I apologize for a second post on Cramer, but this seems to be appropriate given the circumstances... Cramer's 'Mad Money' Recap: Rite Aid Goes Wrong By TheStreet.com Staff 12/20/2007 7:57 PM EST "I made a mistake when I named Rite Aid (RAD - Cramer's Take - Stockpickr - Rating) one of my speculative stocks of the year," Jim Cramer told viewers of his "Mad Money" TV show Thursday... RITE AID CP 2.80 Dec 20 -1.30 (31.71%) 75,113,866
I feel sorry for Cramer. The guy was homeless in the 70s, worked his ass off, eventually through discipline and persistence made it in the money game and retired at age 45 with $50 million in net worth. And now has have not's dissing him. Very sad.
He's a sharp guy, but face it, an annoying Megalomaniac; putting it lightly. Where I really have a problem is in this type of frequent message (more in the past than now, perhaps due to lawsuits?). "I NEED YOU to sell xyz and BUY THIS STOCK instead." I'm pretty sure he used that line for RAD back when. Why did he need me to do that? Are plaintiff lawyers are having a field day with this...I don't know.
I think Cramers lure is that he does not come off as intelligent as he is, he seems like an every day guy and probably is. The sad part is all of the people who religiously buy what he says after hours and next day. Many of these people follow him blindly and I believe he advises against that.
Uh yeah, and how much of that 50MM is from trading profits he has earned since leaving his hedge fund several years ago?
He left with $50m and put it in muni bonds. How do you expect him to generate trading profits? He doesn't trade his money. He also doesn't own any stocks anymore other than his old share in TSCM. Again, Cramer is worth approx. $50m and then some. That's the only metric that matters comparing him to his millions of broke critics.
Gotta give Cramer his due. He made all of his money by getting info from the brokerage houses before the news became public. It's gotta be hard hearing from some guy at Goldman that tommorrow "we are going to upgrade 6 semi stocks ", then Cramer buys a boatload for his fund, only to sell them the next day as they gap up 5 to 10 % each. I am shocked how he was able to figure out that complex strategy out. ANYONE could have done what he did given the info he was hand fed...even Marketsurfer (well.......maybe I am stretching it). Yes the guy has a boatload of money...god bless him....but as far as a trader/money mgr....he wasn't shit....just had the right connections. I feel bad for the lambs he leads to the slaughterhouse each night in his show. God the public is dumb at times.