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#11
08-10-2007, 02:08 AM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
kramer has done very well, and from what ive heard, is a really nice guy in person. i dont understand the hate for him [/ QUOTE ] I dislike him because he sells positions to average people that are at best not well thought out. I feel that he is dangerous to people who follow his advice. For example, I work for a Kellogg business school professor during school. One of the things I do is to make a spreadsheet detailing his trading gains and losses. He basically follows Kramer's advice, and those positions that he has followed his advice have lost him quite a bit of money. 
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#12
08-10-2007, 09:19 AM
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Re: Jim Cramer\'s nephew gives awful advice too
I know from talkin to someone who was a Cramer follower, that Cramer does recommend taking on more risk the younger you are (for obvious reasons). I dont necessarily think its a bad idea either.
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#13
08-10-2007, 10:52 AM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
[ QUOTE ] kramer has done very well, and from what ive heard, is a really nice guy in person. i dont understand the hate for him [/ QUOTE ] He's alleged to have done very well partially through market manipulation (alledgedly he'd pump positions on TV, then sell them). But he doesn't seem to be a bad guy. Many people hate him because 1) They are traders who think his trading ideas are simplistic and wrong headed. or 2) They are investors who think his investment advice is too short term trading focused, i.e. he encourages the bad habit of "trading" positions instead of being a long term buy and holder. or he just grates on them. My opinion is he's just an entertaining guy who has an entertaining show that is pretty much worthless from an investing perspective. If someone were to create a truly useful investing show that I wanted to watch would have a total audience of less than 100 people and be canceled mid way through first commercial break. Cramer is just doing the schtick most people want to see. It's like sports talk radio for investors and traders. Professional baseball GMs don't watch Mike and the Mad Dog to get trade ideas. [/ QUOTE ] 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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#14
08-10-2007, 11:31 AM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
[ QUOTE ] kramer has done very well, and from what ive heard, is a really nice guy in person. i dont understand the hate for him [/ QUOTE ] He's alleged to have done very well partially through market manipulation (alledgedly he'd pump positions on TV, then sell them). But he doesn't seem to be a bad guy. Many people hate him because 1) They are traders who think his trading ideas are simplistic and wrong headed. or 2) They are investors who think his investment advice is too short term trading focused, i.e. he encourages the bad habit of "trading" positions instead of being a long term buy and holder. or he just grates on them. My opinion is he's just an entertaining guy who has an entertaining show that is pretty much worthless from an investing perspective. If someone were to create a truly useful investing show that I wanted to watch would have a total audience of less than 100 people and be canceled mid way through first commercial break. Cramer is just doing the schtick most people want to see. It's like sports talk radio for investors and traders. Professional baseball GMs don't watch Mike and the Mad Dog to get trade ideas. [/ QUOTE ] Lol, ever heard of Mike Piazza?
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#15
08-10-2007, 02:24 PM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
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. [/ QUOTE ] 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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#16
08-10-2007, 02:25 PM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
[ QUOTE ] Professional baseball GMs don't watch Mike and the Mad Dog to get trade ideas. [/ QUOTE ] Lol, ever heard of Mike Piazza? [/ QUOTE ] I said "Professional baseball GMs", not Steve Phillips 
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#17
08-10-2007, 02:40 PM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
[ QUOTE ] 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. [/ QUOTE ] 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). [/ QUOTE ] 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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#18
08-10-2007, 02:49 PM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
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). [/ QUOTE ] 24% a year for 12 years after fees would rank him as one of the best. This isn't quite as good as Jim Simons's 35% a year for 18 years on a larger scale, but that wasn't the contention and the difference isn't quite as large as you make it out to be.
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#19
08-10-2007, 02:55 PM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
[ QUOTE ] 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). [/ QUOTE ] 24% a year for 12 years after fees would rank him as one of the best. This isn't quite as good as Jim Simons's 35% a year for 18 years on a larger scale, but that wasn't the contention and the difference isn't quite as large as you make it out to be. [/ QUOTE ] yes, but 24% relative to what? what is his excess return (i.e. subtracting out his benchmark's return)? i'm not saying he wasn't a great manager, just that he wasn't one of the best. Barron
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#20
08-10-2007, 03:09 PM
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Re: Jim Cramer\'s nephew gives awful advice too
[ QUOTE ]
[ QUOTE ] [ QUOTE ] 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). [/ QUOTE ] 24% a year for 12 years after fees would rank him as one of the best. This isn't quite as good as Jim Simons's 35% a year for 18 years on a larger scale, but that wasn't the contention and the difference isn't quite as large as you make it out to be. [/ QUOTE ] yes, but 24% relative to what? what is his excess return (i.e. subtracting out his benchmark's return)? i'm not saying he wasn't a great manager, just that he wasn't one of the best. Barron [/ QUOTE ] What's Jim Simons's benchmark? You can claim to use a certain index as a benchmark, but there's absolutely no way to guarantee (even if you knew exactly what the portfolio consisted of at any given moment) that the risk characteristics are similar. Besides you are just arguing semantics at this point - is Roger Clemens one of the best baseball players ever, or is he merely one of the all-time greats?
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