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Iām glad to see the resilience and optimism of all of the MMNFF investors on Reddit. Iām a āsenior memberā of the group and I have lived through several boon/bust cycles of many companies over the years. I enjoy gambling, and I consider MMNFF to be a gamble, not an investment. There is a big difference between investing in penny stocks and gambling in a casino, however, since in a casino the house has the advantage and always wins, and the players lose, in the long run. And you canāt write casino losses off of other gains like you can if you end up losing on a penny stock. Therefore, I think itās great to see people spending their Stimulus money here rather than in a casino. That being said, do not overextend yourself by spending money that you donāt have or need for other things like rent or food! If MMNFF gets above $1 again thatās a fantastic return on your bet if you bought in now. If it does get above $1 again, and I hope that it soon does, it will likely fall back again before climbing higher. One suggestion I give to my young friends is, if you can double your money, take your original bet off the table, and let the rest ride. You are then playing with āhouse moneyā, and you can put your original money in a more secure dividend stock or fund with a long history of good returns. Remember, a lot of retail investors got into GameStop for under $50 a share and rode it up above $400, with the hope that it went to $1000, only to watch it fall below $100. Worse still were the many investors that bought at $200-$300 a share.
Most wealth is earned through incremental growth of long term investments, and you likely will not get rich overnight on any stock, penny or otherwise. I truly hope that MMNFF gets to $4 and then continues to rise from there, since I have now purchased about 50K shares. But I realize that there is a chance that the company goes bust, or makes a deal to be acquired at a small price like around 25 cents a share! Thatās the gamble, but unlike the casino where you can lose your bet in an instant, this roller coaster is exciting and plays out day to day. There are a lot of āpump & dumpā people on Reddit that will tell you to buy more and more while they are selling for a profit. Do your own due diligence, and rather than following the āadviceā of the posters, read any SEC Filings and quarterly reports and draw your own conclusions. Just donāt do stupid things like borrowing money or getting cash advances on credit cards and being on penny stocks. Good Luck and I hope that we all win big on MMNFF!
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- 3 years ago
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