A Market Bear’s Easy Life
It’s easier to be a bear than a bull, Cramer said Tuesday. Why? Because no one seems to hold the bears accountable. But when the “Mad Money” host gets a call wrong? You better believe the hate mail comes pouring in.
Consider these examples:
Apple announces its new tablet, named the iPad, and bears everywhere mock the product. Who needs it when there are already smartphones and netbooks, they ask. Apparently a lot people, because the company’s now on track to possibly sell as many as 40 million iPads in 2011.
And remember when the iPhone’s antenna issues were supposed to kill Apple’s sales numbers? The press made a huge deal about this, and even a public response from Steve Jobs himself wasn’t enough to quell the fury. Cramer at the time called it a non-issue and was mocked for being so bullish. But here were are just a few months later and the so-called problem has been all but forgotten.
Cramer has seen the same theme play out in Verizon , IBM , the euro, the iShares Dow Jones US Real Estate and Retail HOLDRs exchange-traded funds and gold. But the bears have been wrong every time. Cramer caught a significant amount of flack for endorsing Chipotle and Netflix , too, but both those stocks finished Tuesday up $7 and $10, respectively.
Sure, Cramer’s been wrong plenty of times. See: Cirrus Logic , Cree , Rubicon and Amylin Pharma . At least he offers a mea culpa when it happens, though. So when he tells you that housing is stronger than we think, that Bank of America will in the end be fine, that Citigroup is cheap and Wells Fargo has bottomed, the pessimists may scoff. But they won’t ever come clean if it turns out Cramer’s right.
“Let the bears mock and ridicule stocks, let them hate the market and think it deserves to go lower, but don't let them influence your thinking,” Cramer said. “If you think that things are good, stay bullish.”
When this story published, Cramer's charitable trust owned Apple and Bank of America.
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