Jim Cramer explains why investors should approach the advice of big-name money managers with skepticism and think for themselves.
and "terrifying statements" Bridgewater Associates founder Ray Dalio offered in January.
The renowned hedge fund manager's then-assessments on politics, the economic cycle and Federal Reserve's moves in monetary policy "was scary stuff that made you want to sell everything," Cramer said. Nobody's perfect and even the top investor often get it wrong. "As it turns out, though, that would've been a great time not to sell but to buy. And when you look at Dalio's flagship fund at Bridgewater, its performance in the first half was reportedly down 4.9% ...," he said. "And that's fine for him: he's already one of the richest men in the world, he will not miss it."
"By all means, listen to these big-time money managers. Get your head into what they're saying, take them seriously, but acting on their advice: that's a sucker's game," Cramer said. "If you want to manage your own money, you can't borrow someone else's worldview. You need to think for yourself. Otherwise, frankly, you might as well just stick your money in an index fund.
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