The Man Behind The Mad Money Madness

"Mad Money" host Jim Cramer
CBS
When you visit Jim Cramer on the set of his CNBC television show "Mad Money," you begin to understand that behind all the crazy antics, there is actually method to his madness.

"The show is about making money," he told Sunday Morning correspondent Rita Braver. "It's about being educational, but it's about entertainment."

But Cramer doesn't just teach people how to buy stocks, he tells them what to buy in his own special way. For example, he ate pancakes at Denny's while encouraging viewers to buy the restaurant's stock. He makes recommendations because that is what he says people want.

"I think all this other stuff is just pabulum. I think you gotta stick your neck out," Cramer said.

Cramer says his picks do better than the Standard and Poor's 500, although critics say his record is not that good. When he does makes a bad call, Cramer takes full responsibility and has literally "eaten crow" when he has made a mistake.

"When you screw it up, you should eat crow," he said. "I've eaten crow with ketchup. It's not enough to say I feel bad, it's not enough — you've gotta — you've lost people money. And that is a disgrace, and you just — if you are comfortable with losing people money, get out of this show."

In fact, Cramer got his show because of his record of making people big money. After Harvard undergrad and law school and a stint at Goldman Sachs, he started his own hedge fund in 1987.