can't take the pain.
After lugging its two biggest holdings,
through rough waters during the past year or so, the Fools have decided to dump sizable portions of their AOL and IOM positions from their portfolio.
The Fools decision to dump significant portions of their two biggest portfolio positions wo marquee names will likely place both stocks under pressure today. Several Wall Street watchers said that the Fools enthusiasm for Iomega helped drive that stock to glorious gains for at least a little while last year.
Last May, with the Fool message boards running hot about Iomega, the Roy, Utah, Company traded as high as 55 1/8. Since then the stock has crumpled to about 17, roughly flat with the year-ago level for the former high-flier. The Fools say they are selling $19,000 of a $35,000 position. Sign of a bottom?
As for AOL, the company's networking problems have created problems for the Fools themselves. After weathering about an 18% decline in the past year, the Fools have decided to dump half their positions in the online service company. The fools are selling $15,000 of $31,000 position. Wednesday, AOL closed at 45 5/8.
Are the Fools giving up? They sound a lot like mealy-mouthed strategists: "The Fool giving up on its two biggest horses?!! Emphatically not." Then what are they doing? "¿rais
ing cash to establish new positions." (and doing something about cultivating gardens and seeds or some such thing. That's really what they said.)
Oh, echoes of Michael Metz.