Tuesday, May 29, 2012

Averaging down

I should have realized that something was fishy when my broker accepted my theoretical $2,470 in G-Bucks and issued me 65 Facebook shares at 38. As mentioned in the comments to my last post, I was expecting to offload them at around 50 for a quick profit. Needless to say, they only briefly hit 45 and have been going down ever since, closing at 28.84 today.

Fortunately my broker is probably still buried in IPO paperwork and hasn't noticed the crudely photoshopped check I sent him, which honestly enough does clearly state that it is drawn on the Bank of G-Bucks.

Even though I have a $595 hole to fill in, I'm thinking of averaging down and purchasing another 65 at these levels. You see, I just remembered that I have some more funds at the Bank of Sklansky.