The other day I decided to buy some Snapchat stock. Yeah, I know it has no real value but neither did Facebook. I went ahead and bought $1000 worth at $23.75 to see what happens. Of course it is immediately going down.
I bought Facebook back when it as $36.00. Held it as it sunk into the lows. Eventually, around a year later it rose back to $36. Figuring I would be lucky to break even, I sold it at $36 to get my money back. Now it is at $138.68. Had I held it I would have made $5100.00.
I feel that Snapchat is in the same condition as Facebook. It has potential so this time I’m holding it long term.
I don’t use Snapchat. It’s a kids thing that I have no use for but it is a popular medium that reaches the kids who are otherwise disconnected from media advertising like TV and Radio. It is just a matter of time before Snapchat figures out how to monetize or is sold to Facebook or Google. I might buy more when the price bottoms out. What the hell. Facebook and Google are doing their best to create an alternative but Snapchat is already the de facto medium of choice amongst the grommets.
I’m not going to miss this opportunity this time. Let’s hope the gods of fate don’t take this opportunity to kick my ass again.