That’s right, and all you anonymous internet posters/bloggers too afraid to share your real trades, let alone your miserable/under-performing track records know it!
It’s easy to pick on the world’s most popular stock guru–I even do it sometimes–and unfortunately Cramer makes it easy by his dartboard-like unending stream of picks, flip flops and some weird stuff that TheStreet.com does to keep from looking like the laughingstock of “the business”–that being Motley “we will spam you, talk useless crap til we’re blue in the face and then promote ourthat are only down 30-40% instead of 40-50%, oh yes, we want you to pay us because we outperform the market, no seriously, pay us” Fool, but deep down Cramer is not only an entertainment genius, he’s also got some true market skill/knowledge.
He knows easy trading profits can be had thanks to market manipulation–yes, I’m 99% sure the Jim Cramer who ordered my PennyStocking DVD a few months ago is indeed the real Jim Cramer–and no matter what happens on The Daily Show Tonight between him & on Stewart, he was DEAD ON with the call he made in the video below.
In fact, when he said to sell everything–which is the single riskiest call an investment guru can ever make–on October 6, 2008, he only thought the downside risk in the markets was 20%….that was when the Dow was over 10,000 and the S&P 500 was over 1,000 boys and girls–turns out we tanked 35%+ in the subsequent 6 months since.
Yup, Cramer’s overall track record might suck, but this call shows his true genius and no other market call in recent memory has been so risky and so right.
So, let everyone who gets less ratings and make less money from content rip on him all they want, people like Henry “I’m cocky as hell, but I haven’t done anything useful in years and I especially don’t know how to run a web business” whose ubiquitous BusinessInsider websites pull in a paltry $450k in annual revenue and due to the fact that they have an employee for every $10,000 or so in revenue, they have mammoth, yes mammoth losses, aka I get 1/37th of the traffic and yet somehow manage to pull in the same revenue and it’s yet its basically all profit because yes Henry, I do know how to manage a web business you narrow-minded incompetent Dan Lyons “blogs can’t make much money” buffoon Blodget who said the following about Cramer’s call:
We also couldn’t disagree more with Cramer’s recommended strategy of suddenly selling everything now, with the market down 30%+ from the peak. This is market-timing at its worst… After more than a decade of being overvalued, stocks are finally approaching fair value, and, time and again, emotional selling based on market conditions has been shown to be a terrible investment strategy.
(yes, approaching fair value 35% higher than we are now….buffooon!)
I could name a thousand other “gurus” and “experts” caught dead wrong on this very subject, but what’s the point–Blodget does a good of representing them all, especially the “I’m down 50-60-70%, but no, my stocks are good values so in time I’ll be proven right” who should read a trading book or two from my vast library, learn to cut losses short & buy back their value stocks near their lows, thus compounding their potential profits on any comeback value investors who have ruined, yes, ruined the world’s faith in stocks.
Watch the video and learn from a market master why selling EVERYTHING from time to time isn’t such a bad idea after all: