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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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
BoBo Headline Re-Write.
I'm Going to take a Teaspoon of Crow so I can Puke Up My Agenda on You
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
Dan....Asked about track records on some of these jokers..Pundits,experts,columnist,analysts.??
Jim Jubak, probably has the best "look-up" possible real or fantasy(like football) record or picks.
Anthony M.....Has I think has fantasy ports and charts..Maybe goes back a year..?
Jim Cramer has his own website...And picks or his trust can be veiwed or suscribed to.
Use to be Bill Fleckenstein(sp) and Michael Brush, had more columns and Fantasy or real ports..
Another guy(can't remember name) Won an MSN contest and was on everyday for about a year, with picks and ports;Also had a website and news letter.
Charley Blaine, normally just puts out ideas and information..
There are others and the Article writers...I'm sure there are disclaimers and legal ramifications on anything that is stated on here, and sure somethings are just Private.
And there are probably another dozen sites, like this; But many usually stick to investments or ideas and specific equities...Not much, Political or hate, love talk...Just about investing.
Doda...Yeah knew you were still here, just not as many comments.
4 LOM...Has been coming on late(he's out west), sometimes more on the NOW column.
Classic, Swaggs, Dharma,ABS,exceo,Havasu(more)Sunny,Randall and Royal Flushcome on occassionally like you...
Deklen.....Don't know what happened,? Unless changed name?
Freddddd, I am afraid might have died, about my age; Nice guy, liked his boat, motorcycle and wife.
Guy from Kansas..Flash in the pan?? Might have moved, busy with work ??
Some just get tired of Politics, some just want to; Others are actually interested in investing ?
Some just get other interest..
I was on here in the early 2000s, just got bored and left for about 3-5 years,busy with other stuff.
"That much money to say anything no matter what anyone thinks of it? Sure, who cares?"
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?
Armstrong's confession ????
Don't about 70-80% of Professional Athelete "heroes" participate in some form of enhancement?
Or maybe even equipment (questionable/illegal) that gives them an edge ??
People that don't come here anymore or "only occassionally"..:::...or maybe changed names ??
That guy from Kansas.
Sunny Outlook, but just saw them on another blog.
ABS, alias etc,etc,etc.
4 love of money.
Anasazi....that was me about 8-9 years ago?
I'm sure I have missed several...?
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The solid report comes a month after the retailer closed all of its Canadian operations.
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