It’s been a tortuous road for investor Hugh Honey who has been closely following the financials sector, seeking to identify value following the Royal Commision into Australian banking.
An aspirational devotee of Warren Buffett and the Oracle of Omaha’s mantra to “be greedy when others are fearful,” Honey identified AMP as a company that could potentially bottom out, before rebounding to their lofty share price heights around the $6 range which the stock traded around in 2015.
“People kept telling me about how much money they made when they ‘bought the dip’ so I figured I’d jump on the AMP bandwagon at $5.
“It fell to $4 so I doubled by holding, buying the dip again.
They’re now under $2 but they just announced that they won’t be issuing a dividend so it might be a good time to buy the dip again.”
Mr Honey requested not to disclose how much money he has invested in AMP or discuss the Hayne Report.
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