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Redfin up 37% today
✅ Redfin posted a narrower-than-expected loss for its first quarter
🙄 Redfin said it is venturing into the artificial intelligence realm.
Basically, they launched a ChatGPT plugin, allowing users to “describe your ideal home and neighborhood in everyday terms and find listings that suit your needs"
Not sure how this is better than normal search, and how it improves the business all that much.
But as far as the stock spike, I think this is a good example of expectations being so bad, having the results be bad, but not as bad as expectations, warrants a jump. (@jazziyoung recently wrote a good post about this.)
I still have two shares left from back when I had very little clue what I was doing. I’m still probably mostly clueless but it’s interesting to see a position down 80% in your portfolio and think back to how much worse it could’ve been. I remember my first buy was probably in the 30s and then I think I bought more and then sold a bit but when it dropped big from its high I bought like 3 or 4 shares which was a decent amount for me back then. I took a loss on a couple shares, kept one then bought one at 30 thinking I could average down and mitigate some losses. Then it just dropped like a rock and there was no point in selling or buying. Not worth selling for a few bucks. If it ever gets back to $30 I’ll probably sell. Otherwise it’ll just sit there as a reminder, a stop in my investing journey, a story that’s probably worth the monetary loss, and the little that’s left of my capital will go down with the ship if it comes to that, it will be no more, just a whisper in my ear.
@the_hippie_investor I agree that sometimes when the position is small and it goes down by that much, keeping it around as a reminder of risks is useful.
@the_hippie_investor Very poetic! I have heard of some investors who always keep just one share of every stock they've ever sold so that when they look down their portfolio they have that reminder of a lesson about what went wrong—or right, if the position was sold at a big gain!
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