James Joseph Cramer (born February 10, 1955) is a television personality and novelist from the United States. He is the host of CNBC’s Mad Money and an anchor for Squawk on the Street.
Cramer was the founder and senior partner of Cramer Berkowitz and a hedge fund manager. Cramer is the author of many books, including Confessions of a Street Addict (2002), Real Money: Sane Investing in an Insane World (2005), Mad Money: Watch TV, Get Rich (2006), and Get Rich Carefully (2008). (2013). He co-founded TheStreet.com, where he contributed from 1996 until 2021. From 2002 through 2005, Cramer hosted Kudlow & Cramer.
Jim Carmer Bio/Wiki[table id=3285 /]
- Cramer was born to Jewish parents in Wyndmoor, Pennsylvania (a Philadelphia suburb) in 1955.
- Louise A. Cramer (1928–1985), Cramer’s mother, was an artist. N. Ken Cramer (1922–2014), Cramer’s father, owned International Packaging Products, a Philadelphia-based firm that provided wrapping paper, boxes, and bags to stores and restaurants.
- In Montgomery County, Pennsylvania, Cramer attended Springfield Township High School.
- Cramer’s first employment, beginning in 1971, was selling Coca-Cola and eventually ice cream at Veterans Stadium during Philadelphia Phillies games.
- Cramer began studying stocks in fourth grade and continued to do so throughout high school.
- Cramer received a Bachelor of Arts in government with honours from Harvard College in 1977.
- Cramer was the president and editor-in-chief of The Harvard Crimson while at Harvard.
- Cramer was also a National Merit Scholar.
- Cramer worked as an entry-level reporter after graduation, earning $15,000 per year.
- Beginning March 1, 1978, Cramer worked for the Tallahassee Democrat in Tallahassee, Florida.
- He was among the first to cover the Ted Bundy killings since he resided just a few blocks away.
- Richard Oppel, the then-executive editor, stated: “[Cramer] drove like a ram. He was excellent at grasping the story.”
- He then worked as an obituary writer for the Los Angeles Herald-Examiner.
- His apartment was robbed during this period, and he lost everything, causing him to live out of his car for 9 months.
- He also worked for California Governor Jerry Brown.
- Cramer was one of American Lawyer’s earliest correspondents.
- Cramer graduated from Harvard Law School with a Juris Doctorate in 1984.
- Cramer began trading in the stock market while still in law school.
- He earned enough money from trade to pay for his education.
- Cramer began marketing his stock recommendations by leaving them on his answering machine.
- While at Harvard, alumni Michael Kinsley connected him to The New Republic’s proprietor, Martin Peretz, who approached Cramer about writing a book review.
- Peretz handed Cramer $500,000 to invest after initially earning from stock suggestions he heard on Cramer’s answering machine. Cramer earned $150,000 for Peretz in two years.
- Cramer served as a research assistant for Alan Dershowitz at Harvard Law School.
- He supported Dershowitz’s campaign to exonerate suspected murderer Claus von Bülow, despite Cramer’s belief that von Bülow was “supremely guilty.”
- Cramer was married to Karen Backfisch from 1988 to 2009, and they had two children.
- Cramer married Lisa Cadette Detwiler, a real estate broker and general manager of The Longshoreman, an Italian bistro/restaurant in the New York City borough of Brooklyn, on April 18, 2015.
- Cramer revealed in a 2013 interview on The Carlos Watson Show that he faced mental health difficulties related to his rage and job conduct, attributing the issue to his early experiences with his father.
- Cramer is a resident of Summit, New Jersey.
- He also has a 65-acre estate in the New Jersey countryside and a holiday home on Long Island in Quogue, New York.
- Cramer and four other investors bought the DeBary Inn in Summit, New Jersey, in 2009.
- He and his wife also run Bar San Miguel, a Mexican restaurant and bar in Carroll Gardens, Brooklyn.
- In 2009, Cramer was one of roughly 200 nominees for the Time 100.
- Cramer adores Philadelphia and believes that a high-speed train connection to New York City is the key to the city’s economic rebirth.
- He is a die-hard Philadelphia Eagles fan who sobbed after the club won Super Bowl LII.
