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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. 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"/>  

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>[http://newsbusters.org/blogs/jeff-poor/2008/03/10/cramer-reacts-spitzer-prostitution-revelation-later-says-he-d-bank-social A Rather Sedate Jim Cramer Reacts to Spitzer Prostitution Revelation | NewsBusters.org]</ref> Brill, and Peretz.<ref>http://www.usnews.com/usnews/biztech/articles/070218/26eecramer_2.htm</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>

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 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.