An open letter to money managers who go on television:
Oh boy, aren't these money managers getting testy on television? Heard one today grousing about how she didn't really like
that much and that she didn't really want to be held to it. I heard one the other night bridling when someone asked her about picks that went awry. A guy on TV earlier in the week seem appalled that he had to answer for something that had just cratered.
Am I missing something? When things were good, you loved it when people pointed to your winners. You always wanted your record on display. Prominently. You loved to talk about how you caught big moves. You loved how much money your company took in when you were on the tube.
Don't go getting testy about it now that your record's no good. Don't get on that high horse about "long term." You didn't talk about long term when things were going up every day. What the heck are you thinking? Did you really think that this was a one-way street -- you come on television, build your brand in good times and just take a pass in bad times?
Did you think that we in the media are just a bunch of patsies who exist to make you look good?
The next manager who grouses when someone tries to make you accountable for your touts, I am going at you with both barrels.
If you can't take the heat, stop going on television. You don't deserve to be on.
Best of luck!
: I will be hitting these managers on the
paid site, so
send in your bucks if you want to see it happen.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to