'Mad Money’ program giving bad financial advice
Boo yah, Jim Cramer, Mr. Mad Money. Are you mad?
You recently told everyone to take their money out of the market. People literally took your advice. You have ruined the portfolios of many people in the Triad. Did you ask them what their financial goals were, when they would need this money, whether it was properly diversified into cash, bonds, stocks, mutual funds, international assets? How about the importance of asset allocation? No.
No doubt there will be sharp increases in stocks in the near future. If you’re out of the market, you will miss those gains forever. Jim Cramer advised you to sell low after the drop.
Investing is not buying when it feels good and selling when you feel scared. It’s a lifelong, disciplined plan.
As a financial adviser, I take my profession more seriously than you do, Mr. Cramer. It’s not just entertainment on CNBC but real people, real lives, real goals and real money. I caught your “Mad Money” show again recently; there you were again saying, “Buy, buy, buy.” Hershey stock was your new pick of the day. I thought the advice was, “Sell, sell, sell.”
Boo, boo, boo!
Mike Stipanov
Greensboro
Comments (4)
To report abuse of the comment feature on this site, please use the feedback form at the bottom of any page.
Jim Cramer is a jerk. He also said buy the tanking GE stock. GE is Cramer boss, they own his station. Sounds to me anyone that used his advice, should have a class action suit!
Posted on November 3, 2008 6:31 AM
My understanding is that Cramer advised taking money out of equities that might be needed in the next few years, e.g. next month's mortgage payment, your high schooler's college fund, the cash you've saved up for a down payment on a house. Seems like reasonable advice, and that's a bit different than telling folks to flee the financial markets completely.
Posted on November 3, 2008 9:13 AM
Mike: get your own show and you can distribute your own misinformation.....encouraging investment involving a monopolized, debt based currency is criminal.
Posted on November 3, 2008 10:47 AM
I remember quite a few years back, after the AOL stock had fallen from somewhere in the $100's to under $30 or $40, I saw the loudmouth on one of the financial shows, and he was insisting the stock was going to $70.
How could I resist? The rest was, as they say, history! Is he occasionally right. So is, as the saying goes, a broken clock!
Posted on November 3, 2008 11:19 AM