Jim Cramer received a gentle punch from me in the preface of my new book. And clearly, he must not be happy. One of his reporters, who is also a NY Times reporter as well, has written a review of my new book that appears to have been completed without even reading it. Why do I say that? In his review he says that “I” did the Turtle experiment. Brilliant attention to detail!
The first paragraph of his review is an embarrassing admission that he NEVER read the book. However, it gets better. Fuchs also posted a VIDEO review of “The Complete TurtleTrader”.
My thoughts? In Fuchs two reviews there are some “odd” discrepancies and or outright falsehoods that make me wonder what about the intended purpose of his “review”:
1. Marek Fuchs implies that the Turtles, the traders in my book, are slow and steady. Clearly, they were not. They were high risk and high reward.
2. Marek Fuchs says that “Covel ran a contest of sorts”. Fuchs is nowhere near accurate there.
3. Marek Fuchs says that the Turtles were already successful. My book does not say this, nor is this an accurate description of events. The Turtle story is great because it essentially took people who were not wildly successful already and made them successful. Again, clearly Fuchs is just reading my cover jacket at best.
4. Marek Fuchs mockingly reads a passage (with a smiling kid on his lap for good measure) from my book about a tortoise and hare. Problem? That story is not in my book. The word hare is not in my book.
5. Marek Fuchs doesn’t understand that the Turtles were NOT fundamental traders and mockingly refers to my book advocating the use of momentum strategies. No kidding! THAT is what the book is about.
I must be making progress if Jim Cramer sends in the help to write an inept hit piece! As one of my readers wrote me:
Reading the review of your book by Mr. Fuchs reminded of me an expression that goes something along the lines of “….It is better to let the world think you are ignorant than to open your mouth and prove it…”. Well, Mr. Fuchs may not have opened his mouth per se, but clearly his written word was more than sufficient to highlight his ignorance. Congratulations on the new book. I will be ordering it from Amazon.com soon. Regards, Mike
A follow-up from the same above reader:
When I sent my initial comment below I did not realize that Fuchs had posted the video review. Now that I have watched that review, I stand corrected of my original comment. Mr. Fuchs was in fact good enough to open his mouth to prove his ignorance. Criticism that is rooted in a difference of professional opinion or a failure to comprehend the subject matter (after making an effort to do so) is one thing. Criticism such as Fuchs’ which results from apparently nothing but an attempt to smear a book and its author without taking to the time to read the book much less obtaining at least a minimal understanding of the subject matter (i.e., the Turtles) is simply lazy and irresponsible. Apparently Fuchs doesn’t subscribe to the Jim Cramer mantra of ‘doing your homework’.