It's been 32 years since Freddie Mercury passed away and over 40 years since John Deacon penned these lyrics, but they seem particularly appropriate to reiterate this month.
The song was written by Queen and released as the third track on their 8th studio album, The Game, that had been recorded at Musicland Studios in Munich, Germany. The reason it's appropriate is this month marked the end, the shuttering, the closure ...one might say, the FAILURE of an ETF created to follow and invest in Jim Cramer's stock picks. Cramer's ETF bit the dust.
Jim Cramer Noam Galai/Getty Images
According to BusinessInsider.com :
An ETF that tracks Jim Cramer's stock picks is shutting down after failing to attract interest from investors
An ETF centered around the bullish stock picks of CNBC's Jim Cramer is shutting down.
The Long Cramer Tracker ETF was launched in February and attracted just $1.3 million in assets.
"We started LJIM in order to facilitate a conversation with Jim Cramer around his stock picks," Matthew Tuttle said.
And according to Fortune Magazine, during its existence the ETF significantly underperformed the market and didn't attract much attention. The performance is hardly worth even discussing. But pictures are worth a thousand words:
BUT THAT is the point.
Anyone who has read my blogs for over a few months knows I am very skeptical of listening to the talking heads on TV. CNBC, FOX MSNBC, they are all in existence to sell you things. The infotainers who pitch ideas are filling space between the commercials. Paying attention to people who do not know your situation for advice on your retirement, your future or even what to have for dinner is dangerous. And now we have the proof. Queen used the phrase "another one bites the dust" to reflect on failure. The question is should you follow the advice of infotainers or set a plan, invest wisely. A plan, a road map, Quantum Private Wealth believes in the process, in 'e3' and in investing instead of trading. We believe this is the way to avoid 'biting the dust'. If you are interested in following infotainers advice, we wish you well. If interested in our non-hype approach, then give us a call.
Information contained herein does not involve the rendering of personalized investment advice but is limited to the dissemination of general information.
A professional adviser should be consulted before implementing any of the strategies or options presented.
Failure was inevitable...
Jim Cramer may be one of the best known of all the daily talking heads but that face time doesn't mean he's qualified to pick securities for you. I do not dislike the man, I do not personally know him to make that assessment, but I do not like what he or Suzy Orman or any of those other so-called experts do. Now in all honesty this ETF was not started by Cramer, wasn't supported directly by him or CNBC. So, he wasn't making money on it ...not directly, but it was more visibility of his investing process. Or not?
One might ask why he didn't support it, and one might come to the simple conclusion that he didn't support it because he didn't want his viewing audience aware of facts...of how his stock picks actually performed or how his advice may not be in your or anyone's best interest. Maybe he realizes his role and doesn't want to be held accountable? I don't know, call me crazy. Maybe he didn't want to 'bite the dust'.
Interesting factoid: This song was going to be in Sylvester Stallone’s 1982 movie Rocky III. However, it was eventually replaced with “Eye of the Tiger” (1982) by Survivor.