Did you get burnt in the dot com crash of 2000?

[Joe Blow]

So, did you get burnt? And if so, on which stock?

Any stories to share?

I got burnt on UCL. An expensive and painful memory but it taught me never to get emotionally attached to a stock. Set your stops and sell everytime if it falls below. Capital preservation is the key to this game.

 

[Guest]

Re: Did you get burnt in the dot com crash of 2000

I got caught with one called isis communications

 

[Joe Blow]

Re: Did you get burnt in the dot com crash of 2000

I got caught with one called isis communications

I remember Isis communications. Didn't actually buy any though.

Does anyone remember Equico? It was a mining company (like most of them) before... I think it was called Egerton Gold or something.

 

[JetDollars]

Re: Did you get burnt in the dot com crash of 2000

I got caught with LibertyOne. The company gone liquidated and I got nothing.....

 

[Aceyducey]

Re: Did you get burnt in the dot com crash of 2000

I was busy founding cash-flow funded Internet & IT start-ups - so avoided the listing issue & holding lots of underwater options.

But had a useful perspective on the industry & saw the tech crash coming 6 months ahead & sold out before the peak.

Anyone noticed that some of the miners who backdoored themselves into internet stocks have re-emerged as miners again

Cheers,

Aceyducey

 

[Baloo]

Re: Did you get burnt in the dot com crash of 2000

I had one Chapter 11 stock, Metricom, some wireless broadband type company.

Just sold another recently that I was holding due to there being no point of selling until I could offset the losses. Xybernaut, hold many patents in wearbale/portable computing but I fear the technology has now bypassed their patents.

 

[stefan]

Re: Did you get burnt in the dot com crash of 2000

I lost so much money, I nearly gave up trading. Not on a specific company, just on the tech market in general. I was holding CISCO, ORACLE, SUN and they all went down the drain. They still exist today and I even still hold a few shares, but that's more of a leftover than a real portfolio. Oh, well. Focusing on the Australian market now and still keen to play the high risk stocks like MUL.

Good luck to everyone!

 

[westan]

Re: Did you get burnt in the dot com crash of 2000

Hi guy

yes i got hit with heaps of stocks, luckily i was trading at the time so i'd made some good $$$, but then lost some of it.

I too had Isis, Davnet, Kalrez, and heaps others. I remember watching Robert Kiyosaki on Lateline one night had said the bubble is about to burst very soon. Davnet was trading at about 6.00 then so i thought time to get out (bought at 40cents). I put them on at $6 the next day, unfortunately they dropped about 40 cents, so i thought i'll wait for them to come back up. They didn't i ended up getting a margin call and sold them at $2.40. At that time i thought what a pain having to sell them at the bottom of the market- Gee i'm glad we have margin calls.

regards westan

 

[hoobadriver]

Re: Did you get burnt in the dot com crash of 2000

Max Multi Media was my achilles heel !!

 

[JetDollars]

Re: Did you get burnt in the dot com crash of 2000

Westan,

Welcome to the forum, I am so glad to see you here as well. We can now discuss share investing freely.

I am looking forward to your contribution to this forum as you did in www.propertyinvesting.com.

Take care

 

[westan]

Re: Did you get burnt in the dot com crash of 2000

Hi jetdollars

thanks for the welcome. I was just looking at the members list, great to see so many familiar people. And people who know what they are talking about also.

regards westan

 

[profithunter]

Re: Did you get burnt in the dot com crash of 2000

I got smashed on isis, solution 6, Julia mines, melb IT, but cleaned up on powerlan and davnet

 

[ghotib]

Re: Did you get burnt in the dot com crash of 2000

No but I got retrenched twice in the late nineties. Does that make me a leading indicator?

I would have bought Amazon when it went public if I'd known how and if I'd had the money. So I would have taken a thumping paper loss at least - no idea where it is now.

Ghoti (Newbie)

 

[stefan]

Re: Did you get burnt in the dot com crash of 2000

Ghotib,

May I ask what you're doing? Programming? What language? What's your area of expertise and are you still in the business?

