American television personality Jim Cramer is best known for being the current host of the CNBC show Mad Money, which is about money. Cramer is also one of the hosts of Squawk on the Street on CNBC.
Before he started working on TV, Jim Cramer had a very successful career in business and finance. He used to run his own hedge fund company, which was called Cramer, Berkowitz & Co.
Education and the Early Years
Jim Cramer was born on February 10, 1955, in Wyndmoor, Pennsylvania, a suburb of Philadelphia, to Ken and Louise Cramer. His mother was an artist, and his father owned an International Packaging Products business.
Throughout his time at Harvard, Jim was president and editor-in-chief of the Harvard Crimson newspaper. He went back to school again and finished Harvard Business School in 1984. Jim Cramer used stock investments to pay for his education at Harvard Law School.
The Personal Life of Cramer
Cramer got married for the second time to real estate agent Lisa Detwiler in 2015. He has two daughters with his first wife, Karen Backfisch. In 2009, Cramer and Backfisch, who used to work for a hedge fund, split up.
Cramer has often said that his ex-wife is a big reason why he is so good at picking stocks. In 1987, when Cramer started his hedge fund, the stock market crashed.
This day was called “black Monday.” It seems that Cramer's ex-wife, who was a trader for Cramer & Co. at the time, kept the fund from going down by getting Cramer to sell positions before the selloff started.
Beginning of Jim Cramer's Career
Jim Cramer has had a long career with many different stages. As a child, the man who would become a millionaire made his first dollar by selling ice cream at Philadelphia Phillies games.
On February 10, 1955, Louise and Ken gave birth to James Joseph Cramer in Wyndmoor, Pennsylvania. When he was in elementary school, he became interested in the stock market for the first time.
After being the editor-in-chief of The Harvard Crimson and graduating from Harvard University in 1977, he started a career in journalism at the Tallahassee Democrat and the Los Angeles Herald Examiner.
Before Steve Brill went back to Harvard to go to law school, Cramer also helped him find the magazine American Lawyer.
After college, he moved to New York to work for Goldman Sachs because he was interested in the stock market.
Cramer wrote about stocks for The New Republic while he worked for Goldman. Then he started Cramer, Berkowitz & Co., a hedge fund.
He had a lot of success, but in 2001 he decided to stop actively trading and go back to writing and commenting full-time.
In the end, he went to work for CNBC, where his show “Mad Money,” which began in 2005, made him famous. Today, he is also one of the hosts of the morning show “Squawk on the Street.”
Jim Cramer's Estimated Net Worth
As of 2022, Jim Cramer is expected to have a net worth of $150 million. His success as a hedge fund manager gave him most of his wealth, but he did not stop there.
Using his experience as a manager of hedge funds, Cramer grew his net worth by bringing in money from different sources.
The market value and cash flow of TheStreet.com, which he owns, as well as his fame and success as the host of “Mad Money, have all added to his net worth.
Cramer's strong influence in the investment finance world has been kept up by “Mad Money.”
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The Cars of Jim Cramer
Jim Cramer just spent $1 Million USD on a Lamborghini Aventador. Jim Cramer also has a $175,000 USD Land Rover Discovery. Here is a list of some of Jim Cramer's other cars.
- Mercedes-Benz AMG GT
- BMW X8
- Bentley Bentayga
The Jim Cramer Residence
Living in a 14,000-square-foot luxury residence in Downtown New York City is Jim Cramer. A property owned by Jim Cramer cost an estimated $16 million to purchase.
This house has 7 bedrooms and 8 bathrooms. A game room, two pools, a home theater, and other facilities can be found in Jim Cramer's house.
Jim Cramer Controversies
There have been plenty of controversies in Jim Cramer's career, too. In 1995, he was accused of manipulating the stock market because he had written about a few smaller companies with which he had shared.
When the companies did well, he made around $2 million in less than a month. This caused the magazine that published Cramer's stories to change its rules about editors and writers who have conflicts of interest.
Then, in March 2008, when a viewer asked him on air about the health of investment bank Bear Stearns, Cramer said, “No, no, no, no!” Bear Stearns doesn't have any problems.
They are more likely to be taken over than anything else. Don't take money out of Bear.” That turned out to be one of the worst predictions ever made on Wall Street.
By March 14, the stock had dropped by 92% and was sold to J.P. Morgan for $2 per share, even though it had been worth over $60 per share just a week before.
Cramer said he was talking about brokerage accounts, not common stock, but the clip made it to “The Daily Show,” where host Jon Stewart made fun of Cramer and other financial experts.
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There have also been serious doubts about Cramer's ability to pick good stocks. In a 2007 article in Barron's, it was said that investors who had followed Cramer's advice would have made only 12% in the two years before, while the S&P 500 had made 16%.
Cramer hasn't done much better in the last few years. In a 2016 MarketWatch article, it was pointed out that his Action Alerts Plus portfolio had been doing worse than the S&P 500 since it started in 2001, and that it had been getting worse since 2011 when the portfolio lost 11% while the S&P 500 stayed the same.
Frequently Asked Questions
Who is the wife of Jim Cramer?
Lisa Cadette Detwiler
What is Jim Cramer's height?
5 feet 9 inches
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