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According to transitive logic, Jim Cramer recommends selling the stock of his company The Street.com (Nasdaq: TSCM). In his books, Cramer says to dump stocks when executives depart suddenly or companies miss their filings. Therefore, once The Street “failed to produce their 10-Q filing for the second quarter” and executives started jumping ship, an honest Cramer would have been forced to “Sell, Sell, Sell.”
If you are looking for supporting evidence to dump your TSCM shares, here are a few strong data points:
1) The Street has sunken so low as to offer stock picks from professional psychics;
2) The Street is losing key executives and board members faster than the Phillies knocked out the Dodgers;
3) The Street’s great stockpicker Lenny Dykstra went belly up (and not sliding into home plate);
4) The Street’s last go-to guru, Doug Kass, has an incredibly questionable track record for RealMoney subscribers (See “Buy the Financials. Yes, Buy” JANUARY 2008, and Doug’s schizophrenic Twitter stream of picks (e.g., April and May 2009) which contradict his jumpy calls and articles;
5) The Street introduced a new newsletter by Ron Insana and claimed the newsletter had a track record based on performance BEFORE the newsletter even existed (Hat Tip: Michael Comeau); and,
6) Jim Cramer’s true value has been proven in Barron’s and he was waterboarded while (not) debating Jon Stewart.
Looks like the circus may be leaving town …
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Transitive logic? What’s next–predicate calculus? Can we just get back to throwing darts, here?
Very true!
I’m surprised you guys aren’t following the Ron Insana side of the story:
http://www.longshorttrader.com/2009/07/inside-ron-insanas-time-machine.html
Thanks, Michael! I added your important insight into the post. I love the information age!
Game on!
Booyah.
Damien’s argument is spot-on and classy. Cramer, on the other hand, comes across as a pompous moron. I’m actually a Cramer fan and routinely defend him whenever so-called pro’s bash him.
The beauty of it all is that Damien simply called Cramer out in a Cramer-esque manner. Damien outlines a compelling argument to dump TSCM shares based on facts and basic reasoning. It reminds me of the process that Cramer uses when adding a CEO to his Wall of Shame.
I will always be grateful to Jim Cramer for giving me my start in investment writing. That said, I stopped writing for RealMoney because I felt I could add more value by myself, than at TSCM — the writers they were bringing on were getting more marginal, and Cramer’s abilities are better applied to longer form analysis. The shorter the time horizon gets, the worse the analysis gets. Hey, it would be true for anyone.
One final note: you might want to peruse Todd Harrison’s Memoirs of a Minyan for another perspective on Cramer, particularly chapters 6-11.
http://www.marketwatch.com/search?mode=Column&rpp=15&modeparam=Todd%20Harrison%27s%20Memoirs%20of%20a%20Minyan&companymatch=false&beforedate=false&rs=true
David, thanks for your thoughtful comment. You do a nice job over at Aleph Blog. Highly recommended for those who haven’t been.
Reasons to buy TSCM
1) There is a lot of F.U.D. buy untrustworthy sources about The Street Dot Com; Warren Buffett says look at cash flow from operations, not at what unreliable tips from internet tell you.
2) TheStreet.com website traffic is going up by leaps and bounds: http://siteanalytics.compete.com/thestreet.com/
this company lives for website traffic and subscriptions and sponsors (who are also increasing in number and interest in the market by investors. All are way up, indicating revenues and profits will be up.
3) Most arguments from bashers focus on irrelevant things like Lenny Dykstra or Doug Kass.
4) All press is good press; you are about to find out that bashers draw more attention to TheStreet.com and you will see this have positive effect on revenue and profits.
5) Jon Stewart will invite Cramer on his show again and Cramer will be there. Cramer predicted the Dow would bottom out around 6000 and head up in Spring 2009. He has proven he is one of the best independent advice provider on the globe.
Buy it. And let’s talk in a few years. You must know something all the Board of Directors didn’t when they quick such a good investment. And don’t worry about the missing 10Q. Who needs those pesky reports?