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== Investing career ==

== Investing career ==

Cramer started privately investing in the stock market during his time at law school,<ref name=pabook/> using his student loans. Cramer began leaving stock picks on his answering machine, impressing ''[[The New Republic]]'' owner Martin Peretz, who gave him $500,000 to invest; Cramer earned Peretz $150,000 in two years.<ref name="bw20051031"/>  

Cramer started privately investing in the stock market during his time at law school,<ref name=pabook/> using his student loans. For months Cramer began leaving tips on his answering machine offering stock picks, and garnered the attention of Martin Peretz, editor of the ''[[The New Republic]]'' and [[Harvard]] professor, who had been profiting from these tips. Thus, he approached Cramer with a $500,000 check and wanted him to run his money. "He seemed to know very deeply so many stocks," said Peretz, who would prove loyal. "At one point, I was down $80,000 and he didn't give up on me," said Cramer. Cramer made Peretz $150,000 in two years.<ref name="bw20051031">"[http://www.businessweek.com/magazine/content/05_44/b3957001.htm The Mad Man Of Wall Street]" ''BusinessWeek'', 31 October 2005.</ref> In 1984, after obtaining a law degree, Cramer was employed as a [[stock]] broker in Goldman Sachs' Private Wealth Management division.<ref name="locbio">[http://www.loc.gov/bookfest/2006/authors/cramer.html Jim Cramer biography], Library of Congress.</ref>  

His track record helped Cramer obtain employment in 1984 as a stock broker in Goldman Sachs' Private Wealth Management division.<ref name="locbio">[http://www.loc.gov/bookfest/2006/authors/cramer.html Jim Cramer biography], Library of Congress.</ref> Cramer's success in this position led him to found his own [[hedge fund]], Cramer & Co. (later Cramer, Berkowitz, & Co.), in 1987. The fund operated out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co., and early investors included [[Eliot Spitzer]] (a Harvard classmate and one of his oldest friends),<ref>{{cite news |title=A Rather Sedate Jim Cramer Reacts to Spitzer Prostitution Revelation |url=http://newsbusters.org/blogs/jeff-poor/2008/03/10/cramer-reacts-spitzer-prostitution-revelation-later-says-he-d-bank-social |publisher=NewsBusters.org |author=Jeff Poor}} March 10, 2008.</ref> Brill, and Peretz.<ref>{{cite news |title=Meet CNBC's Mad Money Man |url=http://www.usnews.com/usnews/biztech/articles/070218/26eecramer_2.htm |publisher=usnews.com |author=Alex Markels}} 2/18/07.</ref>

Jim Cramer started his own [[hedge fund]] company in 1987, called ''Cramer Berkowitz''. The fund operated out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co., and early investors included [[Eliot Spitzer]] (a Harvard classmate and one of his oldest friends),<ref>{{cite news |title=A Rather Sedate Jim Cramer Reacts to Spitzer Prostitution Revelation |url=http://newsbusters.org/blogs/jeff-poor/2008/03/10/cramer-reacts-spitzer-prostitution-revelation-later-says-he-d-bank-social |publisher=NewsBusters.org |author=Jeff Poor}} March 10, 2008.</ref> Brill, and Peretz.<ref>{{cite news |title=Meet CNBC's Mad Money Man |url=http://www.usnews.com/usnews/biztech/articles/070218/26eecramer_2.htm |publisher=usnews.com |author=Alex Markels}} 2/18/07.</ref>  

Cramer's fund had one down year from 1988-2000 while he ran it, in 1998, a year that was disastrous for many in the industry. Cramer, Berkowitz finished down 2-3% and they did not charge a management fee that year to their clients. In 1999 the fund returned 47%; in 2000 28%, beating the S&P 500 by 38 percentage points.<ref name="bw20051031"/> Cramer retired from his hedge fund in 2001, finishing with a 24% average annual return over 14 years and having "routinely [taken] home $10 million a year and more."<ref name="bw20051031"/> The fund was taken over by his former partner Jeff Berkowitz after Cramer's retirement.

Cramer's fund had one down year in 1998, a year that proved disastrous for many in the industry. Cramer, Berkowitz finished down 2-3% and they did not charge a management fee that year to their clients. In 1999 the fund returned 47%; in 2000, Cramer's fund finished up the year +36%, compared to -11% for the S&P 500 and -6% for the Dow Industrials.<ref name="bw20051031"/>  

Cramer claimed to be worth $50 to $100 million in October 2005. He no longer owns any stocks of his own other than his stake in TheStreet.com, currently only trading for his charitable trust.<ref name="bw20051031">"[http://www.businessweek.com/magazine/content/05_44/b3957001.htm The Mad Man Of Wall Street]" ''BusinessWeek'', 31 October 2005.</ref>

Cramer spent nearly 14 years at his hedge fund, where he routinely took home $10 million a year and more.<ref name="bw20051031"/> Jim compounded rate of return of 24% after all fees for 15 years at ''Cramer Berkowitz''. After the tech bubble burst, he retired from his hedge fund in 2001, where he finished with one of the best records in the business, including having a plus 36% year in 2000.<ref>''Jim Cramer Bio''. [http://www.cnbc.com/id/17364946/site/14081545/], ''Mad Money w/ Jim Cramer'', CNBC.com.</ref> He turned the company over to his long-time partner, Jeff Berkowitz. While Cramer's success in producing high returns for his fund was unmistakeable, he began to concentrate on his passion for [[journalism]].<ref name=isb/>

 

At the age of 44, Cramer is said to have accumulated a net worth of $58 million.<ref>John Abbott. [http://www.time.com/time/digital/digital50/49.html Street Smartypants], ''TIME'' Digital 50.</ref>

== TheStreet.com ==

== TheStreet.com ==