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When will the SEC start regulating game shows masquerading as investment advisory? This weekend, CIT Group (CIT) filed Chapter 11. Merely four weeks ago, Mad Money host and TheStreet.com (Nasdaq: TSCM) founder Jim Cramer said he would buy CIT (“Citi and CIT are Primed for Upside“). This type of incredibly speculative advice is as radioactive to the general investing public as a post nuclear explosion site:
As you can see in the chart above, Cramer recommended to buy CIT at the exact top. Thus, if “In Cramer You Trust” (like the CNBC commercials tell you to do), you are probably going to have lost 90+% of your investment by the open on Monday.
When Jim reads this he will probably email me again and ask me to remove the post and apologize to him. I suggest his remaining viewers email him and ask him to remove his stock picks from Mad Money and TheStreet.com as well as apologize. If Cramer was an honest guy and didn’t pathologically believe his own spin, he would add himself to his Wall of Shame. Unfortunately, if you now attempt to manifest the mission of his new book “Getting Back to Even”, you need to find multiple investments in which you can double your money. Vegas, anyone?
Want more Cramerica? Try these posts:
Sorry, Cramer … We Will Not Bow Down
Jim Cramer Says Sell, Sell, Sell His Company TheStreet.com According to HIS Rules
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Another horrendous call by Jim Cramer…How can anyone take his picks seriously anymore?
Great entertainer, Bad stock advisor!
in cramer’s opening article this morning he states the following – unreal.
“CIT bankruptcy? No kidding, that’s been with us for months, and only the stooges playing the common are fooled.”
He should be fined by the SEC. Seriously, it’s a crime he can say that.
Folks, this is a deflationary crash. Cramer tells people what they want to hear. It is a show. An entertainment show. Don’t listen to him. As DOW closed in on 14000 he said “We had to accept the fact that stocks are expensive and they are going to get more expensive”. Thinks he can always find a greater fool to sell to. No. It does not work that way. Some day you end up being the greater fool if you take that advice. At DOW 8000 he started saying “cash is good, nothing wrong with cash”.
YRCW was another pick of his. If I remember correctly Cramer said it could earn $1 next year.etc etc.
Look at it now. Ouch
Here is the title: cramer-you-can-ride-with-yrc-worldwide.html
Thanks, Tom! This is an open source effort. If you find more, post them here.
All the best,
Damien
He shills entry and exit points for his hedge fund buddies, his advice is always on the wrong side of the trade therefore people believe “he got it wrong” so nothing ever comes of it.
Nobody gets stock picks so wrong and in such a timely fashion as this guy, they don’t call him Crammer for nothing.
I would guess theres some quid pro qou in this for himself.
It’s not a matter of shows like Cramer’s giving bad (as in incompetent) advice. What matters and merits investigation is whether big companies about to go belly up PAY Cramer and others to give bad (as in deliberate) advice so that company insiders can sell shares before they crash.
Even if there is no insider trading, there needs to be protection for buyers: if a company’s shares drop precipitously within, say, six months of a massive share selloff, then the new buyers should be able to get legal backing and demand the original owners pay back the difference in value. The owners had inside knowledge of the company’s real status, so they should be obligated to repay.
Clowns masquerading as an experts.
Cramer has as much legitimacy as a financial advisor as Glen Beck has as a journalist.
Common sense and simple good business practices have certainly been turned on their heads, when both these shysters get to keep their jobs.
Look, I have made good money with Cramer. No Kidding. Starting some years ago I was long a pretty large position in a NYSE stock. Kramer was bearish for months on this company. Then….one day Kramer says, on his program, “I am throwing in the towel on #, the stock refuses to go down and the charts are calling buy, so I am turning into a bull on #”. And I say to myself “Wha?”, I can read charts so I bring up the charts on this stock. I see nothing. I mean nothing. No break out, no volume change, just a flat line. Now the stock was trading at the $21 level and I sell. Almost immediately this stock trades down through $11 . So I thank Jim boy for the help.
I have a strict investing rule: never own a stock that Jim Kramer recommends. Never! Now there is a caveat. The only time that guys like Kramer are right and makes money is when the market goes in one direction. Then even guys like me can pick them and make money.
Incidentally, Larry Kudlow, you know, “The goldilocks” Larry Kudlow. It goes double for him.
MBrillson
That’s my point about gurus: they are correct when any idiot can throw darts and win. Without exit strategies and profit targets for EVERY pick, those guys are simply destroying 401(k)s.
Thanks, MB.
To Cramer’s credit, there still exists a possibility that the old shares of CIT common stock will be converted to the newly traded CIT stock. Will they be diluted? Yes. Is there any obligation for CIT to do so? No. But it is this possibility that has made CIT buyers resort to ebay to purchase shares.
Well, I think the stock is down about 90% since he recommended it.
You can’t get it right all the time. Investing is not without its risks. Some stocks you make big, some stocks you lose big. The key is to do some research before you pile in and always have a stop loss in place.
Exactly. But Cramer hasn’t beat the indexes over this decade, and he never offers an exit plan with his picks.