Jim Cramer Quotes
On days like today you realize that you just can't keep these hypergrowth stocks down.
Cramer, Jim. Jim Cramer's Real Money: Sane Investing in an Insane World. Simon & Schuster, 2005.
He distressed most of the other stock brokers on Wall Street by pointing out that if brokers were so smart, why would they not want to buy the stock for themselves rather than sell it to you. Therefore, he generally concluded that the best stocks are bought by the brokers and bankers for their own accounts, and the lesser quality shares are sold to the public.
Jobs led Apple when it became the technology company with the largest stock market valuation ever, yet he freely admitted that he did bit understand the market. He just ran a great company which produced wonderful, innovative products and paid relatively little attention to the stock market and Wall Street.
When the stock market crashed, the Board of Governors was entertaining the idea of putting a syndicate of banks together or back some financiers who would buy up the stock that people were trying to sell. There were those who wanted to sell but no buyers at any price. They concept of a market was being destroyed. Lamont correctly explained that the idea was not practical—it was too late for that. Lamont however had underestimated the market crash and made a feeble effort to assist President Hoover make his feeble effort to get the American economy going again.
The New York Stock Exchange had closed for the day after the assassination of President Kennedy. Lyndon Johnson called Funston to express his appreciation:
This may have been the worst stock market advice ever sent to customers. The Great Depression would suppress the economy of more than a decade.
James Joseph Cramer is an American television personality and host of Mad Money on CNBC. He is a former hedge fund manager as well as an author and a co-founder of TheStreet.com.
