It's time to eat some crow

Yes, I was wrong. Where are the other folks who will own up to their bad calls?

By Jim Cramer Jan 15, 2013 10:04AM

TheStreet logo Stock market CorbisClearwire (CLWR) befuddled me. I didn't see it coming. I thought it would go bankrupt. Instead, there is a bidding war for the darned thing between two highly educated players: Dish Network (DISH), run by the super-smart Charlie Ergen, and Sprint (S), led by Dan Hesse, arguably the best guy these days in the world of telco.

 

The spectrum that Clearwire owned turned out to be more valuable than I thought.

 

I told people to be careful and then, ultimately, to sell when I heard the rumors of a Sprint bid.

 

That was wrong. Very wrong. So I owned it. Here and on the show. (watch on TheStreet)

 

Embarrassing. Certain to be used against me.


But it got me thinking, what if others admitted that they got things wrong. What if, for example, the myriad bears on China, the hard-landing bears, were to come on and say, "Boy, I got surprised by the strength in that country," or "I didn't think they had it in them to fix it."

 

Wouldn't it be terrific? Instead they lie low. Or they aren't asked. They kept people out of a heckuva bull market, which I am sure they wouldn't acknowledge. Instead, perhaps they would say, "The numbers are all phony." To which I say they might be phony, but the money you could have made by betting that there could be a turn in the stock market is real money.

 

How about the European bond situation? How many times did we hear that once Ireland and Portugal go, Spain and Italy will go? Last Thursday, Spanish ten-year paper traded under 5%.

 

Again, the bears would probably say it's all phony. I come back and say I wish I had that phony gain in Spanish bonds. So does Corzine, for that matter.

This stuff steams me because, as someone who runs a public portfolio and who is on television, I think it is incumbent to wear the Post-it, so to speak, from the days when Karen Cramer made me put a Post-it on my head with the symbol of my screw-up and sit there on the trading desk.

 

But they don't. It is time for some accountability. There were dozens and dozens of people who got this stuff wrong.

 

Where are they?

 

I know, by the way, one place they weren't wrong. Tim Geithner. He was mocked when he told me at the Delivering Alpha conference last year that the Europeans would get their house in order and there would be no sovereign Lehman.

 

Where are the other potential Post-it wearers?

 

If you see one, let me know. I would love to watch or listen or read it. Only because there has to be some crow eaten here, some humility.

 

How else can you believe the person ever again?


Shameful.

 

Just shameful.

 

Cramer


 Jim Cramer is a co-founder of TheStreet and contributes daily market commentary to the financial news network's sites. Follow his trades for Action Alerts PLUS, which Cramer co-manages as a charitable trust has no positions in the stocks mentioned.    

 


 

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66Comments
Jan 15, 2013 10:42AM
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Isn't your first, won't be your last!

Jan 15, 2013 11:25AM
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Nothing makes sense on Wall Street today. All you have to do is look at the Fed. manipulated market. The broader market is selling off and the banks like JP Morgan are getting their morning infusion to go out and buy up their stock to keep the S&P afloat. The government should put as much effort into fixing our economic woes as they do in manipulating markets and economic data.
Jan 15, 2013 1:13PM
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Jim, I think you are now considered just another talking head and not the messiah of Wall Street you see yourself as being.  So, that said, you need to understand that although people watch your show and read your blogs they no longer run out and blindly follow your guidance.  Perhaps there was a time for that blind faith, but it has long since past. So don't feel too bad about offering all that bad advice because the more enlightened members of your audience are skeptics and view your blogs as one man's opinion among thousands of others. Besides, all that humility and contrition just seems so insincere coming from you. The investment data you provide may earn some added weight because you are indeed well connected, but your interpretations regarding the data often are greatly lacking in the final analysis. Just another example of buyer beware. Your TV shows are entertaining in a Howdy Doody - Buffalo Bob sort of way though. If jpeople lose out by following your lead, shame on them for not doing their own research before making any serious financial decisions.
Jan 15, 2013 10:58AM
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Eating crow is not about crying about others that don't BoBo. It takes away from your message. However I'm not surprised. Hey maybe Karen should have stuck a red clown nose on you instead of a post-it note.
Jan 15, 2013 12:20PM
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A few years back, a Fox news person, in defense of Kramer said; "Don't be so hard on him, he's not an expert, he's just an entertainer".
Jan 15, 2013 12:22PM
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the false humbleness is part of the pump and dump scam..............BEWARE THIS CRIMINAL......

why doesn't he write about the SEC indictment of the streeet .com for accounting fraud?

