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Author: fastlamp Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 3862  
Subject: biggest loss Date: 3/12/2007 9:00 PM
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I have not been able to talk about this since it happend. I was told by a friend in 2000 to buy a company called SNRS which had a laser that could reshape the eye without cutting it. My friend had just made about 17 million in the market trading visx, and told me that this would be the next eye business like that. I had invested with merrill lynch and they lost alot of my money so I thought I should try to go it alone and try to get all my losses back with this one investment. Merrill had lost about 500k for me. I foolishly took all the money that I had made back about 2.1 million and bought the stock at 11 dollars. they were to get their FDA approval the following week. Since I made such a large investment I was invited to a party with the doctors to celebrate the aproval of the device before the vote. They assured me that this was a shoe in. My friend believe ti or not was buying all the 20 dollar call options that he could. He told me after tomorrow we will never have to work again. The stock ran up to 18 dollars the day befor the vote and I thought I would be finally paid back for all the pain from merrill. Well as the story goes the FDA wanted more info so they did not approve the device and the stock went to 2. My friend lost everything and had to sell his house and boat to too. I sold and took my losses which was really kind of stupid because the stock did recover to 12 over the next two years but I left the market and went back to what I know which is real estate. I did recover and am now jsut trying to enter the market again and am trying to educate myself before I ever invest in it again. thats why I joined the service to get some insight on how to look at companies before I buy a stock again. In case your wondering my friend now cooks at a bar in boca fla and has never recovered.
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