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NEW YORK (TheStreet) -- Don't take your investing cues from whatever "guru" happens to be on TV, Jim Cramer said on Mad Money Thursday. Investors need to be their own gurus and decide when it's time to buy and sell.
Cramer was responding to today's comments by billionaire hedge fund manager David Tepper that he's now feeling a lot better about the stock market after expressing concerns about those same markets just a few weeks ago. Cramer said he's a big fan of Tepper and is glad he takes time out to let others know what he's thinking. But that doesn't mean investors should hang on his every word.
When celebrity investors come on TV, you're only getting a snapshot of what they're thinking, Cramer continued. These investors are under no obligation to update you when they change their mind. That's why investors shouldn't follow them blindly.Cramer explained investors need to do their own homework and learn about the stocks they own and why they own them. Investors also need to know about themselves and how much risk they're willing to take and what their goals are. That way, when anomalies occur, like Rite Aid's (RAD) 10% fall on news the company was having problems with a drug supplier, investors will know whether it's time to head for the exits or buy more. Confidence comes from knowing what you own, Cramer concluded, and not what other people think about what you own.