This expression comes from The Book of Proverbs in the Bible. It is sometimes quoted as pride goeth before the fall. The original quote from the King James Bible is Pride goeth before destruction, and an haughty spirit before a fall.
Despite the religious origins, people use this nowadays without religious overtones. People can say this simply as a warning not to be too arrogant.
An arrogant person might think he cannot make a mistake and, therefore, he is more prone to making mistakes in the first place. He will also be more embarrassed by any mistake that he does make.
My purpose of writing this article is to advise investors who have sold their holdings of Dayang shares at much cheaper prices to admit their mistake and buy back even at higher prices.
I feel so sorry to see so many braggarts boasting in i3investor of their sales earlier at much lower prices with the hope of buying them back at cheaper prices. Obviously, they are wrong because the price is going higher and higher as you can from the price chart below.
You will recall that I wrote and posted my first buy recommendation on Dayang when its price was about 90 sen per share. Since then I have written and posted more articles on Dayang than any other stock I know. You should see my previous article namely “ Dayang: many are caught with their pants down” on 11thSept. in which I pointed out that they would soon regret when they see the share price continued to go higher and higher. Yesterday it went up 6 sen to establish a new high.
Both the TA and FA are bullish for Dayang. Smart investors who knows how to read charts should buy more Dayang instead of selling.
Obviously, they are wrong to assume that the proposed right issues of 1 share for 10 shares will dampen the share price. According to SC rule, the company can give up to 50 percent discount from the average price of the 5 trading days prior to the last day to buy the right issues. Like all smart company directors, they will price the right issue shares as cheap as permitted by SC rule to benefit all the shareholders including themselves. The price will be 80 sen per share if the 5 days average price is Rm 1.60 according to SC rule.
Since the price has gone up by 6 sen yesterday, it shows that there are more investors wanting to buy more Dayang so that they can buy more shares from the right issues at a 50% discount.
Based on the price chart, it looks like the share price will continue to go higher and higher. I believe it will be above Rm 2.00 when the 3rdquarter result, ending September, is announced before end of November.