Infotainer Jim Cramer
Most people recognize Jim Cramer as a highly opinionated infotainer and host of CNBC’s ‘Mad Money’. But Cramer is more than just this. He is also a best-selling author and former successful hedge fund manager.
Cramer was born in Wyndmoor, Pennsylvania in 1955. He attended Harvard College and graduated magna cum laude with a Bachelors in government in 1977. He started his professional career as a journalist, starting with the college’s newspaper and continuing on to work for the ‘Tallahassee Democrat’. He was the reporter that covered the well publicized Ted Bundy murders and was known for getting and reporting the story.
For a short period of time he worked for a senator and decided that a degree in law was for him. He received a Juris Doctor from Harvard Law School and was involved in the acquittal of Claus von Bulow even though he felt the man was ‘supremely guilty’. He never did set up his own practice but was admitted to the New York State Bar Association in 1985.
Cramer briefly traded in hedge funds before finding his journalist side once again as a guest commentator for CNBC. It was here that he developed the idea for his popular ‘Mad Money’ television show, using his experience with his hedge funds to impart information on stocks and trading to his viewing audience.
Claim to Fame
Cramer’s temper and highly opinionated outlook on the world has caused him to become famous more than his experience working a hedge fund. He has also become known for his advice on the stock market, which in itself has stirred up some controversy. He has been interviewed about his investments as well as investigated by the U.S. Securities and Exchange Commission regarding collusion reports.
Co-founder of the TheStreet.com and host of the financial television show ‘Mad Money’, Cramer continues to impart information – and opinions – to the public regarding stock trading, the stock market, and the economy in general.
Why was he successful?
Cramer started dealing in stocks while he in law school, funding his investments with his student loans. He managed to impress Martin Peretz of ‘The New Republic’ with his stock market picks. Peretz took a chance on Cramer and within two years turned $500,000 into $650,000. He continued his career with Goldman Sach’s before founding Cramer & Co. and his own hedge fund. In October 2005 he was considered to be worth between $50 and $100 million. He stopped trading and the only stocks he currently owns are the ones for TheStreet.com
Cramer understood that many hedge fund managers used the funds to manipulate the stock market with methods some of which are legitimate while others not. He knew that occasionally he would have to encourage the fund into activity that would help drive the stock futures. Everything he did was legal although he has been questioned about it.
Some of Jim Cramer’s publications include:
* Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)
* Jim Cramer's Mad Money: Watch TV, Get Rich
* Jim Cramer's Real Money: Sane Investing in an Insane World
* Confessions of a Street Addict
* You Got Screwed! Why Wall Street Tanked and How You Can Prosper
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