The biggest problem I have with Cramer is just that he is an arrogant prick. Any view that is presented that is contrary to his view gets shot down via insults and maniacal yelling. And then if he is proven wrong, he just changes his mind on the topic and declares victory. Just watch his Mad Money show when he addresses Raj's e-mail as evidence of his arrogance.
JIM Cramer is posting on ET
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Hi surf.
Doesn't it go, "Trade what you see not what you think"?
What is 'arrogance?' Just the overwhelming conviction that you are right, and your prior successes are proof that you ARE right, in all probability. The guy ain't worth 100 mil because he's been mostly 'wrong'
What you are saying here is very correct.
However I, and most of the traders agreeing with the original statement by Fandog, find that it is much more prevelant in trading than in most other endeavors ... where you can employ deterministic thinking and have a high probability of achieving your goal.
Whereas in trading, you must employe probabilistic thinking and be determinisitc (if I think like "A" I will achieve "B") in your mental focus and that is how you achieve your goal.
Quote from armoured saint:
What is 'arrogance?' Just the overwhelming conviction that you are right, and your prior successes are proof that you ARE right, in all probability. The guy ain't worth 100 mil because he's been mostly 'wrong'
He's worth 100mil because he's been at the right place at the right time - there was a need for a personality like his...
But I guarantee you: if you shaved the beard, gave him a face transplant, and took all of his money, name and television committments away from him, the chances of him doing it again in today's game are next to nil.
The same goes for the 'great traders' of the market wizards books ala 1980... different game today; old tricks don't work as well.
Or maybe its just *easier* to make your first billion than to followup (law of large numbers). i doubt it...
I say every registered member of ET (91322) pays $1 for someone to find the answer to what his alias is
'Far more money has been made 'giving' financial advice, than 'taking' it'..... Steve Forbes
He's rich by any measurable standard. However, success is an abstract and means different things to different people. In both our eyes, he's rich. In your eyes, he's successful. Cramer is willing to do things I wouldn't. He is a gamer. A shill at best. It is not arguable he twists his positions. That we can show a litany of videos that proves this doesn't seem to effect his "popularity", I 'd guess you 'd call it.
But remember, the verdict is still out. He is a historical figure, or about to be. I happen to believe this period of time, let's call it 1999 to present, is going to be measured by the fall of Wall St. as we know it. Cramer will go down, pun intended, as a symbol of this time. As we converse, Wall St. is on the balls of its ass. You know, and I know it. Cramer did say one thing I agree with - C and MER were bankrupt when they went to the Chinese and Arabs. Who did that? Cramer? No, but he was part of the period of time and excess that allowed it.
There is alot to come out. Remember. Patrick Byrne has discovery vs the Prime Brokers. He is now beginning that quest. In your worst day, think of the stuff that is about to come into a court of law for the first time. It will be public. Regardless of your opinions now, remember these are people who live for the moment. They live for the power, the tangibles, and today. It always has astounded me that people in an industry where everything is time stamped and documented can live day to day w/that cloud over their heads. Up to know, it's been selected prosecution. It's about to get worse, and quickly.
Call anybody you like at any major firm. Ask them 'how are things," and listen. It is information you will never hear on tv shows paid for by financial advertisements. But the biggest optimist in the world knows this only gets worse, the people only get more angry, and the big boys have to fall.
View the video with Santelli showing utter contempt for CNBC's rating star. You don't think for a moment that, when the excrement hits the wind oscillator, a ton of Street guys who really hate Cramer won't piss all over him? It will be interesting. But, let's not confuse success and money.
I firmly believe for Capitalism to survive and prosper, we have to have effective regulation. We don't have it. They are too entrenched. The only hope I have is, Patrick Byrne can make it happen. Then, when a guy returns 40% every year, you can say, 'He's good". Until then, it's "he games it better than me." I'm all for real talent.
one definition might be 100mil dollas.
another might be mother Teresa
which would you prefer