These days, Jim Cramer is a TV personality and host of the CNBC show “Mad Money.” He also is co-founder and head of TheStreet.com, Inc., a finance website. Before his own entrepreneurial endeavors, he managed a hedge fund—arr, arr.
In 2006, he gave an interview for the internet channel of his own company TheStreet and opened the door wide to the magical toolbox of hedge fund sleight of hand. This is gold:
Who cares about the fundamentals? Research in Motion [editor’s note: Research in Motion is the original company name behind BlackBerry products] just blew out the quarter. But look what people can do. That’s the fabulous thing. The great thing about the market is that it’s got nothing to do with the actual stocks. Maybe two weeks from now the buyers will come to their senses and realize that everything they heard was a lie. But then again Fannie Mae lied about their earnings for $6 billion. It’s just fiction and fiction and fiction (...) And it’s a pretty good game. It can be played for a percent or two.
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