'Don't panic when the market does': Elon
Musk reveals his top stock purchasing
advice and rails against passive investment
funds that fail to get involved in running
the firms they own shares in
Daily Mail (UK) & Associated Press,
by
Natasha Anderson
&
Staff
Original Article
Posted By: Imright,
5/2/2022 12:56:18 AM
Twitter's new king Elon Musk dished out some stock-buying tips to his 89 million followers on his social media platform, telling them to 'buy stock in companies that you believe in,' and then took a jab at passive investing by big institutions as the market teeters. The Tesla CEO, who paid $44 billion for Twitter last week, tweeted early Sunday: 'Buy stock in several companies that make products and services that you believe in.'
'Only sell if you think their products and services are trending worse. Don't panic when the market does. This will serve you well in the long-term,' he added,
Reply 1 - Posted by:
DVC 5/2/2022 1:37:34 AM (No. 1143937)
Buy good stocks when they go on sale. Musk is right.
9 people like this.
Reply 2 - Posted by:
chumley 5/2/2022 5:32:33 AM (No. 1144011)
I didn't, and lost 10% of my retirement in a couple months. $13,000 more over the weekend before my changes were posted. Had I stayed in, I'd have lost another 20k after that. I wish I'd panicked in December.
2 people like this.
Reply 3 - Posted by:
lakerman1 5/2/2022 7:46:47 AM (No. 1144095)
H. Ross Perot did pretty well using a similar philosophy.
I tried, and didn't do so well. Anyone want to buy some shares of Jones and Laughlin Steel Corporation? Dirt cheap?
2 people like this.
Reply 4 - Posted by:
msjena 5/2/2022 7:55:44 AM (No. 1144099)
Never sell when the market drops unless absolutely necessary. I did nothing during the panic of 2008 and my investments came back and have now more than doubled. Also, if you have a 401K plan at work, contribute on a regular basis. That way, you will buy when the market is down and benefit when it comes back.
9 people like this.
Reply 5 - Posted by:
BeatleJeff 5/2/2022 8:08:23 AM (No. 1144109)
While everyone was screaming to sell your Disney shares, I bought a few more. Buy low, sell high, right?
4 people like this.
Reply 6 - Posted by:
ARKfamily 5/2/2022 9:29:58 AM (No. 1144185)
Thanks for the advice, Elon Musk. I am certain there are a lot of people jumping on your bandwagon but I am very cautious. I get you are trying to paint yourself as down the center when saying you don't like the extreme left or the extreme right. I am skeptical when you say that you supported Barack Obama and now I find out on other websites that Mike Lindell got back on Twitter only to be kicked off again. I appreciate what you are trying to do but power can also go to someone's head. Just look at government. . .
Sorry but I will turn to God and my prayers for my daily living. . .
2 people like this.
Reply 7 - Posted by:
DVC 5/2/2022 1:49:00 PM (No. 1144457)
Re #3 - the key is "good stocks". You should know a lot about the company's market that they are in, and how well run the company is.
I have made up to 100% returns in a year buying GOOD companies on a downturn.
I purchased Wyndham Hotels (WH), Sysco Food (SYY), USFoods (USFD) and TRowe (TROW) stocks in early April of 2020, and sold them off in the next 12-18 months. They were driven sharply down by the "market crash" caused by Wuhan virus and the shutdowns of restaurants and travel restrictions. These were companies that I knew were leaders in their industries and had solid financials.
Sysco went from about $40 to over $80 a share. USFoods was bought at about $15, sold for upper $30 range, about $35-37, IIRC. Wyndham Hotels was bought at about $29-30, sold for around $80, that was my best pick, more than doubled.
TRowe was purchased for about $99, sold for about $125....this was my broker's suggestion, and the worst of the bunch, but a 25% gain in a year is still quite nice.
I was selecting stocks which were solid companies but which were beaten down by the Wuhan flu problems messing up the restaurant and travel hotel markets. Those were all some of my best returns in years, as I rarely purchase individual stocks these days, preferring to let my mutual funds slowly and smoothly increase my retirement. But the Wuhan flu "crash" was clearly, at least to me, a golden opportunity that I couldn't resist. I earned more than a year's gross salary (before I retired) in that 12-18 month time frame by picking good companies who were beaten down by external events that wouldn't be permanent.
Buying good companies when they are 'on sale' can be a great investing strategy. Must be certain that the company is sound, and their industry is not on a long term decline.
0 people like this.
Joe Brandon is our POTUS, Pelosi is two steps from the White House and Mitch and McCarthy run the Republican’ts? Stay in the market? Are you nuts? I’m out and am staying out!
0 people like this.
Reply 9 - Posted by:
DVC 5/2/2022 7:32:38 PM (No. 1144692)
The old refrain "this time, it's different".
0 people like this.
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