Readers may recall that last month, I wrote a blog post slamming Cramer and others who are consistently (dead) wrong about their calls on the market. Last month, Cramer, on CNBC, stated that the banks, especially Bank of America, should not be owned because one of them might have to file bankruptcy. He strongly hinted that B of A could be the one to do so. Since that time, B of A has rallied over 40%. They just reported much improved numbers today. In fact, the financials as a whole have rallied significantly in the past month or so. Moral to the story: As I wrote previously, one could likely make a lot of money just doing the exact opposite of what people like Cramer advise. This certainly proved to be accurate regarding the financials, and has been consistently true over the long-term. Cramer tried to manage money and failed miserably in the past, which is why he is on TV talking about it instead of actually doing it. Do yourselves a favor and do not listen to this fool. He will lose you money.
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