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Cramer Defends His Citi Call, Says He "Has No Idea Really How Citi Is Doing"
Did You Make Money? Then It Was a Good Deal
By Jim Cramer
RealMoney Columnist
12/18/2009 9:30 AM EST
http://www.thestreet.com/p/rmoney/jimcramerblog/10649290.html
The Citigroup (C) deal was a good deal. It just wasn't good for the bank.
I was adamant the other day -- some would say rabid -- that you be in on the deal. I specifically did not want you to buy it ahead of the deal, although I am now being ridiculed -- thanks Huffington Post! -- for suggesting that I wanted you in at $3.70.
Look, I have no idea really how Citigroup is doing. That's because they don't know how it is doing. That's the biggest flaw of the joint, of course. But what does matter is that I think that worldwide GDP growth is going to be stronger than people think, and that will cure a lot of the errors of all banks, including Citigroup.
Sometimes, as I say in Getting Back to Even, bad merchandise turns into good merchandise at a price. The idea that so much supply could knock down Citigroup to where the stock traded is of ZERO interest to me. The dilution? It is manageable.
The main thing is the stupidity of the critics who keep calling it a bad deal. A bad deal is one that breaks print, not one that goes up after.
Make judgments only about whether you make or lose money. That's what you can try to control.
The rest is dross ginned up by people who need something to write or talk about.
At the time of publication, Cramer had no positions in the stocks mentioned.
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You home gamers need to do your homework!
take my show away!
From 2000. For the full text, go here:
http://www.thestreet.com/funds/smarter/891820.htm
Editor's Note: James J. Cramer is the keynote speaker at the 6th Annual Internet and Electronic Commerce Conference and Exposition, held today at the Jacob Javits Center in New York City. We're running the full text of that speech here.
You want winners? You want me to put my Cramer Berkowitz hedge fund hat on and just discuss what my fund is buying today to try to make money tomorrow and the next day and the next? You want my top 10 stocks for who is going to make it in the New World? You know what? I am going to give them to you. Right here. Right now.
OK. Here goes. Write them down -- no handouts here!: 724 Solutions (SVNX Quote), Ariba (ARBA Quote), Digital Island (ISLD Quote), Exodus (EXDS Quote), InfoSpace.com (INSP Quote), Inktomi (INKT Quote), Mercury Interactive (MERQ Quote), Sonera (SNRA Quote), VeriSign (VRSN Quote) and Veritas Software (VRTS Quote).
We are buying some of every one of these this morning as I give this speech. We buy them every day, particularly if they are down, which, no surprise given what they do, is very rare. And we will keep doing so until this period is over -- and it is very far from ending. Heck, people are just learning these stories on Wall Street, and the more they come to learn, the more they love and own! Most of these companies don't even have earnings per share, so we won't have to be constrained by that methodology for quarters to come.
His rationale was classic. "It's 3 and a half bucks, and I know you like that
!!"
Gotta love advanced fundamental analysis.
At least he admitted one thing, he HAS NO IDEA...which is the basis of most of his calls.
"At the time of publication, Cramer had no positions in the stocks mentioned."
It also looks like he's not sampling what he's cooking. Very interesting. I suspect some of his bad calls come from the fact that he has a daily show and he needs to introduce variety into his calls.
People who "love" him love his ferocity and emotion. They assume since he "feels" so strongly about what he's saying, he's someone they should follow. Most people don't know that manic-depressives act this way.
He also feels strongly about his favorite ice cream. Does that mean I should buy that as well? What flavor do you recommend Cramer?
If I can speak for Cramer, "Tutti Fruity."
Rocky road....
Blue moon...
Does his disclaimer on TheStreet include his charitable holdings?
If So, Why the heck WOULDN'T he buy some if he likes it that much, Eh?
No matter what Cramer said, I'm just glad that my taxpayer preferred shares were converted to common then diluted by a new public offering
Tree Fiddy strikes again.
http://www.youtube.com/watch?v=Q8iHPC-dGKY
"In on the deal, but not ahead of the deal, but I have no idea really how CITI is doing, and no open positions."
