LeafOfFaith
Well-known member
That's what she said.
Hey Nerds: Blockchain
- Thread starter zeke
- Start date
LeafOfFaith
Well-known member
Another great CH tech call. Didn't you get in at like $15 or something?
CH1
The Artist Formerly Known as chiggins.
CH1
The Artist Formerly Known as chiggins.
No. Bought it last week at 42 for my RRSP. Wanted some sports gambling exposure.
Preston
MBow30 alt account
My first entry would be now. But I wouldn't go all in on one go. I know that's not your style so maybe it ain't worth it for you.
CH1
The Artist Formerly Known as chiggins.
solid advice
LeafOfFaith
Well-known member
Since I'm not naturally one of the gung ho on mj stocks, I would need to wait for what looks like a steal. $20 seems like the fair price, but the steal price is probably $16 or so. Wonder if it gets there.
LeafOfFaith
Well-known member
CH1
The Artist Formerly Known as chiggins.
Yeah...been eyeballing it for awhile. I like it as a secular growth play (much like weed).
Preston
MBow30 alt account
Based on your investing style I'm not sure if MJ stocks are for you. Which is fine. You don't have to buy it. It isn't even close to the only good play out there.
LeafOfFaith
Well-known member
In what sense? If I bought it, I would just hold it and not do anything with it unless I decided it was junk and time to move on.
Preston
MBow30 alt account
Sector is full on deceased, but I can't imagine there are many willing sellers at this point. Once we inch closer into October and election-talk is nonstop I suspect people will be reminded that drug stocks exist.
IMO we likely continue sideways, or slightly down unless the broad market sees another 10-20% down from here (very possible to be honest). In that case, drug stocks likely see a similar or potentially more aggressive pullback. I'm prepared for 25-35% lower from here. Which once again, would make these names a steal. It's just hard to see it happening considering the catalysts ahead, but if we get a scary market dip, who knows.
IMO we likely continue sideways, or slightly down unless the broad market sees another 10-20% down from here (very possible to be honest). In that case, drug stocks likely see a similar or potentially more aggressive pullback. I'm prepared for 25-35% lower from here. Which once again, would make these names a steal. It's just hard to see it happening considering the catalysts ahead, but if we get a scary market dip, who knows.
LeafOfFaith
Well-known member
FAANG is really dicking around the past week or so.
Preston
MBow30 alt account
The stocks can be volatile. Very volatile. I'm not sure your heart can take it if you're the type that sweats every tick. The only way to minimize the risk and counter the volatility is to buy in batches. I know that's not your preferred strategy, and that's fine. But if TCNNF dropped to $11-12 ,would you be okay? I'm not saying it's likely but it's 100% possible and it's important to keep an open mind that it may just happen. Hell it was just there in July, and nothing changed between then and now. The sector is not for everyone. Most people I know lost a lot of money on MJ stocks mostly through picking the wrong names or panic selling after some of the harsh dumps we've seen in the history of this sector... Or buying at the top of a euphoric time for the sector. Imagine buying TLRY at $300? People did. Yikes.
EDIT: I just want to make it clear that I am not comparing TLRY in any fucking way to Thumb or Trulieve. It's just an example of the damage a low float stock can do to your folio whether it's right/rational or not.
CH1
The Artist Formerly Known as chiggins.
I would dip my toe here...but then again I've been standing in the deep part of the pool all summer.
LeafOfFaith
Well-known member
Compelling case. Honestly I just want to be able to care about all your pot stock talk since I'm stuck reading it all the time.
Preston
MBow30 alt account
I don't love giving stock tips honestly. If you're actually interested I'd suggest doing your research and buying if you think there's upside. Otherwise, just ignore my blabbering. Drug stocks excite me because I truly feel it's a once in a lifetime opportunity, like getting into alcohol in the 30's. But if you're not bullish on them, that's perfectly fine too. Plenty of good picks out there. Just ignore my excitement. I really don't want to be the determining factor for anyone to buy any stock ever. That's not my intent. I'm just sharing my opinions with a fellow pot stonker.