100 years ago I was working for a Finance Director company that I hated being associated with.
I took the job because I had had a relatively long bout of unemployment before I was hired by Waste Management; a job I loved, I was working with a great team and had a pretty damn good boss as well. Unfortunately a $7B operation was swallowed up by a $2B operation and I was then without a job again. So I jumped at the first offer. A truly bad idea, then and still was in retrospect.
I was working for EDMC a For Profit college with low credentials and a horrible business plan. Hell, the President of the Chicago locations did not even have a BA. Not even one of the company’s own BA’s.
They kept pushing me to buy their stock; I was given options that were constantly under water. I passed and have been thrilled ever since. Why would I work for a company and heavily invest in the same company. Especially if I don’t agree with their business.
But, recently as the company delisted themselves from the NASDAQ so they did not need to continue filing financials with the SEC. Always a good sign for an investment.
But I now purchased the stock. I bought 7,000 shares for a whopping $600. When I thought about looking at the company it was trading at $.20 a share. By the time I got around to doing something it was bouncing between $.05 and $.09; so I bought some.
If they are able to crawl out of the slime on the backs of their students, I will sell 3,500 to cover my costs at $.17. Once I have my basis back, it truly does not matter what the stock does. But I do feel that their broken plan will hoodwink others and the stock will go up. If not, I take the loss on my Schedule D and chalk it up to me being foolish. It will not be the first time this happens.