That about sums it up.
How does Cramer get rewarded for touting this crap? Are his med prescriptions comped? Besides the humiliation, what's in it for Cramer?
a juicy rumor:
Overheard that PIMCO underwrote some CDS contracts and got a bit burned. (some people were let go) And while they are still playing in well calculated poker, the rest of the pack (majority) are outright gambling.
Just imagine getting caught on the other side of interest swaps when the rates suddenly spike. (and once our economy does pick up , eventually -- -- duck & cover.)
At the time of publication, Cramer had no positions in the stocks mentioned.
Nuff said.
interesting analysis.
so if it is a bad deal for the bank, who is it a good deal for?
the only reason it didn't break print is because the underwriters stood in their @ $3.25 and swallowed more than paris hilton has in her lifetime (so a metric ass ton).
interesting he doesn't mention the giant overhang, being the governments stock.
stock will probably trade up today on S&P re-balance.
seriously, if one expects stronger than than consesus GDP prints, isn't there about a million other ways in which one could play that scenario (that are less risky and provide greater upside)?
Say what you will, so far the guy is right. If you bought at $3.15, you are in the money as the stock is currently trading at $3.26. I wouldn't want to hold it over the weekend though.
"swallowed more than paris hilton has in her lifetime"
You sold me on this line, absolutely brilliant! Coming from a chick too.....
+1 too funny
and none of it food
Good point. Except that Paris doesn't swallow.
Yeah, if I remember correctly she's a bit of a puritan.
She rolls with the schoolmarmish "Let me know when, and then you can douse my neck and breasts with your ejaculate."
so eloquently put that i lold pretty hard
seriously, if one expects stronger than than consesus GDP prints, isn't there about a million other ways in which one could play that scenario (that are less risky and provide greater upside)?
Lizzy - You have me in stitches. The reason Cramer made this selection is the same reason Paris makes hers. They were both a long way from the door and are the subject of broad publicity. Perhaps there is far more in common between Paris & Cramer if we just look a little closer. In this I agree fully with your closing observation and suspect that most of those who rely upon Cramer's investing advice ultimately realize that it is Paris who has been choosing their dates.
Rep. Peter DeFazio’s phone rang. On the other end was Rahm Emanuel.
The White House chief of staff last month expressed frustration with DeFazio’s resignation calls for President Barack Obama’s top two economic aides — Treasury Secretary Tim Geithner and White House chief economist Larry Summers — and appealed for cooperation, according to DeFazio.
http://thehill.com/homenews/house/72889-pelosi-rahm-do-not-scare-rep-def...
DeFazio is a good man
Glad to have him as a represenative =)
And Merkly, they both give the Bankers the shaft.
Cramer's show on CNBC is definitive of CNBC's problem. Hype and Noise replacing Thought and Analysis. What a CrapShow indeed!
This obsession you have with Cramer is getting old. How about we switch to some other irrelevant topic for a day? Please?
That link goes to his sign up page for subscription. He should be paying us!
Yet more bread n' butter stuff for the daily show to run with......
These douchebags like Cramer, it's not their money, so who cares?
On the otherhand, Paulson and Associates(not Henry) are long Citi for a reason. What's the reason? TBTF banks are just a profit machine now. They have a revenue filter which allows profits to flow through and losses to divert into the US taxpayer Hoover Dam. Why WOULDN'T you not recommend garbage like Citi when you know full well that even if a 5 year old was running the place it would make profits and no losses?
In the meantime, I'm still waiting for my Goldman Sachs ATM card...
So if I act like a wildman and shill for stocks I openly have no idea about I too can have a show on CNBC? Well hell, where do I sign up? I even have a full head of hair that should put me ahead of Cramer.
Yes ... but you have to constantly repeat the follow-
ing mantras as loudly as possible:
"Bears are Pessimists" ....
"I am an Optimist" ....
"I Believe in the American People"...
"Bernanke and Geithner saved us from Armageddon"...
