I sold the rest of my McKesson stock at $57.86 (the majority was called away last month at $45 strike + $2.10 premium).
I also sold the remains of my Smurfitt-Stone preferred stock at $7.00, my first (and, hopefully, the last) OTC trade. Smurfitt-Stone was bought at $20.50, declared bankruptcy in January of this year, and even the preferred stock has dropped as low as $0.10 a share. The common shareholders have fared far worse. Now that the position has increased to a mere 65.8% loss, I'm selling.
Smurfitt-Stone's bankruptcy was the final factor in my decision to manage my own portfolio. Before, I'd managed about 10% myself, and left the rest in the care of my (expensive) Merrill Lynch advisor. The bankruptcy filing made me realize that no matter how much I paid my advisor, no one would care as much about my portfolio as I do. I now manage my portfolio myself.
