This thread got me reminiscing about those penny stock days. It was before day trading was possible so the Denver newspapers sold well, and they listed hundreds of penny stocks on the first page of the business section.

A friend was involved with a legitimate mining venture and his shares went from 10 cents to $2.25 in the first year. Alas, they had production problems operating at an altitude over 10,000 feet and the stock came down before he could sell many restricted shares. He did well, but in later years descended into alcoholism and suicide.

We all thought a 10 cent stock had this great upside potential. What we missed was that there was a ridiculously expensive stock which was solid and respectable…..BRK at $300 a share. I was making 30,000 a year and could have managed a few if I had not been mislead in my youthful ideas.

Berkshire Hathaway FAQ

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