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I don't know what you have against Cramer, but you must not read him very much,
since he is not a tout, nor does he try to forecast anything about individual
stocks.
He does 'analyse' the workings of the market, after the fact, as most analysis
must be, but I have found his explanations useful for my trading.
Regards
DanG
James Taylor wrote:
> If one listened to anything this clown Cramer said this year, they would
> have an account with a much lower balance.
>
> I have been watching this jokers comments on his site and on Yahoo, and he
> has got to be one of the absolute worst stock 'analysts'/touts on the planet
> earth PERIOD.
>
> He deserves for his dot-bomb to be where it is. IMHO.
> JT
>
> ----- Original Message -----
> From: "J W" <inbox@xxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxx>
> Sent: Saturday, November 25, 2000 3:09 AM
> Subject: [RT] Cramer dreams meeting Alan Greenspan
>
> > Wrong! Tactics and Strategies: Big Al's Got a Message for Buzz and
> > Batch
> >
> > By James J. Cramer
> >
> > 11/24/00 9:09 AM ET
> >
> > Strangest thing happened the other day.
> >
> > A man came to the office door. I happened to be opening some other
> > peoples' mail at the desk when he poked in. I almost dropped the
> > letter opener on my foot.
> >
> > "Alan Greenspan?" I said, shocked that he would be on the 24th floor
> > of my nondescript office building. He ignored me.
> >
> > "Is this the office of Buzz Gould and Batch Hammer?" he asked, and
> > for a moment I thought, "Maybe it isn't him, maybe it's not Andrea
> > Mitchell's husband. He's speaking way too plainly, with not even a
> > hint of obfuscation."
> >
> > "No sir," I said, trying to figure out whether I was being
> > sycophantic or just plain emphatic. "I don't believe those gentlemen
> > are working the day after Thanksgiving."
> >
> > He looked puzzled for a second, stroked his chin and said, in that
> > avuncular way he addresses some of the more stupid congressmen at one
> > of those darned Humphrey Hawkins interruptions -- you know that
> > patronizing tone --"Perhaps you are familiar enough with them and
> > their peculiar performance methodology?"
> >
> > I assured the great man I knew all about their incredible scheme to
> > prop up their stocks in order to get more money to continue to propel
> > their stocks higher, a sort of perpetual-motion performance machine
> > that has nothing to do with the actions of companies themselves --
> > neither their net worth nor their prospects. I said it all in
> > incredibly compound and complex Latinate phrasing, to show the Fed
> > chief that I, too, could speak in ways that required difficult
> > parsing and impossible textual analysis.
> >
> > He smiled. He felt at home.
> >
> > "Mind if I come in and sit at your trading desk for a moment, as I
> > have a message for your friends Mr. Gould and Mr. Hammer?" I assured
> > him that they were no friends of mine in style or methodology. In
> > perhaps a subtle attempt at humor, he asked me if they made fun of my
> > balding pate. I chose to ignore the riposte.
> >
> > The distinguished Fed chairman then pulled up at the desk of Matt "M-
> > 2" Jacobs, 35 centimeters from mine, and proceeded to impart a
> > sobering message to Messieurs Gould and Hammer via their nemesis down
> > the hall. I tried to get as much of it down as I could, so I could
> > share it with you, too.
> >
> > "Are you familiar with the concept of the risk premium, Mr. Cramer?"
> > I assured Greenspan I understood it completely and certainly.
> >
> > "It seems to this Federal Reserve chieftain that the firm of Gould
> > and Hammer has violated and corrupted the notion of risk," he said.
> > He intoned Gould and Hammer as I imagine he would have said "Scrooge
> > and Marley" in a different era.
> >
> > "By aiding their common stock positions in an unseemly way, by
> > keeping up the Redbacks and the Redhats far beyond where they would
> > naturally trade, by keeping the proverbial balls in the air far
> > longer than they should be, they have created an atmosphere, if you
> > will, where individual investors, the bedrock of this great nation's
> > financial welfare, believe that they no longer face the uncertain
> > fortunes, the so-called cyclical downdrafts, that have formerly
> > plagued the market periodically, reminding the citizens of this
> > country that the stock market is an inherently risky, one would say,
> > quite risky, field of endeavor that should be considered dangerous to
> > all but a handful of participants, and only those who truly and
> > completely understand the hazards of the rights to ownership of
> > complex businesses during a difficult, if not extraordinarily
> > challenging time, or times, depending upon your time frame or sense
> > of era."
> >
> > "Wow," I found myself saying, well out of the Latinate vernacular of
> > the distinguished chief. "You mean people feel there's no risk to
> > owning equities when they give the money to Gould & Hammer?"
> >
> > He looked at me as if I were one of the few who could really divine
> > Fed-speak and said, "Precisely and absolutely." At that very moment I
> > could have broken into Gilbert & Sullivan song, had I only hung
> > around with the right people at Harvard instead of the thugs at Eliot
> > House.
