I think Stewart was 100% dead on target. He has no problem with Cramer selling himself as entertainment or a news reporter if he reports news, but he said the idea Cramer knows what will happen and you will profit if you watch, is a fraud and CNBC needs to change so Jon can go back to making fart sounds and funny faces.
Hulu - The Daily Show with Jon Stewart: Thu, Mar 12, 2009 - Watch the full episode Below
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Video description: Jon Stewart and CNBC’s Jim Cramer
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If anyone feels sorry for Jim Cramer, then consider this:
I've tried to find out how the "Action Alerts Plus" portfolio has done that Jim Cramer mentions many times a day on CNBC. My guess is he works for next to nothing on CNBC compared to the salary he draws from TheStreet.com for "advertising and promotion" which is spelled out in the SEC filings. The idea is spout so many buys and sells with impossible to follow speed so viewers are left with paying for his recommended portfolio via a subscription.
How many are smart enough to ask for 1,3, 5 and 10 year returns for Cramer's "Action Alerts Plus" portfolio he touts daily on CNBC?
I emailed TheStreet.com and asked for returns before I'd consider subscribing and the reply was to call a phone number they sent. Do you think they'd make it so hard to get Cramer's record for a MANAGED portfolio if it was a good record?
I am proud of my investment record and make it public HERE for all to see. Why won't Cramer do the same for his "Action Alerts Plus" portfolio? I think you know the answer.
I don't think Stewart went far enough.
Why not ask Cramer how many of the stocks he recommended as the keynote speaker at the "6th Annual Internet and Electronic Commerce Conference and Exposition" are still in business or if any are selling for half the price he recommended them for.
The Winners of the New WorldRead the full article and then check to see how those 10 stocks did.
Jim Cramer: 02/29/00 - 09:42 AM EST
You want winners? You want me to put my Cramer Berkowitz hedge fund hat on and just discuss what my fund is buying today to try to make money tomorrow and the next day and the next? You want my top 10 stocks for who is going to make it in the New World? You know what? I am going to give them to you. Right here. Right now.
OK. Here goes. Write them down -- no handouts here!: 724 Solutions (SVNX), Ariba (ARBA), Digital Island (ISLD), Exodus (EXDS), InfoSpace.com (INSP), Inktomi (INKT), Mercury Interactive (MERQ), Sonera (SNRA), VeriSign (VRSN and Veritas Software (VRTS).
We are buying some of every one of these this morning as I give this speech. We buy them every day, particularly if they are down, which, no surprise given what they do, is very rare. And we will keep doing so until this period is over -- and it is very far from ending.
[Kirk Comment: "It" ended less than a month later when the internet bubble burst.]
Heck, people are just learning these stories on Wall Street, and the more they come to learn, the more they love and own! Most of these companies don't even have earnings per share, so we won't have to be constrained by that methodology for quarters to come.
Yahoo says (Click for Quotes) 3 of the 10 are gone! (one ticker, VRTS,i s being used by a new company)
Keynote speakers are not chosen to give short term trading advice.I am proud of my investment record and make it public HERE for all to see. Why won't Cramer do the same for his "Action Alerts Plus" portfolio? I think you know the answer.
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Kirk wrote: "If this was a fight, they would have stopped it in the first round."
ReplyDeleteI agree with you Kirk. But I'm glad it wasn't stopped in the first round. Jim Cramer should be held be accountable for his actions.