I’m not sure where to turn so I reached out to a nice lady named Eloise Williams on Twitter to help get my message out. The Wall Street Journal, Financial Times and even Seeking Alpha would not help me. But Eloise was kind enough to extend her platform to get my message out. I AM IN NEED OF DESPERATE HELP. Here’s my dilemma, I accidently took a mortgage out on my house and bought The United States Oil EFT (“USO”).
I have no idea what to do. I have always been a conservative fella. Dotted all the t’s and crossed all the I’s. I paid my house off in seven short years and have remained debt free my entire life. Then 2020 happened. Oil crashed and so did USO. For some reason I decided to take a mortgage out on my house.
I borrowed $250,000, opened a Robinhood account and threw it all in USO. I read that USO was doing a reverse 8-1 split. I thought that meant I would 8x my money. I was wrongâ€¦
My investment account has $25,000 left in itâ€¦and it keeps falling. I just lost my job and have no income left for the foreseeable future. I’m in the process of opening 100 different credit card accounts to double down on USO. Is this a good idea? People say, “don’t catch a falling knife” and Charlie Munger says, “invert everything”. I’m pretty sure Charlie Munger is saying buy USO with 100s of credit cards here and triple down? Am I interpreting that wrong?
I also believe that USO is backed by the United States Government given its name. The lowest it can go is zero and that is the floor. Then when oil rockets back up I become millionaire right?
Can someone provide me some guidance during these turbulent times? What should I do?
Thank you in advance,