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Old 03-12-09, 09:31 PM   #1
patentcad
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Cramer faces the Music

On the J. Stewart Show on Comedy Central. Very classy move by Cramer. I love watching Stewart. I love watching Cramer. You have to admire the transparency and straightforwardness of Cramer going on Stewart's show after JS hammered Cramer so bad.

Cramer's not perfect. He's made some big gaffes. But I do believe he is sincere, and I do think he does try. He's quite entertaining and informative, and I have learned a few things about investing watching his show. Like every other successful stock picker, he's only right 2/3 of the time. That means 1/3 of the time he's wrong, and when it comes to stocks when you're wrong, you do tend to crash and burn rather spectacularly. At least Cramer tends to admit it. Most of the time anyway. That's more than I'd ever do.
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Old 03-12-09, 10:39 PM   #2
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Cramer's not perfect. He's made some big gaffes. But I do believe he is sincere, and I do think he does try. He's quite entertaining and informative, and I have learned a few things about investing watching his show. Like every other successful stock picker, he's only right 2/3 of the time. That means 1/3 of the time he's wrong, and when it comes to stocks when you're wrong, you do tend to crash and burn rather spectacularly. At least Cramer tends to admit it. Most of the time anyway. That's more than I'd ever do.
You're right about entertaining; for a little while at least. But he's wrong way more than 1/3rd of the time. The market doesn't care if you're "right" or "wrong" and the only thing that counts is whether you're making money or not. It actually has more in common with Vegas strategies than any kind of banking. Here's more info on Cramer:

http://club.ino.com/trading/jim-cram...ey-and-nascar/
http://www.prleap.com/pr/33859/
http://www.discursivemonologue.com/2...-january-2007/
http://media.www.signal-online.net/m...-2745774.shtml

The surest way to make money is to do the opposite of what Cramer recommends.
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Old 03-12-09, 10:44 PM   #3
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That was one of the more thoughtful conversations regarding the role of financial news TV that you'll see on television. It's almost funny that you have to tune into Comedy Central to see such a frank discussion, but that's the pathetic (and ironic) truth.
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Old 03-12-09, 11:53 PM   #4
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I always thought that Jim Cramer was a bit of a fanatic, but given that this was his selling point, that doesn't say much. I thought that his ranting and raving got annoying fast, and made me even less inclined to learn about "the market."
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Old 03-13-09, 12:14 AM   #5
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surprised this is not in P&R so I'll be the tipping point by saying this was timed well to coincide with Maher vs. Coulter
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Old 03-13-09, 10:57 AM   #6
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I loved Jon Stewart getting the Viacom posse to strike back at Cramer's NBC family.

I'm like the youngest person here at work so everybody's kids are in college if they're even still at home, so I haven't been able to talk about the wonder of Dora the Explorer and Boots kicking some CNBC ass:

http://www.thedailyshow.com/video/in...sh&byDate=true

(Dora's at the 7 min mark)
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Old 03-13-09, 11:30 AM   #7
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He's done more to damage himself than anyone else can do.

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Old 03-13-09, 11:37 AM   #8
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i just watched that interview about 10 minutes ago on MSNBC...website.
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Old 03-13-09, 12:01 PM   #9
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He's done more to damage himself than anyone else can do.

Speaking of damage...
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Old 03-13-09, 12:06 PM   #10
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Two points:

1. Listening to anybody's predictions about the stock market or even a company's prospects is foolish. I wouldn't even listen to Warren Buffett's predictions. Predictions are just that: predictions. Cramer predicted stuff that was dead wrong. So did millions of other brokers, commentators, investors, etc. BFD. See also: Greater Fool Theory.

2. Jon Stewart is a comedian. Cramer is a commentator. Since when does a commentator have to answer to a comedian?
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Old 03-13-09, 12:13 PM   #11
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Since when does a commentator have to answer to a comedian?
I don't think the distinctions are as clear cut (or meaningful) as you are making them. Is Rush Limbaugh a commentator or a comedian?
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Old 03-13-09, 12:16 PM   #12
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Two points:

1. Listening to anybody's predictions about the stock market or even a company's prospects is foolish. I wouldn't even listen to Warren Buffett's predictions. Predictions are just that: predictions. Cramer predicted stuff that was dead wrong. So did millions of other brokers, commentators, investors, etc. BFD. See also: Greater Fool Theory.

