The GT Advanced (GTAT) bankruptcy announced yesterday morning, and subsequent posts on other forums, were a good reminder of this. The stock had been a high-flyer that gained over 400% in the past 2 years, but dropped from $20 to $10 in August, then down under $1 on Monday.
Some of the more notable posts are below, from different people who lost up to their entire investable net worth:
I have just lost all of my retirement and all of my son's savings. My son has special needs and I have failed him in the biggest way, sorry for posting this but I am totally devastated!!
I am dead meat. All my money is in GTAT and on my stocks I was doing margin. Since I owe way more than what's in there, I don't know what will happen to margin. Some people were smart, I believed so much in GTAT potential and lost all my savings including my 401K, IRA. At this point, I don't know what to do. I told my wife about this and she was upset and angry at my stupid move. But she still loves me.
Ouch. I lost a lot of money. Probably the equivalent of me saving diligently for the next 12-15 years. Well, only myself to blame.
I'm not coping well at all. I'm watching 25 years of savings going down the drain. I was stupid enough to have my entire retirement fund invested in this.
Its so painful...huge losses..all my savings are gone..It was purely management's irresponsibility that made all of us loose money here..I have two little kids and when I see thier face this morning, I can't stop crying...very pathetic...
Very sad to read. But an excellent reminder on the benefits of broad diversification, and of the good advice that is given here.I love you all. God bless and no one do anything irrational. It is just money.