Cramer loses 50K bet

Discussion in 'Trading' started by Pekelo, Jan 20, 2008.

  1. Pekelo


  2. Investors who took Cramer's advice would have taken a 30 percent hit to their portfolios as the stocks of financial titans such as Citigroup and Merrill Lynch got hammered by the mortgage crisis.

    On the other hand, investors savvy enough to follow Bolling's bet on gold and oil would have hit the jackpot, as the hot commodities jumped over 60 percent in the same period.

    Cramer, through a spokesman, blamed his loss on Federal Reserve Chairman Ben Bernanke's failure to cut interest rates more aggressively.

    "The bet turned on Jim Cramer emphatically calling for the Fed to ease rates. The Fed didn't follow Jim's advice, and as a result he'll be happy to write a check to the charity of Eric's choice," a spokesman said.

    Cramer can't even lose gracefully.

    He is a true loser, through and through.
  3. what happened to bolling? that guy was awesome on fast money.
  4. RL8093


    Word was that he left CNBC to go over here to Fox. His name isn't on their list but Wikipedia. confirms that he's over there.

  5. So true ByLo.

  6. "Wikipedia is the best thing ever. Anyone in the world can write anything they want about any subject, so you know you are getting the best possible information"

    -- michael scott
  7. Here's an excerpt from the CXO Advisory Group's report on Jim Cramer's performance:

    • Mr. Cramer is right about 47% of the time with his stock market predictions, just below average.

    • His predictions sometimes swing dramatically from optimistic to pessimistic, and back again, over short periods. It is difficult to infer his guiding valuation theory, if he has one. We wonder whether he tends to be swayed by the arguments of forceful advocates with whom he most recently interacted.

    • [Mr.] Cramer's assessments of viewer-proposed stocks probably have no economic value. His typical viewer would be better off in a broad index fund.

    • He sometimes anchors on historical analogies (samples of one), such as: "it's '91 all over again" or "I'm placing my bets for 2004 strictly using 1994's tip sheet."

    In summary, Mr. Cramer's stock market calls since May 2000 have low consistency and an accuracy somewhat south of coin-flipping (just below average). He seems more a stream of uncalibrated opinion than a stock market maven.