Penny Wise and Pound Foolish
Thought I would attempt to put together something of an educational page for those of us playing in the penny sector. Original title was something of a play on words, a twist on the great Abe Lincoln - Decided against it but, to kick this off, in his own words;
No man has a good enough memory to be a successful liar.
These capitalists generally act harmoniously and in concert, to fleece the people.
To sin by silence when they should protest makes cowards of men.
And so it is in this underbelly of the market. Liars, thieves, con-men, scam artists, pump and dumpers. My own presumption is un-democratic in the extreme, to pronounce every single stock down here as guilty of all of the above until proven otherwise. Hope this page can be continually added and updated with material to help us outwit the nitwits.
Penny Stock Trading
A helpful little primer with a number of good links. While not exacting, this little subsection is quite telling in hindsight, a good checklist or test to run our picks through:
Penny Stock Red Flag Checklist
Think it is worth going through the site from the beginning, following the pages, just as a refresher.
Plenty more to come ...
The meaning of the phrase is something on the line of "saving a little money only to lose a great deal more due to their own stupidity."
PENNY WISE AND POUND FOOLISH - "Overcareful about trivial things and undercareful about important ones. The literal image is of the person who fusses over small amounts of money to such an extent that he misses opportunities to save or make large amounts. But the figurative image goes way back; in 'The Historie of Foure-footed Beastes' (1607) Edward Topsell wrote: 'If by covetousnesse or negligence, one withdraw from them their ordinary foode, he shall be penny wise, and pound foolish.'" From "The Dictionary of Cliches" by James Rogers (Ballantine Books, New York, 1985).