NEW YORK ( TheStreet) -- When I was asked to contribute a story that is fitting of Charles Dickens' masterpiece "A Tale of Two Cities," the first name that I thought of was Sirius XM (SIRI - Get Report).
After Sirius rose to prominence by signing exclusive deals with high-profile talents including Howard Stern and securing rights to the National Football League and Major League Baseball, the financial crisis brought the company to its knees. With no one buying cars -- which Sirius needed to increase its satellite radio subscriptions -- bankruptcy seemed the last resort.
Essentially, while most companies can proclaim "the best is yet to come," very few, unlike Sirius, are able to truly appreciate "the worst of times" without detailing a near-death experience.
From an investor's/trader's perspective, however, the "best and worst" have different meanings. For me, my best and worst as a trader came when mistiming the movement of Sirius' stock.
The Best of Times: 84% GainsA company recovering from or teetering on the brink of bankruptcy means a lot of things to different people. For some, it's a sign of poor fundamentals and an absolute sign to stay away from the stock. For others who have a higher risk threshold, bankruptcy is a "haystack" and there's a needle to find in there somewhere. I was in the latter category.
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