Prologue: That day in 2018
November 19, 2018. Carlos Ghosn is arrested.
Seeing the breaking news, what did I think?
“This is a buy.”
...Looking back, that one line was where it all began.
Seeing Nissan stock plunge, the “contrarian investor” inside me woke up. “It's just a temporary shock.” “Nissan won't sink that easily.” “If anything, now is the time to stock up.” A mysterious confidence in my head pressed the “buy” button in my brokerage account. ...I was young then.
If there is one thing I would tell myself that day, it is this:
Don't.
Chapter 1: The start of the pickling
Right after buying, I held up reasonably well. “Well, there are times like this,” I told myself, pretending to be mysteriously calm as I watched the unrealized loss.
But the stock paid no attention to my hopes, sliding down slowly and sometimes dropping with a thud.
Before I knew it, Nissan in my account had become thoroughly pickled—no, beyond pickled, drained of moisture to roughly the level of a dried plum.
You stop opening the app so you do not have to see the loss. Apparently that is a classic investor behavior too. I want to believe I am not the only one.
Chapter 2: Ghosn escaped
In December 2019, shocking news arrived.
Ghosn had fled to Lebanon. And rumor had it he got through the airport hidden in a musical instrument case.
Honestly, my feelings in that moment were complicated.
A strange admiration—“what a bold move”—and a left-behind feeling—“wait, you are the only one who gets to flee?”—hit me at the same time.
Ghosn crossed borders, slipped away from the law and became a free man.
Meanwhile, my Nissan stock still sits quietly inside the “cage” called a brokerage account, damply carrying its unrealized loss.
Executives can escape, but shareholders cannot.
This, apparently, is the cold reality of capitalism.
Chapter 3: Why can't I sell?
“Just cut your loss.”
Yes, that is the correct answer. I have told myself that hundreds of times.
But when people face the “sell” button, their fingers freeze. Here are the reasons I can list:
- The “what a waste” disease: After enduring this long, selling now feels like it would make all the time spent underwater pointless
- Groundless hope: I keep mysteriously hoping that “the EV shift might bring Nissan back”
- Pickling habituation: Unrealized losses have become routine, and my sense of danger has gone numb
- Pretending not to see: I have developed the skill of scrolling past the Nissan row in the stock app so it never enters my eyes
Psychologically, this is apparently called the “sunk cost effect.” If it has a name, it means it is a weakness shared by all humanity, not just me. That is a bit reassuring. Just a bit.
Chapter 4: Where we are now
Ghosn is reportedly still in Lebanon, enjoying his freedom at the price of arrest risk.
I am still dragging the weight called unrealized loss, letting out a small sigh each time I open my brokerage account.
Strangely, I cannot hate it. Not Nissan the company, not this stock. If anything, I have even grown attached. Maybe this is codependency.
やっぱり下がるのね・・
Epilogue: The lesson, if there is one
If there is anything to learn from this article, it is just one thing.
“Don't catch a falling knife” (a famous market saying)
And one more.
Even in an age when executives can cross borders and escape, shareholders sometimes cannot even “return home” through the act of cutting a loss.
Mr. Ghosn, if you are reading this, let me say just one thing.
“You got out of the box. I'm still inside this box called unrealized loss.”
KAZUKIN Rating
- 🚗 Reading the contrarian timing — ★★☆☆☆ (a “don't” case)
- 🧂 Degree of pickling (dried-plum level) — ★★★★★
- 🛫 Strange admiration for Ghosn's boldness — ★★★★☆
- 🖱️ Ability to not press “sell” — ★★★★★
- 😂 Completeness as a self-deprecating essay — ★★★★★
This article is a self-deprecating essay based on personal investing experience and is not investment advice. Share prices and unrealized losses mentioned are as of the posting date. Nothing here guarantees the future of Nissan stock (if I could guarantee that, I would not be in this mess). All trademarks belong to their respective owners.
Descriptions of real people and companies in this article are KAZUKIN's personal impressions based on widely reported facts. KAZUKIN LAB has no relationship with Nissan Motor Co., Ltd.
The illustration is an image based on KAZUKIN's experience. It may differ from real stores and products. It is not an official manufacturer image.