Yeah, he also picked VALE about two years ago to outperform.
At $16.00 I would be a buyer, however I don't see much below high $16's or low $17's. A big factor which is difficult to determine is the fact that socialism is abound and profits may be taken to support the peeps in Rio. If that happens, then all bets are off. This would be a long term play.
I'm afraid you are correct. Look at the option futures, there's no confidence and the last pump by Cramer's puppet let him out of his mistake. The hold call is a fakeroo. Tonight he was talking about RSI below 30, which is what VALE is now, oversold and how the big bounce could occur. Too many problems!
BUT VALE will probably not go to zero. Needs a few years. Cramer pumped it to $21.70 and dumped it, and left the bagholders with the ensuing result. Hedgies bring this down to where they will buy and smack it up again. It's all a game and you have no control over it. Brazilian politics doesn't help either.
What did you expect? His net worth @ 2008 ~ 1.1 million, now ~ 11.8 million. Not exactly Mother Teresa.
Into this mess at $23.56/share and holding for now. I suppose VALE is a long term play? Seems manipulated at shareholder's expense for political benefit. I really hate losing any money!!!