RHP - Here's the Best Stock I Bought in 2020
When the coronavirus outbreak spread across the United States and the stock market crashed in March, it was certainly a scary time. But it was also a great opportunity for long-term investors to add great companies to their portfolios at fire-sale prices.
As Warren Buffett says, when it rains gold, you put out the bucket, not the thimble. And that's exactly what I did. I added some excellent stocks to my portfolio, several of which have already doubled or more in the relatively short time since. But the biggest winner of my COVID crash investment activity is Ryman Hospitality Properties (NYSE: RHP) , a hotel real estate investment trust (REIT) that owns the massive Gaylord hotels as well as some iconic entertainment venues.
I bought shares of Ryman in mid-March and added to the position several times over a period of a week or so. My average cost basis in Ryman is just over $17 per share. As of this writing, Ryman is trading for $66.36, which means my shares are up by nearly 300% in less than nine months. But instead of cashing out and taking my gains, I'm not planning to sell even a single share. Here's why.
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Here's the Best Stock I Bought in 2020