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Members of the audience ask Jim questions... 

Alan:      Congratulations on your milestone, sir. I would like to know what 1000 days of Mad Money has taught you that running money in your hedge fund has not?

Jim:      That is a great question… because I use a lot of lessons from my hedge fund, I ran my hedge fund for 14 years… worked at Goldman Sachs before that… I think what I have learned is I had to kind of relearn common sense… a lot of what I was doing in my hedge fund would be okay Intel is at $15.43, which is the next .60 cents… which way is the next .60 cents going… and here what I try to do is say hey look, what could be the next 3 to 6 months, my time frame has changed… and I have also learned to be patient, because there will be a lot of situations where it would be the end of a quarter at my old company, and I was nervous or worried… and I can’t think like that, I have to think like you do… I have to think okay what would be a good situation for the next 6 to 9 months, I never did that at my hedge fund… I find it a relief to do it now.

Frank:      I am here with my 24 year old daughter who is thinking about retirement, and I was wondering what your thoughts were on a 401K vs. a Rough IRA?

Jim:      Actually, in Stay Mad For Life, I give you the differences… I happen to love the flexibility of the IRA… a lot of people with 401K’s, one of the problems with the 401K’s is that you are kind of stuck, you don’t have a lot of choices… IRA tends to have more choices… but it depends on the individual, so I suggest, you know I typically don’t say go read the book, but in this particular case there are different mechanics for each one… the most important thing is to still put money away… I think as we go back down to below 7,000, I am not talking about an opportunity of a generation… we are just not in that kind of market… but I want people to continue to put money away.