Whilst I tend to agree with your first point, assuming Cramer's picks are actually of random quality there is still one slight difference if lots of dumb money

Whilst I tend to agree with your first point, assuming Cramer's picks are actually of random quality there is still one slight difference if lots of dumb money is picking stocks based on what he says on TV. Time the short right and the stock will be slightly overvalued based on everyone else's expectations because of dumb money inflows...