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The fund was then taken over by his former partner, Jeff Berkowitz. In 2001, Cramer retired from managing the hedge fund. Cramer said he produced a 24% average annual return over 14 years, and 'routinely home $10 million a year and more.' However, his results have been disputed. In 1999 the fund returned 47%, and in 2000 it returned 28%, beating the S&P 500 by 38 percentage points. The underperformance in 1998 led to significant investor withdrawals. From 1988 to 2000, Cramer says he had only one year of negative returns – 1998, a year when the S&P 500 Index rose 29%. Ĭramer says he sold all of his stocks on the Friday before Black Monday (1987). Cramer raised $450 million in $5 million increments and received a fee of 20% of the profits he generated. Early investors included friend and Harvard classmate Eliot Spitzer, Steve Brill, and Martin Peretz. The fund operated out of the offices of hedge fund manager Michael Steinhardt. In 1987, Cramer left Goldman Sachs and started a hedge fund, Cramer & Co.

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After he did not renew his registration, his license to practice law was suspended on April 2, 2009. Ĭramer was admitted to the New York State Bar in 1985, but did not practice. In 1984, Cramer worked in sales and trading at New York investment bank Goldman Sachs. Career Cramer speaking about the Paris Agreement and Hewlett Packard Enterprise Goldman Sachs He assisted Dershowitz's campaign to acquit alleged murderer Claus von Bülow, even though Cramer believed von Bülow was 'supremely guilty'. During his years at Harvard Law School, Cramer worked as a minor research assistant for Alan Dershowitz. In two years, Cramer made $150,000 for Peretz. After first profiting from the stock picks he heard on Cramer's answering machine, Peretz gave Cramer $500,000 to invest. While at Harvard, alumnus Michael Kinsley introduced him to The New Republic owner Martin Peretz, who contacted Cramer to write a book review. Cramer began promoting his holdings by leaving stock picks on his answering machine. He made enough from trading to cover his tuition. Cramer started investing in the stock market while he attended law school.

In 1984, Cramer received a Juris Doctor degree from Harvard Law School. Cramer was one of the first reporters at American Lawyer. He also worked for Governor of California Jerry Brown. During this time, his apartment was robbed and he lost everything, forcing him to live out of his car for 9 months. He was great at getting the story.' He subsequently worked for the Los Angeles Herald-Examiner writing obituaries. Then-executive editor Richard Oppel said: ' was like a driving ram. Beginning March 1, 1978, Cramer worked for the Tallahassee Democrat in Tallahassee, Florida, where he was one of the first people to cover the Ted Bundy murders since he lived only a few blocks away. Īfter college, Cramer was an entry-level reporter, making $15,000 per year. Additionally, Cramer was a National Merit Scholar. While at Harvard, he was the president and editor-in-chief of The Harvard Crimson. In 1977, Cramer graduated magna cum laude from Harvard College with a Bachelor of Arts in government. Ĭramer first began studying stocks in the fourth grade, and continued the habit through high school. Īmong his first jobs, starting in 1971, Cramer sold Coca-Cola and then ice cream at Veterans Stadium during Philadelphia Phillies games. He competed for the high school track team. Ĭramer and his family moved to Springfield Township, and he attended Springfield Township High School in Montgomery County, Pennsylvania, graduating in 1973. Ken Cramer (1922–2014), owned International Packaging Products, a Philadelphia-based company that sold wrapping paper, boxes, and bags to retailers and restaurants. Cramer was born in 1955 in Wyndmoor, Pennsylvania (a suburb of Philadelphia), to Jewish parents, and is Jewish.