“Whatever money you may need for the next five years, please take it out of the stock market right now, this week. I do not believe that you should risk those assets in the stock market right now.” -Jim Cramer, 10/06/08
First of all, great timing. He tells people to bail out AFTER a massive collapse of epic proportions while PUMPING everything ALL THE WAY DOWN.
Second of all, he is a charmer that seems to have amassed a sizable audience of those less mentally able. With panic and fear in the air, his comments are enough to stampede these sheeple over the final cliff and hit the "SELLSELLSELL" button.
This kind of stuff is what tradable bottoms are made of.
When Jim Cramer says sell, that alone almost guarantees a bottom. (I don't like Jim Cramer. I think he's insane.)
Jim Cramer Sucks At Life: "Jim Cramer sucks at life.The best way to make 'mad money' is to stop watching Mad Money.
Don Harold DESTROYS Jim Cramer in this video. Watch it."
Other Stupid Jim Cramer Vidoes:
Cramer Off His Meds, Calls For Housing Shortage
Cramer: "We Have Armageddon!"Cramer With Amensia
Cramer Making Fun of Bears
Posts
Thursday links: a vicious cycle
2 hours ago
17 comments:
trying to convince yourself it really is the bottom?
BEWARE BLACK MONDAY October 13, 2008
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I saw that same clip. I was thinking the exact same thing. I wonder how much money he has lost investors that listen to his advice. I have no idea how they can keep him on the air.
Gee, with all that flip-flopping, he's ready to enter politics.
Ben,
I think it's time for you to go on a cruise again . . .
-Mike J
Did you reall go long yesterday?
All this keeps reminding me of my luck of putting ~70% of my stuff into cash in Oct/Nov 2007: old 401Ks to Fidelity IRAs and current one to Vanguard money market. I remember the Fidelity fellows sending me the papers to let them take over my money market slush fund. They advised several dozen odd mutual funds, etc and of course they wanted their 0.06% annually of the account's worth, NOT some percentage of what they could make me annually. They kept calling saying I needed to diversify and they knew better than me what to do. I kept hedging saying I'm good here. I wonder if I should call them back now and ask how they're doing. I looked at my IRA and 401K recently and since going cash, I've about held steady and not down 30+%.
Of course all that "non loss" is only on paper and I need to get lucky again when to get back into equities, but I figure I'm still a good percentage to the good already.
Brant, Atlanta, GA
PS. Ben, thanks a bunch for all your and other folks great info, charts, and knowledge that you give to the rest of us elem. school kids. I think I first started finding you about end of last year.
You and your links are so awesome. I watch Cramer and Kudlow for their comedic/ blah blah blah value, but I am sorry that so many people look to them for great info.
Nah: Trading on *anything* Cramer says will be a loss. Cramer is the perpetually broken clock. Pure white noise.
Cramers "insights" comes from random neurons blowing out due to overload by a combo of adrenaline, pharmaceuticals and designer drugs.
even still, everybody who's buying this fall is loosing - EVERYBODY.
I think a lot of traders went long based on Cramer.
Doesn't really feel like a contrarian play if everyone's doing it.
What do you think will happen when the $1,500 trillion in derivaties world wide start defaulting? Most of these derivatives were written in the US, and are denominated in US dollars. Armageddon may happen a lot sooner than you ever imagined.
http://georgewashington2.blogspot.com/2008/10/thursday-is-d-day.html
Thursday is D-Day
http://www.economist.com/blogs/freeexchange/2008/10/boom_goes_the_cds.cfm?ref=patrick.net
Boom goes the CDS
KW - Irrelevant ;-)
That default would be AFTER the election therefore Someone Else's Problem(tm)
Okay, those who are saying Jim Cramer was wrong to say sell - Oct 6 the DJIA was around 10,000; today it closed at 8450. So those who took his advice would be up about 15% on those who didn't. Not that I think he is a genious, just that he was smart enough to recognize that there is nothing that guarantees a bottom at any point.
Randy Park, author, The Prediction Trap
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Thanks for this article, pretty helpful piece of writing.
For my part one and all ought to look at it.
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