June 9, 2016
Cramer: Investing like George Soros will never make you rich
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.
Owning stocks is crazy and risky for a person worth $23 billion? What's the worst that could happen? Lose 50% and still be rich?
Owning stocks is apparently not crazy and risky for someone who "needs to get rich" though. What's the worst that could happen? Lose 50% and still not be rich?
I've heard better motivational speeches.
Regardless of your net worth, I don't think it is crazy to own stocks nor do I think it is crazy not to own stocks. There are risks no matter what you do.
That said, there may come a time, again, when investors worry less about needing to get richer and worry more about wanting not to become poorer. There is $10 trillion in global bonds offering negative yields and the S&P 500 has a P/E of 24.45. This might not be the best time in all of recorded history for those needing to get rich. Just a thought.
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