April 2, 2025 • 9 mins
Jim Cramer’s latest stock market prediction flops again—why following TV stock pickers like the Psychic Friends Network is a fool’s errand. Christopher Markowski breaks down the pitfalls of chasing quick tips and hype from entertainers like Cramer. Learn the power of dollar cost averaging, sticking to a disciplined process, and tuning out the noise to build real wealth. www.watchdogonwallstreet.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst and trader, Chris Markowski.
Speaker 2 (00:16):
Jim Kramer, and the Psychic Friends Network. Even the Psychic
Friends Network. Was that Dion Warwick, Eh, Dion Warwick. She
had some good songs back in the day. There the
old Burt bacharak toombs there walk on by anyway, neither
here nor there. Jim Kramer and we have fun with
them here on the program this past week again again,
(00:40):
what was it Monday? He puts out tweet saying I
think I'm pre paraphrase. Okay, I printed it out, but
I threw it out said something. I rolled my eyes.
This could be the worst day to buy stocks ever.
You gotta be or something like that, you gotta be crazy.
He'd be buying stocks on this day. And turns out
(01:00):
the market went up that day. And it's like an
ongoing joke with many people out there, in fact that
we made fun of this for somebody actually came up
with a fund, the Inverse Kramer Funds do everything the
exact opposite of what Jim Kramer says. It's almost like
(01:21):
when George Costanza on Seinfeld is alerted to the fact
that if he does everything the exact opposite of what
he thinks, things are gonna 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
(01:41):
hedge fund. His hedge fund happened to be located and
my building. I had an apartment building above Del Monico's
restaurant in downtown New York, and he had his offices
there as well. He was little all over the place
at that time. Anyway, you know, Jim Kramer is an entertainer,
(02:04):
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 vlogs and what have you.
(02:26):
And I've said it's like the Psychic Friends Network, or
it's like listening to the folks on NFL Sunday with
their stock or their football picks for that week. You know,
it's funny. He then take a look at the picks,
and these guys are all x NFL players, some of
the top coaches, Jimmy Johnson, whatever it may be, you know,
(02:48):
it's how wrong they often are with those picks. Well, anyway,
Jim Kramer said some thing, and again it bothered me
this time again. I you know, I mentioned him the
past or 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 gonna I'm
(03:10):
gonna take a line from bull Dern when Crash Davis
Kevin Coster comes out to the mound and tells the
pictures says, don't think it only hurts the ball club.
When you set parameters and boundaries and rules for investing
(03:31):
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
(03:55):
on the program for some time. We suggest that you
pick it day every single month. This is people that
are looking to become wealthy at some point in time,
and these are people at the times of getting a paycheck.
They take money out of your paycheck and have it
go into your four or one K, or you may
decide that, hey, you're taking X amount of dollars every
single month and you're putting away paying your self concept
(04:18):
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
(04:38):
that today is going to be the worst day to invest, ever,
the worst day to invest that what would that mean?
Oh 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 Kramer doesn't know when the market's going
(04:59):
to stop going down. He doesn't know it's gonna start
going up. And let me tell you something else. I
don't either. That's the point. That's that's what you need
to understand. Nobody does. Dianon Warwick and her Psychic Friends network.
They don't know. Okay, they don't know, and that's why
(05:21):
it is a fool's errand to follow these people. Again,
I don't, like I said, I don't know. Jim Kramer
he's honestly, he seems like a nice guy. He seems
like he means well. He has a job. Okay, his
job is to entertan you. I mean, yes, he is
(05:43):
perpetually wrong, but people still watch him. People are still
tuned into him every single day. He's got his investment cloy,
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 seals.
(06:05):
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 you're not on you know, you're not
on the business networks anymore. Well, they want me to
do something I won't do. They want me to go
(06:26):
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 twenty five years we've been doing this program, have
I ever given a buy seller, hold recommendation. Prior to that,
(06:50):
when I was just doing guest appearances. Never did that.
Read my columns going back to through the nineteen nineties,
never did that. It's again, a bye for you might
not be a bye for your neighbor. And again there's
there's so many different factors that are involved. I once
equated it on the show is that would you would
(07:13):
you listen to a call in doctor program or you
know you have a brain surgeon who decides stars show
and hey, uh, doc, you know lately, you know I
got this, Uh, I got this this headache. You know
that's a you know, back of my head, here a
little bit, you know, Should I get brain surgery? The
(07:34):
doctor say, oh, yes, absolutely, kind of We're gonna cut
you open. There's no way he's able to make that
determination as a myriad of different factors than things that
have to be looked into, tests that needed 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,
try to look for quick hits, you're going to lose.
(07:56):
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.
Speaker 3 (08:07):
It doesn't make any sense to all of the calamities
and whatnot that I've 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.
Speaker 2 (08:20):
It's awful, sky's falling, world's done to end, and you
know what, it doesn't it does it? So all right,
step back? What do you need to do as someone
who you want to do while you want to build
wealth over time? Again, you gotta do your prep work properly.
(08:44):
Can call it financial planet And I even like that
phrase planning quite frankly, because it's nonsensical. You want to
make God left tell them 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 crep.
It's better to prep so you're able to deal with
You're able to deal with pitfalls, downs because they're gonna happen.
