James J. Cramer (born February 10, 1955) is an American television character, former hedge fund manager and bestselling author. Cramer is the host of CNBC's Mad Money and co-founder of TheStreet, Inc. Early life
Cramer was born in 1955 in Wyndmoor, Pennsylvania (suburb of Philadelphia), to Jewish parents. Cramer's mother, Louise A. Cramer, is an artist. Cramer's father, N. Ken Cramer, owns International Packaging Products in Philadelphia; the company sells wrapping paper, boxes, and bags to retailers and restaurants. In one of his first jobs, he sold ice cream at the Veterans Stadium during the Philadelphia Phillies game. Cramer went to Springfield Township High School in Montgomery County. He lives in Summit, New Jersey.
Video Jim Cramer
Education
In 1977, Cramer graduated magna cum laude from Harvard College with B.A. in government. Cramer began his involvement with journalism in college, where he was President and Chief Editor of Harvard Crimson. In 1984, Cramer received a Doctoral Juris degree from Harvard Law School.
Maps Jim Cramer
Careers
Initial career as reporter
After graduating from Harvard, Cramer worked in some entry-level reporting jobs. Back to March 1, 1978, Cramer worked for Tallahassee Democrat in Tallahassee, Florida, where he covered Ted Bundy's murder. Then the executive editor, Richard Oppel, said, "[Cramer] is like a ram, he's great at getting stories." He then writes for Los Angeles Herald-Examiner . During this time, his apartment was robbed several times, eventually losing all his possessions and forcing him to live from his car for several months. He also worked for Governor Jerry Brown.
Cramer was one of the first reporters at American Lawyer . For years at Harvard Law School, Cramer worked as a research assistant for Alan Dershowitz. He helped Dershowitz's campaign to free suspect killer Claus von BÃÆ'¼low despite the fact that Cramer believes von BÃÆ'¼low "very guilty." Cramer was accepted at New York Bar in 1985 but his legal practice license was suspended on April 2, 2009 for failing to pay the registration fee.
Invest
Cramer began investing in the stock market during his time at law school. Cramer began to promote his ownership by leaving stock picks on his answering machine. This impressed the owner of The New Republic Martin Peretz, who gave him $ 500,000 to invest. In two years, Cramer earned $ 150,000 for Peretz.
Cramer's track records helped him get a job in 1984 as a stockbroker in Goldman Sachs' Personal Resources Management division. Cramer's success in this position led him to find his own hedge fund, Cramer & amp; Co (later Cramer, Berkowitz & Co.), in 1987. Funds operated from the pioneering hedge fund office of Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co and early investors included Eliot Spitzer (Harvard classmate, one of the oldest friends and former resigning New York Governor), Brill, and Peretz.
During the period of Cramer's leadership with funds from 1988 to 2000, he had a year of negative returns in 1998. The following year, the funds returned 47% and in 2000 28%, defeating S & P 500 with 38 percentage points. Cramer retired from hedge funds in 2001, finishing with an average 24% annual return for 14 years and having "routinely [taking home] $ 10 million a year and more." The fund was taken over by his former partner, Jeff Berkowitz, after Cramer's retirement. During that time, he was also a "general editor" for SmartMoney magazine and was accused of unethically combining investment and reporting activities when he bought the stock he recommended before the outgoing article contributed to $ 2 million personal gain. Today, Cramer is banned by CNBC from trading stocks with his personal funds even though he makes choices and sells his recommendations.
In 1996 Cramer founded TheStreet, Inc. [formerly TheStreet.com, Inc.] with Martin New Zealand's The New Republic editor Martin Peretz, one of his original hedge fund clients. Cramer is currently the commentator and market advisor for TheStreet, Inc. and is the second largest shareholder. Cramer also manages trust trust portfolios associated with TheStreet, Inc. via a paid subscription service called Action Alerts PLUS Portfolio. Cramer has a 10 percent stake in TheStreet, its market value of $ 1.7 billion but by 2014, the company listed on the Nasdaq is worth less than $ 80 million.
Cramer claimed $ 50 to $ 100 million in October 2005.
In 2009, Cramer earned $ 461,276 from TheStreet, Inc. In 2010, Cramer was chairman of the board of TheStreet.com, Inc.
Careers with CNBC
The "Mad Money with Jim Cramer" cable television program first aired on CNBC in 2005. According to the CNBC website in an article entitled, "Mad Money Manifesto" by Jim Cramer, Cramer's mission and event statement:
... not to tell you what to think but to teach you how to think about the market like a professional. This event is not about choosing a stock. It's not about giving you tips that will make money overnight - a tip for the waiters. Our mission is education, to teach you how to analyze stocks and markets through the prism of events.
