Posted on 03/11/2023 4:21:16 AM PST by RandFan
CNBC analyst Jim Cramer is once again being pilloried on social media after a clip resurfaced showing the “Mad Money” host recommending viewers buy shares of Silicon Valley Bank’s parent company, which owns the tech-driven commercial lender that swiftly collapsed on Friday.
“The ninth-best performer to date has been SVB Financial (the bank’s parent company). Don’t yawn,” Cramer told viewers during a Feb. 8 episode of “Mad Money.”
Cramer listed SVB Financial among his “biggest winners of 2023 … so far” alongside blue-chip stocks such as Meta, Tesla, Warner Bros. Discovery, and Norwegian Cruise Line.
“This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned by,” Cramer said in the clip.
Cramer touted the fact that the bank was “less dependent upon private equity and venture capital offerings.”
He said the stock was the “fourth-worst performer of 2022” though it was worth buying because “being a banker to these immense pools of capital has always been a very good business.”
“The stock is still cheap,” Cramer said. At the time, SVB Financial was trading at $320.40 a share.
(Excerpt) Read more at nypost.com ...
Some rumor today says that Oprah had a significant amount (more than $100 million) in the bank. Same rumor trail says that Prince Harry had put some of the profit from his book into the bank. Wonder how true these are?
Maybe Cramer should bail them out.
Does he follow his own advice? I hope so.
You just can’t make this stuff up! 🤣
Proving once again that the smart money does the exact opposite thing that Cramer recommends. For about the one millionth time.
He’s been so spectacularly bad an ETF was created where people invest real money, it’s called the “Inverse Cramer” ETF.
Amen
Jim and his buddies wanted to dump SVB stock, so he made that call so they could cash out.
Very true, I hope.
“How does this guy make so many bad calls?”
______________________________________
He’s a set-up man for big money, shrouded in helping the small investor!
On top of crappy stock picks, his show is after market close!
Who on earth couldn’t come up with a stock show, and have insight into market action AFTER the market is closed!!!!
Or is he doing the bidding of smart money by giving cover for them to sell before the plug is pulled?
There comes a point at which coincidence is no longer credible.
There’s an ETF that shorts Jim Cramer’s buys recommendations. https://www.marketwatch.com/investing/fund/sjim
A little too quirky for my taste but it’s doing well so far.
Jimi will shed some crocodile tears next week, and that will be that, alls forgiven.
It sure seems like Cramer’s picks are too often the “pump and dump” type. I’d be much more likely to follow the tactics of the Cramer-contrarian investors. If Jim likes it - I’m agin it.
SVB was 15 in assets, but only 32 in derivatives.
Of sure derivities had anything to do here. Simple case of being on the wrong side of the interest cycle. If the had to mark to market their long term interest securities they had no equity cushion and therefore were insolvent in face of a bank run.
Who’s worse? Him or the weatherman?
Is this bank failure a sign of things to come on a larger scale?
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