"Robert Rubin is a genius"...
"Larry Summers is a genius"...
"Hank Paulson is a nice, honest guy, whose priority
is the well-being of the American People"...
"Dick Cheney is not a war mongering financial
terrorist (and neither is his sock-puppet Dubya)"...
"Barack Obama is not bought"...
"Most of those in Congress are not corrupt"...
"Wall Street and D.C. are not in bed together"...
"Mistakes were made, and nobody could have seen it
coming"...
"The Recession is Over"...
"The worst is behind us"...
"The U.S. has the best and most productive workers
the world has ever known"...
"We care and are mindful of preserving the strength
of the dollar"...
In other words ...
display your willingness
to cut deals with the Devil,
and sell him your soul, and then you get Gov't
backing to take the biggest possible risks with OPM ...
and then (inevitably, even after you've stolen
millions and billions of dollars) you are permitted
to come back whining to Fed and Treasury that you Must
Have a BBBBBailout (if they'll also help you pretend
to be solvent).
If you can follow those simple steps, your Wealth
is Guaranteeeeeeeeeeeeeeeeeeeed!!!!
A lotta time spent writing those quotes.. damn
and well worth it too. fitting reminders...for these financial times.
................
in the office of new BAC CEO Brian Moynihan
Moynihan : yes , this is Brian
caller : hello Brian , its Vikram Pandit ....... i just wanted to call to say con------
Moynihan : who the hell are you , Pandit ..... i didn't order Indian food today .
Pandit : huh ? Brian ... this is Vikram Pandit ..... CEO of Citibank
Moynihan : yeah right ..... and i'm the mayor of Dublin Ireland too .......
Pandit : hey asshole , i was calling to congratulate you on your new job but .... < Moynihan puts hand over phone >
( Moynihan calling to his assistant " hey , who is CEO of Citi ? ..... what ?? it really is an indian dude? .... oh crap )
Moynihan : Pandit .... Pandit ... my apologies ......... i had you mixed up with somebody else ...........
Pandit : lemme get this straight ...... BAC just appointed a guy to run biggest bank in USA who has no clue who his competing CEO are ?
Moynihan : easy Vikram ....... i ran consumer banking here ... and with CEO's at banks like revolving doors of late , rather hard to keep track , ya know ......... besides , you sound a bit like Ramesh down at the Tandoori Kitchen and ..... hey , would you like to grab some lunch there one day ?
Pandit : Thanx but i'll take a rain check until you catch up on what major bank CEO should know before offered the job .....
Moynihan : easy Pandit ........ with your lump of turd secondary yesterday swirling in the toilet just over $3 , i wouldn't start lectureing me .
Pandit : uh ... Brian .... speaking of lump of turd secondaries ? at least mine is still above secondary price .... or did you even know you guys sold a trillion shares recently at $15 ....
Moynihan : hey my turbaned one ........ at least i'm gonna get a monster bonus next year and won't have to take Geithner's call like he's my wife .............. and when your stock is down to 25 cents and you need a loan ? go call Dimon pal ......... he'll pick the coins off your eyes in the grave
Pandit : F*** off , buddy ....... with the government behind us , we're bullet proof ......... when CMBS start imploding and your zillion dollar jumbo home loans start doing implosions and Geithner calls to ask what i think , i'll tell him to pull the handle and let the bowl empty with you in it !
...... and so another day in the never ending saga " As The Banks Burn " comes to an end
Smells Fargo on line 2
There are 4 shares of Citi for each person on the planet.
Citi stock is indeed a case study in how to apply the concept of scarcity for success and profit.
0.o
Jim Cramer has been setting himself up for a huge fall for the last 6 months (some would argue forever). His comment "I have no idea really how Citigroup is doing", I think says a lot about Jims approach to investing. He probably doesn't know anything about any of the companies he touts, other than what Govt. Sachs may be saying.
Jim is a promoter and that's it (and a good one). He will have a lot of explaining to do when the house of cards begin to fall again.