To provide DIY investors and other viewers with the "knowledge and tools that will empower you to become a better investor," Mad Money displays many segments, including: The Lightning Round Game Packages , Execution Decisions , Outside Chart , Sell Blocks , Marshmallow Market < , Anger Today , Mad Bull Disease , I'm Diversified , and Mad Mail .
After being a frequent guest commentator on CNBC in the late 1990s, CNBC's Cramer co-hosted America Now and Kudlow & amp; Cramer with Lawrence Kudlow in the early 2000s.
Cramer hosted a one-hour radio show, Jim Cramer Real Money , until December 2006. "Take the Money and Run" by Steve Miller Band is an intro to each of his radio shows. The show was similar to the Mad Money TV show. He was also guest-hosted in a slot caused by the cancellation of Imus in the Morning (MSNBC and WFAN/Westwood One) in May 2007.
On November 13, 2005, Dan Rather conducted a sit-down interview with Cramer in 60 Minutes . Among the topics of discussion are Cramer's past in his hedge fund; for example, his cruel temperament and what finally made him wake up and "calm down." Cramer's footage in his family's home with his wife and daughter was also included. On November 15, 2005, Cramer mentioned in his program that he received hundreds of e-mails after his 60 Minutes interview. This report was recorded before Cramer's radio show, Smart Money with Jim Cramer moved to WOR and became syndicated under the banner of CBS Radio.
In 2005, Cramer emerged as himself in two episodes of the Arrested Development television series. He appeared for the first time announcing that he had renewed Bluth Company shares to "Do Not Buy" from "Triple Sell," and then said that the stock was not "Do not Buy" anymore, but "Risky."
Cramer juga telah membuat penampilan di NBC Hari Ini , NBC Nightly News , Tinggal dengan Regis dan Kelly , Kursi Murah ESPN Classic , NBC's Late Night with Conan O'Brien , Comedy Central The Daily Show dengan Jon Stewart , The Tonight Show dengan Jay Leno , Late Show dengan David Letterman , ABC Jimmy Kimmel Live! dan NBC's The Apprentice disebut "The Apprentice Selebriti."
Cramer also appeared in the 2008 movie Iron Stark Industries spikes on his show Mad Money, and appeared in the movie Wall Street: Money Never Sleeps . He also claims to have been consulted for the original Wall Street movie by telling the filmmakers how he will qualify for Gordon Gekko.
On March 12, 2009, Jon Stewart interviewed Cramer on The Daily Show and challenged Cramer's recommendation of Bear Stearns.
On 3rd November 2009, Cramer appeared on The Martha Stewart Show to promote his new book Getting Back to Even . Cramer stated that it was the right time to invest in real estate and that he had just bought the DeBary Inn in Summit, New Jersey.
Action Tell charity
In the period 2002 to May 2009, Cramer's charity trust performance "PLUS Action Warning" exceeded S & amp; P 500 and Russell 2000; while charity charities garnered a 31.75% return, S & amp; P 500 has a return of 18.75% and Russell 2000 has a 22.51% return. Annually, confidence outperformed S & amp; P 500 of 7.35% and the Russell 2000 Index of 3.33%. Paul Bolster explains that Cramer beat the market partly because of excessive risk in his choice. "If we adjust to market risk, we produce a basically zero excess return," Bolster says, adding that "zero", in this case, means the return is roughly in line with the risks it faces. Another criticism of Actions Alerts Plus is that it does not compare itself to indices that include reinvestment of dividends (as SEC requires for oriented stock mutual funds). According to Kiplinger's article, "One recent ad [Action Alerts PLUS] includes a chart, under the heading" PLUS Action Warning is DESTROY S & amp; P 500, "indicating that the take-back of about 39% from the start of the portfolio until March 31, compared with 15.5% for S & P 500 for the nine-year period, the same three months, but the S & P figures are not included dividends reinvested, with them, the S & P 500 returning 38.3%. "
A study conducted by Wharton researchers Jonathan Hartley and Matthew Olson found that in the period August 2001 to March 2016 Cramer's charitable trusts outperformed the S & P 500 primarily as a result of the lack of market exploitation in the years following the 2008 financial crisis. As of March 31, 2016, Cramer's credentials from the beginning had a cumulative return of 64.5% where S & P 500 minus a 70% return dividend over the same time frame. Wharton's finance professor Robert Stambaugh said he did not think the findings showed poor performance or poor performance when adjusting for various factors, but stated "It is a commendable effort to dig deeper into the underlying style of Cramer's share taking."
