YES BANK-PART III: Why I don’t give financial advice

by | Apr 30, 2019 | Dear old dad | 0 comments

On a Friday after market close and before the long weekend at the end of April 2019, comes an earnings pre-announcement from YESBANK. This is the “kitchen-sink” announcement that I thought had happened a quarter ago. The new CEO is cleaning house, wants a fresh slate. The stock promptly tanks 30% on Monday morning, back in the 170s again. The unbelievers were perhaps right after all. There were still some cockroached. Relieved at having exited earlier, I ask my colleague if she got out too. Sold some she said, this is the third time in my investing career that I have had to eat such a large loss. Here is my public apology. This is why I don’t give investing advice, particularly to those I care about. It hurts too much when I get it wrong.