A quick update on a sale in my portfolio.
Last month, I opened a new position in a little known company that has seen a tremendous interest in investors and seen massive gains. The company in question is Hive Blockchain Technologies (HIVE.V). I indicated in my purchase post that I broke all my rules and took a gamble with this investment. It’s a company that I did not know much about and the financials were also a bit murky when it IPO’d — still it was a play on investor psychology and momentum and I decided to take a gamble. I knew there was a dearth of blockchain related companies in the capital markets and the risk/reward scenario was good enough for me to take the risk. That risk paid off as I witnessed a 200+% return in just over a month.
After seeing over 3x returns, I decided to sell half my position. Earlier this week, I sold 500 shares @ C$3.38, netting a 213% return in just over a month. Whether this was a good decision or not, time will tell. Atleast, I have taken all of my risk out of this investment as I free-carry the rest of my position.
Profit on 500 shares: 213%
Holding Period: 1 month
Remaining 500 shares: Free-carried (adjusted cost basis of $0.00)
Full Disclosure: Long HIVE.V. Our full list of holdings is available here.