“The last person you should be listening to is Jim Cramer.”
He must be reading here now.
OK, seriously, he was referring to his lousy call in SGP, and also had this on Mad Money.
“I know I have let down my viewers,” Jim Cramer told viewers of his “Mad Money” TV show Monday.
He apologized to viewers for standing behind Schering-Plough (SGP), a stock which he owns for his charitable trust, Action Alerts PLUS.
But since all I ever do is disagree, I am going to counter Jim Cramer’s argument about not listening to Jim Cramer.
Well not really. But I am going to defend him on this one. He called a stock poorly. Big deal. No one expects someone to actually have 2000 stocks in their head and know exactly what to do with them. Well, except the CNBC promo.
Bottom line is, he should do this more often, just come clean when something goes bad, instead of blaming the Fed or Paulson or whatever. He opines on 2000 stocks or so a week, obviously this will happen, most everyone understands that.
In general, OTM calls are generally a sale when a stock is broken like this. Volatility is pumped on feint hope for a bounce back. But if/when it does lift, volatility will get crushed, so even if you are *wrong* it tends not to be as bad as a model would suggest.
Now that being said, heathcare names are not the ideal spot for this sort of play. They are prone to sit forever and then suddently gap. So I am not going to bother with SGP.
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Cramer does come clean more than most. Lately though, there isn’t enough time in the day for him to come clean on all his mistakes.
As Fleck once said about Jimbo: “His knowledge is a mile wide and an inch deep.”
lmao, I had never heard Fleck say that.
here ya go; from 02/13/2006
Subscriber question: Cramer got personal about Fred Hickey in his column today about GOOG.- “Then there’s the sourcing for the piece: Fred Hickey, editor of the “well-regarded High-Tech Strategist.” Hickey gets quoted on most anti-tech articles. He is central casting for anti-tech, and the idea that his stuff is “well-regarded” by anyone other than whoever needs a dial-up hatchet job is pretty preposterous.”
The Fleckster : look cramer is a promoter..and he actually means well…but to get in fred’s face-just shows ignorance..as it is not debateable that fred knows 100x more about what he talks about than does jjc…..i debated jim often back in the mania days and his knowledge is an inch deep though a mile wide….he knows a little about a lot of stuff…fred knows virtually everything about the stuff he follows….this quote from jjc is downright laughable.
great quotes, thanks.