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Pastimes : James Cramer Skeptic Thread
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To: mr.mark who wrote (867)10/21/1998 12:30:00 AM
From: Mama Bear  Read Replies (2) of 1254
 
"most people tend to have an accepting and/or forgiving attitude towards others, provided (and this is the key) that the "other" shows a degree of humility and/or humbleness in their actions."

Some people mistake self confidence for arrogance. Cramer also apologized for his panic call. And really, I can't call it anything else. His sell at the bottom call was rife with the emotion of the day. But, he did publish a mea culpa column, admit he was wrong, and explain what he thinks he did wrong. I haven't heard Abby Joseph Cohen's mea culpa for being bullish in early July. Perhaps you should try to live up to your statement above.

The next question I have is, "Was the call really that wrong?", and I mean that in the context of the day it was issued, not the 20/20 hindsight of 10/21/98. As a trader, preservation of capital is my number one priority. Fear of selling the bottom has cost me a lot more money than actually doing it. This is because in most cases, it isn't the bottom. I am also only a small commission away from being back in the trade when (if) I realize that my decision was incorrect. Or I can move on to the next trade. There were so many places all the way down to 929 that could have been mistaken for bottoms. The SPX is not exactly a compelling value buy unless we see it in the 600's or perhaps the low 700's.

Lost in all of this was his rotten call of the bottom on the day that the SPX made it's interim top in the 1060's before it fell to 929 at practically the exact moment he made the sell call. Yup, he bought the top and sold the bottom. But that is part of the life of a trader.

I don't know why you think of him as arrogant. He just does not come off that way to me. Perhaps the problem you have with him is not from without.

Batb
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