Archive for July 13th, 2008
Jim Cramer -The myth of the wealthy Cramerican
America has long been in love with Jim Cramer
The flamboyant former Wall Street broker turned TV superstar is charismatic, energetic and some say that he really has it together when it comes to stocks.
I happen to disagree.
It goes beyond making a foolish call to hold onto Bear Stearns shares a week before their collapse. Nobody is immune to making the occasional bad call, even Cramer. This is about Cramer driving people to the poor house.
Cramer is emotional. He is in fact very emotional. If CNBC had to choose one posterboy for being emotional, it would be Cramer.
But emotions don’t make money in the markets. Facts makes one money.
Jim Cramer relies on myths and emotions rather than facts such as the one a decent chart can provide. His call to “not be silly” days before the collapse of Bear Stearns is a perfect example of Cramer being emotional. Anyone could have said otherwise looking at a Bear Stearns chart to see that what Cramer was saying and what the charts showed where worlds apart.
The best brokers I met where the most boring ones. Be suspicious of any broker who’s entertaining. Since I find Cramer to be as funny as Letterman, you can see who I would not deal with.
