So last week, I was thinking of buying WestJet and RIM shares. They both seemed undervalued. I thought that WestJet made some good changes for the future by retiring their old planes and moving to more fuel-efficient ones. Also, I thought they would be able to still make further inroads on Air Canada. And WestJet had been rated a buy by many analysts for a while now. For RIM, I thought there was undue panic about the increased competition that would come from convergence and competitors like Nokia, Microsoft, Palm, etc. RIM was dropping like a rock and I wanted to get it as soon as it something like $65. RIM got as low as $72.
So of course, before I actually buy WestJet and RIM, Jetsgo goes out of business, shooting up WestJet stock by 39% in a single day. Then RIM announces a settlement with NTP, the patent company that sued them for patent infringement. NTP will allow RIM to continue its Blackberry business and requires RIM to pay a settlement fee of $450 million. Considering how much cash RIM has on hand (I believe the number was over $900 million), this won't break RIM's back by any means, even though it is a substantial amount. So of course I check the price today and the stock's trading at $95.
I love this world. And the segregated fund that Rom sold me makes 1% on the year. Yay. Long-term, long-term, breathe in, breathe out.