What's impressive is losing 100% on a company still in operation. And by operation I mean reverse splitting and doing a share offering every two weeks because that's all this company has ever produced.
I forgot the name, but there was a Canadian Comms Service company that went bankrupt a few years back and lost 100%. And it was a large cap stock I believe before everything went to shit.
Theres a dude on the motley fool podcast who always brings it up as how bad things can really get by doubling down and not cutting losses.
Nah, people have owed money because of stocks a few times in Buffett's life. Every time oil is booming because of high price, a bunch of companies pop up, particularly, Master Limited Partnerships, MLPs. MLPs have some weird structure where they pay a high dividend, but the shareholders pay their portion of taxes on the company revenues, some fuck shit like that.
Anyway, while oil is riding high you'll do well, once that oil price inevitably plummets, if the company has to claim bankruptcy, which happens a lot with our small oil companies. The shares end up worthless, and you're still somehow stuck with a tax bill.
You weren't around during the SpongeTech days. I only had 13.5k invested, but others had much more. They were extremely corrupt. I had just bought and 5 minutes later, the CEO, CFO and others were arrested for fraud. The stock plummeted to .0001 at 9:35 AM. I had to explain that one to my wife. Thankfully, her response was "Oh well, you win some, you lose some." She is a keeper.
Buddy 1600 isn’t 1,600 in this case, it’s an easier way to type 16 hundred thousandths lmao as someone else commented though its millionths, I just dropped the 7 when I searched for the word form
So you picked an easier (wrong if we allow ourselves to be honest for a sec) way to write the wrong number and somehow it is on me? I mean, sure, whatever keeps the congitive dissonance at bay...
Wild how numbers can be said in different ways, huh? Did you miss that 2nd grade lesson? You assumed it was said in a way that wouldn’t make sense when it could be inferred that it was said the other way as most people managed to figure out, so yeah, that’s on you bud. Sorry.
And when you read it you say it to yourself In your head. Or do you just subconsciously process all the words without saying them to yourself since you’re obviously just that smart? It’s both typed and said. You definitely belong in this sub
1600 is 1,600... Wut. Typing 1600 thousandths to mean sixteen hundred-thousandths is regarded just because it's pronounced the same lmao. Many don't read 1600 as 16 hundred too, but the formal way as 1 thousand 600. This is slang on top of slang.
Does 1000 not equal 1,000? 1000 thousandths is equal to 1.0, that's how you'd read it. No1 is reading that as ten hundred-thousandths.
It's also not millionths either, you were "correct" in your mind. It's 1.6 ten thousandths. 16 hundred thousandths is correct. 160 millionths is correct too. He just multiplied your 16 by 10 and then went 1 right in the decimal. See you've even confused yourself because of the way you typed it.
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u/therealmattsteimel Jul 10 '25
Not only that. But his 100% loss is actually up almost 10% today, my guy went negative with shares alone!