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Anybody buying BP?

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Old 05-07-2010, 06:14 AM   #21
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Quote:
Originally Posted by mws4ua View Post
jandrews said perfectly what I was going to say while I read through the first few posts.

One thing I don't think he emphasized enough is that you can get a Roth account just about anywhere. There's nothing magical about it. You can open an IRA if you open an account with Ameritrade, Scott Trade, Vanguard, Merrill Lynch, (many) local banks/credit unions, etc. I happen to like Vanguard b/c of their low fees and their great selection of investment options.

My opinion is that if you don't put money into your 401k up to your company's match limit (assuming it's a decent match), you're literally throwing money away. My company matches 75% of the first 6%... so if I make $100k (I wish) and invest 6% of that ($6,000), my company will throw in $4,500 (which is 75% of $6k) of their money. You IMMEDIATELY make a huge return (in my case a 75% return). Even given the tax effects of Roth over IRA, you're foolish not to take advantage of the match.

We 'max out the match' at my company, and put the rest in Roth IRAs. When we make enough to save enough to max out our Roths, we'll start into Roth 401ks, which my company started offering last year.

100000% agree
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Old 05-07-2010, 06:32 AM   #22
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http://money.cnn.com/2010/05/06/news...n_bin&hpt=Sbin

I'd stay away - check out this article..way too many unknowns

If they increase the liability of the claims in Congress and find them in violation of anything they will hang them out to dry. I'd sell them short.
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Old 05-07-2010, 07:04 AM   #23
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This is the latest report I can find. BP is rated a buy/hold/strong buy with a 52 week forecast of any where from $62-$68. It's like no one is taking into consideration the potential loss from the spill and clean up.......

https://research.ameritrade.com/wwws...stocks.jaywalk
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Old 05-07-2010, 07:10 AM   #24
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Quote:
Originally Posted by ak47 View Post
buying a house/land is the best investment (as long as it passes inspections/in a decent area) that you could ever get.
I could think of a few tens of millions of people who might disagree with you on that given the past few years. In my opinion, buy a house because you like it and want to live there, not because you think it will make you rich. Housing and land come with a LOT of carrying costs that can eat through "profit" very quickly.
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Old 05-07-2010, 07:10 AM   #25
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For some reason this old guy at work told me he thought BP was going to split shortly. Not really sure what that means...But from what he explained to me if i bought 100 shares at 50$, i would then have 200 shares at 25$. But it would be cheaper for ppl to buy in therefore BP makes more money.

Is that right?
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Old 05-07-2010, 07:13 AM   #26
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I also agree that Roth's are a great investment for young people. That being said, like was mentioned, if you're not investing in a 401k that is matched by your employer, you're crazy. In my sense, I get matched, dollar for dollar, on up to 10% of my income. That means I've automatically doubled my money. Even with 50% capital gains taxes, I've made 50%. This is extremely rough math, but you get the idea. Bottom line - pay yourself first in all ways you can!
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Old 05-07-2010, 07:14 AM   #27
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Quote:
Originally Posted by kris77 View Post
For some reason this old guy at work told me he thought BP was going to split shortly. Not really sure what that means...But from what he explained to me if i bought 100 shares at 50$, i would then have 200 shares at 25$. But it would be cheaper for ppl to buy in therefore BP makes more money.

Is that right?
That's how it works, yes, but usually stocks split when they get too costly, not when they start to trend downward. Dell was a famous one in the past...I think it split 4 or 5 times. The idea is that if a stock gets too expensive, no one will buy it, so you split it, bring the price back down, and increase the demand without reducing the ownership amount of current shareholders.
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Old 05-07-2010, 08:25 AM   #28
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Quote:
Originally Posted by PB65stang View Post
I also agree that Roth's are a great investment for young people. That being said, like was mentioned, if you're not investing in a 401k that is matched by your employer, you're crazy. In my sense, I get matched, dollar for dollar, on up to 10% of my income. That means I've automatically doubled my money. Even with 50% capital gains taxes, I've made 50%. This is extremely rough math, but you get the idea. Bottom line - pay yourself first in all ways you can!
Damn... 100% of the first 10%?!?!? That's the best I've heard.
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Old 05-07-2010, 08:51 AM   #29
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Quote:
Originally Posted by mws4ua View Post
Damn... 100% of the first 10%?!?!? That's the best I've heard.
yeah what company is that, I'll get my resume shined up fast!
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Old 05-07-2010, 08:56 AM   #30
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I sure as hell wont buy any bp products. With what they done they blame on other people and try to brush it off buy then blame coal for everything else to try and make gas sell better because its prices cant compete with the low price of coal. And some of the scientist that were involved in hiding the decline of the earths global temperature actually decreasing rather than increasing were also working for bp.
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Old 05-07-2010, 09:10 AM   #31
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There is usually one conspiracy theorist in every crowd...

Last I heard is BP accepted full responsibility of the accident including the cleanup fees.

