CNBC’s perma-bull extraordinaire Jim Cramer says that because David Einhorn’s Greenlight Capital lost money, his thoughts on a potential tech market bubble should be ignored. Last week Cramer said that activist value investor David Winters should be ignored because he didn’t have enough money under management.

Hmmmm…

Short term metrics

“How did it come to the point that we now get our opinions from investment letters from managers who lost money in the first quarter?” Cramer writes in a recent article.  So not only is he discounting Einhorn because he lost money, but it’s based on short term metrics.

Wonder what Cramer thinks of listening to William Ackman, who didn’t make money in 2013?

“How is it that we now bank with managers who tell us there is a tech bubble brewing without taking into account that the bubble has been bursting for a month now?” muses Cramer.  Funny, listening to him on CNBC one wouldn’t know the bubble burst a month ago.

Show me the money

Then Cramer asks a tough and interesting question. When Einhorn claims to have shorted “High flying momentum stocks,” Cramer says the equivalent of “Show me the money.”

“How could this fund (Einhorn’s Greenlight) be down 1.5% if you were shorting these high-flying momentum stocks?” Cramer asks. “You had to have just killed it with those. What did you do, cover? What happened? That was the most profitable strategy on earth and you lost money?”

Cramer appears to like investing with the hot hand

“I want to read the performance letters from the guys who are winning,” Cramer demands.  I wonder if he has heard of the alternative investment strategy of buying on a drawdown, sometimes touted by quantitative fund managers.

“I respect all managers,” he says, sounding like he is preparing for a final zinger. “But I want to take my cue from the guy who is getting it right, or at least executing right, not executing wrong.”