I'll give you the benefit of being very young, seeing the gold and saying "I want that". The markets are about integrity. You are about to see some revelations in the next week or so that will take the greatest doubter and turn him into a believer about what a cesspool this has become. By the regulators and the press being captive, they have allowed these "paths", as in "socio" and "psycho" put the capitals market s in a horrible light. If people do not have confidence in the system, it cannot draw legit capital; good ideas go unfunded. If you want someone to look up to, look up to Bright, as well as others. He has a business where he has developed an honest edge using his capital. That is what it's supposed to be about. There Don. Hope that makes up for all the raps the knuckleheads throw at you. Now, stay off the joke thread .
Some of this sounds a bit like OJ and his book. "I didn't do it, but if I did it....." LOL. CNBC has "no problem" hmmm? Wonder. Don
Surely, you jest. You meant the Enron type of integrity? Read Cramer's book, he simply explained how his fund used indirect insider info to short stocks after talking to the CEOs. (it was a reverse kind of info, read the book) After all they don't talk to you and me. That revelation and acknowledging that his wife was the better trader didn't seem to hurt his image...
Read this book http://www.amazon.com/Trading-Enemy-Seduction-Betrayal-Cramers/dp/0060086513 to see how the hedge funds really do business.
As a little bit of an aside...I find that seeing Cramer in those videos on thestreet.com shows he's got a bit of a split personality...I wouldn't expect him to be "lightning round" wild, but his whole demeanor is more smug and matter-of-fact, less humble...and he kind of talks out of the back of his throat...just a totally different schtick...very weird.
I think many people are taking this the wrong way. Cramer has said many times in the past that he regrets many aspects of his life in his hedge fund days. He has even testified against crooked market activities. When I viewed the video, I saw it as Cramer revealing some of the activities of the hedge funds - explaining to the public why some stocks don't go up or down in the way that logic would dictate, and also why reporters often say "the traders tell me" and then say things that are opposite to what the market is really doing. When Cramer says " you would need to do this, and then you would do that ", I don't see it as an instruction manual - clearly the point is that all the hedge funds are already doing this, it's just letting the viewer know that. Personally, I'm grateful for these revelations. UPDATE: Only after typing the above, I read the Imus article, where Cramer indeed says: âI was saying â I have to show you the scams that other people do,â Cramer told Imus. âI have to show you how Wall Street really works. I didnât say it right. I have to get better at saying it. I did not do the stuff. But I didnât say it right.â PS In general, I find Cramer's specifc stock picks to be no better than any other professional picker. But, his comments about the overall market are often quite valuable. For example, after the Democrats won both the House and Senate, he said that the institutions would sell their Pharma stocks (not a difficult call), but that from his experience, they would do it over a 3 day period, so as to not cause the prices to decline too much. And, it did indeed take several days before there was a bottom...
He's lying. The first way you can tell, is he's moving his lips. The second is the series of videos. He says time and time again, "when I was at my hedge fund, I............" Go look.