Tag: penny stocks

Swamped

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Excerpt

Eteo dialed Susan’s number.
“Hello sweet Susan.”
“A sweet hello to you too, Eteo,” she replied.
“Want to hook up for lunch?”
“Sure. Are you very hungry?”
“Extremely. And you?” he asked, teasing her.
“I am.”
“Hungry for what, though, sweet Susan?”
She laughed into his ear. “And for that.”
“I’ll make sure you’re fed, my love,” Eteo promised.
It was the first time Susan had heard him call her that. She felt
her cheeks redden, and a sweeter feeling ran down her spine and over
her whole body.
“What time is your lunch break today?” Eteo asked.
“In twenty minutes. Can you wait for me?”
“Twenty minutes, yes, but not a single minute more. You’ll come
down here?”
Susan assured him she would be there on time
“See you in twenty, baby,” Eteo said, putting down the phone.
A quick check of Platinum Properties showed it trading at 55c
with his orders lower than the market. He called Logan into his office.
“Raise these two orders a little higher. From 49 and 51 cents to
53 and 54. We’ve been sitting too low. I don’t see us getting any shares
otherwise.”
Logan quickly changed the prices of the buying slips and went
to the trading desk to instruct the traders. By the time he got back to
his father’s office, they were first in the line of purchasers and within
a few seconds they had secured almost twenty thousand shares in a
couple of transactions. Eteo smiled.
“Stay at this position until the end of the day. John might decide
to take some of his profit and walk.”
Logan agreed, seeing what was happening in the market as another
seven thousand shares came to them at the same price. Almost
as soon as Logan had gone back to his desk, Susan arrived. Eteo got
up at once, took her by the arm and walked her out. Susan was still
flushed and warmed up from his earlier words today.

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Swamped

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That was something the clients wouldn’t understand.
He could only try to convince them using the excuse of averaging
down but he couldn’t risk pushing them, and he couldn’t blame
them for refusing. The shares hadn’t done much for them. Why
would they want to invest even more.
He called Logan back into his office.
“Who can we approach to promote this a little? Who do you have
who might be interested? We can base our argument on the prospect
of new brokers coming in.”
“I don’t know, Dad. We could burn a few people with this. You
know that.”
“Give it some thought. Perhaps we could offer an incentive.”
“It would still be a hard sell. When they look at this market,
they’ll see weakness. Who would go into that, incentive or not? And
incentive from whom? From us? I wouldn’t risk it for someone like
Richard.”
Logan sounded disappointed by his father’s willingness to support
Richard Walden when the older man knew very well that this
company wasn’t likely to go up any time soon.
“What have we done with the disposal of some of the real estate
company’s stock? Have you talked to anyone?” Eteo asked, changing
the subject to one they were both more comfortable with.
“Yes, and we got a few approvals. I already have some orders filled
and some still in the market. I’m bidding for some new shares already
for the clients I’ve already sold.”
“Very good. Let’s focus on that for today and tomorrow.”
Logan went back to his desk, and Eteo turned his armchair toward
the window. He gazed at the blue sky and leaned his chair back
a little, closing his eyes and traveling back to a place where the sun
was bright and hot most of the year and where he used to go swimming
as early as April. He would go to visit his brother soon. He
would spend a month or more over there. Logan could look after the
clients.

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Swamped

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Excerpt

Logan getting up and walking to the shower. The sound of the water
mixed with the chirping of birds in the trees around the house. Logan
came down ready for an early departure to the office.
“You’re up very early today, son,” Eteo said.
“Yes, earlier than usual, but let me share a coffee with you before
I go,” Logan replied. He walked to the kitchen and poured himself a
cup, then sat next to his father.
“What should we focus on today, Dad?”
“Keep on buying slowly in the new company. We have plenty of
orders, right?”
“God, yes, at least half a million, but I’ll do it slowly.”
“Yes, and carefully. If you notice anything strange, let me know
right away. And don’t forget we have plenty to allocate to our clients
from the private placement.”
“Yes, I remember, and yet we still have lots of orders. When the
market goes after it like we do, what do you think will happen to the
price?”
“We don’t like to chase it up ourselves, you know. We want other
people to do that.”
“Yes, of course.”
“And something else. Let’s try to unload some of that loser we
bought a year ago, that real estate deal that didn’t do well. Let’s call a
few of our people who invested in it and convince some of them to
take the loss and reposition into this one. They’ll have a better chance
of recovering their losses and maybe even making a few dollars this
time. Get Helena to talk to some of them. Let’s see where that takes
us.”
“Okay, will do.”
“Have you got enough stock for your key people?”
“Not for all, but I’ll keep on buying. Slowly, as you said. We have
enough right now for the two brothers and Angelo. Have you talked
to them?”
“Yes, I talked to them and to Yannis. Kenny too. Position him
and his friends in this one, but slowly, as long as we get some stock
for all of them, okay?”

