Thursday, July 10, 2008
I don't think being wrong is so bad, because everyone is wrong sometimes. But when you try to rewrite the past, and make it seem like you were right all along while changing your opinion, that's just wrong, and people should be held accountable. With the benefit of YouTube, Cramer has been busted here. On June 13th after a small rally, he promotes the financials and tech, and says stay away from oil (June 13, 2008), after the Dow subsequently drops 500 points, on June 20, 2008, he says you are an idiot for owning financials and tech, and not owning oil. The guy who put this together nails Cramer for inconsistency pretty well.
I think Cramer is a smart guy (see here), but clearly he has sold his soul, and his signal-to-noise ratio --> 0. People ask questions on his nightly show on virtually any stock and he seems to have memorized the basics for about 2000 companies, which is very impressive. But intelligence without wisdom is ultimately like a 'good' trivia book, and I think Cramer is like a trivia book, interesting with no depth.