CHRONICles of a Potstock Newbie- Vol. 2

“It is by universal misunderstanding that all agree.”- Charles Baudelaire

Baseball Cards were my first “can’t miss” investment. After learning how foolish my parents’ generation had been with them, using cards that are now worth thousands of dollars as noisemakers in their bicycles, I was determined not to let such an opportunity pass me by. I mowed lawns, washed cars, walked dogs- whatever I had to do to scrape up enough money to buy a few packs or invest in a hot rookie card. Unfortunately, everyone else in the 80’s and 90’s had the same idea. Card shops were on every corner, the market flooded, and when people went looking for a return on their investment there were no buyers left. Ironically, the cards that I invested so much time and money into as a youth are probably best served as noisemakers for my daughter’s bicycle.

Are pot stocks the new baseball cards? Déjà vu is certainly creeping in, and anything that seems too good to be true usually is. Eric Butz’s warning about blindly making long term investments in pot stocks (“You might as well roll your money up and smoke it!”) really got me thinking- that was exactly what I did with my card collection (No, not the rolling up part). I stocked up on baseball cards “knowing” that they would go up in value- then I just walked away and waited. When I turned around and tried to sell it was too late; I had been out of the loop for too long and the bottom had already dropped out. Now had I been following more closely, I certainly could have at least cut my losses and come away with a little money out of the deal. The same can be said of any kind of investment- you can’t just “know” that something will pan out and leave it alone.

This time I won’t repeat the same mistakes. Before I invest in anything, let alone a market as volatile as pot stocks, I need to do my homework. So where do I even begin? I’ve followed a few pot stock traders on Twitter, but honestly I don’t understand a thing they’re talking about. Don’t get me wrong, I speak Pot fluently, but stocks are totally Greek. Looks like it’s time to learn a new language.

-PGone

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