I’m captivated by Jim Cramer’s autobiography, Confessions of a Street Addict. I’m just finishing reading about thestreet.com’s IPO in 1999, a real insiders view of the bubble. I watch Kudlow and Cramer as often as I can. Jim Cramer is a real character, and really smart, and really entertaining. His book has really helped me understand more about Wall Street. I admit to being ignorant of many things–my college degree is in Russian, not business. I’ve always been confused by things like “hedge funds”, “short squeezes”, and many Wall Street practices. Cramer make so many complex things simple and clear. I finally know how hedge funds work and how they are different from mutual funds, and why they are limited to only very rich investors, and how the government restricts advertising about their returns.
For the first time, I’m actually thinking of subscribing to thestreet.com, so I can get more analysis from Jim Cramer.
One interesting fact: after the road show, management wanted to pursue the advertising-only model that the investors seemed to clamor for. Cramer says if they had discontinued their subscription model, they would have been out of business in 2001. As it is, thestreet.com still survives, just announced its best financial quarter ever with $9.1 million in revenue and a very small loss of $130,000, and has a decent market cap of $70 million. If it continues to execute, there may be some nice upside in this stock which is trading just above $3 at a 52-week low.