This is a hoot!!!
Here we apparently have a participant of a major broadcast network’s financial site criticizing a participant in another major network’s financial cable channel and website.
Like … who the hell is Larry Swedroe?
Giving his narrow arguments in his article, Why You Shouldn’t Listen to Jim Cramer – CBS MoneyWatch.com, Mr. Swedroe pointed out some studies by TWO people, college professors, about individual investors that indicated they didn’t do that well. He also had a major gripe about Jim Cramer recommending at a luncheon that people should avoid index and mutual funds.
What I gathered from Mr. Swedroe’s warnings regarding Jim Cramer is that Mr Swedroe thinks individual investors are a dumb lot and are really stupid if they don’t allow people like him to manage their money for them.
Let’s see. Mr Swedroe works for the Buchingham Family of Financial Services, has written several books, and previously worked for Prudential Home Mortgage and CITIBANK … with more than 40 years of experience in “managing financial risks for major corporations and individuals”. It’s sounds like he is and/or has been a direct competitor of Jim Cramer when Cramer was also a “money Manager” as someone mentioned in the comments.
I suppose Mr. Swedroe’s crystal ball is better than everyone else’s.
Like an awful lot of people, I listen to Jim Cramer and watch his show, on the average, several times a week. Sometimes, I agree with him … and, sometimes, I don’t. I think that, like those who generally do well who listen to Cramer, he isn’t my only source of information. Occasionally, I have gotten tips that have made money. I’ve found it’s usually extremely nice to be owning a stock when he recommends it on his show. Selling into the pop that usually occurs after his recommendation can turn a handsome profit. On at least one occasion, I’ve been one of those who bought a stock after hours on his recommendation and turned a very nice profit several days later.
I’ve also been on the receiving end of getting into a stock that he slammed and not being aware of his thumbs down until after my purchase. That was a costly lesson.
Some of the commentators of this article brought up the Jon Stewart episode where Cramer was shriveled into a contrite, castrated and castigated shell of himself on the Daily Show. I felt the pain and humiliation that Cramer was experiencing and couldn’t understand why Cramer didn’t just tell Stewart to “shove it”. Since Jon Stewart is such an egocentric, self-aggrandizing prick, I kept thinking, “Who is he to criticize Jim Cramer?”
Back to Mr. Swedroe …
So, we have a “money manager” working for a “financial services” company, working for a competing network and website, who has worked in the “mortgage industry” (Is this really something you’d want on you’re resume right now?), and who has worked for CITIBANK (another glowing item on his resume??) who is advising the public not to watch Jim Cramer of “Mad Money” on CNBC. Imagine that.
wow. (I left off the capitalization of the “w” on purpose. I’m underwhelmed.)
All I can say is that I’m one of those millions who have been watching Jim Cramer for a good while. Mr. Swedroe hasn’t convinced me with his weak arguments and tangential insults that I am guilty of being a moron for doing so. I learn things from watching Cramer and I am entertained. Jim Cramer isn’t my only source of information. To the contrary, I have found it can be costly at times NOT to watch Jim Cramer.
I’m not an NBC fan but CNBC dispenses a lot of useful information and the information is multifaceted, not monolithic. Frankly, CBS and anything associated with it has been sharply declining in credibility in my opinion since Walter Cronkite stopped doing the evening news.
Mr. Swedroe … go suck an egg.
Filed under: Commentary, Consumer Advocacy, Financial News, News | Tagged: Buckingham Family of Financial Services, CBS, CBS Evening News, Citibank, CNBC, Daily Show, index funds, Jim Cramer, Jon Stewart, Larry Swedroe, Mad Money, money manager, MoneyWatch.com, mutual funds, NBC, Prudential Home Mortgage, Walter Cronkite | 2 Comments »