Open letter to Jim Cramer @ Mad Money on CNBC
Feb 2, 2006
Jim,
Booo Yah! From the big NYC
Listen, I love your show, and I'm reading your book now - love them both. I have a suggestion - if you're really interested in helping people make money, I think you should take a pro-active approach, and move your show's time-slot 30 minutes up - and start at 6:30pm - right as the after-hours market closes.
By doing that you'll force people to take the time to research the stocks you recommend.
I'm sure you've noticed that people jump in and buy the stock you recommend before you're done saying the last letter of the symbol. It's nuts what's going on.
One quick example:
Last night you recommended BKHM - when you taped the show it was at 6.95... it went to 8 and change (up 30%) in after hours trading after you recommended it.
Today the stock closed at 7.80... and in after hours - after they released earnings - it fell down to 6.80. I'll disclose that I bought it at 6.80 in after hours today... clearly it should never have gone up 30% in after hours the day before...
I know CNBC won't like it if you go to 6:30pm as they might loose viewers and hence ad dollars... but it's the right thing to do. Your effect on the market is too strong - and for that reason, they can air you at any time, people will watch whenever you air.
Thanks and keep up the great work.
-
Steve
Stumble
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