The most influential market commentator in history, Jim Cramer, is under fire for screaming support for Bear Stearns last week. Armies of Cramer-haters have seized on this as the blown call that should finally get Cramer de-bunked once and for all.
First, if you’re going to rag on Cramer for getting it wrong, at least be right. The video below clearly shows that Cramer was talking about money held at Bear Stearns, not Bear Stearns stock, and he’s been proven right, not wrong, about the sanity of keeping it there. (Cramer did say “Bear Stearns is fine,” which it wasn’t, but in this video at least, he doesn’t say anything about the stock.)
Second, are you actually implying that Cramer is or should be right about everything? The man is on the air about 5 hours a day, every day, and he squeezes more predictions, comments, and incendiary asides into those 5 hours than most people utter in a year. If you say that much stuff, you’re going to be wrong all the time. Whatever!
We’ve argued in the past that Cramer gives lousy investment advice, and we stand by that: The idea that the watching Mad Money and doing a bit of research is a smart investment strategy for a casual investor is preposterous, as is the conceit that smart investing should be raucously entertaining.
But Jim Cramer himself is often entertaining. He also often has very smart things to say (albeit with a unique sort of bombast). Almost all Wall Street analysts were wrong about Bear Stearns, and, unlike Cramer, it’s actually their job to sit around and analyse Bear Stearns. So give the man a break!
Business Insider Emails & Alerts
Site highlights each day to your inbox.