I personally would hold off on buying depending on what happens in the next few weeks. But of course if their stocks keep dropping I would be forced to buy in!
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Old 05-07-2010, 09:25 AM   #32
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Quote:
Originally Posted by mxracer244 View Post
There is usually one conspiracy theorist in every crowd...

Last I heard is BP accepted full responsibility of the accident including the cleanup fees.

I personally would hold off on buying depending on what happens in the next few weeks. But of course if their stocks keep dropping I would be forced to buy in!
I wouldn't be heartbroken if they passed some laws that let the people sue the shit out of them to Bankruptcy. How the hell can you not have a back up plan for capping a well that completely fuggs up the entire area, coast, fish, etc.

A complete FAIL on BPs part. Bankrupt them rich bitches.
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Old 05-07-2010, 02:06 PM   #33
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they do have a backup plan. its just not a silver bullet. sometimes a situation is just bigger than ever anticipated.

on that note anybody think the containment dome will work?
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Old 05-07-2010, 02:14 PM   #34
needs to stop cruising Buy/Sell/Trade....
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Quote:
Originally Posted by burnt_tiger View Post
they do have a backup plan. its just not a silver bullet. sometimes a situation is just bigger than ever anticipated.

on that note anybody think the containment dome will work?
They say they've done it before and its worked but no one has done it at that depth before.. I give it 75% yes, 25% no.. just cause i'm hopeful.
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Old 05-07-2010, 02:21 PM   #35
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Houses are not as good investments as people would like you to believe. They depreciate (unless you dump money into them to keep them up), and you are charged tax on them every year.

Then, if the market tanks (i.e. has happened the past 2.5 years) you lose much of your equity.

Bottom line, houses are no better an investment than any other.

LAND is an excellent investment, because it never depreciates and requires no maintenance.


I agree 100% with people who say you should run your 401k and Roth accounts concurrently - the question is simply where do you put most of your money between the two, and that varies by person. Either get educated, or get a financial advisor.
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Old 05-07-2010, 02:58 PM   #36
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Quote:
Originally Posted by jandrews View Post
Houses are not as good investments as people would like you to believe. They depreciate (unless you dump money into them to keep them up), and you are charged tax on them every year.

Then, if the market tanks (i.e. has happened the past 2.5 years) you lose much of your equity.

Bottom line, houses are no better an investment than any other.

LAND is an excellent investment, because it never depreciates and requires no maintenance.


I agree 100% with people who say you should run your 401k and Roth accounts concurrently - the question is simply where do you put most of your money between the two, and that varies by person. Either get educated, or get a financial advisor.
there are no good investments only good prices on investments

a share of coca cola at $500 is not a good investment.
5 tons of cow crap for $1 is a good investment

its all about the price you pay (valuation)
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Old 05-07-2010, 03:30 PM   #37
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Quote:
Originally Posted by burnt_tiger View Post
there are no good investments only good prices on investments

a share of coca cola at $500 is not a good investment.
5 tons of cow crap for $1 is a good investment

its all about the price you pay (valuation)

Agree completely, except for land. It has no carrying costs, is stable, only appreciates, and can't go into bankruptcy.

As Mark Twain said, "Buy land. They've stopped making it."
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Old 05-07-2010, 03:38 PM   #38
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just because I'm young doesn't mean I'm stupid.
Quote:
Originally Posted by jandrews View Post
Not necessarily. Most companies match 50 to 100 cents on the dollar up to a limit, usually either a flat amount (say, 5 grand) or a percentage of the employee's pay (say, 10%).

Most people don't save heavily for retirement - or can't afford to, so in the end their slightly higher 401k contributions/dividends due to matching end up getting eaten by taxes when they go to withdraw the money.

The higher the raw number of earnings/dividends, the more dollars you lose the government when you take the money out, as taxes are a percentage.

For some people, it does make sense to go into a 401k early. For most people, especially younger people, it doesn't.

This is a good example of why it's good for each individual to talk to their financial planner. I could max out my company's 401k each year and it wouldn't change my tax bracket. Again, it would reduce my obligation a little bit overall (slightly larger tax return), but I make more money long term by using a Roth IRA.

Many people do do both - the question is the balance. I am in both, but the majority of my retirement savings go to my Roth IRA. As discussed, it makes more sense for me to do so right now. That will not always be the case, but I'll burn that bridge then and just change my contributions.




This is the primary reason you are not allowed to have an opinion about anything.
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Old 05-07-2010, 03:43 PM   #39
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While on the topic of oil, y'all should check out HOU, much better chance of return on investment than BP (short or mid term). Can you imagine what this cleanup is going to cost? Also, when these losses get on the books, BP is going to be trading for $25ish. At $50, you are looking long term to even get your money back. My opinion is never buy until the losses and costs are on the books, until then, the actual value of the stock is only speculation.
My .02
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Old 05-07-2010, 04:49 PM   #40
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just because I'm young doesn't mean I'm stupid.
I never said it did.
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