I wouldn't touch anything Kramer touts. His past history is one of 2 day wonders followed by even bigger downs.
His antics are still popular.<g>
Back in February 1999, the NY Times reported in an article that Cramer, Berkowitz had earned only 2% in 1998, after fees, for its investors, compared to about 29% for the S&P.
The Times said it had obtained a letter to the fund's investors claiming that Cramer, Berkowitz's performance had been damaged by redemptions that forced it to sell stocks at the bottom of the 1998 market (during concerns over a possible Asian financial collapse)when it intended to buy.
According to a Vanity Fair article by Suzanna Andrews, Cramer was enraged by the Times story and was convinced that only Peretz could have leaked the fund's letter to its investors. Her article reported that Peretz (who denied leaking the letter )had withdrawn all his money from Cramer, Berkowitz and that his differences with Cramer stemmed from disputes concerning TheStreet.com.
Bitter over Peretz's defection and his alleged leak to the press, he told Andrews: "They all pulled out, and I had to sell into the worst market possible", in order to raise the money needed to pay off these investors.
His record as a fund manager wasn't a good one, that's why he is just sticking to give advise for free on stocks at the TV show.<g> |
