I was in a gambling mood this morning

Complete novice idiot that I am (though I’d like to prove my own self-deprecating assessment wrong!), I decided to pick up 1000 shares of AIG this morning @ 51.7 cents a share.  It’s a gamble I’ve been contemplating for a few months, actually, on the basis that the government has proven that they will not let AIG go under and is pretty heavily invested in its resurrection. I said I’d wait until the Dow hit a scary low number, and today was that day. I’m ambivalent about whether I hold in long- or short-term. My last choice has already bombed out (GE @ $17).

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5 Responses

  1. Do you use E*Trade?

    I want to buy individual stock but am trying to get opinions on how different banks have treated others… 🙂

  2. I use TDAmeritrade because their flat trading fee applies to limit as well as market order, and is just $9.99. I didn’t like E*Trade because their rate schedule was geared towards day-traders. My only beef with TDAmeritrades is that they take longer than necessary to clear your deposits. I mean, it’s electronic – why does it take 5-8 business days?

    A friend of mind liked penny stocks and got screwed by Fidelity – they charge a percentage commission instead of a flat fee for stocks under $1 (or at least they did a couple of years ago, don’t know it that has changed).

  3. Wow MMK… I think you’re nuts.

    I’ve got a guy at work who did the same thing with GM last week and I think he’s nuts too.

    That said, I hope it works out for you — it totally could!

  4. Brainy-
    Well, I don’t know about GM’s chances of survival…but AIG backs a lot of government/municipal pension money, so you know they’ll look after their own.

  5. […] MoneyMateKate pulled the trigger last week and picked up 1000 shares of AIG. […]

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