Slate columnist Henry Blodget, a former Wall Street analyst now barred from being involved in the market, and “Mad Money” host Jim Cramer have been feuding the past few weeks.
On Monday, Blodget threw more fuel onto the fire, rebutting criticisms he has received from readers about his Cramer comments.
Wrote Blodget: “Speculating is fascinating, entertaining, and fun. Unless you have a major talent or information edge, however, it’s also a bad investment strategy.
“If you’re looking for speculation advice, then Cramer’s is probably as good as any pundit’s (or would be, if it weren’t broadcast on national TV). Before you rush to the gaming tables, however, just remember that every dollar won by one speculator has to be lost by another, and your competition is a lot tougher than you might think. When you speculate, you are competing against thousands upon thousands of full-time professionals who have information and resources that you can only dream of (and who also watch Mad Money). After accounting for costs and risks, your odds of out-trading such professionals consistently are very low, even if you have above-average skill.”
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