RE: Results - cost of Sales22 Sep 2022 20:23
KD,
I really don’t know what to say. I just hope that those numbers are relative as I appreciate everyone’s circumstances are different.
When I first started trading on smallcaps I put a sht load, for me, into a North Sea oil explorer called Xcite Enegy. XEL.
I fortunately had money to pay off my mortgage and invested our endowment (was a load of crp!) and savings. Having had a good run on another North Sea company that was taken over and whose name eludes me now plus the falklands buzz with RKH and DES and then BPC and RRL I made a decent return in my early trading days. I was invincible!
Well you can guess. Having followed the XEL story so closely from I think 80p to about 400p I started catching a falling knife. I absolutely trusted the BoD. I remember seeing Rupert Cole the CEO pouring out a glass of heavy oil to show how the Bentley oil field flowed….
Well to cut a long story short it nearly wiped me out! I mean I was fortunate enough to like you be able to pay off the mortgage but bar a back stop I didn’t have that much left. Over the next few of years I came into £30k and had another go.
This time I approached things so much more methodically. For sure I had losses but I backed winners and I did manage to to get a couple of multi baggers. Anyways I managed to turn what was a modest pot into many multiples over the following years. Amongst that I still get losses like ONC where even my poor trading skills were defeated!
But the point is when I sold XEL I grabbed hold of the sense of perspective. How lucky we are when half the world don’t know where their next meal is coming from to be able to dabble in shares. It sounds corny but it’s real and it stays with me to this day!
We are so fortunate! And having now had a run of luck following a lot of battle scars I never loose sight of that perspective and have been able to do many other good things that I thought were impossible when I sat in my kitchen watching the XEL sp collapse and not even being able to sell as NT!
I don’t intend to preach, nor do I mean to say have another go. I am sure I don’t need to tell you about perspective.
But I will say to you, rooster, and itsyou I sincerely hope that in no way have I coerced anyone into investing those sums or any sum here. I am just a blogger like the rest and really like to think my posts have been as a whole balanced including saying if I sold or traded.
It still doesn’t change what is a sht storm!
Even though I reservations were emerging I believed the guidance as well!
Another lesson learnt!
Good luck guys!
Usual caveats
Trek
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