Getting out of WaMu

by James & Miel on September 19, 2008 · 0 comments

We are thankful that we got out of WaMu before it went down hill. We also feel for those who didn’t. That’s got to suck.

Back in 2002 we bought 90 shares of Washington Mutual for $38 a share.

After dealing with the hassle of them with the lack of interstate communication, we decided it was time to get out.

We sold in 2003 for $42.50.

While we only walked away with an extra $405 or 12% of our initial investment of $3420. It certainly wasn’t a dotcom boom, at least we were able to walk away with our shirts on and still know when to get out.

With the peak of the stock at $45 a share, I think we are pretty darn lucky to have exited the party when we did.


Why we got out when we did:

  • We felt that if their customer service and lack of interstate communication was representative of overall challenges to providing quality banking services.
  • We also thought that with their current numbers, the investment was pretty much “dead money”, and not able to yield much more of a return.

Turns out we were right on both accounts. Sometimes it is a good idea to trust your gut when you think a business is on the down turn.

Miel

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