At his father’s insistence, Cramer applied to and attended law school at Harvard, but he often cut classes to watch the Financial News Network, and that’s what reignited his childhood fascination with the stock market. “It was unbelievable,” he told Bloomberg. “This was it for me. I knew it.”
Cramer used his paychecks and his academic loans to invest money in the market, and he even left stock tips on his answering machine greeting. After he earned $150,000 profit on a Harvard professor’s $500,000 check, Cramer landed a job at Goldman Sachs, where he was a “broker to the ultra rich” for three years, according to Bloomberg.
In 1987, Cramer started the hedge fund eventually known as Cramer Berkowitz. During his 14 years at the hedge fund, his compounded rate of return after all fees was 24 percent, including a 36-percent-plus year in 2000, according to his CNBC bio.
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