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Swamped

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young woman, whom Eteo found pleasant and sociable. She was a
Chinese-Canadian whose parents lived in Coquitlam.
Eteo took Jonathan and drove to a pool hall at Broadway and
Ontario where Jonathan had discovered they had one table of European
billiards, a game at which his uncle was a master.
“Will I ever win against you, uncle?” Jonathan asked after Eteo
had taken the third game in a row.
Eteo laughed. “You will when I let you” he answered, and
Jonathan laughed too. They sipped their lattes and played again and
when they had finished, Eteo drove back to the house just as the
cleaning ladies were putting their things away.
For dinner, Eteo suggested a visit to Mythos, a Greek spot on
Lonsdale where he knew the owner and the boys always enjoyed their
meals. It was a fairly new place, and Angelo had done an expert job
decorating the interior since he was already a partner in another
restaurant on Marine Drive. In the kitchen he had a cook whom Eteo
also knew well, and whose special appetizer of mussels was what Eteo
liked the most about the place.
Angelo’s sister, who worked as the hostess, took them to their
table. They were all hungry and fell like vultures on their appetizers
of humus, calamari, and pitta bread as soon as they came. By the time
the main courses arrived, they were almost full, but that only meant
they had plenty to take home at the end of the evening.
Early next morning, with the clock on the night table reading
4:00, Eteo still tossed and turned in bed, unable to go to sleep, his
mind racing through a myriad of thoughts like a crazy monkey on a
big tamarind tree jumping from branch to branch as if in desperate
search for something hidden there. The bedroom was a little too
warm, and his breathing was as loud and irregular as his thoughts.
He often planned his next day while awake in his bed the night
before, so this morning wasn’t any different from others. Fully awake
now, Eteo let his eyes travel around the walls. The window was still
very dark at this time in the morning. Light would come no earlier
than seven, but he felt the need to talk to someone. Who would be
there for him to call and talk right now? The sounds of the house
were regular and steady.

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Swamped

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“Yeah.” Frankie smiled. “Movies. Look it up. It’s going places.”
“I shall.”
“Have a good day, Eteo,” Frankie said as his phone rang again
and he walked off to answer it.
Eteo had met Frankie when they both worked for Yorkshire Securities,
one of the solidest firms in Vancouver. He had known Henry,
Frankie’s brother, first, and through Henry he had met Frankie, who
had risen from a junior broker there to being one of the big wheels
in downtown Vancouver.
Frankie had important contacts all over, which meant he could
raise huge amounts of money for any deal he thought was good. Eteo
knew nothing about the film industry, but if Frankie said Lionsgate
Entertainment was going places, Eteo knew he should look into it.
He walked toward the 22nd Street dock. The water was beautiful
again, with small swells washing over the rocks on the shore and
making the sea weed and barnacles that covered them shimmer.
Countless sea gulls circled and swooped above calling out strange
messages that only gulls understood. Their screeching voices always
struck Eteo as almost out of this world. ey seemed to inhabit a
world of wonders and exaggerations. Did Frankie, who had le the
resource sector to get involved in the film industry, inhabit another
world of wonders now?
Eteo knew that a lot of brokers followed Frankie wherever he led.
They all wanted a piece of whatever action Frankie had. At one time
there had even been rumors that Frankie controlled Yorkshire Securities.
He had certainly seemed to have the biggest say in everything
the firm got into. Then the rumors were that he had left the firm to
develop something totally his, a company from scratch. Could this
Lionsgate Entertainment be the one? Eteo always admired people who
started from the bottom and became leaders in their field. Frankie
was such a man, and Eteo promised himself to look into Lionsgate as
soon as he could.
His eyes were drawn to a runabout coming under the Lions Gate
Bridge and speeding toward the outer area of English Bay. Runabouts
were used as water taxies to ferry harbour pilots, who by law were
assigned to command the vessels in and out of the harbour.

