CNBC analyst Jim Cramer has been mocked again on social media after a clip resurfaced of the “Mad Money” host encouraging viewers to buy shares in Silicon Valley Bank’s parent company. increase.
“The ninth-best performer of all time is SVB Financial (the bank’s parent company). Don’t yawn,” Kramer told viewers on the Feb. Told.
Cramer named SVB Financial as “the biggest winner of 2023…so far”, alongside blue chip stocks such as Meta, Tesla, Warner Bros. Discovery and Norwegian Cruise Line.
“This company is a merchant bank with a deposit base that Wall Street was falsely concerned about,” Kramer said in the clip.
Cramer emphasized the fact that banks “relied less on private equity and venture capital offerings.”
He said the stock was “the fourth worst performer of 2022” but worth buying because “being the banker of these huge pools of capital has always been very good business.” rice field.
“Stocks are still cheap,” Mr. Cramer said. At the time, SVB Financial was trading at $320.40 per his share.
The Post has reached out to CNBC for comment.
On social media, Kramer’s critics took to reminding others of the now ill-fated stock tip.
“A month ago, Jim Cramer urged investors to buy shares in Silicon Valley Bank,” one Twitter user observed, adding, “Today a bank was shut down by California regulators for the second time in U.S. history. It was a big bank failure in 2018,” he added.
Another Twitter user wrote:
“It’s very sad how he’s always done the wrong thing and destroyed so many people and families.”
“That man needs to be taken off the air forever.”
Genevieve Roch-Decter wrote on Twitter:
“He also said Bear Stearns[the investment firm that collapsed in the subprime mortgage crisis]was doing okay in 2008. This guy deserves an Oscar.”
Cramer has been a frequent target of disrespect and ridicule on social media, with observers pointing to some of his market predictions not coming to fruition.
Investment gurus seeking to capitalize on Cramer’s poor predictive performance have introduced two exchange-traded funds based on strategies that conflict with those recommended by the CNBC personality.
Matthew Tuttle, CEO of Tuttle Capital Management, which launched the Inverse Kramer Tracker ETF, said, “If he specifically says buy, buy, buy stocks, the next realistic I will short the stock at the right moment,” he said. told Bloomberg News.
Last fall, Cramer appeared on CNBC’s broadcast to offer an emotional apology to viewers for promoting Meta stock, whose value plummeted by about 25% in a single trading session.
However, since the apology aired, Meta’s share price has recovered.