If you followed the stock market in 2000, you’ll recall all the dotcom flameouts, including Pets.com, Webvan, and eToys.
Stocks that went from 60 to 2 (and 0), but still sat in your stock portfolio, as it was hard to realize the loss and close it out.
As I start to purge the house of stuff, I see lots of Pets.com stock sitting around.
- The sport coat Kirsten bought me that I never wore
- A pair of shoes I only wore about 10 times
- The $3,000 TV that I bought 7 years ago that sits lonely in my basement
No one else will pay for this stuff. It doesn’t have any value. But it’s still painful to sell it and let go.
Up until now, I “could have” worn that sport coat some time. I “could” start to watch TV downstairs.
I have to deal with this rationally in my work all the time. Sunk Costs.
Pets.com ain’t coming back, and neither is the utility of this crap.
It’s a blow to pride to officially close out a bad decision, a sick feeling that comes from recognizing the dollars wasted.
But. . .the decisions to buy that stuff are a sunk cost as well. There’s really no good reason to feel pain today for a bad call 7 years ago.
Time to move on, both literally and figuratively.
Fess up and let me know what “unrealized losses” you have in the comments below.