I don`t like to sell something short unless it`s unbelievably expensive. And I mean unbelievably. I`ve shorted lots of things in my life that were expensive, only to see them get more expensive. I n my early days on Wall Street, I learned one of my greatest lessons about market hysteria when I shorted University Computing in 1970, selling it at 48 USD and waiting for it to descend. I ended up covering my shorts when the price hit 72 USD. University Computing proceeded to go up to about 96 USD ? and then plummeted to 2 USD. I was right to short the stock, but I still got wiped out, because at the time I did not have the guts or the money to stick with my convictions that the stock was way overpriced. ? in Hot Commodities
Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron?s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.
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Source: http://blog.stocks-for-beginners.com/index.php/2011/08/investing-a-lesson/
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