$183.1m follower assets
My Worst Trade. $OPFI
I really try hard to stay away from "bad" investments/trades but I have to admit there has been couple of them in my portfolio (since I started in 2019 in my webull account) that I'm not too happy about.
(PS I have executed about 80+ stock trades/investments/options out of which only ten or less trades/options have been in the negative out of which about nine are still open so still yet to be determined)
One of them (so far) is OppFi...
$OPFI is one of the companies that I investment in around mid 2021 when SPACs were "hot" and I was a bit high (just tiny bit) on the markets.
I broke two of my main rule, one is not to invest into company that does not have at least five to ten years of public data (or publicly traded data/info) and two is to not invest outside of my circle of competence.
OppFi was a new company and it was a SPAC both which I do not know much about (well now I do)
I had opportunity to get out but I got sucked into the "story" by couple of podcasts and management...
Funny enough I still think this may work out but it might take much much longer then I thought before but I am monitoring it much closer (I'm aware that I'm biased to it because I been holding).
My main focus right now is the management and how they are handling current environment.
Currently $OPFI is about 2.50% of my portfolio and I'm currently down on it about 45%ish.
Thanks for sharing!
So OPFI is a lender, correct? And they work with banks as well?
@nathanworden yes and they have a bank they are working with
@from100kto1m Got it, thanks!
@from100kto1m Thanks for the writeup, Yegor. I hope it recovers and you end with a positive performance overall with this particular investment. One question, is $OPFI business model similar to Upstart $UPST?
@kostofff thanks Todor I’m just happy (so far) I sized relatively small.
It’s similar to upstart but actually profitable
@from100kto1m Okay. Thanks for that.
Some SPACs are very interesting as companies, but unfortunately they made them public at prices that were very convenient for the promoters and banks.
Thanks for sharing!
@arny_trezzi yeah will be a lesson for me for next time around
Good that it's a relatively small position!
I bought a few Chamath SPACs at that time. I was getting high on the markets too and I was terrified of missing out on the next big thing! I still own a little bit of $SPCE. Those share are kind of like a souvenir. As time passes, I feel glad I got to experience something like that in the markets and that it was while I still have 90% of my earning/compounding years ahead of me. I'd like to think I'll handle myself differently (raising cash, buying less, more skeptical) when we find ourselves in a market environment like that again.
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