I am buying when everyone is selling

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Submitted by gzz on March 6, 2020 - 9:53am

I’ve had Oxy and MRO on my watch list for years as solid midsize oil companies I wanted to buy when they got cheap. Today OXY fell 12% and MRO 10% and I pulled the trigger. Going in very slow, $5,000 total between the two.

They are both small enough and profitable enough (when oil is $50+) that the supermajors could buy them with no trouble and minimum antitrust delays.

That doesn’t mean I think they are 100% safe. Chesapeake was a midsize gas-focused company that is now a basically bankrupt penny stock. I never liked the economics of fracking gas companies though, and shorted several when gas prices first collapsed years ago.

I also got some MetLife (MET) and Altria (MO). Deep discount safe havens.

Submitted by gzz on March 8, 2020 - 4:30pm.

Uh oh, pulled the trigger too soon!

I bet when market opens Oxy falls 20% or more. That is some bad timing.

Always start positions small!

Submitted by Coronita on March 8, 2020 - 5:58pm.

. Saudis just cut prices big time, and oil fell like $10/barrel and gold is over $1700/ounce. I think I'll wait to $1800 to sell some of my bullion.

The other news, less incentive to buy an EV at moment.

My bi monthly DRIP should trigger on the 9th and 27th. buy low.....slowly...

Submitted by Coronita on March 9, 2020 - 6:57am.

time to shift my portfolio bfron 50/50 stock/bonds slowly back to 60/40 stock/bonds. What a steal. Drip drip drip.

Voo, Vb, Vo
very good lol. Done.

Submitted by gzz on March 9, 2020 - 11:07am.

Haha I picked a stock 1 day before it fell 48%! MRO.

Somehow I doubt Saudi Arabia and Russia will let themselves lose hundreds of billions out of spite for each other.

They also both had large budget deficit problems at $50 oil. $30 will destroy them.

Let’s hope for a V shape recovery!

I actually still outperformed today by two points due to all my shorts. But -5% rather than -7% still stings!

Submitted by spdrun on March 9, 2020 - 11:21am.

As long as the positively-sloped arm of the V stretches well beyond the 2020 general election, I'm all for it. Ride the Blue Wave. Universal healthcare for all ... let's hope this is Trump's Waterloo.

Submitted by FlyerInHi on March 9, 2020 - 11:37am.

spdrun wrote:
As long as the positively-sloped arm of the V stretches well beyond the 2020 general election, I'm all for it. Ride the Blue Wave. Universal healthcare for all ... let's hope this is Trump's Waterloo.

spdrun, maybe 4 more years of Trump would be better to create the wave that gives you what you want. we may need 4 more years of Trump to truly unmask all the deplorables. I find Trump abhorrent, but at the same time, America does truly deserve Trump.

Submitted by spdrun on March 9, 2020 - 11:52am.

^^^ Isn't four years of abuse enough to get the point across?

Submitted by gzz on March 9, 2020 - 2:05pm.

Wow, oxy down 52% and MRO down 47% the one day after I buy!

Worst luck ever? For the day i am -5.5% when SP500 is -7.6%. Hedge funds charge 2 and 20 for that.

MET was also bad, -17%. Not understanding that. People worried a mass die off will require a lot of life insurance payments?

On the plus side for me: I am short VOO, Lyft, Uber, Tesla, MGI.

Of my three biggest positions, two have been largely immune: GBAB, a taxable muni fund, and KMB (Kimberly Clark).

I gingerly bought more of several companies today.

Submitted by TheBrianNarrative on March 10, 2020 - 5:23pm.

Occidental Petroleum Corp. OXY+14.63% shares were halted in Tuesday trading after the energy company announced that it was slashing its dividend to 11 cents per share from 79 cents per share, effective July 20. The company will also cut its capital spending to between $3.5 billion and $3.7 billion from $5.2 billion to $5.4 billion, with additional cost reductions expected.

Submitted by Hobie on March 10, 2020 - 6:08pm.

too bad gzz. Hopefully the Kimberly Clark will pull everything up now.

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