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Published Letters: 2
King, first off I agree with you when you say this is a great sporting event that seems to deliver every year. What I disagree with is that the second round or the "beat down round" was any different this year than previous years.
Recent history shows us that there is usually 3-5 higher seeded teams that make the Sweet 16. In fact, every year since 1997 has yielded either 3, 4 or 5 teams seeded 7 or higher to reach this round.
This may happen every year but it seems that media folk like you are fawning over the underdogs this year more than past years.
Like I said, it's still a great tourney but just not a oh-my-gosh-i've-never-seen-anything-like-it tourney. This happens every year.
Here is the problem with trying to follow Cramer. The average investor cannot possibly do it. If he talks about 30 stocks each show the taxes and transaction costs of following each one would wipe out any gains that are there to be had. Ignoring for a minute the amount of money one would need to even seed an account like that.
I am a financial advisor and my main problem with CNBC is that they are traders, not investors. As mentioned earlier they have a time horizon of days or weeks not years. So 99.something% of the public has completely different goals and objectives than the people spewing this garbage. Also, as with any 24-hour news channel, no one ever considered if there was even 24 hours worth of stuff to talk about. People on these shows are forced to make stuff up and turn rumor into news just to keep something on the screen.
I find it interesting that in October Cramer tells people on the Today Show to get anything they think they'll need for the next 5 years out of the market (after it had fallen 35% in 12 months) but then continues to host a show that focuses on making money over the short term. I wish he would put his money where his mouth is and just cancel his own show.