In his latest book, global super-guru Jim Cramer finally stops selling the ludicrous conceit that if you watch his show and buy his books you'll beat the market, and, instead, gives small investors excellent advice:
Don't try to pick stocks.
(Yes, Jim does keep the door open for those willing to do an hour of research each week per stock, but let's forgive him for that. Just remember that your stock-picking competitors -- investment pros -- spend a lot more than an hour a week per stock and are therefore still likely to hand you your head.).
Jim's a talented entertainer and a brilliant man, so I'm glad to see he's finally using his talents to help small investors instead of charming them down a money-losing path. I haven't yet read the book, so I don't know whether Jim has yet taken the next intelligent step and recommended low-cost index funds as the vehicle of choice, but one can always hope.
Here's a BusinessWeek review of the book.
For background on why this new Cramer recommendation is intelligent (and the old Mad Money shtick wasn't), please see this firefight between Cramer and me on Slate: