Cramer referred to his recent mistakes with CNBC Charitable Trust during Wednesday's CNBC Investing Club Meeting.
Cramer stated that "Money Management is an Art, Not a Science".
On Wednesday, I shared with investors the real process of making sausage.
Cramer discussed the less savory sides of his profession, including the mistakes that most money managers will not admit to.
Cramer stressed that "Money Management is an Art, Not a Science." There are many disciplines that conflict and reactions to the unexpected can be difficult.
Cramer, during Wednesday's CNBC Investing Club, pointed out recent mistakes he made with CNBC Charitable Trust. One of them was not purchasing more shares of industrial and household tool maker.
Stanley Black & Decker
Before it shot up to $99
Cramer stated, "I demonstrated the real disappointment I felt today when I refused to break my discipline and pay for more stock. "I showed how it felt to kick yourself. It's torture for me and I showed it to Investing club members today because I was tired of hearing how everyone I listen to gets things right, but you get so many wrong."
Cramer emphasized his experience with
Bausch Health Company
He "got bagged" after listening to an overconfident management team.
He said that accepting your mistakes is part of managing money even if it feels like you are the one who was misled.
"I want to give you confidence when it comes to picking stocks. Cramer stated that the only way to do this is to acknowledge that everyone makes mistakes, even professionals. In some cases, it's the professionals who make the most. But that doesn't stop you from trying. Everyone makes mistakes.
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