PS3 Speculator Holds On Too Long, Loses Everything
from the sell,-sell,-sell dept
There's a great episode of The Simpsons in which Homer decides to buy up pumpkins in the run up to Halloween, hoping to cash in on the inevitable spike in demand. At first, the value of his pumpkins starts to rise, but in his greed, he thinks he can make more money by holding onto them even longer, past Halloween. If you haven't seen the episode, you can probably imagine how it ends. Homer's experience has been shared by one Canadian who snapped up a pair of PS3s right after their initial release, hoping to profit from last-minute Christmas shoppers desperate to buy a box on eBay. Initially, it looked like the plan could work. As we noted here, PS3s did indeed go for nosebleed prices on eBay, at least initially. But as Christmas drew closer, the price started to level out -- the last minute surge in demand never materialized, and the speculators lost out. The speculator in this story could've made a tidy profit if he'd just flipped his boxes as soon as he got home, but his psychology was very reminiscent of traders during the last market bubble. They couldn't bear the thought of selling too early and then missing out on future profits. And as prices started to decline, they couldn't bring themselves to sell, knowing they could have gotten much more just a few days earlier. As for the two boxes he bought, they remain unopened in his closet, and unlike stocks, he can't even sell them at a loss to go against his taxes.Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
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so...
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Re: so...
and maybe I'll win a tax free trip to the moon.
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But thanks for the insightful posts :)
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Repeat after me
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Re: Repeat after me
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Re: Repeat after me
I haven't heard (or in this case seen) the old "MY PUSSY HURTS" thingy since I moved from NY to Las Vegas 6 years ago- Made me smile
Thanks!
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Why can't he deduct the loss on his tax return?
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Re: Why can't he deduct the loss on his tax return
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Re: Re: Why can't he deduct the loss on his tax re
Actually it is the T1 for non canadians
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long term investment
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honest abe
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Re:
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Slow Day?
C'mon guys. Try a little harder.
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tulip mania
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return
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I sure as hell don't need a smart ass web blogger to tell me that I should have.
Would you advise all the people who own Google stock to sell now and take their profits?
Its pretty easy to play Monday Morning Quarterback.
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re:return
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?
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Boo
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Serves him right!
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idiot
S
erves him right for buying Sony crap. Hope they catch fire sitting in his closet and burn down his house. Never know with Sony products, they have a habit of spreading viruses or just exploding.
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Dumbass
*Arms wide open*
Let the flames... BEGIN!
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LOL
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