Jim Cramer, host of Mad Money and lately the target of harsh criticism over his stock picks as the market tanked, is fed up.
Appearing on CNBC, Cramer listened to another guest discuss the virtues of passive index investing in the style of John Bogle and then, once the camera panned to him, lost his temper on-air, lambasted the guest, then stomped off the set.
“With all due respect, the S&P 500 is flat, literally, for 10 years. That’s John Bogle’s world,” Cramer sputtered.
“If you were to sell at 11,000 [on the Dow Jones Industrial Average] like I told you to in September, 10,000 like I told you in December, and then get back in at 6,500, who wins? Is that so bad? Is that worth not trusting in?”
But Cramer was just getting started. The CNBC host has been criticized for various losing picks, particularly in a savage Comedy Central interview with Daily Show host Jon Stewart.
“I’ve had it with people who tell me about the index funds,” he says. “For 10 years, they’ve done nothing! For 10 years!”
“When do they get called on the carpet? When are they are wrong? Do we have to wait another 10 years?” Cramer sniped. "Enough of this! I've said my piece."
"Happy 20th,” Cramer grumbled, referring to the financial network’s 20th anniversary this year.
Cramer then dropped his lapel mic and walked off the set. (Cramer rant starts at minute 3:30)
Cramer did in fact tell investors who needed money in the next five years to get out, on Oct. 6, when the market was over Dow 10,000, a number it has approached but not surpassed since.
He also said July that investors should get completely out of stocks at Dow 12,000, then buy back in after it falls to 10,000.
Of course, Cramer also promoted passive index investing for most investors in a recent book.
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