Jim Cramer Piece in NY Times Mag

May 13, 2011
J. Webster
Comments Off on Jim Cramer Piece in NY Times Mag

Piece on Jim Cramer in the New York Times magazine, talks about getting taken down by Jon Stewart on The Daily Show and his life away from hedge funds and his show, Mad Money.

He is a television personality, and something more; in the words of Mark Hoffman, the president of CNBC, “Jim Cramer has a fistful of Harvard degrees, eight figures in the bank and an I.Q. north of 150.” At the Elks club, or just about anywhere, he stands out.

The guy loves stocks, you can’t say he’s not passionate and doesn’t want the best for people. But, trading stocks is serious business and nothing to be trifled with. If there’s one thing Cramer needs to do is stress the seriousness of taking on big risks with certain stocks – high flyers. And in some ways he does this, acknowledging some stocks are riskier than others. And he’s not forcing anyone to make trades and is very against buying on margin. If you watch and listen to the show on a regular basis, he does give some very good advice, his accidental high yielders was a wise move during the down turn, good companies who dividend yields soared.

Yet the detractors are plenty:

“Cramer induces his viewers to do things that are bad for them,” says David Swensen, who manages Yale University’s endowment. “He’s smart enough to know what he’s doing. ‘Mad Money’ delivers a very dangerous message — that individual investors can beat the market with momentum-driven, high-octane trading strategies. There are individuals who do beat the market, but their number is vanishingly small. Cramer is a master manipulator. He has absolutely no accountability. This is serious business; people’s retirements are at stake.”

Would it be better if there was no Mad Money, no Jim Cramer saying sell or buy this or that? I think he provides more good than bad and is always entertaining. It is a show remember, on television.

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