Categories: OLD Media Moves

Kass defends Cramer

Doug Kass, a money manager who writes for TheStreet.com, defends CNBC “Mad Money” host Jim Cramer and his investment picks on Monday while noting that he does so without any prodding from TheStreet.com, where Cramer is a major investor and board member.

Cramer’s picks were the subject of a Barron’s article this weekend.

Kass writes, “Finally, many of Jim’s investment recommendations are indeed nuanced and qualified. Treating every investment recommendation as the same and compiling an investment performance is, to some degree, comparing apples to oranges.

“In my final analysis, individual investors are better served listening to Jim Cramer, both with regard to his recommendations and his methodology, than any other business commentator extant. His body of investment knowledge is remarkably broad and lacks the superficiality of most of his brethren.

“Jim is an investment populist who, unlike many in my hedge fund cabal, has forsaken that financial rainbow for a greater cause — namely, helping out the individual investor.

“Jim is an easy target, but from my perch, he should not be vilified; he should be admired.”

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Nan says:
February 10, 2009 at 4:42 pm
I don't watch cable and hear little of Cramer's advice. But I wonder if readers/listeners are poorly served by scorecards that declare "good" or "bad" stock picks on a limited timeframe.
My grandmother, who was widowed in her 20s with a baby and toddler to raise, refused Owens Illinois (eventually Corning) stock in favor of raises as small as $75 during her long carer there. She'd have been a millionaire had she taken the Depression-era stock and held it.
With the rare exception of delisted and otherwise dud stocks, it is difficult to judge a pick based on this year or a five year horizon. It was ever thus, and as journalists we owe this disclaimer in our coverage.