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Swamped

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“We’ll get some. It has the sweetener of the warrant, a two-year
warrant. It could mean some good profit down the road.”
They discussed the details until Yannis was satisfied. Business
over, he led Eteo to his garden and with a proud voice described this
year’s crop. He still had a lot of greens—arugula, spinach, Swiss chard,
and beets—but he was proudest of this year’s tomatoes. He grew three
varieties: Roma, Early Girl, and Beefsteak, the last of which produced
huge fruits that took a longer time to ripen. Yannis would use these
late tomatoes to dice and put in the freezer for cooking while the others
were for present use in salads. Eteo had many of the same things
in his much smaller garden. Growing his own beautiful, tasty vegetables
was a practice from his earliest years in Vancouver. He recalled
his first house in Richmond and the tiny vegetable patch there
that he still managed to get plenty of fresh produce from.
They walked around the gardens chatting about old times until
they reached Yannis’s fig trees. e fruits were finished by this time
of the year, but Eteo knew that Yannis had a very good crop of figs
every year. A little later he le for North Vancouver where he would
reach just in time for his aernoon walk at Ambleside Park.
A few minutes before he reached his house, his mobile phone
rang and Eteo pulled to the side of the road.
“Hi Eteo, it’s Spiro.”
“Spiro, what’s up?”
“Did you buy me some of the new shares?”
“Yes, I got you twelve thousand, and it ended up 40 cents for the
week. I expect it to gain a little more this coming week.”
“Should we get a few more before it moves higher?” Spiro’s voice
sounded anxious.
“No, not from the market. I’ll allot a few more to you from the
financing they do at 40 cents and we get a two-year warrant.”
“How many more do you suggest?” Spiro’s voice was calmer now.
He had always trusted Eteo and always passed the recommendations
to his brother Mike, who would follow him and purchase the same
amount of shares in each of Eteo’s recommendations.
“I’ll put aside another eight thousand so you end up with twenty.
What do you think? Can you afford that many?”

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Swamped

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Asians, every kind of European and Latin American, Africans, and
of course the original First Nations people, the victims as Eteo considered
them. The First Nations people whom the ruthless Europeans
of two centuries ago, with their rifles and guns and chicken pox and
diphtheria and polio and alcohol, almost exterminated, slowly and
methodically. The Europeans who came with their tall ships ready to
carry out whatever barbarisms suited their purposes, all while proselytizing,
yes, the Europeans who wanted to turn the First Nations
people into good Christians such as themselves only to exterminate
them tribe after tribe, only to ostracize them clan after clan, only to
enclose them at the peripheries, closely guarded by the always repressive
word or sword, whichever worked best.
Eteo kept walking, now with a fire in his chest. His steps led him
to the familiar dock at the end of 22nd Street. He reached the edge
of the dock and leaned against the framed barrier, letting his gaze
travel over the shiny water. It at least reflected a natural balance, unlike
the human world, its natural balance permeating everything, part
of the balance cosmos has invented and into which even the unbalance
of people blends and gets absorbed. His eyes encompassed the
gleam of the water and the green background on the far side of English
Bay in the university neighbourhood, where more rich Vancouverites
lived, where houses sold in the millions and one wondered
why. Who had induced such lunacy in the housing market while
thousands in East Vancouver were homeless or paying half their meagre
incomes on rent? Whose game was being played in the Lower
Mainland housing market to favor one area against the other?
Eteo let his attention dive into the shallow water under the dock
where small crabs went about their business on the sea floor and the
small perch fed on the barnacles of the dock’s piles. A few starfish
decorated the sandy floor while seaweed floated left and right like
orchestra that a conductor directed its myriad violins in this naturally
balanced world beyond human influence, a balance suddenly interrupted
by his mobile phone. Yannis was ringing him.
“Hello, John.”
“Hi, how are you?” Yannis asked

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Swamped

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that he had truly learned how to cook. Jonathan and Logan cleaned
up the table, took the dishes to the sink and rinsed them, and Alex
loaded them in the dishwasher, while Eteo went to his office to make
a few phone calls to inform more clients about the new Target Resources
company and the shares he recommended for them. Meanwhile
Jonathan sat down at the family room table and did some
homework while Logan went out to meet his new flame, as he called
his new girlfriend, and Alexander got busy with his play station.

