Cramer: Enough with the hedge fund coverage

Jim Cramer writes Thursday on TheStreet.com that business journalists spend too much time coverage the buying and selling of stocks by hedge funds when they file 13F documents with the Securities and Exchange Commission.

Cramer writes, “Here’s a visionary memo I am writing now for people in the press one year from now:

 “‘As of today, we will no longer do ‘wall-to-wall’ coverage of 13F filings, because it doesn’t help our viewers or our readers.’ The visionary memo continues: ‘This cottage industry of looking at filings, most of which are extremely dated, causes people who aren’t sophisticated enough in the process to make wrong moves.’

“But, because the writer of the memo doesn’t want to push back 100%, he adds, ‘There will be exceptions. We will continue to cover what Warren Buffett buys and sells, because his fund is not a hedge fund darting in and out of stocks. We will also, if we believe it to be the case, cover funds that seem to be struggling, like John Paulson’s gold fund. But, beyond this, we are simply going to de-emphasize the breathless reporting on these matters, because at a certain point we have to conclude that it is our equivalent of prurience and nothing more than that.’

“I know, harsh memo. I am a harsh guy.

“Honestly, though, the obsession with this stuff is nonsense. I remember having an assistant fill out these forms and thinking, ‘Oh yeah, I remember firing that guy and having to dump his portfolio,’ or, ‘Gee, I got rid of that position right after this filing was due, but I have to include it.’

“Plus, let’s face it, these filings are really late — so who knows? I am sure there are plenty of people who are back in who had left a position at the time of the filing.”

Read more here.