Posted on 03/10/2023 2:07:37 PM PST by JV3MRC
Yet another of CNBC host Jim Cramer’s hot stock market takes just fell harder than President Joe Biden stumbling up the steps of Air Force One.
Cramer listed his top ten biggest stock “winners of 2023” during the Feb. 8 edition of CNBC’s Mad Money. In the ninth spot for Cramer was Silicon Valley Bank’s parent company, SVB Financial Group. Cramer characterized the institution as a “merchant bank with a deposit base that Wall Street has mistakenly been concerned about.” In Cramer’s ludicrous view, the stock was a good buy because “being a banker to these immense pools of capital has always been a very good business.” He bizarrely called the stock “cheap,” despite it trading at around $320 a share at the time. Cramer said he thought the “fears were not justified. It’s a very compelling situation.” It wouldn’t take but a month for his take to implode. A March 10 CNBC story headline read: “Silicon Valley Bank is shut down by regulators in biggest bank failure since global financial crisis.” The SVB collapse, per CNBC, “a key player in the tech and venture capital community, leaves companies and wealthy individuals largely unsure of what will happen to their money.” Oops.
In fact, wrote CNBC, “The last U.S. bank failure of this size was Washington Mutual in 2008, which had $307 billion in assets.” SVB reportedly had $209 billion in total assets at the end of December 2022.
(Excerpt) Read more at newsbusters.org ...
Inverse Cramer ETF is a real thing
Jim Cramer does something called frontrunning. Used to do it with Maria Bartiromo.
the only thing worse than his stock picks is his arrogance.
Cramer’s economic advice is about as solid as The New York Times’ news releases.
You don’t want to take either one to the, ahem, bank.
$209 billion is about 4% of our federal gangster government’s annual budget.
There should be some investable fund based on acting 180 degrees from Cramer’s predictions.
What's odd is that a financial advisor can consistently give bad advice, yet still maintain a lucrative career on the book, radio, cable TV & speakers circuit.
Much like political pundits can consistently fail in their predictions, yet maintain lucrative careers on the book, radio, cable TV & speakers circuit.
In both cases, it's more important to entertain your audience than to be accurate.
Cramer....is usually wrong.
October 2021 this stock hit $750, after being about $40 to $50 for most of the prior twenty years.
Cramer touting it at $300 just last month.
Trading halted today at $106.
Jim’s record is intact.
Yes, Cramer got this stock wrong. But the author Mr. Vasquez is an idiot, and by extension so is his editor at NewsBusters.
Saying a stock is "cheap" has NOTHING to do with the price per share. It's based in a fundamental analysis of the firm, its cash flow and earnings generating power, and discount rates
SVB chose to have a high standard ckmprice by not issuing many shares. If they'd done a stock splits or reverse splits, the price would change but there is no economic value created in these journal entries.
What a dope.
Pump and Dump. It’s a well known business model.
Maybe you can jog my memory, Chad -
Didn’t Cramer urge folks to go all-out for another stock a few months ago that went into the tank?
I tried bringing up investment flubs he did and cannot find anything.
Like the system covers all his bad calls.
As soon as Crappy Cramer made his recommendation, people should have run from the bank .... his only consistency is being wrong.
The only 60 plus year old whose voice still cracks like a 13 year old…and just as stupid as one too.
You can pick stocks by throwing a dart better than Cramer. His grave stone is going to read “always wrong”.
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