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January 28, 2005
GICS 20: Stelco Follow-up Friday, January 28, 2005 14:21:57
On Tuesday I decided to write in this blog about Stelco (TSE: STE.A) because I had received a letter from a reader (who I don't know) asking me about it. I reproduced his full letter, and my reply.
Then the next day, Wednesday, I received a follow up letter:
Dear Bill, Thanks for the information on Stelco. This helped me make up my own mind when it came to buying Stelco. I bought 100 shares today at 2.08 per share. I thought I would gamble on it. Did you buy any? /Mr. K
So, I wrote back:
Dear Mr. K, I would never buy a small cap stock and also write about it in my blog. That would lead to people questioning my ethics. It's why I stick to large caps, mostly in New York. Good luck. /Bill
Well, as you guessed (since I'm writing to pat myself on the back), Stelco hit $2.70 this morning. Not bad for two days.
I know that Mr. K and my Dad will be happy campers.
Still, I have no clue, other than the notes I provided, what is going on at Stelco. I hope you believe me.
Posted by Posted by Bill Cara on January 28, 2005 02:22:38 PM | Category: 20 Industrials , Canada
I wonder if it had anything to do with the steel buyers dinner on Wednesday night. Mr. Courtney Pratt CEO of Stelco was the guest speaker. He was very optimistic and upbeat on everything working out. Within the next few weeks as well. I attended, it was interesting to hear him speak, very well spoken. I'm sure we had many buyers from there.
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