Re: Jim Cramer\'s nephew gives awful advice too
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These sports talk show hosts usually aren't successful former GMs. Cramer was an extremely successful hedge fund manager (easily one of the best in the industry) long before his fame as a TV personality. Since he'd probably make more money doing his old job than do what he does and have all sorts of restrictions on what he can do with his money and all kinds of scrutiny on him, it's really odd to accuse him of trying to profiteer from the show. He is, however, an attention whore, no doubt.
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Let me be clear, I wasn't accusing him of profiteering from his show, he's clearly doing it for fun. The accusations of "pump and dump" activities occurred during the bubble when he was an active hedge fund manager often interviewed on CNBC. One of his employees wrote a tell all book about it, not sure how credible the accusations ended up being.
And I doubt he was one of the best fund managers. I think he had a very good record, beating the market by 5-10% a year. But there are guys out there beating the market by 30% per year for long periods (Joel Greenblatt 20 years 40% per year or Jim Simons).
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cramer cannot rank among the best.
simons and his peers (few though they may be) are clearly in a class all their own. how they can beat the market for that huge amount while only taking a half a point or a third a point of risk for every poitn of return is sickening.
they earn their 3 and 30 (or 3 and 40 ...whatever rediculous fee structure they ahve [img]/images/graemlins/wink.gif[/img])
Barron
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