The Norman Transcript

Local news

October 31, 2009

Mad for the money

CNBC host takes his act on the road to OU

It's not "Boo-yah!" anymore.

Jim Cramer's signature exclamation changed its tune Friday to "Boomer!" when he filmed his CNBC show "Mad Money" at the University of Oklahoma.

"Oklahoma is not just OK, it's fantastic," Cramer said at the beginning of his show filmed on stage at the Donald W. Reynolds Performing Arts Center.

Cramer reaches millions with his TV show and books about getting rich through the stock market. He brought his signature loud, fast-talking style to Norman on the invitation of OU's Price College of Business.

Almost 800 students packed out the performing arts center on the OU campus for the filming of Friday's 5 p.m. show. Students were decked out in crimson and cream and cheered loudly for Cramer as he ran through the audience onto the stage.

Students stayed on their feet during filming for the show, which had enough energy it felt like it was being broadcast live. Cramer took questions from students in the audience and interviewed the CEOs of Devon Energy and Chesapeake Energy about natural gas.

Cramer read the script he'd written in his characteristic style and also ad-libbed responses to questions, all without reshooting or stopping the cameras except for commercial breaks.

The show had a quick turnaround.

Filming began about 3 p.m. for the show, just after the stock market closed for the day after plunging about 200 points.

In an interview with The Transcript at about 12:30 p.m., Cramer said it would be a challenging show because he had to find something positive about the day's losses. When asked how he would do it, he said he would figure it out.

"I've got two and-a-half hours," he explained.

Cramer monitors the stocks closely throughout the day, looking for trends and material for his show. Watching the stocks is something he's done for years.

"Every day of my life since 1977," he said

And he hasn't gotten tired of it. Even during his interview, he kept glancing at the stock news on TV and checking stats on his computer screen. He was constantly in motion but, thankfully, didn't feel the need to shout like he does on his show.

He said he started his "Mad Money" career after being a hedge fund manager. He felt he'd earned enough money and wanted to do something more. So he said educating others about the stock market has become his passion.

Now he teaches others to be aggressive in their portfolio management. The dogma of passive portfolio management hasn't earned anyone money in the last 10 or 20 years, Cramer said. So he said he's taken a "common sense" approach to managing money in a more direct manner.

"I feel like I've helped people," he said. "If I didn't, why would I do it? ... If I didn't think I was helping people, I'd quit tomorrow."

Cramer said that's one reason he wanted to come to OU, to interact directly with those who he helps. The visit this week was part of the "Mad Money" college tour, which visits a few campuses every year. OU was the perfect fit for the tour because it is a quintessential American place, Cramer said. He added, however, that there was one other reason he wanted to visit OU.

"I wanted to come here for a long time because, candidly, it's No. 1 in football," he said.

Cramer, a friend of the business college's namesake Michael Price, attended various activities with students while he was at OU. He said he was impressed with how smart the students are, and the students in turn admitted they were impressed with him.

Renee Montgomery, a law and master's of business administration student, said she has more respect for Cramer after interacting with him at events. She said he really knows a lot about investing and the market. At the same time, she said "he's a performer, no doubt."

Although Cramer has a lot of big fans in Norman and elsewhere, not everyone has signed on with him.

"I'm not for everybody," Cramer said. "I'm a uniquely polarizing figure. I don't know anyone who says, 'You know, I like Jim Cramer.' That's how I've been all my life."

Some have publicly criticized Cramer, saying that he leads gullible people to make poor financial decisions.

In his own defense, Cramer said he cannot be right about stocks 100 percent of the time.

"I try to be right more than I'm wrong," he said. "That's all you can do."

He said he tells his viewers to do their own homework and not take his word for it. When he gives stock recommendations, he said they are analogues of the types of stocks in which people should invest.

If people don't do the research behind stocks, Cramer said, he's not responsible. People are going to play the market regardless, he said, so he just tries to help them work it better.

"They're gonna do it anyway," he said. "I can't make them buy stocks."

Julianna Parker Jones 366-3541 jparker@normantranscript.com

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