Friday, March 13, 2009

Yale vrs Cramer

Another post from my brother, Peter (a Yale alumnus):

Given CNBC Jim Cramer's recent evisceration by Jon Stewart on the Daily Show, I was interested to read what Yale investment guru David Swenson says about Cramer in the latest Yale alumni magazine:

"Jim Cramer exemplifies everything that's wrong with the "advice"—and I put advice in quotation marks—that is given to individual investors. Investment is a serious business. We're talking about retirement security of American citizens, and he turns it into a game. It's a game where his listeners lose. It's ridiculous. These high-turnover, rapid trading strategies enrich the brokers. It you look at Jim Cramer's approach on an after-fee, after-tax basis, the individual doesn't have a chance."

All I'd like to add is that Cramer is a graduate of Harvard College and Harvard Law School.

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