Thursday, July 25, 2013

My Good Friend, Stevie Cohen

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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