CNBC does not allow Cramer to buy or sell any security that he spoke on CNBC for credentials for five days after the broadcast. Every time Cramer acts in his portfolio or important news about his shares takes place, he sends an e-mail to his paid subscribers at TheStreet, Inc. Whenever he mentions the stock he keeps in his portfolio, he must disclose that he owns the company's shares on his CNBC show.
Selected controversy
Fox News Channel Charges
In 2000 Cramer completed a lawsuit with Fox News Channel in which Fox claimed Cramer reneged on a deal to produce a show for them. Their conflict began when Fox complained that Cramer was promoting the stock of TheStreet, Inc. in the air.
Market manipulation
In March 2007, an interview in December 2006 of Wall Street Confidential's TheStreet, Inc. webcast caused a controversy after it appeared on YouTube.com. In the video, Cramer describes the activities used by hedge fund managers to manipulate stock prices - some of the legality is debatable and others are illegal. He described how he could push stocks higher or lower with a minimum capital of $ 5 million when he runs his hedge fund. Cramer said, "Often when I lack my hedge fund... When I'm positioned short - meaning I need it - I'll create a level of previous activity that can drive the future." He also encourages hedge funds to engage in this kind of activity as this is "a very quick way to make money."
Cramer stated that everything he does is legal, but illegal activities are also common in the hedge fund industry. He also stated that some hedge fund managers are spreading false rumors to push stocks down: "What is important when you are in hedge-fund mode is to not do something far from the truth because the truth is so contrary to your view that it is important to create new truths, to develop fiction. "Cramer described the various tactics that hedge fund managers use to influence stock prices. Cramer said that one strategy to keep stock prices down was to spread false rumors to journalists whom he described as "the Pisanis of the world." The comments refer to CNBC correspondent Bob Pisani, who reports from the floor of the New York Stock Exchange. "You have to use these people," Cramer said. He also discussed giving information to "clown reporters from The Wall Street Journal " to get published articles. Cramer says this practice, though illegal, is easy to do "because the SEC does not understand it." During the interview, Cramer called himself a "banking class hero."
SEC subpoena
In February 2006, an investigation by the US Securities and Exchange Commission (SEC) against alleged collusion between short-sellers and a stock research company led to a court award for TheStreet, Inc. and Cramer, as well as journalists for Dow Jones. and Marketwatch.com. The SEC then began to retreat from subpoenas, indicating that it had no intention of enforcing them after lawyers for the Dow Jones said they would not comply. SEC Chairman Christopher Cox reprimands the SEC's staff lawyer for filing a court summons on two Dow Jones journalists without first consulting with him or any other lead commissioner. Cox issued a statement saying that he and one of the four other commissioners of the SEC knew of a subpoena, which he called "very unusual."
The allegations have been filed publicly and in a lawsuit against Gradien by Overstock.com chief executive Patrick M. Byrne. In May 2007, it was revealed that the SEC had summoned Byrne in May 2006, in connection with an investigation of the company.
Market performance
Cramer is the founder, former owner, and former Senior Partner of Cramer Berkowitz, a hedge fund in which Cramer reported an annual return rate of 24% after all costs for 15 years at Cramer Berkowitz. He retired from a hedge fund in 2001, where he finished with self-reported earnings of 36% in 2001. (However, this return can not be independently verified, since hedge funds do not have ticker symbols and are not controlled by the SEC. an independent client, who will invest from day one.)
On Aug. 3, Cramer filed a plea to Federal Reserve Chairman Ben Bernanke to cut interest rates allegedly due to comments he obtained from investment banks, and their concerns about interest rate mortgage borrowers that adjusted interest rates.
On July 8, 2008, in an article at TheStreet.com titled, "Look At The Facts," Cramer said, "Losses have risen, preferably auctioned bits now, burst-a-meter mortgages now measure how many home builders are below. "
On "Hardball with Chris Matthews" for September 19, 2008, Cramer stated "It's not too late to be on the pom-pom... interlude" in terms of home teaser loans. Cramer spoke again at the Today Show on October 6, 2008, advising investors, "Whatever money you need for the next five years, please take it out of the stock market."
On September 22, 2008, Wall Street Journal bestselling author Eric Tyson criticized Cramer's stock and his general appearance.
An August 20, 2007 article in Barrons states that in the chosen timeframe of two years earlier, "the choice has not beaten the market.For the past two years, Cramer's share holders will have gained 12% while the Dow 22% and S & amp; P 500 16%. "CNBC questioned the magazine's findings. In February 9, 2009, the story, Barrons further reported that betting on the recommendation of Buy Cramer using the option in the short term could produce 25% in the first month.
