There is no telling what the broader economic implications will be, but Jim Cramer announced today via his New York magazine column that the Jim Cramer Wall Street job window is closed. He will no longer be passing out any of the sweet gigs that he once horded in his back pocket, dolling out to children like pieces of hard candy. Not even at Goldman Sachs, where he used to work, and has many, many, many contacts. So don’t even ask. The Jim Cramer largesse is O to the motherfucking V-E-R.
God knows why, but people often call me to see if I can help place them or their brother or daughter or nephew at a Wall Street firm. There was a time when I would happily say yes; sometimes my help even worked. Not anymore. These days, I don’t even bother. The era of the big Wall Street payday is over. When people call me looking for a job, I tell them to try a law firm.
Cramer worked at Goldman? I did not know that. He’s always been so circumspect about his past.
@2:03: After a lot of research, I found out that he went to Harvard too. Who knew?
both are facts, and also that he lived in his truck with a gun for sometime, before joining GS.
ivy league education = guaranteed success, CAPITALISM IS LIVE AND KICKING!
Lived out of a truck with a gun in Las Vegas, where he also contracted hepatitis.
Sounds like the kind of guy I’d want managing my money…wait, nevermind.
You tell them to try a law firm? Ho, that’s a good one.
I’ll take JJC’s 30% CAGR over 13+ years in his fund any day of the week from my current HF managers.
let us not forget, Miami, that it was Cramer/Berkowitz, how much Cramer contributed to those apparent returns, we may never know
If you read his biography, and sadly I admit that I did, you’ll find that his wife and partner sometimes unwound his trades when he wasn’t paying attention
but it was all good, because he kept them around to sometimes unwind his trades when he wasn’t paying attention
Sell Bear Stearns?? Thats crazy!!! Bear isnt going anywhere, hold on to your BSC stock. -Cramer
The odd thing that Cramer is saying these days is that Obama is not anti-defense spending and hence not bad for the war stocks Cramer promoted a while back.
If there is anything that I feel sure Obama is going to do it’s that he’ll cut back in Iraq as soon as he takes office.
Cramer’s first book is great. Seriously.
BUT: he admits to how he made a lot of those returns: getting IPOs and flipping them, or getting advance news of upgrades and buying the shares, or when he was selling out at the firm at the lows of 1998 – and his wife was going ABOVE the permitted margins of the firm going long at the very same time, saving his firm from complete collapse.
Cramer knew how to game part of the system when he was on the inside. Now? Not so much. Check out the returns of his Action Alerts portfolio versus the S&P. Unless you put millions of dollars into it, after you subtract the cost of the Action Alerts, you’d LOSE money following Cramer (versus the S&P).
Read the Barron’s article on him from last summer, guy is a complete hack and his picks are the equivalent of dart throwing. He is a showman who has an uncanny ability to remember facts about a large number of public companies. That’s good for a side show at the county fair, but pretty useless in applied finance.
His comment on BSC is the perfect example of what happens to a hack when he steps into the wrong sandbox. Leave portfolio management to the pro’s Jimbo, and stick to what you know – how to ride a once in a lifetime tech bubble and New Jersey.
Yeah, I bought AIG and Phizer three years ago partly based on an article he wrote in New York mag. I sold Phizer last year (at a loss) and bought Google. I still have the AIG….I’ve lost money. Obviously.