- He’s had season tickets for the Eagles for 20 years and has met former coach Doug Pederson several times.
- Cramer reported in December 2021 that he had tested positive for COVID-19 after attending an event that required PCR testing.
- He claimed that his symptoms were modest as a result of two doses of the Moderna COVID-19 vaccine and a Moderna booster.
- His wife was worse, so she received the Johnson & Johnson first dosage as well as the Moderna booster.
- Cramer began his career in sales and trading at the New York investment firm Goldman Sachs in 1984.
- Cramer was admitted to the New York State Bar in 1985 but never practised law.
- His legal licence was suspended on April 2, 2009, for failing to renew his registration.
- Cramer left Goldman Sachs in 1987 to launch Cramer & Co., a hedge fund (later Cramer, Berkowitz & Co.).
- Michael Steinhardt’s offices served as the fund’s headquarters.
- Early investors included Eliot Spitzer, a friend and classmate, Steve Brill, and Martin Peretz.
- Cramer raised $450 million in $5 million increments and was paid 20% of the profits he earned.
- Cramer alleges that on the Friday before Black Monday, he liquidated all of his stocks (1987).
- Cramer claims to have had just one year of negative returns from 1988 to 2000 — 1998, while the S&P 500 Index soared 29 per cent.
- Significant investment withdrawals occurred as a result of 1998’s underperformance.
- The fund returned 47 per cent in 1999 and 28 per cent in 2000, outperforming the S&P 500 Index by 38 percentage points.
- Cramer claims to have earned a 24 per cent average yearly return over the last 14 years and to have “routinely [taken] home $10 million or more.” His findings, however, have been called into question.
- Cramer stepped down as manager of the hedge fund in 2001.
- His old partner, Jeff Berkowitz, subsequently took over the fund.
- SmartMoney Cramer was also an “editor at large” for SmartMoney magazine and was accused of unethical behaviour after making a $2 million personal gain after buying stocks soon before his recommended piece was published. Cramer and Peretz founded TheStreet.com, financial news and investing website, in 1996. TheMaven paid $16.5 million for the firm in August 2019.
- In the late 1990s, Cramer was a frequent guest analyst on CNBC.
- Cramer co-hosted Kudlow & Cramer (formerly titled America Now) with Larry Kudlow from 2002 to 2005.
- CNBC’s Mad Money with Jim Cramer debuted in 2005.
- The show’s stated objective is to assist those who handle their own investing with “the knowledge and tools that will enable you to be a better investor.” Cramer is obligated to declare any stakes he has in a stock discussed on the show, and he is not permitted to trade any investment he has discussed on CNBC for five days after the broadcast.
- Until December 2006, Cramer aired a one-hour radio show called Jim Cramer’s Real Money, which created Mad Money.
- On 60 Minutes on November 13, 2005, Dan Rather interviewed Cramer.
- Cramer’s experience at his hedge firm, especially his violent temper, was one of the themes of debate.
- Cramer appears as himself in two episodes of Arrested Development in 2005.
- He said that he has upgraded Bluth Company shares from a “Triple Sell” to a “Don’t Buy,” and then stated that the stock was no longer a “Don’t Buy,” but rather a “Risky.”
- Cramer has also appeared on Today, NBC Nightly News, Live with Regis and Kelly, Cheap Seats, Late Night with Conan O’Brien, The Tonight Show with Jay Leno, Late Show with David Letterman, Jimmy Kimmel Live! in February 2008, The Apprentice in January 2007, and The Daily Show in March 2009 (see Jon Stewart–Jim Cramer conflict).
- Cramer also featured in the 2008 film Iron Man, impersonating Stark Industries on his programme Mad Money, and in the film Wall Street: Money Never Sleeps.
- He also claimed to have worked as a consultant on the first Wall Street film, advising the producers how he would contact Gordon Gekko.
- Cramer and TheStreet.com resolved a dispute with Fox News Channel in 2000, in which Fox claimed Cramer breached a contract to develop a show for Fox.
- The feud started when Fox protested that Cramer was promoting TheStreet.com stock on their network.
- Cramer highlighted techniques employed by hedge fund managers to influence stock prices in a December 2006 interview, some of which were questionable legality and others were unlawful.