(09:07):
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 where financial
preparation is all about. That's what our process involves stop
listening to the Psychic Friends Network. It's not going to
(09:28):
turn out one watch dog on Wall street dot com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst and trader, Chris Markowski.
Speaker 2 (00:16):
Jim Kramer, and the Psychic Friends Network. Even the Psychic
Friends Network. Was that Dion Warwick, Eh, Dion Warwick. She
had some good songs back in the day. There the
old Burt bacharak toombs there walk on by anyway, neither
here nor there. Jim Kramer and we have fun with
them here on the program this past week again again,
(00:40):
what was it Monday? He puts out tweet saying I
think I'm pre paraphrase. Okay, I printed it out, but
I threw it out said something. I rolled my eyes.
This could be the worst day to buy stocks ever.
You gotta be or something like that, you gotta be crazy.
He'd be buying stocks on this day. And turns out
(01:00):
the market went up that day. And it's like an
ongoing joke with many people out there, in fact that
we made fun of this for somebody actually came up
with a fund, the Inverse Kramer Funds do everything the
exact opposite of what Jim Kramer says. It's almost like
(01:21):
when George Costanza on Seinfeld is alerted to the fact
that if he does everything the exact opposite of what
he thinks, things are gonna 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
(01:41):
hedge fund. His hedge fund happened to be located and
my building. I had an apartment building above Del Monico's
restaurant in downtown New York, and he had his offices
there as well. He was little all over the place
at that time. Anyway, you know, Jim Kramer is an entertainer,
(02:04):
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 vlogs and what have you.
(02:26):
And I've said it's like the Psychic Friends Network, or
it's like listening to the folks on NFL Sunday with
their stock or their football picks for that week. You know,
it's funny. He then take a look at the picks,
and these guys are all x NFL players, some of
the top coaches, Jimmy Johnson, whatever it may be, you know,
(02:48):
it's how wrong they often are with those picks. Well, anyway,
Jim Kramer said some thing, and again it bothered me
this time again. I you know, I mentioned him the
past or 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 gonna I'm
(03:10):
gonna take a line from bull Dern when Crash Davis
Kevin Coster comes out to the mound and tells the
pictures says, don't think it only hurts the ball club.
When you set parameters and boundaries and rules for investing
(03:31):
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
(03:55):
on the program for some time. We suggest that you
pick it day every single month. This is people that
are looking to become wealthy at some point in time,
and these are people at the times of getting a paycheck.
They take money out of your paycheck and have it
go into your four or one K, or you may
decide that, hey, you're taking X amount of dollars every
single month and you're putting away paying your self concept
(04:18):
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
(04:38):
that today is going to be the worst day to invest, ever,
the worst day to invest that what would that mean?
Oh 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 Kramer doesn't know when the market's going
(04:59):
to stop going down. He doesn't know it's gonna start
going up. And let me tell you something else. I
don't either. That's the point. That's that's what you need
to understand. Nobody does. Dianon Warwick and her Psychic Friends network.
They don't know. Okay, they don't know, and that's why
(05:21):
it is a fool's errand to follow these people. Again,
I don't, like I said, I don't know. Jim Kramer
he's honestly, he seems like a nice guy. He seems
like he means well. He has a job. Okay, his
job is to entertan you. I mean, yes, he is
(05:43):
perpetually wrong, but people still watch him. People are still
tuned into him every single day. He's got his investment cloy,
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 seals.
(06:05):
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 you're not on you know, you're not
on the business networks anymore. Well, they want me to
do something I won't do. They want me to go
(06:26):
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 twenty five years we've been doing this program, have
I ever given a buy seller, hold recommendation. Prior to that,
(06:50):
when I was just doing guest appearances. Never did that.
Read my columns going back to through the nineteen nineties,
never did that. It's again, a bye for you might
not be a bye for your neighbor. And again there's
there's so many different factors that are involved. I once
equated it on the show is that would you would
(07:13):
you listen to a call in doctor program or you
know you have a brain surgeon who decides stars show
and hey, uh, doc, you know lately, you know I
got this, Uh, I got this this headache. You know
that's a you know, back of my head, here a
little bit, you know, Should I get brain surgery? The
(07:34):
doctor say, oh, yes, absolutely, kind of We're gonna cut
you open. There's no way he's able to make that
determination as a myriad of different factors than things that
have to be looked into, tests that needed 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,
try to look for quick hits, you're going to lose.
(07:56):
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.
Speaker 3 (08:07):
It doesn't make any sense to all of the calamities
and whatnot that I've 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.
Speaker 2 (08:20):
It's awful, sky's falling, world's done to end, and you
know what, it doesn't it does it? So all right,
step back? What do you need to do as someone
who you want to do while you want to build
wealth over time? Again, you gotta do your prep work properly.
(08:44):
Can call it financial planet And I even like that
phrase planning quite frankly, because it's nonsensical. You want to
make God left tell them 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 crep.
It's better to prep so you're able to deal with
You're able to deal with pitfalls, downs because they're gonna happen.
(09:07):
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 where financial
preparation is all about. That's what our process involves stop
listening to the Psychic Friends Network. It's not going to
(09:28):
turn out one watch dog on Wall street dot com
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!