GRADY PEELER: Tax accountant and day trader, 51, New Port Richey
By Times Staff Writer
Published May 4, 2003
Q. How did you get started in investments?
My grandmother, back when I was 12 or 13, gave me about $3,000. I took it and initially bought, with my father's assistance, silver bullion in a Swiss account and margined it out to about 3 to 1. I got lucky. I bought it at $1.40 an ounce and got out at $45 an ounce after several years.
Q. What is your best investment so far?
Twistee Treat, an ice cream company in Fort Myers. They came out with a private offer at 10 cents a share in about 1981. I bought . . . around $10,000 worth. Then they came out with a public offering at $1 share. I bought a bunch more. Cashed out at about $3 a share. (The company later filed for bankruptcy.)
Q. What is your worst investment so far?
Probably my worst one ever, Tacoma Boat Building. They went bankrupt. Got in at $3 and they went to zip.
Q. How would you describe your approach to investments?
I (day) trade full time. I have a segment of my money that I'm in and out of very quickly, either minutes or a few days. The rest of it, I'm very careful.
Q. How are you invested now?
Mostly in cash, not counting day trading. Probably 80 percent cash; the other 20 percent primarily in REITs (real estate investment trusts) and mutual funds and small cap value stocks.
Q. What is the most difficult aspect of investing?
One is not really, in these uncertain times, being able to clearly forecast the future. Two, most of the large brokerage firms are liars and cheats.
Q. Do you have any goals for your investments?
My goal initially was to accumulate enough investment capital so that I didn't have to work. I've done that. The problem is, once you do that, you have to protect it or you'll have to go back to work.
