It's time to eat some crow
Yes, I was wrong. Where are the other folks who will own up to their bad calls?
Clearwire (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?
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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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?
Cramer befuddled ! You and Jon Corzine belong in a Federal Prison together ! You would both make great cell mates !
"That much money to say anything no matter what anyone thinks of it? Sure, who cares?"
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
BoBo Headline Re-Write.
I'm Going to take a Teaspoon of Crow so I can Puke Up My Agenda on You
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
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Investors need to rethink that often-repeated belief, because times have definitely changed.
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