Yes, I owned BP stock! It was up pretty big this years, until now. I got a small gain, but not near as big of one that I would have if I sold the first day.
Why didn’t I sell my position in the stock on the first day for the new of the oil spill/leak?
- I thought the spill would have been contained by now.
- I thought it might recover some of it’s losses for that day the next day or so.
- I didn’t realize how bad the oil spill was.
My gut instinct was to sell as soon as I heard. They say that the oil leak may take up to 3 months to control. Three months!!! That’s a very long time.
Why was I in BP initially?
It had an 9% dividend when I initially got in!!! It was a great oil dividend play (athough I only had a very small position). It would be a great oil stock dividend play today if it wasn’t for that oil spill.
I’ve read online that people like me are overreacting, but even if I am, the stock will still drop.
I feel bad for the New Orleans Shrimpers down there! I don’t think there is going to be an easy answer!
Readers: Sometimes, does seem that a dark cloud follow you in your investments like they do with me?
Update (05/05/2010) I jumped back in read it here!