I have a client/friend to whom I sold 500 shares of JDS Fitel (later to become JDS Uiphase) at new issue, total cost was $6,000.
Moving through the time, and accounting for the stock splits, his adjusted cost base is now $0.92 on those shares. At it'* peak in 2001, those shares were worth more than $800,000 Cdn. He being wiser than me (yeah right) would not sell the shares for 2 reasons - becuase it wasn't much further to go until the value hit $1,000,000 and secondly because he didn't want to pay me a commission of 2% to sell them. Remember that I offered him the shares at new issue, in fact I had to encourage him to buy them despite the fact I had a waiting list
At this time he still owns 5,000 shares of JDS Uniphase with a cost of $0.92. He has still made a lot of money but nowhere near its peak.
Clients always know more than those in the business when it comes to investments
I'm having dinner with this guy and another client on Saturday night...I'll be sure to bring it up...again!.