"He Has No Idea, NO IDEA, of how Bad his Market Calls are" - This article continues on from where the last one left off ( Why Watching CNBC Could Destroy Your Portfolio) in the deconstruction of CNBC talking bobble heads repeatedly bullish market calls whilst the stocks bear market continued to rage, that continued to destroy the value of CNBC viewers portfolios. This article focus's CNBC's chief stock picking guru, Jim Cramer's market calls against actual outcomes which will hopefully prevent the further destruction of portfolio values.
11th March 2008 - Bear Stearns is fine, do not take your money out, BEAR STERNS is fine, Do not move your money out of Bear Stearns, Don't be Silly (ALL with the backdrop of the Bear Stearns Stock price)
6 Days Later - Bear Stearns Loses 90% of its value, and Jim Cramer attempts to revise history about what he implied on the 11th, but the video does NOT lie. HIS STOCK PICKING CNBC SHOW, WHILST REFERRING TO THE BEAR STEARN'S STOCK PRICE TOLD INVESTORS TO STAY PUT!
13th June 2008 - Jim Cramer's bull market buy calls - Says buy Banks, Buy Brokers, Wells Fargo, JP Morgan and tech stocks, and home builders, retailers.
Says NOT to buy oil and gas.
20th June 2008 - Jim revises history, he says - If you own banks and retailers then you are like the golam, not listening to him. He says if you own banks, home builders and retailers then you will be in pain, despite the fact that he specifically recommended buying bank stocks and retailers a week earlier.
Now he says the most important sector he recommends that you should have bought is oil and natural gas, whilst forgetting that the previous week he said NOT to buy them !
Jim Cramer Keeps Calling the Bear Market Bottom Again and Again and Again.
Jim's Bad Call - Housing Stocks Bottom called 2006
Jim's Bad Call - Fantastic U.S. Economy During 2008 - Feb 2007
Jim's Bad Call - Buy the Dow at 14,000 Bull Market Calls - November 2007
Jim's Bad Call - Buy Retail Stocks - November 2007
Jim's Bad Call - Buy the Bank Stocks - Feb 2008
Jim's Bad Call - Dow 13,800 - Buy the stock maket again
Jim's Bad Call - Dow 12,300 - Dow Falls but Cramer says Buy, Buy, Buy ! Expects a HUGE rally
Jon Stewart Wipes the Smile off Cramers Face
Jon Stewart, the latest to join in, in attempting to hold Jim Cramer and CNBC to account for what passes for financial journalism that has led the millions of investors who watch CNBC into near total portfolio wipeout.
In closing, I refer back to one of Jim Cramer's infamous rants - "He has No idea, NO IDEA how bad his market calls are, NO IDEA, CNBC Viewers should cut the volume, CUT the Volume, CUT THE VOLUME, before their Portfolio hits ZERO".
By Nadeem Walayat
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Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on the housing market and interest rates. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 250 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
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