Confessions of a Street Addict

The book is an autobiography that is more centered around Cramer's work life and career, though his personal life is touched upon from time to time (most potently when it related to his work). Mercurial would be a good way to describe it - Cramer's start that is. Growing up in Philly then going off to Harvard where he found himself doing journalism then law. Through almost a year span he was homeless, indigently sleeping in his car and barely being able to pay for tuition. Cramer got his big lift when wealthy Marty Peretz in a act of fidelity gave him $500,000 to invest. He ended up getting a huge return on the money. In a few years time, Cramer got the position as a stockbroker for Goldman Sacks. A few years later, he would depart and start his own hedge-fund with his then wife Karen - whom he met at his tenure at Goldman. This - Cramer's successful but tumultuous tenure at his hedgefund - is where the book is most focused. Cramer brings to light much of the cacophony in his life through this time period (the 1990s): his wife's retirement (big deal considering her influence), his public defamation and lawsuits from an article in 1995, his hedgefund's abominable year in 1998 - a 2% return compared to S&P's 34% - that resulted (in the worst times) in many redemptions that ultimately almost crippled the hedgefund, his side venture - TheStreet.com (online stock newsletter) and the deceit; the phonies; the scoundrels; the seamy atmosphere and hierarchical issues that saliently came along with it, its unwarranted and ominous IPO; the untenable precipice and precipitous decline. His fund bounced back fiercely the following years, vastly outperforming the market. Eventually, and impetuously, he called it quits for himself and his family.Cramer's life on Wall Street was no walk in the park. He was sedulous, waking up as early as 3am in quotidian-like fashion with minimal sleep. Everyday that was repleted with activities that started with running the hedgefund, working on his side project - TheStreet, writing many articles, and doing many on-air television appearances then [trying to] accommodate it all with family time. Part of the 'confession' was that he got so obsessed with the market that he often lost touch of higher priority (e.g. familial) things. Some examples: missed his sister's wedding (the situation was understandable though), impulsively taking a call about the market right after his child's conception, and his betrayal of his good friend Marty over a charlatan scumbag. There's two sides to every story, and even though the media may have crudely (and unfairly) portrayed Cramer as a vociferous, egotistical, charlatan - he had his side. Much was elucidated, with what I feel was with much honesty.The tone is sometimes overtly pretentious, and the text [sometimes] could be described as braggadocio but at the same time humble (e.g. his musing that went by something similar to "im such an idiot") but it doesn't take away the quality or the veracity of the book. Cramer's outspoken and confident, and the combination can falsely project conceitedness. He was very candid and delegated much of his success to those around him. I don't know how I can emphasize this more besides quoting the last words in the text "I am lucky. And it's better to be lucky than good". Take this into consideration and enjoy the book!4.3

I read this book after reading Maier's account of working at Cramer's hedge fund, "Trading with the Enemy". While Maier's book is not an in-depth detailed book, it projects Cramer as an egotistical tyrannical trader. Reading this book for a comparison, you can believe both sides of the story. Cramer recounts many of the same stories and they are remarkably similar but from different perspectives. For example, they both wrote about the birthday party where Cramer became extremely intoxicated and puked on the guests. Maier describes this as another example of Cramer's poor manners and ego. Cramer describes the bad day he had had and where he was mentally that had him over drink and embarrass his family. If anything, I was surprised that an egomaniac like Cramer could admit to any shortcomings. Many "Masters of the Universe" can't.Cramer doesn't strike me as a charismatic guy. But you have to be impressed with where he started and where he ended up. Maybe his tactics were questionable. But to compete in the money arena with the fortunes at stake, it is impressive that he was able to even be on the field and favorably compete at least for a few years.There are two significant relationships in the book I feel compelled to mention. First the investor who Cramer met who not only invested but recommended investors. This also turned out to be the relationship that Maier knew to get his job. A partnership was formed to set up TheStreet.com and somehow in the personnel problems of the venture, Cramer had a falling out with his favored investor that appeared to eventually leading to the shutdown of the hedge fund. You can sense from hearing Cramer's side that there is another side to the story. Cramer doesn't place blame but you can sense that he probably upset many people in his new business venture. It is an interesting case study listening to the different CEOs that are hired and how in Cramer's opinion they ruined the business.Also, Cramer talks extensively about the relationship with his wife. She was also a stock trader and at different points in his career, she comes back to assist with trading. This part of the book shows just how emotional and psychological trading can be. Cramer would be a tough guy to live with and being married to another trader who understood the environment and the egos involved would make for a volatile relationship. I'd like to know more of the dynamics of that relationship but I suspect she is a real saint, as it appears to work well.In summary, this book gives some background on what it is like in the rough and tumble world of Wall Street during a very unique trading period. Cramer is a self-promoter who successfully promoted himself into a high profile media job and therefore has some celebrity status. But the real story is the egos of people in this business and what they have to do to be successful and how they can live with some of their egotistical tendencies

Detailed, anecdote-rich account of early Jim Cramer, his career as a successful hedge fund manager, and the roller-coaster ride of TheStreet.com from foundation through to IPO. Written in his trademark verbal style. Very entertaining throughout

If you are interested in the markets then buy this - a great read for the serious investor.

Great inside to the mind of Jim Cramer. Far beyond the standard fun of his TV show Mad Money. Shows what it was like to invest before the internet. And how he got started. Would recommend for beginners looking towards the stock market for investing.

brand friggin new for nothing.love this book

Wow !! .... I have so much respect for this guy after reading this book. I was onto his work through The Street and CNBC prior to reading anything written by him or knowing anything other than the quality of information he gives us. This is one of my favorite life stories by far! Great delivery also on Amazon's part. Thanks!