made many mistakes but overall I am well ahead. Take a look at the following graph http://uk.finance.yahoo.com/echarts?s=^FTSE#symbol=^FTSE;range=my We have had a bull maket for quite some time now... This makes me very nervous. Wexford; I would not say more than sub 0.28.
I have just Googled this Mr. Ross you talk of. He has a few books on banks under his belt. Two fairly successful ones. Hadn't heard of him before so I suspected he was a colloquial writer. He has a history of giving bankers a hard time I see. Perhaps he has another book coming out soon and is drumming up attention. I hope that people see this for what it is......headline grabbing generality on a topical issue.
I have listened to that and I hear him on about a new banking system and praising the Danish model etc all very fine but we are not Danish and we have a much smaller banking market than them. Also I heard him going on about splitting up the two incumbents into smaller banks and I could not help thinking that is where we have just come from.
I asked you a question yesterday to see what your thinking was and to compare it to my own. You gave an answer that was exactly as I saw it. Now son, that means that either I am a fool and you too or else the answer was just plain common sense which I think it was.
Patience and a simple plan explained already is what I intend to use here. I want to have a good chance to make a few bucks out of this. I am not Ross or watsa so my plan is not the same as theirs but in fairness they have a substantial interest alongside me here.
Now look at their record which is not so bad on that note we have good company here.
As I say show me the other investors with you and I will tell you what type of an investor you are.
I would suggest people just ignore him. A whingeing politician of little merit who is ****ging off a very successful investor. What did Messrs Ross et al do when the Bank needed investment? Write a trashy book about how they arrive but no solution offered? US investors ploughed huge money into SP and now cashing in like most savvy investors do, 30% which matches original investment. The Irish Gov has been fully repaid yet still retain a significant shareholding (which is appreciating) again savvy financial management by both Bank and Minister Noonan.
Ross is a whinger who has lost his rattle , why doesn't he turn his attention to the INM SP collapse? Oh no he has a vested interest. Or better still how about the DPDA which squandered hundreds of millions of public money? Oh no he has more interest there too!
Get off the stage Ross and do some constructive for once.
The Bank SP will duck and dive, but otherwise an upward trajectory is assured, only a fool/motor mouth would see failure here.
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