Over the weekend Scott Bleier recommended Telecom New Zealand (NZT) on Bulls & Bears. Long time readers will know my fondness for the name but that I sold it a while back as I wanted to sit out more kiwi declines. I started out being right about the kiwi getting weaker but it has rallied sharply since trading with a 59 cent handle for about ten minutes in early April. The stock went a little lower since my sale, then went higher and is getting hit hard today based what appears to be news about one of it segments putting a damper on the earnings.
I have been very transparent about my intention with this stock to which is that I do plan to buy it back at some point, I think late this year, but for now I still see risk to the currency and a potential slowing of the economy. The stock is close to $26 per share. I would not mind paying more in the future if I felt there was less risk than there is now.
Patience, as it related to investing, is difficult. This is a test of my ability to be patient.
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4 comments:
The funny thing is Telecom New Zealand was a top pick on http://stocktruth.com/ a few weeks back too and I sold it anyway based on a rec from my broker...
New Zealand Telecom stock down 9.9% overnight: New Zealand announced Wednesday that Telecom Corp. of New Zealand's competitors would be granted access to the company's fixed-line networks.
Shares of Telecom Corp. fell as much as 9.9% Thursday morning on the news.
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BAE65A0C4%2DA9F3%2D424E%2D8E92%2DB99989B9B42F%7D&tool=1&siteid=bigcharts&dist=bigcharts
I am thinking of making a investment in the gold area, namely one of the gold/mining funds. The question is do you think the market has passed by this buying opportunity?? I have about 10% in a HealthCare fund that has not done well in the last 4 months, was thinking of flipping it to a commodiaties type of fund. Thoughts??? Suggestions???
I read about this on Bloomberg late yesterday after this post. This probably changes things for me. I found nothing of this when I wrote the post. I am assuming I missed it.
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