Cramer Goes From Buy To Bye Bye On BP, Loses Fans 33% In Two Weeksby Tyler Durden, Zero HedgeZeroHedge Jun. 10, 2010 |
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Every time I see this clown on TV he is giving the wrong advice and saying the literal opposite of the truth. Chances are you could build up a nice war chest if you just took his advice and did the opposite.Another day for Cramer, another loss for his viewers. After telling his fans to Buy BP on May 21, Cramer, "mesmerized" by its fall, pulls the plug. The cost to those who followed his advice: -33%. This out from the Mad Money master earlier. Mesmerized by the Fall of BP By Jim Cramer RealMoney Columnist 6/9/2010 6:56 PM EDTIndeed, and assuming Jim pulled the plug on BP today, he lost over 30%. Too bad that on May 21, Cramer advised readers and viewers "that BP is a buy." Fast forward to 3'40" in the clip below, which shows the kind of irresponsible advice that Cramer continues providing to CNBC's catatonic viewers. Catatonic, because if they had followed his advice and bought at the open on May 28 at $43.64 and sold today at $29.20, they lost 33% in two weeks. "Stick with BP... Stick with Cramer" the comedian intones. And lose a third of your investable capital in half a month. And we were just starting to like Cramer after for once he actually was telling his viewers to be at least a little bearish. But at least this was not as bad as his call to buy Bear in advance of the bank losing 95% of its value, his defenders will intone. And we would agree. h/t Nolsgrad |