My thoughts are with the people that invested large amounts of their wealth in this company. I bought in when I was 18 at the beginning of the hype. I watched my first investment triple in value over such a short time and was beginning to think that all those years of playing the ASX Sharemarket Game had paid off.
Unfortunately I reinvested at this time, my first mistake.
As we all know, the company dived. I then tried to average down my buy in price a year or so later. My second mistake.
My third mistake was not cutting my losses.
My fourth and final mistake I would say is investing as much time in this company as I did, that could have been utilised somewhere else. Learning more about the market or less volatile listings.
Those are the cons of my story with SAS.
The Pros? First and foremost, I have learnt a considerable deal. Not to listen to my emotions, not to chase my losses, and to do my own research that was, considerably, more thorough. Luckily I never invested money I wasn’t ready to part with for good, and I only made one silly purchase during that first price jump (Apple Watch) (don’t buy things with your earnings until you’ve actually cashed them out).
I will admit I held hope for this company much longer than I should have, and I will chalk that down to my ignorance as a rookie to the ASX.
I hope others are able to look at their experience with this company and find at least one good thing that they can take from it, whether that be some knowledge or to the lucky ones that sold early, some money.
Good wishes to everyone else, I’m sure this is not the last time people will be rorted for money on the market, however I hope that none of you fall victim again and have learnt as I hope I have.
SAS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
