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Welcome to the OXNARD JOURNAL...
A Candid Letter to a stock-broker
This was an actual letter dispatched 07 October 2002 to a Stock Broker on the East Coast. I reminded the writer that there is a reason they're called stock brokers because they make you 'broke-er' and more broke than you were berore you started.
I trusted you with Sovereign Bank even though after looking at the charts, I saw that it was at the high side. You are consistently buying high. I have lost now $1,112.30 dollars, more than 20 % of the stock is in the toilet. Do you do these things on purpose, Doug? Do you REALLY have my best interests at heart or are you out to get me? I want the truth, now.
I know I would have been much better off keeping with Royal Bank of Scotland. Somehow I knew that Sovereign Bank wouldn't hold up. I am not interested in stocks anymore. Maybe it's time for me to take my losses and leave. It is all too heartbreaking, especially when you realize how HARD you worked for it, and now watching it all go down the toilet with the flush handle working is VERY depressing.
It's a good thing I'm not retiring next week. One guy at work is working now two jobs and is looking for a third one. Poor soul trusted his broker too. Also another custodian got out a long long time ago and is sitting on Easy Street. He at least has money now to put back into the market, if it ever becomes a real stock market again.
OH, HOW I WISH I GOT OUT AT 40,000. I'd have money to really invest in again now. But now, at least I've made a small fortune, yes, a small fortune out of a large one!! That's the way to make a small fortune in the market these days, start with a large one! With the War on the horizon, the dock strikes all up and down the West Coast, and the uncertainty of the Asia Pacific markets (they are at a 19 year low), all it takes for a disaster to happen to the market is one event in the USA.
The economy is on it's knees, reeling and heading for the floor. This is like the 1930's. One radio host had a grandfather who was a broker in 1929-1960's and he asked him what the 30's were like. His grandfather said, if we were lucky, we'd get two calls for two transactions a week. We had to let everyone go, except us, his grandfather and brother and we played cards, and board games until we got the call of the week for a transaction. Kennedy got out of the market when he learned that a shoe shine boy thought he knew something about the stock market. When Kennedy heard that, and that the boy didn't know his a.... from a hole in the ground, but had an opinion about the market, he knew it was time to get out. This was before the crash.
It wouldn't surprise me if a year from now, the dow jones is at 4000. The market keeps going down, down and down. I panicked when I lost 40000, I was miserable when it went down to 30000, because that's what I started with, and now it's 10000 below what I started with. What kind of chance do you think I have of recouping any of that money in my lifetime? I won't have any money left to invest in the market, and you'll be out a customer, namely me. If I do sell everything, I guess I can take a huge tax write off for three years anyway.
NOT ONE OF MY STOCKS SHOWS ANY TYPE OF PROFIT, AND MY MOM'S IS PROBABLY MUCH WORSE.
I think it's going to get much much much worse.
We are heading for a crash, if we aren't already in one, now. And it'll make 1929 look like a cakewalk.