Cathie Wood buys stocks like someone who just started yesterday, says Jim Cramer

joining us now for more on all the market action jim cramer jim it's always great to get your thoughts what did you make of a day like today well melissa today obviously just a terrible day the juxtaposition of of kathy wood on scott show with what happened today and what will happen with roku uh the ceo all very painful i think it's painful because there's a lot of new people have come in and you and i have been around this and we know that people tend to buy these very exciting stories they bought excitement they brought price to sales they bought stories that sounded like you couldn't uh you had the future and there you had kathy wood and you you heard this sarah she is giving you a view which just basically says near-term price doesn't matter but we have people who are terminal by value buyers who can't have that staying power yes when you go to play blackjack at the casino you're gonna it's 51.49 if you hang on long enough but most people can't and what we're seeing are people who are being blown out even if she's soothing and i found it very disturbing should we judge jim should we judge her now i mean her highs and our etf was february is it is the time frame too short i understand your point i understand that a lot of people have lost a lot of hard-earned money but is our time frame just too short to judge you know a bet on innovation i've been talking in many manners about that and all of them said the same thing which is that if it were a traditional fund all the money would have been pulled out because people can't afford to lose that amount uh look i think that innovation is a terrific thing but i think that the way it should work is you should have researched people and and by the way i thought it was great question my scottish and went fired you said reachers people who are doing technology and then it is given to people who do securities analysis and then it's given to a trader who tries to figure out what's the correct price this font this her she is just clearly skipped step two and three and i don't mean to i like what josh brown said i have great respect for her but the fact that i would never do this sarc this short but but the fact is she's more emblematic at the moment and we had people were emblematic at the moment in 2000 and they are what i was just telling the sarah green right true believers and true believers are terrific but melissa the problem is is that as one of our guests said earlier there are no bids for the true believers the only real buyer of some of this merchandise is kathy wood you cannot create a market yourself nobody's that big i do when i see her buying things i am shocked at what she buys and how she buys she buys like someone who just started yesterday well but also i think the structure of it she's an etf she has to stay fully invested she has to keep buying i mean the conviction i think is what you're talking about so would you touch any of these arc names i actually like actually well okay so let's distinguish i actually like some of these companies i dislike the way they were bought and i really hate something called ubers hubris is horrendous okay humility is important when i screw up on something like when i screwed up on paypal you always i own it i wear it i'm furious of myself but i screwed up i would never in a million years tell you but you just wait you just wait sarah because when that thing comes back who the hell has the right to say that well and she also says the market is getting it completely wrong there is no such thing as the market being completely wrong the market is an assemblage of tremendous minds getting together and they you may think they're your weighing machine voting machine that's all nonsense the market is about trying to minimize losses and make as much money as possible that's what the market is and if you don't think that minimized losses means anything then you should just be running your own money and nobody else's

Channel: CNBC Television

Views: 292,423

Keywords: Closing Bell, CNBC, business news, finance stock, stock market, news channel, news station, breaking news, us news, world news, cable, cable news, finance news, money, money tips, financial news, stock market news, stocks

Id: WHv12wOWX08

Length: 3min 42sec (222 seconds)

Published: Thu Feb 17 2022