Jim better start reading up on topics such as deflation, inflation, money supply, dollar valuation, trade balances, credit and especially debt and what impact these forces can (and will) have on the stock market, as his viewers will inevitably start asking why he didn't ever mention these. But he probably "has no idea how the real economy is doing in the United States".
nah, read the disclosure they run before the show
Did You Make Money? Then It Was a Good Deal
By Jim Cramer
RealMoney Columnist
12/18/2009 9:30 AM EST
http://www.thestreet.com/p/rmoney/jimcramerblog/10649290.html
The Citigroup (C) deal was a good deal. It just wasn't good for the bank.
I was adamant the other day -- some would say rabid -- that you be in on the deal. I specifically did not want you to buy it ahead of the deal, although I am now being ridiculed -- thanks Huffington Post! -- for suggesting that I wanted you in at $3.70. "
_____________
Actually, Jim, you wanted us in at 4. I guess you forgot about this:
From Seeking Alpha:
Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday August 6, 2009.
Citigroup (C)
Why would investors want to buy stock of a bank that represents national economic woes, and of which 34% is owned by taxpayers? Cramer thinks Citigroup is not just a buy for the individual investor, but is a buy for America. However, the reasons go beyond patriotism and may involve huge profits. Cramer gave 5 reasons to buy this underdog bank:
1. It is cheap. Very cheap. While some argue that it is not possible to figure out how much Citigroup is actually worth, Cramer thinks the book value is about $4 per share and thinks the stock should sell at 1.5 book value for a $6 price target*.
* Now, he claims he doesn't know how Citiigroup is doing.
2. On September 10, the government can sell its 34% stake in Citigroup. The government has already made $5 billion on its position, and could have a $20 billion windfall from the sale.
3. Citigroup is the dominant bank in 108 countries. In spite of its domestic woes, Citigroup is still the leader in emerging markets.
4.Citigroup is spinning off bad loans by dividing itself into Citigroup proper and Citigroup Holdings. This leaves the main bank with three profitable businesses; retail banking, global services and investment banking.
5. Solid management. Cramer says the government would be crazy to replace CEOs Vikram Pandit and Ned Kelly.
Cramer called Citigroup "the ultimate call on economic growth worldwide."
Will JC commit Hari Kiri live on the air for ratings?
GE dumped NBC.
BAC broke.
Can C, GE, HBC and WFC be far behind?
There are no financial earnings anywhere folks if balance
sheets are reconciled and bad loans foreclosed
or marked to market...
What an absolute idiot this guy is. If it wasn't for his wife's money, Cramer would still be living out of the back of his car. No wonder Berkowitz distanced himself from this "moronic mouthpiece." Clearly his Citi call was caused from his lapse in taking his bi-polar medicine.
Cramer states: Look, I have no idea really how Citigroup is doing.
Then keep your mouth shut...
everyone who bought the secondary is up right now. the government is at break even
once again, you got 10 comments here whereas 7 months ago you had 100
there's a reason..you spin everything negative when in fact one of the largest equity offers ever is still in the money
cramer 1- ZH -0
The double secret insolvency premium is priced in!
Broker on the phone he got some monkeys for sale.
Can't return your call they haulin him to jail.
Hi, Cliff Mason.
Are you sure about that?
In the tape, he says to buy after hours, tomorrow, any day but the day of the offering. Closing price on C at the time was $3.69.
You're stoned again Lebowski. On the tape he says NOT to buy after hours or the next day, that if you buy anytime other than on the secondary "you're an idiot."
This thread is clearly talking about his calls to buy Citi at almost $4, which he made last week. Regardless of whether buying the secondary would make you a quick buck, that's not what Cramer said, and it's totally irrelevant to this conversation. The historical record strongly supports the position that Jim Cramer has no business making stock recommendations, and your little ad populum does nothing to refute that.
I know nothing about anything, so here are my recommendations: gold, GM, anything in health care, Walmart, oh gosh, maybe some railroads or something. There are probably some cheap ones out there, and I know you'll like that.
