This past Friday, I started a small opening position in a large cap - technology company. This market weakness is providing opportunity to pick away at my wish list and put some capital to work. This company is well known, extremely well financed, has a good track record and shareholder friendly management. It's a 60 cent dollar - and that dollar will grow over time. The downside is limited. I expect this company will become a 5%-7% position, but I'll buy slowly. This period of market weakness may not be over. I haven't heard the big flush yet, a day when people throw in the towel. There may be some event, like a bank default ( Europe not U.S. ), a country leaving the Euro or a log jam in Congress over the debt ceiling, that will cause people to turn really pessimistic. That will be the day to buy - and buy big.
I will provide some more detail in the future on my new holding - as I build out my position.
In the meantime - you can be sure that I'm not buying Facebook and Rim.
No comments:
Post a Comment