Consistency, Not Cramer, Will Grow Your Portfolio

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Jim Kramer and the Psychic Friends Network. You remember Psychic Friends Network? Was that Dionne Warwick? Yeah, Dionne Warwick. She had some good songs back in the day. The old Baccarat tunes there, Walk On By. Anyway, neither here nor there. Jim Kramer and we had fun with him here on the program. This past week, again, again, what was it? Monday he puts out.

tweet saying I think I’m going to paraphrase. Okay, I printed it out, but I threw it out. Said something and I rolled my eyes. This could be the worst day to buy stocks ever. You got to be something like that. You got to be crazy to be buying stocks on this day. And turns out the market went up that day. And again, it’s like an ongoing joke with many people out there. In fact, we made fun of this for somebody actually

came up with a fund, the inverse Kramer funds, everything the exact opposite of what Jim Kramer says. It’s almost like when George Costanza on Seinfeld is alerted to the fact that if he does everything the exact opposite of what he thinks, things are going to work out great for him. And they do. Anyway, neither here nor there. Again, picking on Jim. I met Jim a couple of times.

His hedge fund, his hedge fund happened to be located in my building. I had an apartment building above Delmonico’s restaurant in downtown New York and he had his, offices there as well. He was a little all over the place at that time. Anyway, he, know, Jim Kramer is an entertainer and I tried to get this across to people.

for a long time when it comes to the stock pickers on TV. They used to be a lot more prolific. They still exist in many spaces, many radio stations around the country now, podcasts and blogs and what have you. And I’ve said it’s like the Psychic Friends Network or it’s like listening to the folks on NFL Sunday.

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their stock or their football picks for that week. You know, it’s funny. You take a look at the picks and these guys are all ex NFL players. Some of the top coaches, Jimmy Johnson, whatever it may be. You notice how wrong they often are with those picks. Well, anyway, Jim Kramer said something and again, it bothered me this time. Again, I, you know, I mentioned him in the past with some of the nonsense he’s come up with.

It goes against some of the things that we try to teach here on the program. And I’m going to, I’m going to take a line from Bull Durham when Crash Davis, Kevin Costner comes out to the mound and tells the pitcher, says, don’t think it only hurts the ball club.

When you set parameters and boundaries and rules for investing in your portfolio, you don’t change them based upon the news of that day or what some so-called expert is saying on X or on CNBC. I try to explain the concept of dollar cost averaging to people.

here on the program for some time. We suggest that you pick a day every single month. This is people that are looking to become wealthy at some point in time. And these people oftentimes getting a paycheck. They take money out of your paycheck and have it go into your 401k or you may decide that hey you’re taking X amount of dollars every single month and you’re putting away paying yourself concept which we’ve talked about here on the program. I do it. Okay. I do it.

My clients do it. You pick that day and you don’t deviate. I don’t care. I don’t care how many people clamor on CNBC and tell you that today is going to be the worst day to invest ever.

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The worst day to invest, what would that mean? my God, the market’s taken. That’s actually a good day to invest. Correct me if I’m wrong, because things are down. Jim Cramer doesn’t know when the market’s going to stop going down. He doesn’t know when it’s going to start going up. And let me tell you something else, I don’t either. That’s the point.

That’s what you need to understand. does. Dionne Warwick and her Psychic Friends Network, they don’t know. Okay. They don’t know. And that’s why it is a fool’s errand to follow these people. Again, I don’t, like I said, I don’t know Jim Cramer. seems like a nice guy. He seems like he means well, he has a job.

Okay. His job is to entertain you. mean, yes, he is perpetually wrong, but people still watch him. People are still tuned into him every single day. He’s got his investment plan. He’s got all of these little gimmicks that are out there and he’s making bank. It is what it is. He’s making bank.

He’s able to get interviews with various different CEOs. Some of them are some notorious interviews over the years and some really bad calls that he’s made over these, but that’s the point. This is why, again, people have, oh, you’re not on the business networks anymore. Well, they want me to do something I won’t do. They want me to go on.

And they want me to give picks and want me to tell people what to buy, what to sell, what to hold. And I refuse to do that. I refuse to do that. I’ve never in all of my years, the 25 years we’ve been doing this program, have I ever given a buy, or hold recommendation prior to that.

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When I was just doing guest appearances, never did that. Read my columns going back to through the 1990s. Never did that. It’s again, a buy for you might not be a buy for your neighbor. And again, there’s, so many different factors that are involved. I once equated it on the show is that would you, would you listen to a call in doctor program or, know, you have a brain surgeon who decides to start a show.

And hey, Doc, you know, lately, you know, I got this, I got this this headache, you know, that’s, you know, back on my head here a little bit, you know, should I get brain surgery? What would the doctor say? yes, absolutely. Come in. We’re going to cut you open. There’s no way he’s able to make that.

Determination is a myriad of different factors and things that have to be looked into, tests that need to be all sorts of stuff. And the same thing holds true when you’re trying to build up wealth. You’re trying to look for shortcuts, trying to look for quick hits, you’re going to lose. If you put together a process, and that’s one of the things that we’ve talked about over the years, our process, I don’t deviate from the damn thing.

It doesn’t make any sense to all of the calamities and whatnot that I dealt with over the years at that always at that point in time in the news, everything it’s the worst possible thing that is happening. It’s awful skies falling. World’s gonna end. You know what? doesn’t.

It doesn’t. So, all right, step back. What do need to do? As someone who you want to do well, you want to build wealth over time. You got to do your prep work properly. You can’t call it financial planning. You’re not even like that phrase planning, quite frankly, because it’s nonsensical. You want to make God laugh? Tell him your plans. You can plan for a myriad of different things, but you don’t know what’s going to be thrown at you. It’s better to prep.

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It’s better to prep so you’re able to deal with pitfalls, downturns, because they’re going to happen. And also you’re able to build wealth and you’re able to take advantage of situations along the way. Opportunities that God will present you along the way. That’s what financial preparation is all about. That’s what our process involves. Stop listening to the Psychic Friends Network going to turn out well. Lights dog on wallstreet.com.