By that logic, Anna Nicole Smith is even more admirable than Cramer. If you value only money then yes, Cramer is successful. But most people - people with a brain and some self-respect - also value things like credibility, skill, integrity etc. Otherwise schools would teach everyone how to be the next Al Capone (except not get caught). Cramer is rich, but has no market skill, no remaining credibility, rapidly diminishing integrity, and has becoming the laughing stock of the Street. Believe me, rich people would give away 90% of their net worth to recapture those other qualities. You can bet your bottom dollar that Cramer *craves* respect, he would give his right arm to be able to trade well.
Who takes trading advice from a know coke head? That's right a sucker is born every minute. We call them dumb money for a reason folks.
This is the best video I've seen on the subject. Way to go Rick. http://www.youtube.com/watch?v=SGkrNJ19DSU
I have no disrespect for Cramer. I used to like the guy. I agree with Makloda. Cramer was simply doing what instinct taught him. The problem is that I never learned to take short cuts. It's cost me, however I can live with myself at night. 90% of the time I live my life in the shoes of others because I know that what I say and do can impact someone's life (my family's was greatly impacted when we first started trading in '99). Cramer tosses this concept out the window and THAT in my opinion is total bullshit. When I see someone get on TV and break certain "unwritten" moral rules I start to question them and lose respect for them. In fact, he will not admit being wrong. 30-40% of this game is being wrong, HOW IN THE WORLD DID HE TRADE?! There's no way with his attitude he could take a loss, much less preserve capital after a drawdown.
With that said, the guy is a genius. He is one smart man and I don't care what anyone says. He retains stuff I couldn't dream of. The problem is you can be smart and completely dumb at the same time.
Cramer just wants to make a buck. He gets paid and his ego stroked from being on TV. He's really no different from 90% of the shills who go on TV. I was watching "Nightly Business Report" the other night. That show has WAY more credibility than CNBC, which is just a shill channel. One of the money managers who is a regular, and has made some good calls before, was being questioned on some of her most recent calls which were down over 40%. Well, she was still holding them "they are good companies". She then said "these are trades, and one should not invest more than one can lose". She didn't say that when she made the calls. She said this while kind of laughing, because she gets paid millions regardless; it's not her money that is invested. Cramer once said ALL of his money is in treasuries, he would never GAMBLE his money in stocks. Jim Rogers and Warren Buffett are about the only people on TV who aren't fucking crooks.
look im no fan of cramer, but just because the talking heads in the CME pit say somethign does not mean it is the final word on the market. I've worked with guys in teh cbot, cme, nad nymex pits for years... they often times do not have a clue about what the market is going to do. Also now that 80 % of the volume is electronic in futures they are almost worthless.. all of the big orders are being pieced together in smaller size just like in stocks.. if those guys on the floor were that good then the turn over down there would be enormous..everyone would be making millions and retiring ..then a new batch of friends and family would come in and make their millions.. it used to be that waqy with the locals and brokers and specialists but those days are gone.
Sounds like another guy that falls into the "self-promotor" category by the name of Jim Rogers. Ever notice how he's never wrong too?
he has no edge. A neophyte can see he used to game everybody. Using reporters, analysts, naked shorting. Now, he's just like everybody else. This is going to happen to a lot of big names in the business as government cracks down. May happen to a lot of lesser names come to think about it. The only real money to be made may be in the House and Senate.