Cold Calling Stock Tips from New York to Amsterdam
For some strange reason I was added to a call list by the American stock brokers firm Joseph Gunnar, one of their brokers – Joe Steward – called on the 24 of October to tell me we had spoken last year and to scold me for failing to follow his advice and invest in a company. I have a reasonably good memory, and certainly would have remembered a call from a brokers firm in New York, so I was reasonably sure he started of with a lie.
Joe told me that he had some information that Ford would be releasing good results and repeatedly reminded me that Ford had not been bailed out by the US government. Ford was at $12.49 and was on it’s way up, he told me I would regret it if I didn’t step in at that moment in time. And all he was asking was $10,000. Surely I could work on trust and cough up a measly $10,000 to establish a relationship with Joe. As we were speaking Ford had already gone up to $12.51.
A fool and his money are easily parted, and I’m no fool. I asked Joe to send me the information by email, and time being a critical element he had his assistent Alissa Raineri send it to me a couple of hours later. Turns out Joseph Steward is the Senior Vice President of Investments for Joseph Gunnar – in US American companies this is mostly one step up from the chai wallah. That was at least that is what the letter Alissa attached to the mail said. What Google says about Joseph Jemel Steward is was far more interesting.
Due diligence done I decided not to react, knowing that Joe was going to call me with in a week. The next days I checked to see what would have happened had I been a gambler, on the 24th Ford closed on $12.51 and from that day on it has been going down to a low of $9.75. Had I listened to Joe I would have lost $2206 at Ford’s current value.
Obviously Joe called me back and asked whether I had invested in Yahoo! as he had advised me. I hung up the phone.