Have you ever bought stock over the phone?

Chino Kapone

Yo, whats wrong wit da beer we got?
Jun 10, 2005
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#1
I got a phone call today from a guy trying to selll me stock over the phone. It was for ameristeel which is trading at like $14 a share he said. Hes telling me that it could return 30-40% over the next few months and that i would be wise to get in on this now. He said that Ameristeel just filed for the right to sell which is chapter 8 or some shit like that. Yahoo just did the same thing and their share jumped from $18 a share to $29 a share in one day. Anyway he is giving me the whole speech nd said that all he needs is $7500 for the investment of 500 shares. I told him no, then he said how about 50 shares for $750. This whole time all I can think of is Boiler room and the Coffee is for Closers speech.

Anyone bought stock over the phone like this in the past? I can only imagine it failing miserably. He gave a good pitch though.


Oh and for those who dont know, Here is the coffee is for closers speech. I watch this 3-4 times a week just to motivate myself to sell.

[yt]TROhlThs9qY[/yt]
I just kept wanting to say "FUCK YOU! THATS MY NAME!" :haha7::haha7::haha7:
 

Creasy Bear

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#2
You'd have to be a drooling waterhead to buy ANYTHING from some random cold calling shyster.
 

Creasy Bear

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#5
I used to sell pink sheets by cold calling.

It never is a good deal. Ever.
Take about a bad deal... I once had to cold call people and try to convince them to join the military.

When I was in the Navy, they had this program called HARP... Hometown Assistant Recruiter Program. The idea was that you got a free two weeks of leave back to your hometown with "the catch" being that you had to go your your local recruiting depot and "assist" the recruiters. I figured it would be just hanging out with the recruiters, shooting the shit and telling sea stories. The first morning I report... the head recruiter is a complete jackass, he hands me a stack of "leads"... recently graduated kids from the local high school, and he wants me to cold call them and convince them to join the Navy... yeah... I'll get right on it. :icon_roll

I sat around doing nothing for an hour until the recruiter tool yells at me, and orders me to start making calls. So I make some calls, finally get hold of a kid on the phone, and I promptly advise him to avoid military service at all costs, ESPECIALLY the Navy. The recruiter goes nuts and threatens to send a dis-satisfactory report back to my command regarding my poor conduct and bad attitude. I assured him that he wouldn't be telling them anything they didn't already know.

He told me to just get lost, he didn't need my assistance after all...

Two weeks of free leave, no strings attached! Thank you, Uncle Sugar!
 
Jun 2, 2005
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Dallas
#6
Haha, I did HARP duty after Power School, and I had almost the opposite story, but the exact same horrible taste in my mouth.

My recruiters were all fucking slackers. Like, nothing got done. These dudes like, didn't even own military hats any more, it was like the island of forgotten military toys. I know I just said like a lot, but I really was astounded by what I saw... Anyone who's been in the military can probably understand where I'm coming from here.

The big thing that fucking made me want to vomit was when I went "prospecting" with one of them. He took me to an incredibly shitty part of town and informed me that we were looking for a "Young black man on a bicycle with a box of Huggies under his arm".
 
Jun 2, 2005
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Dallas
#7
I can explain the whole scam involved with stocks over the phone if you guys like, but it's a long explanation that involves a lot of math and understanding of SEC regulations. So, that being said, if you want to know what's happening I can explain it, or you can take my word for it that it's always a scam, heh.
 

Chino Kapone

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Jun 10, 2005
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#8
Two words: boiler room.
The clip i posted is basically the original boiler room, but with good actors.

I can explain the whole scam involved with stocks over the phone if you guys like, but it's a long explanation that involves a lot of math and understanding of SEC regulations. So, that being said, if you want to know what's happening I can explain it, or you can take my word for it that it's always a scam, heh.

Yeha, thats what i figured. I had just never recieved a call like that. Rather entertaining and i just recalled clips from Boiler Room and Glengarry Glen Ross.
 
Jun 2, 2005
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Dallas
#9
Oh, and just to be clear, I'm speaking only about stocks when I say it's always a scam.

Oil and Gas investing, however, is a different story. That's just the way that business works. When an oil company wants to fund a drilling exploration they offer tax deductible investments and they use telemarketers to do it. Obviously, check the company out before you send a check, but O&G companies just do business that way, so there's no reason to be skeptical about phone calls like that.

Now, whether or not you'll ever see a profit...... It happens, but it's never good odds. Usually, people just "invest" in Oil and Gas because it's a tax shelter that may pay off, so basically it's the rich man's tax deductible lottery ticket.
 

Chino Kapone

Yo, whats wrong wit da beer we got?
Jun 10, 2005
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#10
Oh, and just to be clear, I'm speaking only about stocks when I say it's always a scam.

Oil and Gas investing, however, is a different story. That's just the way that business works. When an oil company wants to fund a drilling exploration they offer tax deductible investments and they use telemarketers to do it. Obviously, check the company out before you send a check, but O&G companies just do business that way, so there's no reason to be skeptical about phone calls like that.

