Years ago, when I made the mistake of listening to Jim
Cramer on CNBC, I remember the people he called "my good friends."
He was always talking about "my good friend Stevie Cohen." Today
his firm, SAC, has been indicted for fostering a culture of insider trading.
I once watched while he got his good friend "Eliot
Spitzer "on the phone. Spitzer was forced out as governor of New York.
His "good friend Eddie Lampert," has driven Sears and
Kmart into the ground, using their cash flow for his investments. He once owned
Orchard Supply Hardware, a company built by a wonderful man who was a great
philanthropist. At the Orchard Supply down the street from me three saws were
broken, two that cut wood, one that cut metal. This situation prevailed for
over three months. Of all the things a hardware store needs, working saws would
seem to be crucial.
Jim Cramer clearly has few insights into people. People who
looked at his recommendations for stocks over the years, do not especially
think he has insights on them either.
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