Everybody, stop what you are doing: Jim Cramer is talking.
I spend an awful lot of time trying to figure out what makes sense to cover in terms of trying to help people -- and what doesn't make sense. I do it because one of the things that makes me valuable is the perspective I bring as a former hedge fund practitioner. I particularly like to highlight when something is irrelevant or confusing when you hear it.
But enough about me, kinda.
Here's a visionary memo I am writing now for people in the press one year from now:
"As of today, we will no longer do 'wall-to-wall' coverage of 13F filings, because it doesn't help our viewers or our readers." The visionary memo continues: "This cottage industry of looking at filings, most of which are extremely dated, causes people who aren't sophisticated enough in the process to make wrong moves."
But, because the writer of the memo doesn't want to push back 100%, he adds, "There will be exceptions. We will continue to cover what Warren Buffett buys and sells, because his fund is not a hedge fund darting in and out of stocks. We will also, if we believe it to be the case, cover funds that seem to be struggling, like John Paulson's gold fund. But, beyond this, we are simply going to de-emphasize the breathless reporting on these matters, because at a certain point we have to conclude that it is our equivalent of prurience and nothing more than that."
I know, harsh memo. I am a harsh guy.
A fairly obvious point, and one that, unlike much of what is shouted on Mad Money, has the benefit of being not entirely incorrect. The breathless coverage of 13Fs is a little silly. On the other hand, barring a proliferation of three-hour presentations on every hedge fund holding, it's all we've got.
Cramer: Enough With the Hedge Fund Coverage [The Street]