“If you own Nortel, or a mutual fund holding it, don’t bail out now… If you do not own Nortel, then this is the time to start accumulating it.”
– Garth Turner November 27th 2000
So Garth Turner is a respected Canadian Financial person, and he got it OH so wrong, it hurts, so remember that when someone gives you a “sure fire” stock tip. Oh and in case you were wondering what other interesting things Garth has said:
“I am constantly amazed at the assumption people make that they can manage their own finances… most people can’t. They don’t have a clue how to pick stocks.”
– Garth Turner in a 2002 personal investment column regarding those unfortunate enough to have lost on Nortel
Just remember, that anyone can TELL you what to do with your money (including me) but eventually you are the one that has to live with the decisions, so you had better be doing some research of your own!
Of course there is the “legend” of J.P. Morgan:
Legend has it that when the elevator operator in Baruch’s office building started asking him for stock tips in August 1929, the financier knew it was time to get out of the market. He was dead right!
I found these quotes on Rick Mercer’s Blog, which is a great blog, with lots of interesting information (I think).