Portfolio Thesis: Jim Cramer, host of CNBC's "Mad Money," is one of the most influential voices in retail investing. With decades of hedge fund experience and extensive industry connections, Cramer offers numerous stock recommendations daily. However, there is ongoing debate about the investment value of these recommendations. Some investors value his market experience and industry access, while others argue that the demands of daily television compromise the quality of his analysis.

These portfolios allow investors to express either view: that Cramer's recommendations contain valuable insight, or that his negative comments on stocks may present buying opportunities. Both portfolios focus on Cramer's highest-conviction calls, where he expresses particularly strong views about stocks.

Portfolio Construction: We use artificial intelligence to analyze Mad Money transcripts, scoring Cramer's comments about individual stocks on a scale from 1 (strongest sell) to 10 (strongest buy). The portfolios focus on his most emphatic opinions.

The regular Cramer portfolio holds positions in stocks that Cramer most strongly recommends, while the AntiCramer portfolio buys stocks that Cramer has strongly criticized. Both portfolios use time-based weighting to favor recent recommendations and mathematical adjustments to prevent excessive concentration in individual positions. They maintain approximately 20 positions at any time, rebalancing to reflect Cramer's latest views.

Risks: These portfolios primarily comprise stocks and are susceptible to the inherent volatility and potential declines that characterize the stock market. Additionally, these portfolios invest in stocks that may be subject to significant volatility, especially given their focus on names currently receiving media attention. The AI system used to analyze Mad Money transcripts may sometimes misinterpret or miss relevant comments, and the transcripts may themselves contain errors. Additionally, there can be a delay between Cramer's recommendations and portfolio updates, during which stock prices may move significantly. Both portfolios may concentrate in particular sectors or styles based on Cramer's current interests, which could lead to higher volatility than the broader market. The Inverse Cramer portfolio faces the additional consideration that stocks receiving negative media attention may be experiencing genuine business challenges. These portfolios may be traded partly or completely algorithmically and as such there is a risk of hardware breakages, software "bugs", service outages, or other issues that may affect trading. DASTA Investments may update or modify the methods used to produce these portfolios.

The Cramer and Inverse Cramer portfolios are not opposites of each other. They hold different stocks and use different selection criteria within Cramer's recommendations. As a result, both portfolios may perform well or poorly during the same time periods, and investing in one portfolio is not a hedge against the other.