Sometimes you have to admit it. Things didn’t work out the way you wanted and it’s not great.
Recently Collins wrote that his position in Draganfly DFLYF seemed ready to pay off and pay off quite well. A week later, he hadn’t exactly reversed his position. But he wasn’t as happy about Draganfly as he was originally.
“I misjudged the big money demand for both Draganfly and CurrencyWorks (CWRK). I definitely overestimated where I thought money could be raised, how it would be raised, and how it would be structured. I link the two because they have some ownership commonalities.”
“In terms of timing, trying to be a small cap and uplist with a cap raise (essentially an IPO of sorts), I can’t think of a worse time to try and do such a thing in years. OK, so maybe March 2020 was worse … the small cap market has lacked demand for weeks now, and Robinhood’s IPO flopped. Add in the U.S. halting new Chinese IPOs and some illogical trading breaking small caps both on the upside and downside lately and it’s an institutional buyer’s market.”
What’s the takeaway for investors? In the short term, of course, investors should be more wary of Draganfly than they were.
Big picture, though, the lesson here is clear: Don’t be afraid to recognize your flops. The more honest you are about your own investing, the less likely you are to make the same mistakes again. Or at least you’ll probably catch red flags more often.
After all, investing can always go badly. Every investor takes some losses along with the wins. One of the critical differences between the success stories and the investors who struggle is that the truly successful investors own their mistakes.
This article was originally published by TheStreet.