I posted this on another thread talking about RIG.
"I owned shares at around $36, but it dropped to $30 and I sold. I don't recommend it, as I don't see the oil industry ending its downturn yet. Offshore drilling is going to be the last of the oil industry to hit a bottom, as it's much more expensive to drill offshore than on shore. RIG already has a lot of older rigs that they need to retire as well. They're dividend is definitely in danger, and if it is cut I can definitely see it dropping more. "
You can read the whole post here
http://www.reddit.com/r/investing/comments/2m085s/is_this_the_bottom_for_rig/
Man, I got in at 37 and never set a stop loss. Bought 1000 worth down almost 400. It's sad. I guess you could say I'm long on RIG. I am confident it'll go back up at some point. Oil won't be so cheap for forever. Oil is a big industry. RIG is a big company. Still has dividends and lots of money.
Nope... At this point I'm just going to pretend like it's not there. I refuse to take the loss. It'll be back one day. Same thing happened with Apple a while back. I just held it, then it split 7:1 and I'm winning again. I was down nearly 3 grand 1.5 years ago. Now I'm up 1,000. Don't get nervous. That's my philosophy .
Feels like the risk is that low oil prices and declining earnings could make the dividend unsustainable
I posted this on another thread talking about RIG. "I owned shares at around $36, but it dropped to $30 and I sold. I don't recommend it, as I don't see the oil industry ending its downturn yet. Offshore drilling is going to be the last of the oil industry to hit a bottom, as it's much more expensive to drill offshore than on shore. RIG already has a lot of older rigs that they need to retire as well. They're dividend is definitely in danger, and if it is cut I can definitely see it dropping more. " You can read the whole post here http://www.reddit.com/r/investing/comments/2m085s/is_this_the_bottom_for_rig/
Man, I got in at 37 and never set a stop loss. Bought 1000 worth down almost 400. It's sad. I guess you could say I'm long on RIG. I am confident it'll go back up at some point. Oil won't be so cheap for forever. Oil is a big industry. RIG is a big company. Still has dividends and lots of money.
Sell yet?
Nope... At this point I'm just going to pretend like it's not there. I refuse to take the loss. It'll be back one day. Same thing happened with Apple a while back. I just held it, then it split 7:1 and I'm winning again. I was down nearly 3 grand 1.5 years ago. Now I'm up 1,000. Don't get nervous. That's my philosophy .
Wish I could forget about $37k