Posted: December 29, 2000
Abby Joseph Cohen
James J. Cramer
Jo Jo the Clown
One of Wall Street's most widely followed strategists presented a forecast Thursday that should give investors and the markets reason to cheer: Growth should be strong enough next year to create new jobs and push up corporate profits but still not drive inflation out of control.
By Beatrice E. Garcia
Knight Ridder Newspapers
November 5, 1999
Famous stock market bull James J. Cramer switches to bear camp after his readers lose their money
Chutzpah: The child who murders his mother and father and then pleads before the judge to be let off because he's an orphan.As you can see below, James has been telling his readers to buy Cisco and other tech stocks when the prices were high and to sell them when prices are low. Is that any way to make money? On January 8, 2001 he called "'the bottom" in tech stocks. As recently as Feburary 2, 2001 he was telling his readers after the selloff that day that the downturn was just one of many "profit-taking pullbacks... They shake out the weak holders." Now he's telling us "I have been pretty negative on tech for a long time."
Click for Audio
"We are still long Cisco. Bought some more yesterday. It has been a poor performer though. Maybe that is enough."
- James J. Cramer - January 1, 2000
"I have a word for that. It's called 'the bottom.' Again, if you want to know why this market bottomed, I urge you to read my most recent version of the checklist that I set up during the bear market to tell you how to determine when you could get bullish again."
- James J. Cramer - Jan. 8, 2000
"Once again, I reiterate that the bear phase is over. This rally looks like the real deal. It has the financials and the techs and the drugs all up. Maybe we bounce down a little off NDX 3000, but then we just reload and go through."
Sorry to be so unabashedly bullish. But nobody else I know is, so it seems fine with me.
- James J. Cramer January 11, 2000
"Just makes me feel even more right. As does the action in these so-called broken tech stocks. That's bullish action coming from short-sellers covering, value buyers saying, 'I guess this is my chance' and momentum guys saying, 'I better get in and make a couple of good-looking charts before they take the money away!' That, my friends, is genuine tinder for a lasting rally."
- James J. Cramer January 12, 2000
"We said we took off a lot of those shorts at 2500. We took off the remainder of the shorts at 2200. We have no shorts. That's what you do when you think you are around the bottom."
"You know I have been adamant that this is a new bull market. You know that I went on record blasting those Nasdaq 1500 sirens. But there are still persistent emails from people asking me if this is just one more big bear spike.
"To which I say, give me a break. Tape this checklist to your forehead if you can't remember it and nail-gun it to the bears in your firms and households. It might put them out of their misery for good!"
- James J. Cramer - Jan. 23, 2001
"Nasty Friday selloff. Nasty. And to me it means an opportunity to put money to work. I am using typical bull-market rules. You get these profit-taking pullbacks and they inspire tons of worry. They make people nervous as heck. They shake out the weak holders."
- James J. Cramer - Feb. 2, 2001
"It is bad to be in a bear's den in a bull market, but I keep thinking of all the mail I get from people who are thrilled that we--this site--have been pretty unrelentingly negative about tech during this sell-off. We are proud of that. I can't stress how riddled the whole client base in this country is with cellphone stocks. They are cancers on your portfolio, though, and I don't think a cancer gets better with time."
- James J. Cramer - Feb. 27, 2001
"And unlike you, I have been pretty negative on tech for a long time. ( Click for Audio) I have not been on television saying I would load the boat up with tech. At the beginning of the year, I frowned on a long QQQ (Amex: QQQ - news) strategy right in the face of a proponent of it on CNBC. I thought it foolish. I am not someone who has advocated riding tech all the way down from 5000 and am now telling you to get out. The opposite is true. I am a credentialed tech bear and I am not going to have it pinned on me that I just got bearish on tech, as so many others around me have. I made great money last year betting against tech and was vocal about it. I told you as late as yesterday to take those prices we had in the rally and reposition. Look, often it doesn't seem worth it to go through the aggravation or the heat I am getting for this negativity. I swear, unfortunately, that it is much easier to be Joe Battipaglia or Abby Joseph Cohen or Tom Galvin than it is to be me. They get credit every time it goes up and they look like white knights every time it goes down. They seem like the friend of capital. When I say sell I seem like the enemy. Objectively, in the real world of professional money, however, that is wrong. These people are, in the real world of big-time performance management, regarded as glad-handers who would have annihilated you if you listened to them. I am from the real world of big-time money management. I'd rather be right and make money than be wrong and make everybody feel happy."
- James J. Cramer 3/15/2001
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Comment: A sucker who has proven his vulnerability is more likely to fall for a subsequent, properly constructed scam than the average person in the telephone directory. For example, a classic follow up fraud is to approach someone who has been defrauded and sell him services to "recover" previous losses. The smartest investors and traders learn from someone else's mistakes, which is good, because nobody lives long enough to make all the mistakes himself. Many people seem to learn only from their own mistakes. Some poor, lost souls don't even learn the hard way. They become "reloaders," two-time losers, or even serial victims.
Jo Jo's a clown and knows it. He doesn't try to give investment advice. He dresses up as a clown and amuses the kids at birthday parties. In this way, he conscientiously avoids causing irreparable harm to anyone's stock portfolio.