Waiting is the Hardest Part (Archive from 10/28/2010)

Looking back, it seemed so easy to put money into Washington Mutual preferred stock nearly two years ago. I mentally prepared myself for the fact that it could take five years(or longer) for closure.

Here it is two years later and I'm still waiting. It always seems like the answer is right around the corner. Then, Iturn the corner just to see another corner I need to go around. Now, it would seem the moment has arrived with the delivery of the examiner report on or around Nov. 1st.

If the report is in equity's favor, there is no doubt the stock will skyrocket. My guess is 300%+ in 1 day if things completely go the way I want. If the report goes completely against equity, I will not be surprised to see it go down 80-90% in one day.

Considering this is, and has been, my largest positon for quite awhile it is weighing on me very heavily right now. I can still remember back in March when the global settlement bombshell was dropped on equity and the price of preferred shares dropped 90% intraday. I was absolutely just plain lucky to have sold some near the top and bought back in that day almost at the bottom.

I was lucky again to sell off all my holdings when it was in the 60's and buy back in the 20's.

I don't feel as lucky this time. However, I do feel prepared and feel I have put in the time to understanding this case and other cases like it. Although, I lack full confidence, I do have 100's of hours I have spent learning this case. I am prepared for whatever comes on/by Monday. I'm not going to turn around right at the finish line.

If it hits, I celebrate. If it misses, I learn from it. Learn what I did wrong. Learn what I would do differently next time. Figure out what I am going to do next, win or lose(I've already picked out my next stock, regardless).

I've never learned anything by being right. However, I generally have a much bigger smile on my face when I am. The saying, "The house's money" can apply here since I have taken out my principal many times over at this point. Yet, it would still sting to be wrong here. Once its in your account, its yours. When you lose it from your account, its your loss. No one else's.

I honestly hope no one is waiting with me. To the few who may have become wampq/wamkq/wahuq/wamuq gamblers, I wish you all the best of luck come Monday.