Look everyone, with Cramer, what you see is what you get. We know he's an idiot, but an entertaining one. At least he's not a scumbag investment bank that pretends that its research on a conviction buy is some legit research done for the benefit of its investing clients. Aren't they the ones that are more dishonest and dangerous?
I'm with you, if there's malevolence in the room, I prefer it be dressed in a clown mask and easily identifiable.
Entertaining? I couldn't even get through a third of that video above before I had to shut it off.
Obnoxious and grating is not entertaining.
If CNBC had a soul, they'd have something akin in format and decorum to "Wall Street Week with Louis Rukheyser" only on a nightly basis. Not that those panelists didn't have an agenda of their own and the audience they were targeting were more "casual" towards investing than me but, at least it was something I could manage to sit through.
yawn... no booyyah for ya
this one gets a double BOO-YAH!
Ummm, "I have no clue"
He shoulda just stopped there.
Cramer needs to be put in jail.
Lock his ass up!
Or better yet, when TSHTF, find em
Wasn't he long this thing in the charitable trust in the 40s and 50s, way back when?
Anybody know when he sold it?
Is it true or just a rumor that this fraud real name is Cosmos and he changed the spelling of his last name?
"Lotto tickets are only a buck and I know you like that price...besides, somebodys bound to win..."
Cramer is "dross."
The SEC should fine this guy before the mob whack him!
Here it is ....
Freedom of the press is very important....
However....when one abuses it....THIS is also
very important....
...............................
Cramer walks a fine line between HUCKSTERISM
and information....and while one knows about
the "spirit of the marketplace"....This should
be accomplished by offering current factual
information....wiki style....and let people who receive the
information....use it as they see fit....
People want factual information.....not some showman trying
to sell media....
Stop watching or posting anything about Cramer or anyone else on CNBC (or anyother network) -- stick with factual stuff -- not fretting over who had what opinion on whatever -- who cares? You just give them more credence as you elevate their importance every time you mention them.
I understand this might wipe out 50% of the posts on this site.
If management doesn't know how their company is doing, I can assure it is almost certainly not doing well.
"Individual decisions can be badly thought through, and yet be successful, or exceedingly well thought through, but be unsuccessful, because the recognized possibility of failure in fact occurs. But over time, more thoughtful decision-making will lead to better overall results, and more thoughtful decision-making can be encouraged by evaluating decisions on how well they were made rather than outcome." - Robert Rubin, Harvard Commencement Address, 2001.
Words of wisdom, something Cramer should re-read until it sinks in. As an aside, the ultimate irony here is that Rubin hails from Citigroup.
Why not just change the channel? Life's too short to waste on twits.
Why not just change the channel? Life's too short to waste on twits.
Why not just change the channel? Life's too short to waste on twits.
Why not just change the channel? Life's too short to waste on twits.
Why not just change the channel? Life's too short to waste on twits.
or twitchy trigger fingers...
Cramer may be a funny clown and exceptionally light-hearted economic entertainment for the pop culture, but in this case--probably wired in to the financial elite’s plan to hype Citi shares for a quick return on insider government information--he’s a pretty dangerous individual. Non investor types, who probably make up most of Cramer’s audience, would come away from the show with his drum-beat message: Buy, Buy, Buy, Citi! (Re-listen to the intro!)
The Huffington Post, in an update, says, Jim Cramer wrote in and said that he intended his recommendation to only apply to Citigroup's secondary stock offering price, which was $3.15. CNBC.com's accompanying piece, however, and many of Cramer's other comments in the video suggest that Citi's main stock price of $3.70 was still quite low.
The rant was so over the top--even suggested early on by Cramer to be an exception to his usual presentation--that very few viewers would have caught what he now tries to use as an escape hatch. In other words you’d have to listen to his entire program to get that fine point (if it was there), in this Barnum & Bailey barker rant.
Cramer:" We're looking for doorbusters and you're getting a doorbuster! You're getting a discount and getting it big time and getting a huge piece of marked-down Citigroup merchandise."
