by Anura Guruge
on October 17, 2022
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As regular readers of this blog must have worked out by now, I am addicted to ‘CNBC‘. I wake up to it, every morning, & watch at least 1-hour of it while I sip my first coffee. Then I watch snippets of it throughout the day. IF I am in my car, I listen to it on ‘Sirius XM‘ — hours at a time if I am on a long trip (as I invariably are).
While I am fond of CNBC, I am NO LONGER a fan of ‘Jim Cramer’. I find him a total buffoon. When he first started at CNBC, 20 (odd (& very odd indeed) years ago, I followed him intently. I was still finding my way as a seasoned investor & he claimed to know a lot. Yes, I learned some from him in those early years. I also made some SHORT TERM gains listening to his ‘advice’. Then I started realizing to my horror that many of his claims DISINTEGRATED over time.
He used to say ‘buy Goldman Sachs & hold it for life‘. I lost money on that. Ditto CAT.
I then worked out that you can’t TRUST Jim Cramer. He is as about good as spinning a coin. Yes, he gets some wrong, but over time he appears to get more wrong that he gets right.
That is why an ‘Inverse Cramer ETF‘ (or ‘Anti-Cramer ETF‘) makes sense. The ETF, in theory, should go up more Jim gets it wrong. The ETF would also be a wonderful way to track how well (or poorly) Jim is doing. I love it. Not sure how the short-term version will perform. I get a feeling it will be volatile. But, I think the long-term one, after a year (or more) will do well.
I have tremendous respect (& fondness) for Jim’s POOR co-hosts ‘David Faber‘ & ‘Carl Quintanilla‘. I think they are both much cleverer, astute & personable than (annoying) Jim (bloody) Cramer. I just don’t know how they put up with Jim’s rudeness day-in, day-out. I guess they get heavily compensated to just grin & bear it. I wish CNBC will can Cramer & let David & Carl run the show. It will be much better & more valuable.
