The Other Half Of Jim Cramer, Karen Backfisch-Olufsen
Karen Backfisch-Olufsen probably not a name your familiar with but she’s married to the all famous Jim Cramer a stock-picker on CNBC whom hosts “Mad Money”. Karen Backfisch-Olufsen and Cramer met when she worked as a trader for Michael Steinhardt’s hedge fund in 1988 and married in the same year. When they got together she decided to leave Michael Steinhardt’s and work for Cramers fund, Cramer & Co which worked out of offices of Michael Steinhardt . The couple sold their New Jersey home and bought a new one in 1999 after the zoning board rejected a plan to convert their driveway to a yard. In any of Jim Cramer’s books,such as “Sane Investing in an Insane World” and “Confessions of a Street Addict”, he clearly states that she is a huge part of his success. Several times he almost crashed his fund but thanks to Karens advice and sound judgment they avoided the abyss. Karen also is portrayed as being tough and helping control Cramer when he gets over emotional about stocks so one has to ponder if Cramer would ever have the repertoire hes obtained if a loving Karen Backfisch-Olufsen wasn’t around. Obviously the trading game is difficult and everyone needs help. Having someone to bounce ideas off and to make sure you don’t make stupid decisions is essential in the unforgiving market. Recently, Cramer signed a new deal with TheStreet.com that increases his base salary which is currenty 1.3 million and ends temporary contracts. To Karens credit in Cramer’s last contract, there was a clause that permitted Cramer’s wife, Karen Backfisch-Olufsen “to engage in extensive securities activities.” In the new contract, the word wife was removed and replaced with the words, “any Cramer family members (including any spouse)”, which is great so Karen will be able to continue doling out the much needed advice.