Ninety-five percent of the people who tuned into that rant believed that Cramer was demanding that you buy Citigroup. And those same 95 percent missed that alleged narrow window price suggestion.
As HP put it, it seems unclear whether or not Cramer is recommending the stock's secondary offering price ($3.15) or just telling viewers to go out out and buy the stock.
Continues HP:” Here's the accompanying (Cramer video) piece from CNBC.com:
The share price is just $3.70, a near lottery-ticket price with somewhat similar potential. While the dollar amount doesn't matter, Cramer does bless this as a single-digit speculation play, the kind that investors seem to love so much.
“How's that investment doing so far? Citi's stock stood at $3.20 early Thursday night -- just about a 14 percent loss in three days if you had bought Citi shares outside of the secondary offering price, as Zero Hedge pointed out.”
http://www.huffingtonpost.com/2009/12/17/jim-cramers-insanely-pass_n_396389.html
In the old days, Cramer was part of the Goldman/Bernanke Dog and Pony Show. It’s clear nothing has changed--Bernanke is still the wild pony, Cramer the raging dog and Goldman owns the big tent.
Jim Cramer.
Cocaine is a hell of a drug.
-MobBarley
So a blog posting a copy/paste transcript of a vapid tv host is... Useless?
Thanks for the double-dumbing-down.
One has to ask themselves.
"Why is this self proclaimed "Brilliant" former Hedge Fund manager on TV selling books and television as opposed to doing what he claims to do so well which is running a hedge fund?
Answer:
The goal was to have someone like Cramer become popular and have mom and pop unknowingly Invite the "vampire" into their homes. Jim Cramer was a large catalyst for the bubble. If you look at the Dow and volume after his show debuted it was quite evident the mission of sucking dollars out of hard working Americans and getting them the markets allowing them to believe they had a chance. It was like 1929 on technological steroids and the reason I know the game has not ended yet is because many of those people have not yet become completely disenfranchised with the stock market because Cramer is still on the air. It all ends when those Booyahskidad home gamers have no desire to even look at CNBC because they are more concerned where their next meal is coming from. Wall Street is fattening the pig up for once last slaughter. And the answer is Cramer was simply not a very good hedge fund manager which is why he is on television and resorted to manipulation by his own admission. He is cut from the same cloth as the rest. This is why I have held FAZ for the last 2 months because when this unravels I may need FAZ just to pay the bills since Manhattan real estate here is now entering uncharted terroritory and the recovery is nowhere near better than expected.
Makes sense to me, and doesn't steer from what we already know of 'the plan'. I concur.
Absolutely correct Cramer a shill off his meds.
C a buy at 97 cents and sell at $7.58.
Cramer missed both calls and trades,
along with many others. Maybe that's why
GE sold him...
Powerful post! John McCloy. The stock market—as well as the financial media--is rigged. The intention of The President’s Working Group on Financial Markets (PPT) is to falsify the picture of supply and demand. That’s why they (the PPT)—the Treasury secretary, the Fed chair, the SEC chair and the CFTC chair—wanted and were granted permission by President Ronald Reagan to buy equities. Robert Rubin himself acknowledged during a high level financial meeting that “the Fed” intervenes to stabilize stock markets via phone calls to major stock investors with instructions on short-term injections. Hank Paulson fessed, in different terms, to the same.
How can there be fair play trading for Joe Q. Average when the US “government” legitimizes a PPT of market insiders masquerading as government officials for "enhancing the integrity, efficiency, orderliness, and competitiveness of financial markets and maintaining investor confidence” while the insider media, ie., Jim Cramer, shills for them? Investor confidence? How about insider confidence!
You see where it's led. Which is what they intended.
Today's a quick profit for those who bought the secondary earlier this week and are selling it to the Index funds rebalancing funds today.
So I'm guessing that we should see a return to the downward direction after Monday?
cramer is a walking advertisement for anti-semitism
C volume bigger than the NYA means something.
Underwriters shearing Sovereigns and taxpayers...
