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原帖由 如花 于 2006-10-23 13:23 发表0 X m( w. I) K8 b. ]
如果是买了nortel呢? / C, Z+ D! `, |- E! t1 @9 n
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On July 26, 2000, two friends, Jim and John, each got a $1000 bonus at work. (They both work
& ^9 i; w7 K2 n0 Qfor Nortel Networks, where in the summer of
, O* o; L0 W2 k/ G; [" Z! ~7 G2000, there was LOTS of money around for bonuses).
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+ W6 f1 f) u6 NJim, being an intelligent, financially concientious person, put the* w% E8 p5 D3 _$ _% _
whole $1000 into Nortel Networks stock. With his $1000, and the" J! u a8 B @& r& l
transaction cost of $35, he was able to purchase 7 shares at $123 each. Having watched the
# M( i# m* G' ?: V4 uNortel stock climb and climb, he! I8 v- x; y1 r6 ~$ |7 C
felt very good about this investment, happy that he is preparing for the future.
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5 {0 r/ w$ R3 u) ]& ]( \. sJohn, being a more care-free sort, did something slightly different # J$ S! `" }% p4 q9 D$ D
with his $1000. John borrowed a friend's truck, and proceeded to the Beer Store, where he
- ^4 D) E" X/ G/ E- A( k mpurchased 33 cases of beer. John also
) E7 b3 r8 o' O4 j2 V8 `+ C3 Mfelt very good about his investment: 33 cases x 24 = is 792 bottles
/ N5 a5 A& p! yof beer! John, also being an intelligent guy, although perhaps not as forward-thinking as Jim,
, n" ?/ g- u3 X, l8 U6 Y4 G( pcalculated that he could drink about 15
9 o0 `% m) a3 [8 ^) rbottles per week, and he wouldn't have to buy beer for a whole
# {& L9 f! C! r v3 Eyear.
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Jim, of course, was appalled by John's purchase, and berated him0 H$ c' q6 z, R# w. P+ X
constantly about it. As months went by, Jim excitedly watched the stock prices, and saw it start to ' X4 H0 t7 V; @6 r7 ? I
dwindle. "It'll go back up", he'd say to John.2 W' Z" S p3 y/ c$ Y
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John, who has been reaping the benefits of his investment on a daily) i% b; S# G5 z! u$ W l
basis, would reply, "Ya, it will. Hang in there buddy".( T6 {. F9 `) }2 s5 A( T
9 V+ K0 K3 f, b: V6 b" w# J4 l) IMonths went by, and the value of the stock continued to fall, and there was the beginnings of a
& v, J9 I2 H; {" S q Jnoticeable dent in the beer pile./ q3 p5 [9 ?# Z! p/ ]' |9 E
$ p# D. B e- w1 X; X, }Midwinter came, Jim's stock had fallen to about half of it's original value, and John's beer was
4 [' z9 O4 f; a7 C. V: j0 ~) Kabout half gone. Jim, being sure that the
2 z0 \/ C6 E* r6 Y) S; hstock had hit rock-bottom, still was berating John for his frivolous
' ~$ h4 U' E! D% T: l* s: m/ vpurchase, telling him "Your beer will be gone in six months! Who knows what my stock will be & z$ O+ o: h# ?
worth!!".* l& q6 H( ]. D# i4 s
- e+ X7 P5 O" `- FWell, summer has come, and hard times at Nortel continue.
; h: w2 b+ \0 f) z5 Q4 D7 S. g, ?Bad news: Both John and Jim have been affected by the layoffs.0 v6 _. Y) ]& M) w/ }2 y, ~
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Last week, in order to raise some cash to help through
# I y- m7 g) ^4 h8 `1 Tthe rough time, Jim sold his 7 shares, at that day's value of $12, and got $84, then after paying the 7 i! R9 ~- o/ G' c3 |
$35 transaction fee, he only had $49. Jim stopped by John's house later that day (everyone
$ F5 L0 ^3 y/ m- ^needs their friend's during rough times), and as luck would have
- x! J+ N" w8 a; [' ?. v7 Iit, there were two bottles of John's beer left. John, being a good,; O j. l! I, Y$ Q
compasionate friend, offered to share his last two bottles of beer with his friend. Jim appreciated + M) C, _5 `$ h* Y
the gesture, and enjoyed the cold beer on the hot summer's day, but he felt a bit guilty. "At least I ' ?; M' l0 j& a
got fifty bucks back out of it - you have nothing now.", he said.
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"That's ok.", replied John. "Perhaps you can help me, I need to return all these empties.", he
4 ^9 s8 J: Q) p: jadded as his other friend with
* f: f, ^! D6 N& {the truck pulled in. So, they loaded up the truck, and proceeded off to the beer store.: o7 G, u4 t9 K5 X
5 @$ g. u7 q8 n9 ~9 nUpon arrival at the beer store, they unloaded the empties, feeling a+ P5 `% C5 J& X, c$ |0 F' J
little grim. John went to the counter, and collected his refund for the bottles. "33 cases x 24 ; t2 j3 ~3 e; U# { b, {+ `: s
bottles, at 10 cents per bottle, that comes to $79.20", the friendly Beer Store clerk said to John as4 Y6 k( x: W( H+ {4 X. u
he handed him the money.
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. ?, t8 G: |+ r3 u$ JJim was speechless. Poor guy. Can you imagine how you& W& p5 ^' i# M, V, m1 F
would feel if you just discovered that over the course of the last year, your $1000 stock investment 0 ` U* Z9 t8 v1 n1 i3 e
left you with $50, and taking same 1000, buying beer, and drinking it, would leave you with $80.
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( |7 B( a" E, u2 g& H9 h6 L2 AI'll leave it up to the reader to come up with they're
: a. p: K3 {( G: `own "moral to the story".9 t0 [3 k6 Y. Q& M6 G0 w* O1 q
4 e% V+ Q/ O5 f: e3 g/ ]" \! ZHave a nice day, and happy investing. |
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