Just because George Soros is rich, famous and likes gold, doesn't mean it's time to sell. In fact, Jim Cramer is getting sick of hearing from negative billionaires.
"They aren't the stewards of your capital. They aren't the be-all and end-all. They are simply people with a worldview that they are sharing with the media, so you shouldn't be blinded by the billionaire limelight hoping it will shine on you," the "Mad Money" host said.
Cramer has done his homework on Soros and couldn't recall a time when he wasn't negative about pretty much everything. If someone is negative about stocks, it makes sense that they would want to own gold.
Often investors use gold as an insurance policy against economic chaos, because when stocks go down gold tends to rise. Cramer has always recommended that having some gold exposure is a good idea through either bullion, the GLD ETF or Randgold Resources.
While Soros certainly deserves respect for his long-term track record, at the end of the day, Cramer reminded investors that he doesn't manage their portfolios.
In reality, Cramer thinks someone only needs to get rich once. There is no reason to take a chance on the next Facebook, Regeneron or Amazon if you are already worth $23 billion like Soros. Thus, owning stocks is crazy and risky.
That is why Cramer urged investors not to take the advice of someone just because they are rich. That kind of reasoning could easily lead someone astray.
"The last thing Soros needs to do is find a new idea that might make him a fortune. He already has a dozen fortunes. Yet the same idea could be very important to homegamers like you," Cramer said.
Other than Warren Buffett, Cramer couldn't think of another rich investor that speaks to the media and is actually very sanguine about stocks. They tend to have a very negative outlook on stocks and the global economy.
"Do your own homework, come up with your own ideas and if you like them, buy some. Even if George Soros is negative on the world," Cramer said.