Cramer's response to criticism
White House
On March 2, 2009, Cramer drew the attention of several critics after evaluating President Obama's spending plans and handling the banking crisis administration. Cramer's name came on March 3, 2009, during the White House press briefing after Cramer said that Obama was responsible for "the greatest destruction of wealth I've ever seen by a president". An offended White House government responded, with Press Secretary Robert Gibbs stating, "If you are turning on a specific program, it is aimed at a very small audience." I'm not entirely sure what he's shown to make some statements. When further suppressed by Tom Costello of NBC, Gibbs said, "You can go back and look at some of the statements he made in the past about the economy and wonder where some reserves are for that too."
On March 5, 2009, Cramer responded to the White House. He said, "Huh? Reserve? See the extraordinary decline in the stock market, across all indexes, since the presidential inauguration, with the accelerating decline when the budget plan unfolds due to the great fear and indecision of sowing documents: Increase taxes on what night could be the second Great Depression , destroying profits in health care companies, tinkering with mortgage reductions as the depreciation of US home prices lags behind many of the world's morasses and of course the devastation that affects our banks, and encourages aggressive caps and trade programs that can raise energy prices for millions of people. "
Cramer questioned the criticism he received that he described as making it "uncomfortable to be in the crosshairs of the columnists and comedians I enjoy." Cramer asked, "So why, after working hard in the wilderness for four years with Crazy Money I target the Obama clan's wrath, and dearly, albeit for a moment, from Obama-critics? After all, my critics about Obama's handling of the economic crisis far less than my weakening in August 2007 'They Do not Know' melted against Ben Bernanke and the previous government's handling of the economic crisis. "
Frank Rich
Referring to March 8, 2009, accusations addressed to Cramer by columnist Frank Rich, the New York Times columnist said he did not understand how Obama and his staff plan to raise taxes, set cap-and-trade restrictions and rework the health care system during the recession. The article says: "Instead of Cramer disagreeing with Obama's vision for the country - he even agreed to tax the rich - but now is not the time to implement the plan.The president must solve housing, employment and financial problems, and then turn his attention to care health and change the mortgage reduction. "
Bear Stearns Recommendations
On March 11, 2008, the episode of Cramer Mad Money's show, a performer named Peter asked the question "Should I worry about Bear Stearns in terms of liquidity and get my money out of there?" Cramer replied "No, no, no! Stearns bears are not in trouble, if any, they're more likely to take over, do not move your money from Bear." On March 14, 2008, Bear Stearns shares fell 92% on news of a Fed bailout and a $ 2/share takeover by JPMorgan. On March 17, 2008, Cramer claimed his remarks were made in connection with the liquidity of Bear Stearns brokerage accounts as opposed to the common stock of Bear Stearns. Cramer stated he does not recommend common shares but eliminates concerns about the account holders' liquidity deposited in Bear Stearns brokerage accounts. Cramer later wrote about the incident: "I did tell an email sender that the deposit in his account at Bear Stearns is safe, but through intelligent sound bites, (Jon) Stewart, and then (Frank) Rich - no one cares to listen to the context pulled quote - get rid of the idea of ​​account security as a buy-in and buy-in recommendation It strikes me when you call Mad Money and ask me about Citigroup I'll tell you that Common stock may be worthless, but I'll never tell You to pull your money out of the bank because I'm worried about its solvency Your money is safe in Citi as I told you in Bear The fact that I am right in drawing me even more. "
Michael Lewis, a UK-based journalist for Evening Standard, stated that TheStreet.com listed Bear Stearns as "Buy" for $ 62 per share on March 11, 2008, which is the same day as caller questions and the day before the fall of Bear Stearns. However, TheStreet.com - a website quote that shows a history of ratings for the actual changes Cramer made - shows that Cramer changed the ratings of Bear Stearns to "Sell" on February 5, 2008. On March 12, 2009 at The Daily Show , Cramer admitted he made a mistake on his Bear Stearns call.
Jon Stewart
On 12 March 2009, Cramer appeared on The Daily Show with Jon Stewart . Stewart reiterated his previous claim of "stupid and/or embarrassing and stupid financial observations." In addition, he claims CNBC neglects his journalistic duties by believing in corporate lies, rather than as a "very powerful illumination tool" investigation. For his part, Cramer disagrees with Stewart on some points, but admits that he can do a better job of predicting an economic collapse: "We should all have seen it more often."