Jan 15, 2013 10:53AM
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because a summary of success verses failures in recommendations will identify the "experts" as being right perhaps 20% of the time, much like the regular person who does no research
Jan 15, 2013 11:52AM
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cramer's lance armstrong moment ....confessing to something everyone else is aware of after  10 years of bluster and bullying  .......

Sorry cramer it does not wash .....your message of "I did bad once but look at all the other's who were way worse than me with their picks" ....

You fail to mention here that you are WRONG on your calls about 75% of the time and the fact that you "table pound" your BAD calls makes you the worst of the worst.

You are lower than a snakes scrotum .......
Jan 15, 2013 11:08AM
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Cramer befuddled ! You and Jon Corzine belong in a Federal Prison together ! You would both make great cell mates !

Jan 15, 2013 2:49PM
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Cramer has his Lance Armstrong moment. He does have a selective memory. Didn't CNBC learn its lesson from Dan Dorfman?  Clearwire is only one of many that he has been wrong about, the list is long. Anyone who listens or believes this charlatan is clearly lacking in knowledge and investment experience. He spews forth so much from both sides. Now he doesn't like Herbalife after ranting positively about it for quite some time. Since he turned negative on it, it has gone up, up, up. He loved Apple at 650, he must love it even more at 485!
Jan 15, 2013 1:31PM
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Just like Lehman Brothers buy buy buy right Cramer

Jan 15, 2013 12:28PM
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You can afford to blow it occasionally, Jim. Imagine how many are blowing it and are clueless as to why and how. If you learn from your mistakes, you are better for them, if you can't recognize a mistake as it happens... good luck with that!
Jan 15, 2013 1:25PM
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What's newsworthy about this? He's wrong a good bit of the time. Index funds beat his calls most of the time.
Jan 15, 2013 1:15PM
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We have arrived at the point in American societal change where accumulated money is the determiner of all  human behavior, not whether that behavior is commonly seen as smart, good, decent, humble, right or best. Only on whether it enriches the doer. The mental illness that progressively comes with the total pursuit of money for money's sake has always been a destroyer of past societies and always will be for those in the present and future, until.....?.

"That much money to say anything no matter what anyone thinks of it? Sure, who cares?"

Jan 15, 2013 2:17PM
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cmon Jim, dont be so hard on yourself....ALL analyst of full of it....

 

Jim Jones would have been a king on Wall St

 

DRINK THE KOOLADE

Jan 15, 2013 2:20PM
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BoBo Headline Re-Write.

 

I'm Going to take a Teaspoon of Crow so I can Puke Up My Agenda on You

Jan 15, 2013 3:17PM
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They can't let the market adjust down.... the powers to be have too much money tied up in it and there is too little dumb money cushion for them.... Fund outflows continue. It could end up being the only time we will ever see the smart money outsmart itself.

 

Pretty soon the market will be like an auction but the caller will just keep hollering the same price over and over and over........ As always JMHO

Jan 15, 2013 3:05PM
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Welfare and this market.  For those of you considered knowledgeable about market action selling at the top is wise and in most cases a sound decision.  Buying in at this point is considered a fools play. We are at the top and waivering a bit like direction may be a mystery.  To drop a bit, recoup, and then make another effort at a new top is historically the most sound advice. So where are you?  I like the short side so I see this as my opportunity.  I like to let those emotions run folks in not wanting to miss the train and then take my grain as a by product of that emotion.  Many hear scorn me for my choice and stance. Some see me as a backyard dog and I understand that.  I also understand those that can only comprehend going long are okay and I don't see them as folks to ridicule and scorn.  So much like a conservative giving value to a liberal only to be refuted and insulted much like Colin Powell, and like a bad wife scorning her unfortunate spouse I sometimes decide to bite my tongue.   And like Tina Turner said in private dancer I "only think of the money".   And speaking of money politics and hypocracy.  For those of you who do decide to cash in profits let me remind you of where that "profit" is derived.  This market is now where it is because it is not a "realistic" market. It is a goosed market still under the direction of the save the wealth class mentality of a corrupt political philosophy.  Loaning money at less than the cost to the individual investor is corrupt and unfair.  It gives the insider the edge and that edge is the ability to influence to a greater extent than is fair and just.  So selling into this market is paramount to participating in a bribe. Public supported underwritten funds given out in return are dollars not earned by an individuals labor but are a fiat dollar returned to you as an accomplice in a rigged system.  Your silence gives those injecting these funds your proxy that that is okay with you.  Somewhere along the line the Liberal Media accomplished their intended goal and we as Americans gave up our good.  We are now captives of whatever that is which isn't good.  JMHO
Jan 15, 2013 3:42PM
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Cramer is a clownshoe. His job is to entertain you which he does with whistles,horns and strange costumes with a little slapstick thrown in. If you are listening to him for financial advice then you deserve to get raked over the coals.
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