Wednesday, March 11, 2009
A few months ago, I got word that my uncle had bought some General Motors. I think the stock was a lofty $6 or $7 per share. (It hit 1.27 last week.)
Why did he buy it? Who knows?
I do know that he consulted my sister (his niece) that works for GM.
What next? Ask Ken Lewis if his company is a good buy?
He DID NOT consult me as I would never have endorsed that move. (Last May I shorted this turd at 17.73 and made 3 points. Should have held it!)
Let me tell y'all something about CaptiousNut - that I'm sure I've mentioned before.
When I meet a plumber, I take that opportunity to ask him about pipe issues I may be having.
When I'm socializing with a car person (mechanic, truck driver, etc) I lay the problems of my clunkers on them.
When I'm around real estate people, I ask them about real estate. (Then I usually enlighten THEM.)
When I meet someone in a business I've know little about, I fire all sorts of questions at them; I pick their brains to edify myself.
When I hang out with teachers, I ask them how to educate kids.
Alright, I admit the last one was a JOKE.
But you catch my drift.
If you had a nephew who traded stocks professionally for 13 years, wouldn't you, ever, ask for a consult?
My uncle has never once asked me anything about the markets. Of course he has a *financial adviser* who's convinced him to dump money in mutual funds EVERY MONTH.
Now, my uncle is bright man - he'll even tell you himself. I'll bet y'all never knew that 40 years ago, his alma mater Holy Cross was as good a school as Harvard. (Then they went coed....)
Furthermore, he's a doctor, a neurologist.
The more I thought about his little knife-catch of GM, the more it irked me.
What kills me, is that whenever I have a medical issue, personally or in my family, he's the first one I call. I can't tell you how many times over the years I've called him late at night to ask about some ailment.
[By the way, if I meet you socially and will only broach mundane subjects like sports and the weather....that means I've deemed you a fount of *nothing*.]