Any Questions? - Cramer devoted the first segment of his program to answering some of his listeners' frequently asked questions:
When asked about the largest amount of money Cramer lost, he replied that $300 million slipped through his fingers in 2000 but the same year he made $450 million. He recalled the "miserable" experience of losing $15 million in one day on Cedant (CD). College courses on finance are not going to make people money since professors usually do not make a dime on the market and have the erroneous belief that stocks are accurately priced, Cramer said. Cramer did not come up with "Booyah!" but the expression was first said by a listener who made a lot of money on Kmart. When asked what affects the price of a stock, Cramer replied that 50% is due to the performance of the sector and 50% depends on how strong the company is. Whether a sector is doing well or not usually depends on the Fed. A crash like the in 1929 could happen again, said Cramer but a multi-day decline is a more likely scenario. Cramer says that a bad stock does not move with good news and gets crushed at the slightest negativity. It goes nowhere even when the economy is strong and since it has no buyback in place it collapses when everyone sells. When asked what is the most money Cramer made in one day, he recalled reaping a $18 million profit but had to sacrifice some peace at home because he cancelled an anticipated trip to Mexico. "I missed the vacation, but I do know that sometimes you have to be there and get it right, and that time I nailed it," he said.
Life on the Street - Cramer has held almost every kind of job on Wall Street since he began his career in finance at Goldman Sachs (NYSE:GS). Full-time traders who bring together buyers and sellers and negotiate prices have it best, according to Cramer, because they work reasonable hours and make a lot of money. Cramer thinks that brokers have the second-best job, since brokers get to wine and dine their clients; I entertained four times a week and it made me a lot of money," he said. Analysts used to have it good, according to Cramer, but when New York Attorney General Eliot Spitzer started making analysts more accountable, it is harder to make it in the field and many go into hedge funds. Cramer says that being a floor trader is a terrible job that used to be not so bad, since before wiretaps and cameras were placed on the floor it was possible to make some extra money. Mergers and acquisitions are great for those who want to be rich, but free time is non-existent; "You're sitting in that linoleum cafeteria and trying to drink a little scotch in between making deals on the weekends." Cramer says he can't really blame someone for wanting these street jobs or preferring to stay away.
More: Cramer's latest stock picks, including: Mad Money Recap, Lightening Round, Stop Trading and his Radio Show.
CEO Test 3M (NYSE:MMM) and Boeing (NYSE:BA) - Cramer says that a good CEO is 50% operator and 50% promoter; he or she needs to sell their brand but at the same time be available to run the company. 3M (MMM) CEO George Buckley is an example of a bad operator whereas James McNerney, the company's former CEO and current CEO of Boeing (BA) is a good operator, says Cramer.
Get Cramer's Picks by email -- it's free and takes only a few seconds to sign up.
Seeking Alpha is not affiliated with CNBC, Jim Cramer or TheStreet.com