Because of the sub-prime mortgage crisis, soaring gas prices, a declining stock market, and a possible recession, times are tough for everyone. This includes Wall Street’s most venerable brokerage firms.
Earlier this week I was shocked at just how far the stock market has slid when I looked at my brokerage account and saw that my limit buy order for American Express had been executed. I entered this order so long ago that I have almost completely forgotten about it. Looking at the stock’s ten year chart, I purchased at the same cost basis as others who purchased back in 1998. Kind of puts a new meaning on the phrase “Make Life Rewarding.”
American Express is not the only stock that’s done poorly. Time Warner is significantly lower today than it was fourteen months ago when I sold my shares. I figured this may be a good time to buy for the long term and logged on to my Merrill Lynch account this morning to do some research. I was shocked by something I saw on the first paragraph of a research report.
At first, I thought this may have been a clever play on words because the Weather Channel has a major internet presence. Unfortunately I have a feeling the people at Merrill Lynch are not capable of such clever verbiage.
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