Happy trading

Stefan

 

[ghotib]

Re: Did you get burnt in the dot com crash of 2000

Hi Stefan,

I'm out of the industry now, and slowly making myself a niche singing and supporting people who want to sing. If you know anything about music as an industry you'll understand why I'm also interested in stock trading.

I started out programming in (ahem) COBOL, moved into analysis and then went solo doing PC support to "tiny" businesses, mostly one person professionals. Then I got into software documentation, where I stayed from paper manuals through 5 online help engines (if you count mainframe text based) to XML and the Web. Unlikely to go back to software, but I stay in touch with Web usability and information architecture and I'm still active in a couple of tech writers' groups.

Where I obviously didn't learn to be brief.

Your turn. What's your involvement with communications and/or satellites?

Cheers,

Ghoti

 

[stefan]

Re: Did you get burnt in the dot com crash of 2000

Your turn. What's your involvement with communications and/or satellites?

Ghoti,
I was heavily involved in evaluating/installing WAN solutions for clients. Especially VPNs. I've had clients with high demand for broadband in rural areas and I saw a few projects going down the drain because there wasn't enough capacity available. 2 way sat solutions so far didn't cope with high demand. They are too slow. Only NSS-6 has the capacity for high speed both ways. So that's why I'm very positive about the potential of this solution.

I'm running an IT consulting business and I'm mainly focused on SAP and networking these days. I'm thinking about a sea change myself which is why I was interested to hear your story. You mentioned this plan in one of your postings.

So I'll keep bothering you via private message if you don't mind

Happy trading

Stefan

 

[ghotib]

Re: Did you get burnt in the dot com crash of 2000

Ghoti,

'm running an IT consulting business and I'm mainly focused on SAP and networking these days. I'm thinking about a sea change myself which is why I was interested to hear your story. You mentioned this plan in one of your postings.

So I'll keep bothering you via private message if you don't mind

Happy trading

Stefan

I look forward to your botherings, provided you don't mind me bothering you back. I should warn you that my life's partner is a tech-head now working on global network projects, so you might be talking to both of us.

Happy trading

Ghoti

 

[The Once-ler]

I totally missed the dot com boom and crash.

I thought it was silly in about 1998. Then I felt silly as it went crazy. After the crash I bought some units in Colonials technology and comunications fund, and watched as they halved in value. [remember this was after the crash]. I sold out, and they would have halved again since. I still can't work out how this fund lost so much from basically sound companies after the crash.

I did buy some Woolworths and BHP at the height of the boom when old economy was being sold off to buy tech. Still hold both. Crazy times.

Cheers.

 

[Yippyio]

Hi Joe,

As posted once before here is a summary of my dot com disaster, which after a two year dream run broke me and had me looking for full time work again.

So here it is;

You might remember when RKN listed (Quicken Software), just at the end of the dot com boom in 1999. MYOB had been going gang busters, RKN was a competative product to MYOB (accounting software) and for all intense and purpose it should have fired as well.

Day 1: RKN lists & I buy 100 000 @ 2.60, RKN closes down 0.31 cents.
My broker advised me to hang on, it will come back tomorrow and there is a delayed settlement.

Day 2: RKN closes down another 0.33 cents, broker advises to hang on due to delayed settlement and the stock will come back.

Day 3: RKN closes down another 0.45 cents, broker says hang on.

Day 4: RKN closes down 0.46 cents, broker puts me into a margin call. I am down $ 155 000 in four days and the broker turns on me like a cut snake demanding that I settle up immediatly.

I then try and sue broker but my legal advice was I don't have a hope.

RKN has never again traded anywhere near it's listing price of the 1st day and actually got down to a low of 0.07 cents. RKN definitly has to rate as one of the all time dogs, still listed.

What I learnt from this very expensive lesson was not to put all your eggs in one basket, do not fall in love with your position, have an exit plan and brokers are not your friends. I have not used a broker since.

It still hurts to think about this distrastrous trade but the hurt will hopefully prevent me from doing anything as stupid, ever again.

Whenever I need a reality check I just think RKN and I start shaking uncontrollably.

 

[Smurf1976]

Burnt? Absolutely not.

More like incinerated.