- When he was operating his hedge fund, he detailed how he could move equities higher or lower with as little as $5 million in funds.
- “A number of times when I went short at my hedge fund,” Cramer stated.
- When I was positioned short, which meant I needed it down, I would create a level of activity ahead of time that may push futures.”
- He also urged hedge funds to participate in this sort of activity since it is a “very rapid method to generate money.”
- Cramer claimed that all of his actions were legal.
- “What’s vital when you’re in that hedge-fund paradigm is to not do anything remotely accurate because the reality is so against your opinion, that it’s important to construct a new truth, to establish a fiction,” he said.
- Cramer detailed a number of strategies used by hedge fund managers to influence the price of a company.
- Cramer suggested spreading false reports to reporters he referred to as “the Pisani’s of the world,” referring to CNBC journalist Bob Pisani, whom Cramer implied could be influenced, stating “You have to employ these people.”
- He also mentioned providing information to “the bozo reporter from The Wall Street Journal” in order for an article to be published.
- Cramer stated that, while unlawful, this approach is simple to carry out “because the SEC doesn’t comprehend it.”
- Cramer referred to himself as a “banking-class hero” throughout the conversation.
- Cramer said that as the manager of his hedge fund, he achieved a “rate of return of 24 per cent after all expenses for 15 years” until he retired in 2001.
- In 2000, at the height of the dot-com boom, he self-reported a 36 per cent return.
- This performance, however, has not been independently validated.
- Cramer advocated investing in technology companies in January 2000, towards the apex of the dot-com boom, and predicted a repetition of 1999 market performance.
- Cramer said in February 2000, the year in which he claimed to have achieved a 36 per cent return, that there were just ten equities he wanted to possess and that he was purchasing them every day.
- 724 Solutions, Ariba, Digital Island, Exodus Communications, InfoSpace, Inktomi, Mercury Interactive, Sonera, VeriSign, and Veritas Software were among the companies represented.
- He also disregarded Benjamin Graham’s and David Dodd’s investment strategies, claiming that price earnings ratios were irrelevant.
- All ten of these stock choices lost considerable value in 2000 as the dot-com bubble burst, casting doubt on the estimated 36 per cent gain for that year.
- Today on October 6, 2008, when the S&P 500 Index was at 1,056, Cramer advised investors, “Whatever money you need for the next five years, please take it out of the stock market.”
- Five months later, the market had dropped 36.9 per cent to 666.
- On October 6, 2013, five years following Cramer’s sell recommendation, the S&P 500 Index was valued at 1,678, a 58.7 per cent rise.
- Cramer was chastised for routinely delivering incorrect advice during the 2007–2008 financial crisis.
- He advised investors to buy in Bear Stearns, Merrill Lynch, Morgan Stanley, Wachovia, and Lehman Brothers before their stock prices plummeted and some went out of business.
- Cramer advocated investing in bank equities on August 8, 2008, before the culmination of the 2007-2008 financial crisis.
- According to a Wall Street Journal report published on August 20, 2007, “His choices have not outperformed the market.
- Over the last two years, viewers who own Cramer’s equities have gained 12 per cent, while the Dow has gained 22 per cent “The S&P 500 is up 16%.”
- According to a February 9, 2009 story in The Wall Street Journal, betting against Cramer’s Buy recommendations with short-term options might provide a 25% return in a month.
- On the March 11, 2008, edition of Cramer’s Mad Money, a viewer called Peter asked, “Should I be concerned about Bear Stearns’ liquidity and move my money out of there?” Cramer said “No, no, no! No! Bear Stearns is not in any danger.
- They are, in fact, more likely to be taken over.
- Don’t take your money away from Bear.
- “On March 14, 2008, reports of a Fed rescue and a $2/share purchase by JPMorgan Chase caused the stock to lose more than half of its value.
- On March 17, 2008, Cramer stated that his words were about the liquidity of Bear Stearns accounts, not the stock.
- Cramer indicated that he was not advocating the common shares but rather assuaging the account holder’s fears about the liquidity kept in a Bear Stearns brokerage account.
