Much longer story cut short:
Two years ago FIL (a lovely man but an authority on everything in the world) urged us to invest in a 'winning stock'. His relative is involved in the company and said a big project was due to go ahead.
I looked into it and said no. We were called 'foolish' for missing out on the 'chance of a lifetime' and urged to change our minds. Other relatives invested their savings. About ten people, from a 21-year-old investing a recent inheritance to an 89-year-old aunt investing almost everything she had.
I am an investor and knew enough to identify this as a volatile (penny) stock in a very volatile sector. I urged FIL to take measures (such as issuing a stock loss order). He didn't like being 'told' and said he knew what he was doing. Didn't take any measures.
Project was denied planning permission and share dropped by 70% overnight. Recently the appeal was rejected and shares dropped more. Doesn't look like the project will go ahead.
Now FIL is doggedly giving us 'helpful' advice on how to invest our hard-earned house deposit. I have been polite with my 'thanks but no thanks's up until now. I know it's none of my business how others spend their money and that everyone involved was an adult. I also shouldn't rock the boat as this whole thing has been swept under the carpet. But I am DYING to say something.
WIBU to say something?
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AIBU?
To say 'I told you so'?
13 replies
bullbeatsbear · 09/09/2013 16:21
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