Good video, but the comment that followed made me laugh. CNBC is the “insider’s insider”? That is a new one. I have heard CNBC called many things, but an “insider’s insider”?
Jon Stewart’s and Helaine Olen’s bias against CNBC and the personal finance industry sounds non-nonsensical to me. First of all, CNBC is the insider’s insider. They have [a] broadcast desk on the NYSE trading floor. Why would they/should they change their entire business and broadcast format to champion the common worker? And the unmitigated bashing of finance gurus like Jim Cramer and Suze Orman in part one completely dismisses the good advice they do give out to people who need it…
Here is a hot Michael Covel tip: no one needs their “news”.
Predictions are out there and thrown at you, me, and everyone for that matter at reckless speed. Did you ever wish you had a way to categorize them all? A way to record what someone said and see if they’d be proven wrong with time? Well now you can. Check out the website PunditTracker. Their goal is “to bring accountability to the prediction industry” and they are doing just that, one prediction at a time. You can even check out a pundits right/wrong percentages and they are given a grade based on their prediction accuracy. For example, Jim Cramer got a D-.
The website is more fun than anything, but it is worth a look.
In April of 2010 this guy wrote me about my critique of Jim Cramer (he was reading intro to my 2nd book?). Almost a year has passed with no contact and now today this ditty comes rolling in from Dave Loevner:
I have so far skimmed the information you have to offer, and intend to go back, and read verbatim. What bothers me specifically about you, and certainly not your material is your opinion of me. Obviously, with the fact that I do watch Mad Money w/ Jim Cramer makes me an idiot. Why do you waste energy slamming someone else when, that energy could be used more productively? Why even bring up Jim Cramer when you have so much to offer? Put the energy there. Every time I see your name on the internet, it’s never about you, and what you have to offer. It’s you, slamming Jim Cramer. Much rather hear more of what you have to offer. Are you so filled with jealousy over not having a TV show that, you have reduced yourself to this playground nonsense? That was rhetorical, only asking that you give yourself an honest answer. You have value, and much to give but, not because, in your opinion Jim Cramer doesn’t. Knock it off, and focus on the information you have to offer. Yes, I enjoy Mad Money. One thing Jim Cramer emphasizes is, due diligence! I take him at his word as he has been wrong more than once. He emphasizes that because he, admits he has been wrong. It is entertaining to me, and I do get some valuable information to at least enable me to continue looking at the market. I have learned much on analyzing my market activity. I intend to learn more from you, as well but, it is difficult learning from someone who thinks I’m an idiot, and focuses so negatively on someone else. Both of you have different styles but, much to offer. When you finally free yourself from focusing so negatively on someone else, and referring to me as an idiot perhaps, I can feel a little better about reading your material word for word. Hopefully, you will move forward with an emphasis on you, and your work. Thank you, Dave Loevner
Let me get this straight Dave, you don’t want to read about trend following because a small part of my job is to slam your boy Cramer? I recommend sticking with him. Working with lost clients is not my cup of tea. Here are two more shows to add to your watch list: 1 and 2. When done there start at about the 27:00 minute mark here.
“The cable television program Mad Money with Jim Cramer first aired on CNBC in 2005. According to CNBC’s Web site in an article titled, “Mad Money Manifesto” by Jim Cramer, the show’s mission statement and Cramer’s job: “…is not to tell you what to think, but to teach you how to think about the market like a pro. This show is not about picking stocks. It’s not about giving you tips that will make you money overnight – tips are for waiters. Our mission is educational, to teach you how to analyze stocks and the market through the prism of events.“
“Richard Dennis’s friend Tom Willis had learned long ago from Dennis why price, the philosophical underpinning of Donchian’s rule, was the only true metric to trust. He said, “Everything known is reflected in the price. I could never hope to compete with Cargill [today the world's second-largest private corporation, with $70 billion in revenues for 2005], who has soybean agents scouring the globe knowing everything there is to know about soybeans and funneling the information up to their trading headquarters.” Willis added [when talking about trend followers], “They don’t know anything about bonds. They don’t know anything about the currencies. I don’t either, but I’ve made a lot of money trading them. They’re just numbers. Corn is a little different than bonds, but not different enough that I’d have to trade them differently. Some of these guys I read about have a different system for each [market]. That’s absurd. We’re trading mob psychology. We’re not trading corn, soybeans, or S&P’s. We’re trading numbers.”
“Sounds to me like you’ve based your career on harpooning Jim Cramer. Kind of like FOX News, and MSNBC picking their enemies, and then looking for some ‘dirt’ to substantiate it. I’ve made money w/ Cramer, and have lost w/ him as well. However, they are all my decisions, and my responsibility. If I were to follow your advice, I’m sure I would be in the same position. Don’t even begin to tell me you’ve never made the ‘wrong’ call. I would suggest you might find more avid followers by, accentuating on the positive. What is it you do correctly not, what Jim Cramer may do incorrectly in your opinion. What I see here is by, the mere mention of a famous personality you, hope to pick up followers. Quit riding his coattails, and create your own coattails to follow. Jim Cramer: ‘Do the homework!’ I always do the homework, and have sometimes also reached a different conclusion than Mr. Cramer. Doesn’t make him a bad guy, and you’re probably not so bad, either. There have been times where he regrets, and apologizes for information, admitting he’s wrong. At those times he goes on w/ info. on how he arrived at his conclusion. Several great learning experiences right there. I would suggest you get off of his back, and make a strong showing for yourself. Dave Loevner”
That same feeling just hit me when people cheered at the end of Moore’s film!