Now, whether or not you'll ever see a profit...... It happens, but it's never good odds. Usually, people just "invest" in Oil and Gas because it's a tax shelter that may pay off, so basically it's the rich man's tax deductible lottery ticket.

I got one of these phone calls as well. He wanted me to invest in drilling for natural gas and everything sounded really legit. He was extremely forward, but not pushy. I was ready to sign the dotted line, he just needed $200,000 up front.
 

greensnacks

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Dec 20, 2004
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#11
Thanks for the tip... Those Sept $15 Puts are tempting me.

Just before the dot-com busted we got calls for buying "Ask Jeeves" (ask.com). It tanked from $26 to $3, six months later.

With the war in Iraq coming to an end and the looming US recession, manufacturing is down and the need for steel/raw materials is tanking. Some big spender wants to sell their shares before all those building contracts are terminated.

Run.
 

Party Rooster

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Apr 27, 2005
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#12
I used to sell pink socks by cold calling.

It never is a good deal. Ever.
QFT.

I would NEVER "buy" anything over the phone that was not from some company I had done business with or is a national company. Good way to get your identity stolen or at best your bank account drained.

I recently bought some Sirius shares @ $2.70 a share figgering this merger goes through, and some Citadel at a buck and change in case they make a play for O&A or get bought out by Clear Channel or something.
 

jackjack

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May 12, 2007
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#13
I recently bought some Sirius shares @ $2.70 a share figgering this merger goes through, and some Citadel at a buck and change in case they make a play for O&A or get bought out by Clear Channel or something.
I'm playing the same game. Haven't bought the Citadel yet, but I saw it was at $1.44 (if I remember right) on Friday. Have to see what it does tomorrow.
Got my Sirius for $2.74 a couple weeks ago.

Sure wish I picked up Citadel after the last shitty earnings report when it was under a buck. I could probably afford almost as much of it as Opie bought!
 

Buds Spuckley

Registered User
Mar 17, 2008
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#14
I used to sell pink sheets by cold calling.

It never is a good deal. Ever.

WRONG, you cant pitch pink sheet stocks/OTCBB without a suitability agreement.

If youre licensed and did that then youre risking jail time. If you werent licensed then you worked at a chop shop and shouldnt have been pitching anything unlicensed.

Brokers cold call all the time, you can check any broker that calls you on the nasd website you can also check out the firm.

Most brokers have to cut their teeth by cold calling and working their way up to the desk, some become analysts and are solid and some are pikers and dont know shit about the market, they just know how to sell.
 
Jun 2, 2005
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Dallas
#15
WRONG, you cant pitch pink sheet stocks/OTCBB without a suitability agreement.

If youre licensed and did that then youre risking jail time. If you werent licensed then you worked at a chop shop and shouldnt have been pitching anything unlicensed.

Brokers cold call all the time, you can check any broker that calls you on the nasd website you can also check out the firm.

Most brokers have to cut their teeth by cold calling and working their way up to the desk, some become analysts and are solid and some are pikers and dont know shit about the market, they just know how to sell.
You can preach the Series all you want dude, I'm trying to tell my friends on this board how it works in today's real world.

I know new guys cold call, I also know that there is a such thing as a Corporation Merger which allows a "Chop shop" to alleviate itself of SEC requirements by becoming a subsidiary of the Corporation it's raising money for because it deems the "brokers" as employees of the company that the funds are being raised for, and this, in turn, allows them to just be employees of a corporation calling people and asking for money instead of being brokers.

I worked at a "firm" that operated under 37 company names in 6 months. It's the way non wall street starts ups make their working capital in today's bullshit economy.

If you want to call me a liar, at least ask a question to find out if I'm full of shit or actually know what I'm talking about.

Edit: By the way, welcome to Wackbag! You'll get used to it, I promise. :action-sm
 

Creasy Bear

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#16
03-15-2008

I recently bought some Sirius shares @ $2.70 a share figgering this merger goes through, and some Citadel at a buck and change in case they make a play for O&A or get bought out by Clear Channel or something.
I'm playing the same game. Haven't bought the Citadel yet, but I saw it was at $1.44 (if I remember right) on Friday. Have to see what it does tomorrow.
Got my Sirius for $2.74 a couple weeks ago.

Sure wish I picked up Citadel after the last shitty earnings report when it was under a buck. I could probably afford almost as much of it as Opie bought!
11-14- 2008

Sirius XM Radio Inc. -SIRI Close- .26

Citadel Broadcasting Corporation -CDL Close- .19

Ouch.

Better call Doc and Marty and tell them to fire up the DeLorean.
 

Chino Kapone

Yo, whats wrong wit da beer we got?
Jun 10, 2005
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#17
I am talking to this same A-hole right now. The Ameristeel stock he tried to talk me into last year dropped from $14 a share to $7 a share. He is trying to get me in on Chesapeek, some natural gas company. This shit is funny. I just fucked with him the whole time.

These brokers just sound manipulative and evil. It was a fun conversation though.
 
Jun 2, 2005
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Dallas
#19
Thanks for the bump! I think this thread is the smartest I've ever looked on Wackbag! :haha7::haha7::haha7: