Dave: No disagreement with anything you said, but I was focusing more on Cramer’s mentality (i.e. a trader versus investor) than on his actual losses.
Much like some of the posters on this board who tout their “investment” acumen and then go on to discuss their “investment” strategies and those strategies are nothing more than short-term, marketing driven momentum bets than anything else.
You spend more than an hour watching CNBC and you realize that there are no investment strategies being divulged, it’s simply a group of shills touting whatever is hot that day.
Had Cramer had anything approximating a true investor’s background, you can guarantee that he would never, ever have been on television less than a week before Bear Stearns went under telling people that the company was fine. A cursory glance at their trading positions, how overleveraged they were and the counter party demands all showed a company in extremis.
