Jim Cramer is a well-known television personality, financial expert, and former hedge fund manager who has made a significant impact on Wall Street and the media industry.
Best recognized as the host of CNBC’s Mad Money and co-founder of TheStreet.com, Cramer has built a fortune of approximately $150 million.
His journey from a newspaper journalist to a hedge fund manager and later a television stock analyst showcases his diverse expertise and business acumen.
Early Life and Education
Jim Cramer was born on February 10, 1955, in Wyndmoor, Pennsylvania, into a Jewish family. His father, Ken Cramer, ran a packaging business, while his mother, Louise A. Cramer, was an artist. From a young age, he showed an interest in finance, business, and media.
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- Attended Springfield Township High School.
- Enrolled at Harvard College, graduating magna cum laude in 1977 with a Bachelor of Arts in Government.
- Served as the President and Editor-in-Chief of The Harvard Crimson.
- After working as a journalist, he pursued a law degree at Harvard Law School and graduated in 1984.
- While in law school, Cramer started investing in the stock market and used his profits to cover tuition fees, demonstrating his early talent for trading.
Early Career: Journalism and Law
Before entering Wall Street, Cramer worked as a journalist:
- Started as a reporter for the Tallahassee Democrat, where he was among the first to cover the Ted Bundy murders.
- Worked for publications like the Los Angeles Herald-Examiner and American Lawyer.
- Served under Governor Jerry Brown of California.
- Although he passed the New York State Bar Exam in 1985, Cramer never practiced law, and his license was later suspended in 2009 due to unpaid registration fees.
Finance Career: From Goldman Sachs to Hedge Fund Success
Goldman Sachs
In 1984, after completing law school, Cramer joined Goldman Sachs as a stockbroker in their trading division. His skills in stock picking and market analysis made him a rising star.
Hedge Fund: Cramer, Berkowitz & Co.
In 1987, Cramer left Goldman Sachs to start his own hedge fund, Cramer & Co. (later Cramer, Berkowitz & Co.). Some key highlights of his hedge fund career include:
- Raised $450 million from investors like Steve Brill, Eliot Spitzer, and Martin Peretz.
- Charged clients a 20% fee on profits.
- Reportedly delivered an average annual return of 24% over 14 years.
- Retired from the hedge fund in 2001, with Jeff Berkowitz taking over.
Despite his success, some critics have questioned the accuracy of his reported returns.
Media Career: TheStreet.com and CNBC
TheStreet.com
In 1996, Cramer co-founded TheStreet.com, a financial news and investment website, alongside Martin Peretz.
The site was a huge success during the dot-com boom, reaching a market cap of $1.7 billion in 1999. Cramer’s 15% stake in the company was once worth $255 million.
However, after the dot-com crash, the site’s value plummeted, and by 2005, his stake had dropped to just $15 million. In 2019, TheStreet.com was sold to TheMaven for $16.5 million.
CNBC and Mad Money
Cramer began appearing as a financial commentator on CNBC in the late 1990s, leading to bigger opportunities:
- Co-hosted Kudlow & Cramer (2002–2005) with Larry Kudlow.
- Launched his own show, Mad Money with Jim Cramer, in 2005.
- Mad Money aims to educate retail investors with stock market insights, featuring Cramer’s energetic and theatrical presentation.
- Due to ethical concerns, CNBC requires him to disclose any stock positions and prohibits trading stocks discussed on-air for five days after a broadcast.
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Book Publications
Cramer has authored several best-selling books about finance, including:
- Confessions of a Street Addict (2002)
- You Got Screwed! Why Wall Street Tanked and How You Can Prosper (2002)
- Jim Cramer’s Real Money: Sane Investing in an Insane World (2005)
- Jim Cramer’s Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer) (2007)
- Jim Cramer’s Getting Back to Even (2009)
- Jim Cramer’s Get Rich Carefully (2013)
These books reflect his financial philosophies and provide guidance for both novice and experienced investors.
