One of the most recognizable and heralded men in the world of finance recently took a break from counting his money to do a little fishing. After getting two degrees from Harvard, Jim Cramer worked for Goldman Sachs on Wall Street and became a hedge fund manager. He took his talents online in 1996 when he founded The Street, a financial news and literacy website. He was an editor for SmartMoney magazine too. He’s also written several books. In 2005 his T.V. Show Mad Money aired on CNBC and has been going strong ever since. According to Investopedia, he’s got an estimated net worth of $150.
Even with that much money, it’s refreshing to see he still takes his own fish off the hook. He recently took to Twitter to show off a couple of pictures from a fishing trip to his more than 2 million followers. A good day of fishing beats a good day of doing just about anything else. That’s a sentiment Jim Cramer echoed when he aptly captioned one of his posts “living the dream!”
Financial Genius Jim Cramer Says Picking Stocks Is A Lot Like Fishing
Jim Cramer has used fishing as an analogy to explain his approach to playing the stock market in the past. “This is like fishing, catching a 40-inch edible fish every day, each different from the day before,” Cramer told CNBC a while back. He said every once in a while a stock buy comes along that is so remarkable that it’s like hooking into a 40-pound striper while surf fishing.
You can’t win big on the stock market if you don’t play the game. Just like you can’t catch fish if you’re not throwing lines in the water. As Cramer explains, “You can’t show performance in this market without buying stocks. It’s that simple: for money managers, you know what this period is? This is the buy-or-die period.” He also said like with commercial fishing operations, it’s important not to overfish any one particular stock.
“Some are game fish-like, hitting an all-time high on autonomous driving chips. Others are the bottom fishers. Some are brick-and-mortar retailers that typically rally for a few days, then you’ve got to toss them back. Those are strictly catch-and-release. And some are just delicious dinners, visible from the surface — branzino — capable of being lured in with some chum and a couple of dumb minnows,” he said. “As the legendary Ella Fitzgerald sang in ‘Summertime,’ the fish are jumping [and the] cotton is high. If you don’t grab a pole, though, and buy some bait, it’s all going to be lost on you as it is on so many Americans who don’t know a rod from a reel,” Cramer concluded.