In my “Markets Observations” commentary on Wednesday, I noted:
“This statement was made just before the market sell-off. Call me stupid, please. In all seriousness, having tasted “hubris” in my career, I’ve seen so many former “stars” on Wall Street suffer from hubris and end up a “what’s his name” before too-long (No better examples are still Jim Cramer and Dennis Gartman, whose flamboyant styles mask a pretty poor overall track record). And most importantly, Hubris is one of the “Seven Deadly Sins of Finance.”
Here’s one of his most famous “wrong” calls (Bears Sterns lost 98% in a very short period after this airing).
Yes, we’re all wrong and I’ve posted to the point of ad nauseam about my own failures. However, Cramer’s actual performance (who “TOUT-TV” would want you to think he’s much more than a great performing “clown”) has been shown by many over several years to continuously underperform or be downright horrible.
After this latest “theatrical” performance, it’s no wonder TOUT-TV (CNBC) viewership has shrunk. Fox Business and especially Bloomberg TV, are far better financial networks to watch (but know there too, the “Don’t Worry, Be Happy” crowd on Wall Street peddle their wares).