My InterActiveCorp Experience
When I was writing that last post about Bill Miller, it reminded me of an investment experience I had back in the mid-90s. Here's the story:
Back when I was in college, I bought 100 shares of SilverKing Communications, which was a small broadcasting company. I had read an interesting article in the Wall Street Journal about the company and decided to give it a shot. So, I bought 100 shares at $14.78 each. My wife and I had only been married a few months when I bought it. Anyway, she started wondering out loud as to when the stock was ever going to do anything. A year went by and the stock basically sat at around $14.
It started to move up from there and got into the low 20s. Then, one day I went to the local convenience store and bought the Wall Street Journal and there it was: Barry Diller to Become CEO of SilverKing Communications! The stock went up almost $15 per share that day! I held on for a while and eventually sold it at around $29 per share. BIG MISTAKE!
I should have held on to it. SilverKing merged with Home Shopping Network a couple of years later and then through some acquisitions and a name change became InterActiveCorp. My little $1,500 investment would now be worth $9,144 for an average rate of return of 22.24% over the last 9 years!
Oh well, coulda woulda shoulda, I suppose.
Tags: InterActiveCorp, IACI, Investing
Back when I was in college, I bought 100 shares of SilverKing Communications, which was a small broadcasting company. I had read an interesting article in the Wall Street Journal about the company and decided to give it a shot. So, I bought 100 shares at $14.78 each. My wife and I had only been married a few months when I bought it. Anyway, she started wondering out loud as to when the stock was ever going to do anything. A year went by and the stock basically sat at around $14.
It started to move up from there and got into the low 20s. Then, one day I went to the local convenience store and bought the Wall Street Journal and there it was: Barry Diller to Become CEO of SilverKing Communications! The stock went up almost $15 per share that day! I held on for a while and eventually sold it at around $29 per share. BIG MISTAKE!
I should have held on to it. SilverKing merged with Home Shopping Network a couple of years later and then through some acquisitions and a name change became InterActiveCorp. My little $1,500 investment would now be worth $9,144 for an average rate of return of 22.24% over the last 9 years!
Oh well, coulda woulda shoulda, I suppose.
Tags: InterActiveCorp, IACI, Investing
posted by JLP | 9:34 AM
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