Posted on 03/13/2023 9:04:29 PM PDT by SeekAndFind
Things have been rocky on the economic front since Silicon Valley Bank collapsed on Friday. Known for its focus on ESG and DEI, the demise of SVB marked the second-largest bank collapse in US history. That has faith in the banking system at levels not seen since 2008. It also has the government bailing out millionaires and billionaires again.
Isn’t Joe Biden doing such a great job?
But I digress, there’s another man who has found himself at the center of discussions in the midst of all the chaos. That would be Jim Cramer of CNBC. The “Mad Money” host has a long track record of giving terrible financial advice, but truly, he’s outdone himself recently.
For example, Cramer told his viewers to buy SVB stock back in February when it was at $320 a share, near the top of its historic value. Less than a month later, it was seized by regulators and bailed out by taxpayers.
Jim Cramer said Silicon Valley Bank was a buy last month at $320
Today it is being closed by California regulators pic.twitter.com/x1xMBTrQTS
— Inverse Cramer (Not Jim Cramer) (@CramerTracker) March 10, 2023
But hey, maybe once is a coincidence, right? Everyone has a bad day, I suppose. Cramer’s reign of terror didn’t end there, though. People began to dig through his past comments, and in 2022, he recommended Signature Bank.
Now, it’s shutting down.
2022: Jim Cramer recommends Signature Bank.
2023: Signature Bank shuts down.
How does he do it? pic.twitter.com/2QskFTUPe6
— kanekoa.substack.com (@KanekoaTheGreat) March 12, 2023
Alright, maybe twice is just bad luck, but there’s more. Cramer is going for some kind of record, and in the middle of SVB’s downfall on Friday, he decided to endorse First Republic Bank (FRC). “Very good bank,” Cramer proclaimed on social media.
By the time the market opened up on Monday, FRC was in a total freefall.
Jim Cramer is going to single-handedly crash the economy.
pic.twitter.com/kfMtT0zwnA— Bonchie (@bonchieredstate) March 13, 2023
So what’s next? Apparently, Cramer is setting his sights on taking down the entire banking system. On Monday, despite all of his terrible predictions, he decided to proclaim that the “big banks” didn’t invest poorly and that the banking system will be “stronger today.”
We are so screwed.
Banking system RIP 😢
#JimCramer – Inverse Cramer pic.twitter.com/FXar9OXjUf— Wall Street Silver (@WallStreetSilv) March 13, 2023
Things are so bad right now that a new “inverse” EFT has been created that allows investors to do the opposite of what Cramer says. I might have to get on that train if his track record is any indication.
For the love of God, I am personally begging Jim Cramer to stop giving financial advice. He’s got the reverse Midas touch, and I’d prefer the economy not collapse in on itself. I’ve got kids and dreams, after all. If CNBC has any care for humanity, they’ll remove him from the air and lock him in a padded room.
Editor’s Note: An earlier version of this story incorrectly referred to FRC as “First Republican Bank.” We apologize to our readers for this error.
How does it go again? Buy high, sell low? I can’t remember, I better ask Kramer....
New investment strategy: Buy high, sell low.
“CNBC’s Jim Cramer...told his viewers to buy SVB stock back in February when it was at $320 a share, near the top of its historic value”
So how does he keep his job? My take is that he’s so good at making people do dumb things that the feds pay CNBC to keep him on the air. In this case, he likely got a few billion ‘invested’ in that horrible bank, thereby saving the government some money in their bailout.
Bottom line - he’s useful.
He’s always wrong.
On February 29, 2000 he urged his viewers to buy a bunch of tech startups and dot.com companies,
ten days before the NASDAQ began its two-year slide. Most of these companies did quite poorly during that lengthy tech crash.
People are idiots if they listen to him, but then again, greed has been known to cloud one’s judgment.
Yes, he should stop giving advice, but nobody nis being forced to take it
Kramer is very profitable trader for me.
I do opposite of what he recommends
People are idiots if they listen to him, but then again, greed has been known to cloud one’s judgment.
************
Never buy a security on the “noise” around it.
Especially a stock that was trading over $300 in February 2023, had a peak of $700 in October 2021 and started sliding downhill for a year.
I’m not buying at $106, but the current price is more in line with the historical reality of most stocks.
I don’t know why anyone listens to this clown.
He’s the same fascist who wanted to put “unvaxxed” people into concentration camps.
Kramer is very profitable trader for me.
I do opposite of what he recommends
********
Lol
Good method. I might have to pay attention to Kramer instead of ignoring him.
Does anyone check the track record of these stock picking mavens? I know some do because I’ve read their reports and they aren’t at all flattering.
In the last 20 years the S&P 500 ETF has handily beat Cramer and all his efforts and his team by more than double both in absolute change in value and CAGR.
One hind cast test did the opposite of Cramer’s recommendations and beat him handily.
As for the general trend and value of stock picking Buffet famously bet a top hedge fun manager $1 million to their favorite charity that he could beat him over a 5 year or so period with just an S&P 500 ETF. He did beat him. Buffet actually took a small risk since for some 5 year periods the S&P was a bust but so was the market for pickers.
All boats move with the tide. When you move any one part of a yard stick you move both of the end points the same direction.
I’m waiting for the S&P to go down some more before buying.
He keeps the market moving. Without that there is no arbitrage. Value markets don’t need that. Trading markets do. If nobody goes to the Casino it goes broke, the house always wins and so does Wall Street.
Cramer is a tool.
Writers write and talkers talk. If nobody reads or listens they are out of a job. Same analogy for brokers.
They may all be closer to the fire than we are but their crystal ball is just as cloudy.
He knew a lot about that too didn’t he?
CNBC, consider the source and their master.
(Kramer)
I came up with the idea of redoing the Cloud Club!
Beefaroni?
Bania.....he’s got some funny stuff
Most of Kramer’s advice is geared to what I would call day traders, which is very different from the overwhelming number of American investors who likely have most of their investment cash tied down in mutual funds and paying someone else to manage their stuff for them via direct personal accounts or employer spnsored 401K plans.
I always found his program to be boring and personally irrelevant to my investment objectives.
Buy high, sell drunk...
The stronger Cramer is on a pick the more I stay away from it or bet against it. Alternative - just ignore him.
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