Here is a real fact. Superior Offshore Symbol: DEEP On April 17th, 2007, he stated that he would pay up to $20 per share for the DEEP IPO. I cant find the archive on CNBC, but thanks to the web there are several blogs that have helped us preserve Jim's speech. Here are the words on the blog: DEEP Thoughts: New IPO Superior Offshore International, with stocks Nabors (NBR), Halliburton (HAL) "Cramer would take a look at new IPO Superior Offhsore International which is due to go public Friday and will trade under the symbol DEEP. He notes the company has solid earnings and fundamentals and is reasonably priced between $14 to $16. This subsea construction company has competitors, HAL and NBR, but their success has proven that business is good. While DEEP is located mainly in the Gulf of Mexico, it is expanding beyond the region, repairs and maintains current drilling and has years of repair work on the agenda from Hurricane Katrina. Cramer would do homework before buying this "great company" with "real profits" and would make a move no later than Thursday morning." Here is a news article about the CEO resigning, interesting: http://biz.yahoo.com/ap/080128/superior_offshore_international_ceo.html?.v=1 Now here is the link to the web blog: http://seekingalpha.com/article/32675-jim-cramer-s-mad-money-in-depth-stock-picks-april-17 Finally the chart which demonstrates that the stock had traded around $20 back last year and now is trading at less then $2.
Not sure why people hate this guy so much? I am not a fan but I dont really care. Sadly its become all to common in this country for the general public to blame someone else for poor choices they make. Ever wonder why CNBC or NBC does not get sued over his bad picks? Surely in this litigious society someone would try if they felt they had a shot.
My point is that every once in a while its good to really air this kind of stuff on the web. This thread has been viewed some 3500 times and I believe I have aired this enough. Im moving on. However, in order to discredit someone, you have to use specific examples and not just say that they are a fraud. In Jim's case, there are so many great examples out there its simply ridiculous and laughable. Im not certain how they can keep his show on the air. Im not certain why the SEC doesnt do something. The SEC is supposed to protect the small time investor. The small time investor is obviously going to tune to a show like Jim's looking for advice. The SEC should at the very least have Jim show a prominent disclaimer right before the show where they make it clear his show is for entertainment purposes. They should make Jim periodically come on to warn viewers that his advice is not always accurate and correct. At the present time, they just flash some small lettering real quick and that cant be read. They have Jim do a vague dance and apology episodes about his bad picks where its not always clear he is making such disclaimers that people should only regard the show for entertainment. Some of his picks are so bad and most likely people's retirements have been lost as a result of the show.
Nobody causes you to do anything. There is no law against taking advantage of gullible people. Traders do it EVERY DAY.
What SEC law has he violated? I am sure some of his picks suck and some are good. They run the proper disclaimer so NBC protects their asses in that respect. As far as taking the show off the air? Why the heck would they do that? Itâs a big money maker for NBC. The show gets good ratings and sells a lot of add time. Advice is just an opinion and not a fact, therefore âaccurate or correctâ does not really apply. Some advice is good and some is bad, but you get what you pay for. The individual is responsible for vetting which advice is worth following.
I cannot understand why you people seem to hate him so much. Maybe because he has so much money. He is no different than any other trader. He is wrong about as often as he is right. If the people who run the websites dedicated to his ruin were honest they would also highlight the picks he has made which have doubled and tripled. He is not right on every pick, no trader is, but his record is ok. It is also important to note that it is the responsibility of the trader to monitor the stock and exit if the situation changes. Clearly he is the type of trader who likes to average down if he believes in the stock and if you follow this method and are not able to cut your losses then, yes, you will get killed. If you are the type of trader who takes any pick without your own research you will get killed. If you are a trader who buys a pick form an advisor after hours in a thin market chasing the stock up you will get killed. Cramer is not responsible for the ignorance of some of his viewers. It has been said here his job is TV ratings and he is very good at that job. To suggest that he is short stocks he is promoting on his show is ridiculous. He like all the other commentators employed by NBC are prohibited from owning individual stocks. You guys should really spend your time learning how to trade instead of blaming your losses on others.
Well said. Not to mention that if he or any other NBC employee was front running or fading those stocks he talks about it would not be all that hard to spot.