Jim Cramer Has Not Changed
Alan Abelson in today’s Barrons takes Jim Cramer to task. Mr. Cramer is now touting a group of 6 “hot” stocks that seem to resemble the dot com bubble stocks of 4 years ago. Cramer has done these lists of hot stocks before as Abelson reminds:
“Here are the fabulous 10 stocks Mr. Cramer touted so grandly on Feb. 29, 2000, their price per share that day and where they are now: 724 Solutions, $1,882 a share then; around $4 a share today. Ariba, $132.25 then; $3 now. Digital Island, $116 then; acquired in September 2001 for $3.40 a share. Exodus Communications, $71.19 then; went belly-up in September 2001. InfoSpace, $1,085 a share then; $40 now. Inktomi, $137 then; acquired by Yahoo! in March 2003 for $1.65 a share. Mercury Interactive, $96 then; $45.50 today. Sonera, $55.80 then; acquired for about $6 a share in March 2003. Verisign, $253 then; $16 today. Veritas Software, $131 then; $27-plus now. In retrospect, a more fitting description of Mr. Cramer’s top 10 picks in February 2000, given their subsequent melancholy fate and the appreciable number that are no longer with us, rather than “The Winners of the New World” would have been, “The Winners of the Next World.”