2. Jon Stewart is a comedian. Cramer is a commentator. Since when does a commentator have to answer to a comedian?
I think Stewart's as much a commentator as Cramer, and Cramer's as much salesman as commentator. Bottom line, they're both entertainers out to gain eyeballs and Stewart pwned Cramer this round.
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Old 03-13-09, 12:19 PM   #13
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Since when does a commentator have to answer to a comedian?
Peer review, it's the standard.
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Old 03-13-09, 12:19 PM   #14
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I don't think the distinctions are as clear cut (or meaningful) as you are making them. Is Rush Limbaugh a commentator or a comedian?
Neither, Rush is a bloviator.
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Old 03-13-09, 12:21 PM   #15
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Neither, Rush is a bloviator.
Yeah, he does blow.
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Old 03-13-09, 12:24 PM   #16
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Yeah, he does blow.
Bet he spends too much for it too.
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Old 03-13-09, 12:34 PM   #17
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I think Stewart's as much a commentator as Cramer, and Cramer's as much salesman as commentator. Bottom line, they're both entertainers out to gain eyeballs and Stewart pwned Cramer this round.
I think this is right. Stewart said himself in the course of the interview that he and Cramer are both snake-oil salesmen. The difference is that Stewart outright admits as much (i.e. that The Daily Show is "fake news").

I think Cramer wasn't ready for this, at all. He thought he was going to come on and say that the market meltdown was a once-in-a-lifetime occurrence that no one could have seen coming and then they'd have a few laughs and it would all be over. Instead, he walked into a buzzsaw.
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Old 03-13-09, 12:37 PM   #18
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Bet he spends too much for it too.
Yeah, he does blow, but he really BLOWS too.
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Old 03-13-09, 12:43 PM   #19
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"Snake oil salesmen" or not, anybody who goes out and acts on something they heard the likes of cramer say (or scream) on TV is a monumental dolt.

JS pretending that cramer has any power to change the market is cynical grandstanding. JS is probably just upset and acting out because he knows that the colbert is infinitely funnier than he is.

JS is taking cramer to task for his predictions being wrong? What's next for JS? Rooting out every commentator who has made an incorrect prediction? Wow. I'll make popcorn and stuff.
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Old 03-13-09, 12:50 PM   #20
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"Snake oil salesmen" or not, anybody who goes out and acts on something they heard the likes of cramer say (or scream) on TV is a monumental dolt.

JS pretending that cramer has any power to change the market is cynical grandstanding. JS is probably just upset and acting out because he knows that the colbert is infinitely funnier than he is.

JS is taking cramer to task for his predictions being wrong? What's next for JS? Rooting out every commentator who has made an incorrect prediction? Wow. I'll make popcorn and stuff.
JS was going after CNBC, Cramer was merely the poster child.
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Old 03-13-09, 01:50 PM   #21
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JS pretending that cramer has any power to change the market is cynical grandstanding.
So the entire reason this guy is part of a financial news network is what again? people pay to advertise on his programs for charity?

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Old 03-13-09, 01:54 PM   #22
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i actually like cramer. and i think he did the right thing by admitting mistakes and was an overall good sport for going on the show. he had to save face, both for himself and for cnbc. i'll never follow his stock advise, but i'd have a beer with him.

however, i think steward is pretty much spot on with regards to CNBC. it's a nonsense network and they don't give a damn what information goes out... as long as it keeps people watching. most of it is just self promotion for their guests and cnbc is a willing platform.
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Old 03-13-09, 02:12 PM   #23
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So the entire reason this guy is part of a financial news network is what again? people pay to advertise on his programs for charity?
He's there to get people to watch advertisements, the thought being that those people might just go buy the advertised products. (Just like every other bozo on commercial TV: advertiser supported.)

Please, don't tell me you went out and bought stocks because somebody on TV told you it was a good idea.
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Old 03-13-09, 02:19 PM   #24
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He's there to get people to watch advertisements, the thought being that those people might just go buy the advertised products. (Just like every other bozo on commercial TV: advertiser supported.)
Exactly and the advertisers wouldnt be dishing the cash if it didnt work.
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Please, don't tell me you went out and bought stocks because somebody on TV told you it was a good idea.
Rest assured I am not one of those people who tried to do something he said or endorsed. I have not even watched more than 5 minutes of msnbc in one stretch to be honest with you. I am a skeptical investor and I dont pick stocks much.
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Old 03-13-09, 02:32 PM   #25
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Exactly and the advertisers wouldnt be dishing the cash if it didnt work.


Rest assured I am not one of those people who tried to do something he said or endorsed. I have not even watched more than 5 minutes of msnbc in one stretch to be honest with you. I am a skeptical investor and I dont pick stocks much.
Whew. I thought I was going to have to give you my ShamWow pitch.
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