Very simple. He is a fraud....the guy was getting inside info/upgrades downgrades that werent available to the public. It must have been nice to have Maria Bartiromo call you up and say"hey..we are gonna have a report in 2 hours on a rumored takeover in stock xyz"....go out and buy 50k shares...then sell them as maria is running her fat mouth on tv for a quick 2-3 point profit. Why did he leave the business? Because he was in the right place at the right time getting spoonfed trades. The REAL traders are still in the game. My main problem is he has duped the public BIGTIME before. Go read that article from the book that came out on him. There is a post above. As he was on TV talking up a stock, his traders were selling shares to the public. Now he talks up positions in his charitable trust. If he was such a great trader then why this....I love his explanation/sad excuse for his losses: http://elitetrader.com/vb/showthread.php?threadid=71631
Hey, let's not slander Maria Bartiromo's mouth! Those lips are on my "Top 50 Reasons I'm a Trader" list...
shes ugly allright, cnbc cameras have stockings in front of the lenses, make her looks not as atrocious as she is for real.
Here is a review on Amazon of his book, and I have to say, I agree with it: "It seemed like this book could have been written in a matter of 50 pages. Long story short: Cramer's wife taught him what he knows, and bailed him out when he didn't have a clue in 1998. This guy is a journalist and a marketer, not a great trader." Well, I have to give credit to Cramer for knowing when to quit, although there are suggestions that his fund was closed down by some of the major investors. I occasionally watch a few minutes of his show, and I think it is entertaining. Guys, he is talking about stocks for an hour, for God's sake, how exciting is that? But he still makes it watchable... Now there was a thread here a few months ago mentioning a website or journal where all his picks were followed and played. At that time he was slightly up compared to the S&P. We should just look up where the portfolio currently stands... Edit: I have found it: http://booyahboyaudit.com/ In the beginning of May he was up 14% compared to S&P's 7%. Now that the S%P is back where it started the year, Cramer's picks are at 2.6%. In the almost 1 year since it has been running, this is the scorecard of his picks: TOTAL: 860 WINNERS: 422 LOSERS: 435 UNCH: 3 Basicly it is a cointoss. So I guess we came to a conclusion: Not great picker but good entertainer. (His stocks have a 2 Beta compared to the market.) Thus you could have the same results playing the Spiders on margin...
A $10,000 investment in Cramer's top ten stocks (www.thestreet.com/funds/smarter/891820.html) would have lost 94% by 2002 ... leaving you with $597.44. -The Intelligent Investor, Graham/Zweig 2003 revised, page 16 Of all Zweig's recap and analysis of extremely poor investor recomendations during/after the Internet bubble, Cramer's stands out as the worst.
OHHHhhh... It just clicked. I know where I've seen you before... It was on Television. Yeah, I saw you on World News Tonight. The did a segment about that reality TV show "Queer Guy for Staight Eyes..." or something of that nature. How's your television show workin out for ya?