> >
> > "I would like you to impart this particular message to these two
> > alchemists," he said with a detectable sneer. "You can tell these two
> > charlatans that I will keep short-term rates up higher than would
> > naturally be expected at this late point in the business cycle
> > because I don't want the great people of this nation to be seduced
> > and abandoned by the kinds of tricks these fellows are playing. I
> > want them to know that I will break the animal spirits of this market
> > and send their Epiphanies and Kanas and Applied Micro Circuits and
> > Junipers and SDLIs and JDSUs to single numerals if I have to, to keep
> > this nation out of the grips of the Japanese-like recession spiral
> > that would be our natural path if we were to allow the Goulds and the
> > Hammers to remain unchecked in their nefarious schemes."
> >
> > I thought for a second, trying to behave the way one of those
> > Franklin translators would perform, and I blurted out "You mean,
> > you'll keep killing the Nazzdogs as long as those clowns down the
> > hall keep trying to manipulate their tech stocks higher in the face
> > of declining earnings?"
> >
> > His eyes widened. A grin appeared where only a stolid, jutted jaw had
> > resided, and he nodded slowly. A gesture that spoke more than 2,454
> > of his words. I had figured it out. But there was something I had to
> > ask, something that bothered me and that seemed almost like a
> > sledgehammer doing the job of a little claw hammer in bringing down
> > the four-letter morsels that Gould and Hammer love so much.
> >
> > "Mr Chairman," I said, trying to look as trenchant as I could, "I
> > traffic in the equities of the real economy, the International Papers
> > and the Dow Chemicals, the Procter & Gambles and the Black & Deckers,
> > and for those denizens of the financial and economic firmament (the
> > man's phrasing is infectious), the Mascos and the Georgia Pacifics,
> > these high short rates are proving to be the bane of their existence.
> > Is it fair, is it right, sir, that the workers at General Motors, let
> > alone the capital that backs them, suffer so severely because of the
> > too-high, chimerical price-to-earnings multiples of the
> > business-to-business infrastructure and telecommunication-
> > semiconductor stocks that Gould and Hammer operate on to keep their
> > performance up? Somehow it doesn't seem right to me that nine-tenths
> > of the real economy suffers because of the machinations of a couple
> > of stock jockeys down the hall."
> >
> > The grin turned downcast in midsentence. He nodded his head several
> > times in agreement, and then spoke the words I was so afraid to hear
> > for those of us who toil in the sobering portions of the S&P and
> > Nasdaq 100.
> >
> > "The potential destruction of the earnings cycle through supremely
> > higher short-term rates is the moral hazard, the so-called price we
> > have to pay, to rid ourselves of those who think that owning stocks
> > is a risk-free opportunity." He then pulled close enough to me that
> > it was clear he didn't want the others in the office to hear. "You
> > seem to be a student of my work," he noted. "Perhaps you recall
> > that 'irrational exuberance' comment I let slip a few years ago?" I
> > nodded quickly. I didn't want to interrupt the man. "I spoke those
> > words because at the time I didn't understand how this mutual fund
> > scheme worked. I didn't know that most of these money managers knew
> > nothing about the business cycle and didn't care to know anything. I
> > didn't understand the methodology by which these managers maintained
> > their performance, to wit, that they simply never sold any equities
> > and just used additional funds to propel their Corning Glasses and
> > Veritases and Verisigns and Vitesses," and he paused there as you
> > could tell the man was digging that alliteration, "to levels that
> > were positively Nippon-like in their ludicrous over-valuatory
> > extendedness, thereby precipitating an overconfident, some would say,
> > filled with hubris, investor to the point where risk, or at least the
> > notion of risk, ceased to, if you will, exist."
> >
> > Hmmm. Only now, reading over those words, do I think I have a clue as
> > to what he was saying. At the time I merely nodded, and said "Righty-
> > o, Professor" as if I were momentarily transported to Gilligan's
> > Island. He looked at me, puzzled, and seemed to sense that perhaps
> > it was time to move on.
> >
> > "But, but, Mr. Greenspan, would you be willing to risk a recession
> > just to teach the boys down the hall a lesson in risk?" With that, he
> > jumped up, still spry, still fly, for a 70-year-old, and said "You
> > just be sure to tell them that there are issues here that they can no
> > longer trifle with, and that we will no longer tolerate their
> > attempts to create a risk-free atmosphere where one should not
> > exist."
> >
> > Next thing I knew, the little man, beat-up briefcase in hand, had his
> > taupe raincoat on and was out the door. "Pleasure to meet you," I
> > said, sticking out my hand through the doorway. But he was already in
> > the elevator and simply waved, wearily, and looked down solemnly as
> > the golden doors closed.
> >
> > James J. Cramer is manager of a hedge fund and co-founder of
> > TheStreet.com.
> >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxx
> >
> >
> >
> >
>
>
> To unsubscribe from this group, send an email to:
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