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Yeah, I’ve got my horror stories, too. Bought Frontline (NYSE: FRO), an oil shipping company, just before the meltdown. Oil demand was high, dividend was high, shipyards were cranking out new tankers as fast as they could. Demand for oil fell, price fell, and all those lovely new tankers caused the lease rates to fall into the basement. Everything went to hell in a hand basket. FRO finally had to do a 5 for 1 reverse split. I suffered a 97% loss. I still have the stock. It really isn’t worth selling. It’s worth much more as a cautionary tale of what NOT to do. I forgot to make sure there was a margin of safety.

Oh well, even Buffett screws up occasionally. Just not so spectacularly.

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