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excuse me because a lot of times people buy on the basis the stock has gone down this much you know how much further can you go down i remember when polaroid went from 130 to 100 people said here's this great company great record if it ever gets below 100 you know just buy every share you know and it did get below 100 and a lot of people bought on that basis saying look it's got 135 to 100 it's not 95 what a buy within a year it was 18.
and this is coming with no debt i mean as a company it was just so overpriced it went down uh i did the same thing in my uh i think my first or second year fidelity kaiser industries had gone from 26 dollars a year to 16. i said how much lower can it go it's 16. so i think we bought one of the biggest blocks ever on the new york on the american stock exchange of kaiser industries at 14.
i said you know it's gone from 26 to 16. how much we're going to go well at 10 i called my mother and said mom you got to uh look at these kaiser industries i mean how much lower can it go it's gone from 26 to 10. well it went to six it went to five it went to four and went to three and uh now i unfortunately haven't rapidly i would probably be still caddying or being working at the stopping shop but it happened fast i was able to this was compressed and at three i figured out you know there's something very wrong here because kaiser industries owns forty percent of kaiser steel they own forty percent of kaiser aluminum they own thirty two percent of kaiser cement they own kaiser broadcast they own kaiser santa gravel kaiser engineers they own jeep they own business after business and they had no debt now i learned this very early this might be a breakthrough for so many people it's very hard to go bankrupt if you don't have any debt it's tricky some people approach that it's a real achievement but they had no debt and the whole company at three was selling at about 75 million and that point it was equal to buying one boeing 747.
i said there's something wrong with this company selling for 75 million i was a little premature at 16 but uh i said everything's fine and eventually this will work out and they what they did is they gave away all their shares to their shareholders they passed out shares and kind of meant they passed out chairs and cars aluminum they passed out their public shares and kaiser steel they sold all the other businesses and you get about fifty dollars a share and but if you didn't understand the company if you're just buying on the fact the stock had gone from 26 to 16 and then it got into 10 what would you do when went to nine what would you do when went to eight what would you do when went to seven this is the problem that people have is they sell stocks because they didn't know why they bought it then it went down and they don't know what to do now do you flip a coin do you walk around the block you know what do you do psychiatrists haven't worked so far i've never seen them running in the the the psychological psychiatry fund i've never seen this for the uh with the sec to make it through as a mutual fund so i they haven't seen the help uh i've tried prayer that hasn't worked the uh the uh so if you don't understand the company of this problem when they go down eventually they always come back this one is uh this one doesn't work either people think rca just about get back to its 1929 high when general electric took it over uh a lot of double knits never came back remember those beauties uh uh floppy disks western union uh the list goes on and on uh people saying it'll come back well it doesn't have to come back uh here's another one you hear all the time it's three dollars how much can i lose i've had people call me up saying i'm thinking of buying this stock at three how much can i lose well again you may need a piece of paper for this but if you put uh if you and if you put twenty thousand dollars in a stock at fifty or your neighbor put twenty thousand at full at fifty into the stock and you put twenty thousand dollars into three and it goes to zero you lose exactly the same amount of money everything and people say it's three how much can i lose well if you put a million dollars on it you can lose a million dollars just the fact that this is the only this may be a reason researchers thought the fact that stock is three down from 100 doesn't mean you should uh buy it and in fact short sellers people that really make money in stocks they don't show at walmart they're not sure at home depot they're not sure the great companies johnson johnson they short stocks down from 80 to 70.
they'd like to short it at 16 or 22 but they they figured out at seven this company is going to go to zero they just haven't blown taps on this thing yet it's going to zero and they're selling short seven they're selling short at six at five at four at three at two at one and a quarter and you know what sell something short you need a buyer somebody has to buy the damn thing and you wonder who's buying this thing these people saying it's three how much lower can it go
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