Stewart also discusses how short selling is detrimental to markets and investors. Cramer acknowledged to Stewart that short-selling was detrimental, stated his opposition, and claimed that he had never been involved in it, as opposed to a previous statement in which he explained it would be short of time while managing hedge funds. In an interview in December 2006 from TheStreet.com "Wall Street Confidential" webcast Cramer said, "Often when I lack my hedge fund... When I am positioned short - it means I need it - I will create a level of previous activity that can encourage the future. "He said," I'll say this: I'm trying to expose these things, exactly what you do, and I've tried to get the regulator to see it. " However, Stewart played several video clips from 2006 in which Cramer discusses the spread of fake rumors to lower stock prices and drive short sales by hedge funds as a means to generate profits. At one point in a clip of December 22, 2006, he said, "I would encourage anyone in a hedge fund to do it." He called it a very quick way to make money and was very satisfying. He continued, "Anyway, no one else in the world will admit it, but I do not care, and again, I will not say it on TV." Stewart replied, "I want Jim Cramer on CNBC to protect me from Jim Cramer." Cramer again admits that he can do better, and that he should try to change. The interview ended when Stewart pointed out sharply: "Maybe we can remove the 'finance expert' and 'In Cramer We Trust' and start back on the basics of reporting, too, and I can again make fart and funny faces." Cramer replied: "I think we made the deal here".
Response to an expert
"Experts," Cramer explained on March 9, 2009, in MainStreet article, "who has not noticed anything I have said or written over the past 18 months is all of me." Cramer said experts "will not be involved in the benefits of, say, supporting Tier 1 capital for banks vs. general equity, or holding back at the bank to cope with the situation from time to time because banks can be profitable if we have some patience. "Cramer suggested," It's time to be serious, it's time to take the issues of the experts and from the left and the right, and put them in place: serious non-ideological debate to extinguish a real fire storm, economic collapse from Wall Street to Main Street and Destruction of the Next Great Wealth for all. "
Federal Reserve Open Market Committee
Cramer appeared on CNBC on August 3, 2007 and told the Fed Committee, "They're crazy, they do not know anything.This is a rather different market, and the Fed is asleep." When the transcript of the Federal Reserve Open Market Committee meeting August 7, 2007 was later released on August 28, 2007, it shows that Cramer's comments invite laughter from the participants during comments from Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta. "I believe that the correct policy posture is to let the market work through changes in risk appetite and current prices, but market observations from one of my harder peers - and that's not Jim Cramer [laughs] - is worth sharing." the economy continues in the following months - a period to be known as the Great Recession - and the subsequent rebound in the stock market has left Cramer seemingly justified.
Personal life
On April 18, 2015, Cramer married Lisa Detwiler in Brooklyn, New York. He is a real estate broker. Cramer had two children from his first marriage.
Bibliography
- Jim Cramer's Getting Back to Even ISBN: 978-1-4391-5801-2 Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids More Rich) ISBN: 978-1-4165-5885-9
- Crazy Money Jim Cramer: Watch TV, Rich ISBNÃ, 1-4165-3790-2
- Jim Cramer Real Money: Sane Investing in a Crazy World ISBNÃ, 0-7432-2489-2
- Confessions of a Addict Street ISBNÃ, 0-7432-2487-6
- You are being deceived! Why Wall Street Is Raped and How You Can Get Well ISBNÃ, 0-7432-4690-X
- Jim Cramer Gets Rich Beware ISBNÃ, 978-0399168185
Note
References
- Kurtz, Howard (September 2000). The Fortune Tellers: Money, Media and Manipulation Game on Wall Street . New York: Simon & amp; Schuster. ISBN 0-684-86879-2.
External links
Biography
- Jim Cramer biography on CNBC.com
- Jim Cramer's biography on TheStreet.com
- PLUS Action Warning at TheStreet.com
Other sources
- The social networking site of Stockpickr market.
- Article written by Jim Cramer on MainStreet.com
- In Money, go, Balance , an article about Cramer and other legal alumni, from online Harvard Law Bulletin
- Jim Cramer on IMDb
- Betting on the Market - PBS Frontline Interview with Jim Cramer
- Jim Cramer's selection in Seeking Alpha
- Go to the Moon
- Maxim: Ask Jim Cramer, Maxim's interview with Cramer, and Top 2 China Shares Now
- The 100 Most Powerful People of the Year 2009 - Jim Cramer
- Jim Cramer in Iraqi Dinar - at DinarProfits.com
Source of the article : Wikipedia
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