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AutoX_Advice t1_j0pq8rp wrote

Same story different day, different platform.

Then again if you listened to Jim Cramer about crypto and FTX I'd say Jim is an influencer too.

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popegope428 t1_j0prw8u wrote

But didn't Cramer lose money on FTX?

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AutoX_Advice t1_j0pt8fl wrote

I'm not sure. He does say what he is invested in. I stopped watching him years ago cause it because a circus with his buy buy buy, sell sell sell etc and this is not what you want in a money manager with influence imo. For me it just became an entertainment show masked in grandioso financial expertise on a financial channel that didn't care about real people's money...aka 2008 and derivatives.

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CinSugarBearShakers t1_j0t5cyq wrote

There was a good article about 1988 and derivatives and how we still haven't recovered from that. 2023 is gonna be lit.

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AutoX_Advice t1_j0u58mq wrote

Do you mean 2008?

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CinSugarBearShakers t1_j0ulhdk wrote

Nope, 1988. Derivatives is just legal gambling.

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AutoX_Advice t1_j0ulnti wrote

Derivatives and swaps all part of 2008 too. I want old enough in 88 to care. 🤣

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CinSugarBearShakers t1_j0um4g2 wrote

But its part of the history of it. Learn from it or doomed to repeat it? ;)

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AutoX_Advice t1_j0umu5c wrote

We continue to repeat it.... I figure the more complex any investment is the easier of a seller to hide costs and risks. This was the case for 2008 and the case of crypto/blockchain. Nothing like old fashion CDs and stock dividends that are simple mechanics to basic users to understand.

BTW I'm not saving CDs are a great investment strategy just I've someone thinks that.

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HarryHacker42 t1_j0qi2v7 wrote

I saw some research that said Jim Cramer's picks are below the SP500. Just invest in the SP500 and you will outperform him.

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pointlessbike t1_j0qv68n wrote

Investment in reverse Cramer picks is a solid strategy too. He says sell? Time to buy!!

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SwallowYourDreams t1_j0rq1d9 wrote

They inverse Cramer ETF is just a matter of months now.

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pointlessbike t1_j0rxubi wrote

Ha! Sign me up

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ahungrylilsandwhich t1_j0s6aa3 wrote

You're thinking of Kevin O'Leary. Cramer didn't invest in FTX.

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charlie2135 t1_j0sbkqx wrote

Yeah, hearing about him crying about it brings a smile to my face.

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SlowMotionPanic t1_j0v7hg3 wrote

Yeah, watching Kevin blathering and lying before Congress about FTX to downplay his own involvement was infuriating.

He was defending a self-proclaimed fraudster. He was blaming Binance and insisting that FTX would’ve made it without their interference. This, at a time when there is serious talk about clawing back payments old FTX leadership made to people like Kevin while the ship sunk.

The current (disaster-leadership in a good way) CEO has hinted this is still on the table. So that grifter Kevin has every reason to play ball and back SBF’s bullshit still.

What a piece of human garbage.

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SvenTropics t1_j0qczdl wrote

Yeah that's what I was thinking. If a public figure telling you to buy something so they can pump it up and then dump it is a crime, how the hell is he okay? Is it the "entertainment" disclaimer that makes it all ok?

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coweatyou t1_j0qet3v wrote

Cramer doesn't own any of the stocks he picks. (for this very reason. It's not a pump and dump if you aren't pumping).

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turtle4499 t1_j0rdr24 wrote

He can and does own stocks he picks he also discloses this. Further he isn't literally buying the stock, going on tv talking about the stock and then selling his stock. There is a clear cut difference between discussing companies and your opinions on them and pump and dump. The difference is intent. These people intended to manipulate the asset price and sell their assets after the price rose.

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AutoX_Advice t1_j0qddko wrote

I suspect somewhere around free speech and entertainment is where you will find...."hey, I'm not responsible"

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xabhax t1_j0rwfyq wrote

The old I'm not a financial advisor disclaimer? I don't think that protects you

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SlowMotionPanic t1_j0v7y3t wrote

It gets so much worse than that. Think you can trust your financial advisor? Think again! It depends entirely on the product they may be pushing. A fiduciary can act as a non-fiduciary to benefit themselves exclusively in some cases.

For example, some insurance agents are required to act as a fiduciary for some products. But not others. So they can pivot and trick people who, for good reason, think the agent is still required to act in the customer’s own best financial interest.

Our system is setup such that the working class is easily stolen from entirely for the benefit of the wealthy. By design. And they use us against each other to accomplish the pilfering.

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Player-X t1_j0qlpzd wrote

He's got the best lawyers writing that disclaimer, so yes, as infuriating as it may be, the disclaimers does make it okay

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cmVkZGl0 t1_j0rrjhl wrote

Just class wars. These people are new money and the system doesn't want them.

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SvenTropics t1_j0rs307 wrote

Well, make no mistake, the "new money" people were scamming a community of gullible people online. Them going to prison and losing everything is good.

I mean basically what they were doing was taking small volume stocks, scrounging up a whole bunch of activity from these random people online to buy up a ton of it after they already took on a healthy position and then quietly sold it.

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atrde t1_j0s4rv5 wrote

FTX wasn't public normal people weren't investing in it.

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