- “I did tell an emailer that his deposit in his account at Bear Stearns was safe,” Cramer later wrote, “but through a clever sound bite, (Jon) Stewart, and later (Frank) Rich neither of whom has bothered to listen to the context of the pulled quote pass off the notion of account safety as an out-and-out buy recommendation.”
- The insanity amazes me. If you phoned Mad Money and asked about Citigroup, I would warn you that the stock may be worthless, but I would never encourage you to withdraw your money from the bank because I was concerned about its stability. Your money is just as safe at Citi as it was at Bear. The fact that I was correct irritates me much more.”
- According to a story by Bloomberg News contributor Michael Lewis, TheStreet.com classified Bear Stearns as a “Buy” for $62 per share on March 11, 2008, the same day as the caller’s query and a day before Bear Stearns’ collapse.
- In February 2006, the Securities and Exchange Commission issued subpoenas to many journalists, including Cramer, in connection with claims of cooperation between Overstock.com short-sellers and Gradient Analytics, a stock research business.
- After Dow Jones attorneys opposed the government’s demands for communications between journalists and their sources, the SEC signalled it had no intention of executing the subpoenas.
- SEC Chairman Christopher Cox stated that neither he nor the SEC’s other four commissioners were aware of the subpoenas, which he described as “very rare.”
- Cramer described US Speaker of the House Nancy Pelosi as “Crazy Nancy” during a TV appearance on September 15, 2020, and then issued many tweets defending his conduct.
- He then apologised for using the term, which President Donald Trump routinely uses.
- Cramer voiced scepticism about the chances of a coronavirus treatment measure during a conversation, adding, “I mean, what deal can we have, Crazy Nancy?”
- He soon followed it with “Sorry, I meant the president. I would never use such language because I hold the office in such high regard.” “But you just did,” Pelosi pointed out.
- Jim Cramer founded his own hedge fund business, Cramer & Co., in 1987, using his understanding of the stock market.
- Cramer managed his fund from 1987 to 2000, with only one year of negative results.
- He finally withdrew from his hedge fund in 2001, after having an overall yearly average return of 24 per cent from 1987 to 2001 and earning an average of more than $10 million per year for the whole 14-year period.
- Cramer co-founded TheStreet.com, a website that provides stock market analysis and advice, while still working at his hedge fund, in 1996.
- Cramer is the business’s second-largest shareholder, and the company had had a market valuation of $1.7 billion.
- However, as of August 2019, Maven had purchased TheStreet.
- Jim Cramer started on to anchor the CNBC show “Mad Money,” for which he is best known, in 2005.
- The purpose of the show is to educate viewers on how to think like expert investors rather than to tell them what to believe.
- The show’s popularity has steadily increased over the last decade, making it one of CNBC’s most popular investing programmes.
- Cramer’s popularity on “Mad Money” has enabled him to host and appear as a guest on a variety of investment shows across numerous media firms.
- Cramer has also been on popular series unrelated to investment finance, including “Arrested Development,” “The Tonight Show,” and “The Daily Show.”
Jim Carmer Cars
Jim Cramer has recently bought a Lamborghini Aventador for $1 Million USD. Jim Cramer also owns a Land Rover Discovery that cost $175,000 USD. A Few other cars owned by Jim Cramer are listed below.
- Mercedes-Benz AMG GT
- BMW X8
- Bentley Bentayga
Jim Carmer House
Jim Cramer lives in a 14,000-square-foot luxury mansion in Manhattan’s Financial District. Jim Cramer purchased his property for an estimated $16 million dollars. This house has 7 bedrooms and 8 bathrooms. Jim Cramer’s home also has a Game Room, two swimming pools, a home theatre, and other luxuries.
Jim Carmer Net Worth
Jim Cramer’s net worth is believed to be $150 million. His success as a hedge fund manager provided the majority of his financial wealth, but it did not end there. Cramer grew his net worth through a diversified approach of numerous income streams, drawing on his skills as a hedge fund manager.
The market cap and cash flow from his ownership of TheStreet.com, as well as his reputation and success as the host of “Mad Money,” have increased his net worth. Cramer’s considerable impact in the investment finance world has been maintained via “Mad Money.” He is a well-known source of stock market guidance.
February 10, 1955
He is 68 years old.