Welp, I really hit the nail on the head with this one. If you've been following my coverage of US equities, you'll know I've been saying we are going to enter a bear market for as long as I've been on here. I reached this conclusion in early 2017.
I recently read Ray Dalio's latest literature: Big Debt Crises. It was illuminating and it's clear that a lot of what he talks about in that book is going on today. In fact, he thinks today's environment is similar to the great depression. I don't necessarily disagree, but we don't know for sure of course.
In terms of Amazon, fundamentals reign supreme. Always. You can't possibly have a strategy based off of longing companies with 3 - digit PE ratios. It's a massive company. Sure there's room to grow, but don't be delusional. A 50% rise to a trillion dollar valuation was absolutely bonkers.
As I disclosed in my first AMZN post my father had over a $100,000 position in this company and I convinced him to sell at 1850. With the current price, I saved him at least $26,000. Let me know in the comments if I saved you money too :)
If you had shorted this company from the time I said to, you've made considerable profits, I would consider locking in a good percent of that here. Yes, we could fall a further 30%, but it's always good to take some profit and go celebrate. Sometimes you don't get the chance!
I still have x number of AMZN shares @ 1859. I'm waiting for it to hit the bottom so that I may buy more and bring my average down. To do so, At what number you think it hits the bottom? 1000s or even lower?
CantorTechnologies
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@zeebytes, I really have no idea tbh. If you're interested in the long hodl, you would probably want to add at around 1000.
zeebytes
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@youngshkreli, Thank you. Yep I'm hodl on it mostly because it's too late now. BTW good call on Amazon!
CryptoKenn2020
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I like you except your 'Shkreli' name ;-)
Captainsmugglebutt
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Thoughts on TSLA?
CantorTechnologies
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@Captainsmugglebutt, Love Elon Musk, one of my idols, but I wouldn't touch TSLA. Must wait until it can produce consistent results. In the bear market, people's spending power will be affected and they won't be able to buy as many cars etc. could be a problem.