Next day Eteo arrived in the office at 6:10, well before Helena, but almost
as soon as he turned his computer on, Logan walked in. Herbert
was not far behind, smiling and chuckling.
“Let’s look at the opening orders” he said to Eteo and stood behind
him. Eteo went to the page that showed the buying and selling
orders for Platinum Properties. Pointing to two orders from Pacific
Trends, he confirmed to Herbert that they were both his orders.
“Could I buy a few more shares, Eteo, before these two orders?”
“We bought you some yesterday morning, remember?”
“Yes, I know, and here is my cheque, by the way.” Herbert handed
Eteo a cheque for yesterday’s purchase and what he was planning to
buy today. “For another 30,000 shares,” he explained.
Eteo wrote the buying order and turned to his client.
“I should go to the trading desk to instruct the head trader in
person about who’s first and who’s second. I’ll be right back.”
He needed to get to the trading desk quickly. It was almost time
for the opening bell. By the time he got back to his office, trading had
begun and a beaming Herbert had his extra 30,000 shares. With that,
the always smiling investor walked out, though not before promising
to keep Eteo in the loop.
The rest of the morning unfolded like any other trading day.
Eteo’s other orders were in line, and he steadily picked up more shares
of Platinum Properties and allocated them to the six clients he had
selected while keeping a steady eye on the price of the stock, which
moved up slightly into the low forties.

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Swamped

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“Okay.” He glanced back at his cooling sauce. “Are you fine with
penne, or would you prefer spaghetti?”
“Penne, please.”
“Penne it is.” Eteo smiled at his son, who was already heading
upstairs again. “Dinner at seven, okay?”
“Yes, Dad,” Alex called from the floor above.
Eteo went back to his chair. He absentmindedly scanned the
space around him, registering the familiar, steady sounds of the
house. Normally they were like the heartbeats of a healthy person,
regular, unhurried, relaxed, almost unnoticeable, but now, with Eteo’s
attention focused on them, they began to sound more like loudspeakers
in a plaza. The map of the earth on the far wall, made of sheets of
copper, was still as shiny as it had been earlier today and the fireplace
sat ready to be lit whenever he wanted that cozy ambience. He
thought about what he needed to do to organize those he wanted to
get involved in Herb’s deal. It looked like a winner, and Eteo knew
that when you have a winner you take care of clients who haven’t
done so well lately. Spiro and Michael, and Angelo too. They had lost
a bit of money on Eteo’s last recommendation, so he owed them a
piece of the action on this one. He also had to work in some of his
personal accounts. Yanni would buy anything Eteo recommended,
as would Nick the hairdresser and Kenny Wong and his friends. The
market, Eteo had learned, was a beast that no one knew how to tame.
Investing in penny stocks wasn’t much different than betting on
horses, except that at least you could look at the horses and, if you
knew horses, separate the strong ones from the weak. Penny stocks
all looked alike, yet each ran on its own terms and no two ever got
exactly the same results. All the more reason why when you get a
loser for a client you better find a winner soon. Yes, he had to include
Spiro and Michael and Angelo in this one.
Logan arrived home while Eteo was still on the phone organizing
his first three clients and explaining to them what he had in mind for
the next few days. Logan, who stood almost six feet, smiled down at
him. He knew who his father was talking to and exactly what he was
doing. Apart from his height, Logan looked a lot like his father.

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Swamped

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He switched over to the local news: a serious accident on the road
down to the Second Narrows Bridge. He had better take Lions Gate
Bridge this morning. The pileup on the approach to Second Narrows
would make it impossible for traffic to resume for at least two hours,
according to the news anchor.
The phone rang. It was Herb on the other end. After the briefest
of greetings, he brought up today’s buy order. He told him that a man
he knew, someone who seemed to have good connections in Europe
and other places, had assured him this was a good one, Platinum
Properties Inc, to play with for the next few months. Eteo listened to
Herbert Swanson attentively, but when he expressed some skepticism,
Herb said he would pass by the office around ten to talk about
it. He smiled. Herb always had a link to someone with information,
and in the Vancouver Stock Exchange in those days, with its mining
fliers and dubious promoters, information was of great value. Even
if the information was often questionable at best, decisions were
based on it, and today’s bet that Herb had placed on this new company,
Platinum Properties, wasn’t any different from many others. For
years, Herb had worked his way around each and every regulation in
order to survive the debacle called investing in V.S.E. listed companies.
In most cases, they lacked anything of substance, yet they could
fly high for a few days, even a few months, before sinking into nothingness
or simply going out of fashion. Sometimes they were still at
the reorganizing stage, a lengthy process that provided a second
chance for companies that had been unsuccessful in proving the
value of their first mining asset and raising funds on that basis. This
involved a reverse split of their shares, or consolidation, in other
words, issuing new shares to raise new capital. It was usually an opportunity
to turn their focus to a new asset, sometimes even to
change course and concentrate on a new line of business. When a
company was in that reorganizing stage, it wasn’t unusual for it to
take a good twelve months to achieve its goal, and investors who
didn’t like to wait that long rarely invested in such a company.

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