my lessons learned

As a newbie to the ASX, UMC was my first (relatively) large investment, when I received my first Resource Stocks magazine and bought 48,000 shares at around 30 cents in January 2007.

What did I learn?

1. Always buy low. Never accumulate. Whilst this was always my method, I broke it with UMC (and BMN) buying more at around $2.

2. Take your profits to recoup your initial investment.

3. Be cautious when investor sentiment is collapsing regardless of the fundamentals. During the GFC, UMC's resource producing no cash flow was deemed worthless. Us UMC shareholders were drunk on UMC as the world was falling apart, showing we may have been smart stock pickers but we were either inexperienced or stupid investors.

4. Do not get too greedy. UMC found Railway on first drill pass but all other prospects turned out to be duds. So much for the 500m to 1b tonnes we were dreaming about.

5. Follow a prudent investment plan and do not be overly influenced by Hot Copper (or any other internet sites or analysts, such as Ocean Equities).

Thank you all for your support over the last few years.

Looking for the next MONSTER!!!!

V