To be fair, Cramer did say not to buy C ahead of the offering. But what's TRULY amazing is that Jim Cramer says that Citi can go to $12 a share (after the dilution). That'll be a market cap of about $274 billion, and would make it the 2nd largest company in the world, and twice the current market cap of BAC.
Then again, if hyperinflation takes place as many folks here are predicting then $12 would probably be quite cheap...
He'll probably will correct himself later and add that he'd meant it'll reach $12/share after a 10:1 reverse split.
Yes he did, back in August. Does that not count?
http://www.cnbc.com/id/32375678
Citigroup “has been red hot,” Cramer said during Tuesday’s Stop Trading!. He called the stock a buy, predicting a $6 share price within the next 18 months.
once again, you guys bash and see everything negative...you could have made 5% today if you bought yesterday
instead, still focused on what cramer says instead of making money
It's his blatent dishonesty that attracts criticism like a lightning bolt. See for yourself:
http://www.antisocialmedia.net/media/cramer_con-fidential.wmv
If you are trading off Cramer's "advice", you are a fool & will be separated from your money in short order... just as the saying goes.
I watched the Cramer C pump video yesterday and I also watched the C market action today. Cramer's call was right - if you got in near $3.15 and traded out late today, you made $$. Is he a dweeb? Yes. Are those who hate him distracting themselves? Yes.
Cramer’s buy, buy, buy Citi chant overshadowed any detail in that disgusting performance and Cramer has a non experienced investor audience. Anyone listening to Cramer for investment advice, is not the sharpest knife in the drawer. For anyone not up to speed on all the details, the one thing he heard time after time, for 17 times or more, was: Buy Citi! Buy Citi! Buy Citi!, you have to take it, it’s only $3 in change, at an unnaturally low price, the bottom line--I want you to buy, buy, buy Citigroup… a little dollar amount acorn that could once again grow into a mighty dollar tree…buy, buy, buy, all aboard…in this market that is moving rentlessly higher…at a beaten down price… buy-buy-buy Citi.
I suppose a serious investor would have asked for a copy of what Cramer called this “breaking form” performance for a “darn opportunity that’s too good to miss” to find out what the fine print said. But as I said before, IMO “Ninety-five percent of the people who tuned into that rant believed that Cramer was demanding that you buy Citigroup. And those same 95 percent missed that alleged narrow window price suggestion.”
Did YOU take Cramer’s advice? Did you go buy-buy-buy for the long haul? Is this how you make your buy decisions? I bet not.
As The Huffington Post pointed out: “Cramer went on a breathless -- and rather unbelievable -- rant about the merits of buying Citigroup's stock… His logic: Citigroup's stock was priced so low that it could sit in your portfolio for years, it has a great reputation abroad and was much less exposed to the mortgage market than, say, Wells Fargo… At one point in the video, Cramer argues against buying the stock at any other price than at the secondary offering price, but then spends the next several minutes arguing why the stock is generally undervalued.
Regardless of the merits of buying Citi, in “fairness to Cramer,” let’s just call his insane performance shameless.
3.20 to 3.40 THANK YOU CRAMER!!! that's nearly 6 percent
jim cramer= retard
sheila blair= more retarded
geithner= moron
bernake= asshat clown
b. frank= lmfao the wade philips of congress
goldman sachs= bill belichek
Cramer's game is very simple. He is the largest shareholder of TSCM. His regular performances as a complete jackass on CNBC is intended to generate interest in TSCM and boost the stock price. This strategy has been effective. Cramer sold a large stake in TSCM in January 2008 at near a peak in the price of TSCM. Although his advice is less than worthless, he does know when to SELL! SELL! SELL! his own company.
"Hi, I'm Jim Cramer, and I'm an alcoholic. And a speed freak. And I do some crystal meth, too. I also have a TV show watched by millions worldwide where I recommend people buy crap stocks without doing any homework on them whatsoever. In short, I'm the reason your granddad lost his life savings and now wants to move in with you. Please, someone put me out of my misery already."
Dang, that's good. What a wrap up!