It has been a booming year for the stock market, and some experts predict the excitement will continue for a while. But, of course, some companies saw losses and/or lost their place in the portfolios of investors.
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Many savvy investors got rid of select stocks in 2024 as part of their long-term investment strategy.
“Sometimes, the smartest investment move isn’t about what you buy,” said Kevin Connor, founder and CEO of Modern SBC, and someone who dumped several (unnamed) stocks this year. “It’s about knowing when to say, ‘It’s not me, it’s you.’”
Here are seven stocks that investors told GOBankingRates they dumped in 2024.
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It recently became apparent to Jermal Chandler, an options trading expert and live show host at tastylive, that Walgreens wasn’t, in his opinion, suitably advancing as a corporation. In 2024, he sold his shares in the company.
“I sold Walgreens (WBA) stock this year because it has become evident that the 100+ year old company has been reluctant to change their strategy and is far behind the times,” Chandler told GOBankingRates.
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Michael Martin, vice president of market strategy at TradingBlock, sold off his MSOS (AdvisorShares Pure US Cannabis ETF) in 2024 after realizing that his hopes around a more growth-friendly cannabis industry were unrealistic.
“Like many investors, I had hoped that cannabis stocks would be reclassified by government agencies, allowing these companies to access additional financing and grow,” Martin said. “However, it became clear that the momentum I anticipated wasn’t materializing. Despite some positive signals, like discussions around rescheduling marijuana under the Controlled Substances Act, the regulatory changes needed to unlock the industry’s potential remained elusive.”
“ABC Tech was one of those stocks that excited me before,” said Kraig Kleeman, founder and CEO of The New Workforce. “Artificial intelligence? That’s true. A big vision? That’s true. But over the months, the company has failed to deliver on its promises. Product launches have been delayed, competitors have outpaced them, and — this was the big wake-up call — the management team didn’t seem particularly interested in addressing these issues during earnings calls.”
