Pay No Attention to That Crazy Man on TV
Henry Blodget, Slate, 29 January 2007
It would be impossible to write a “Bad Advice” column about investing without discussing Jim Cramer. I have been through several stages of feelings about Cramer. My initial belief was that the former hedge-fund manager, host of CNBC’s hit show Mad Money, and author of several books about speculating was perhaps the worst thing to happen to the financial security of average Americans since the crumbling of the Social Security system. I developed this theory in the early Mad Money days, when Cramer’s stock-picking track record—if on-air shouts, blurts, and Tourette’s-style tics can ever be called a “record,” which, in a serious context, they obviously can’t—remained close enough to market averages that Cramer was not laughed out of town when he suggested with a straight face that he was giving good advice.
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