Stick it out
I have written before on how I had bids in the market to buy some of my preferred shares and one of these was Richemont*, with bids starting at 9 800c. As the stock had moved weaker, a number of readers contacted me asking if I was lowering my bids in the market. The answer was no. I had decided that 9 800c was a price I was happy with and I entered bids from 9 800c all the way down to 8 500c. As the stock was falling, I didn’t try and second-guess where it was going; I left the bids and as such picked up more Richemont at 9 800c, 9 500c and 9 200c. Is it going lower? I have no idea, but these are prices I am happy to pay and I still have bids at even lower levels. I like the share and panicking as it drops defeats the purpose of bids in the market.
Is it going lower? I have no idea, but these are prices I am