If you're one of those investors who likes to parse through 13F filings to see how billionaires are investing their money, Jim Cramer thinks you're largely wasting your time.
Every quarter big investors, sometimes called Wall Street whales with $100 million under management, are required to release information about their holdings in accordance with SEC regulations.
This form must be filed within 45 days of the end of each quarter.
As soon as the information become public, immediately, Wall Street pores over the information – the Street notes who established new positions and in which stocks. And the Street notes who pared positions or sold out of positions all together.
Oftentimes, pros believe the information is prescient – that is, they believe these so-called smart money investors are establishing positions ahead of forthcoming trends.
In recent years, interest in these forms has grown intense with the 45 day period following the end of each quarter affectionately called 'Whale Watching' season.
Although the information may be valuable for pros, if you're an individual investor Jim Cramer thinks you're out of your mind to form opinions based on this information.
"The obsession with this stuff is nonsense," Cramer said.