How much commission does he generate for the brokers? He likes to build a position by legging in and out a hundred times.
He made himself and his investors hundreds of millions in the markets with his hedge fund. Hard to label him "terrible". Like him or not, he started with $0 and now he's worth $200m. That's all the proof we need.
But that was then and this is now. He has been on TV over 2 years and his track record is pretty bad. Too bad while he knows how to make money, his stock picks don't make his viewers any money.
Doesn't matter in my book. He made more money in the markets than all the amateurs laughing about him combined. $$$ is the only metric that counts. Not stupid "He said sell GOOG and it went up afterwards". That's just childish. Funny I defend Cramer but my hat is off to anyone that makes money in the markets over an extended period of time at the > $10m level. Cramer might not be the greatest investor/trader of all times, not by a longshot, but he's a lot more market savvy than many try to make him look.
There is no denying that cramer made money and he's a smart businessman. So does Tom Cruise. He's rich but would you trust him to pick stocks for you? Probably not. Cramer's show doesn't make people money. Being a multimillionaire doesn't change that fact.
I agree with that. I don't know why he's putting himself through all this "teaching people at home how to make money". He should retire and stop all this bookwriting/TV/website BS. He's probably costing the average viewer more money than they make off him. Either people get it or they don't. You can't make any idiot a good trader/investor. A monkey won't become an Einstein when you hand it a scientific calculator.
He blew out in the bubble. His current worth is the result of his TSCM ownership stake and his wife's wealth.
I have enjoyed Cramer for a long time. He is a very smart guy with a few personality issues. I think it's foolish to rush out and jump into whatever stock he mentions favorably, but he does have many excellent ideas and is very good at putting a macro picture together. He's also a window into the Wall Street conventional wisdom, which can be useful as well. BTW, how do the panelists on Fast Money find time to do their show prep and film the show and still keep their day jobs? Would you want to be in a hedge fund where the manager is running off the the studio every day? I can see how a floor trader like Eric Bolling can juggle the time commitments but not someone running a fund.