What was I thinking when I bought 1000 shares of Fannie Mae at $1.76 and then in order to minimize my losses I bought another 2,000 shares at $0.93. Well, I was tempted by the desire to turn a profit on Fannie Mae because I have taken advantage of its volatility before.
Now that Fannie Mae (Public, NYSE:FNM) has decided to delist from the New York Stock Exchange and move to OTC, it maybe time to sell the stock and I got rid of all my holdings just to recoup what I could. I sold in separate lots into the $0.60s but as I am writing this it is trading at $0.48. It is only a matter of time that it reaches close to zero. Indeed there will be opportunities to trade it as it becomes close to a few pennies on the OTC but since the reporting requirements are so different there, it is not recommended if you are a traditional investor like me.