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Pastimes : James Cramer Skeptic Thread
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To: mr.mark who wrote (1199)4/4/1999 1:10:00 AM
From: Adam Weiner  Read Replies (1) of 1254
 
If the IPO zooms to $50 the first day, as it probably will in keeping with all other 'net IPOs, Cramer will be worth $200 million dollars (current ownership + options)

...excuse me while I clear my throat...

As much as I hate to admit it, Cramer is about to make the ultimate trade of all. Putting aside his poor fund performance and obnoxious antics, the man is going to cash in big time. I imagine he saw the loony trend in 'net stocks early on, created TSC and has been planning for this payday ever since. In retrospect, one had needed to only look at Netscape's IPO to see the signs of the mania to follow. How's about $200 million dollars of retrospect?

Considering the fact that Cramer put up a bunch of his own money for the venture, it would belie my personal philosophy to say he doesn't deserve every penny he gets. I could question his values for brining a company public that bleeds money and has little prospect for ever earning the valuation it will receive (or ever earning anything for that matter), but I could hardly blame him for it. Manias on this scale come only once a generation. If people are willing and eager to throw billions of dollars into the wind, I guess it's not wrong to rake up the $200 million dollars that happens to land on your lawn.

Cramer always said it's better to be rich than right.
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