This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

With the launch of dedicated Jim Cramer-tracking ETFs, there was widespread hope for a period of time that the CNBC host would become more circumspect in issuing his infamous investment recommendations, ones that had spawned an entire genre of contrarian investment style, based on Cramer's well-tested ability to echo the market's consensus view. Alas, with the shuttering of the Long Cramer Tracker ETF (LJIM) ETF back in August after notching just 2.2 percent gains for the year, that hope has all but disappeared.

Interestingly, the Short Jim Cramer ETF (SJIM) by Tuttle Capital Management is still functional, having notched year-to-date losses of around 10 percent. This situation speaks volumes about the futility of deriving one's investment philosophy from either aligning with or going against Jim Cramer, who is just too erratic to allow for the generation of any meaningful alpha, sometimes going so far as to flip on his own recommendations within the span of just a few hours.

Nonetheless, some of Jim Cramer's near-recent recommendations have imploded in such a dramatic fashion, that there continues to exist a sizable interest in flipping the CNBC host's investment picks. After all, who can forget Cramer's exhortations to go long on Coinbase at $475 per share?

31 days ago, Jim Cramer said #Bitcoin is about to go down.

BTC is up 37% since then. pic.twitter.com/kgGpFF099f

— Watcher.Guru (@WatcherGuru) November 11, 2023

One of Jim Cramer's most egregiously unprofitable calls in recent days has been to go short on Bitcoin. To wit, in early October, the CNBC host said, "Mr. Bitcoin is about to go down." Over the past month, the cryptocurrency is up a healthy 36 percent, boosted by the imminent launch of spot Bitcoin ETFs in the US and the attendant prospects of billions of dollars in additional investment flows.

JUST IN: JP Morgan predicts that while any approval of spot #Bitcoin ETFs would be big win for crypto, it will not lead to a flood of new capital, as claimed by many.

They note that such ETFs already exist in Canada and Europe and have gained "little interest from investors…

— WhaleWire (@WhaleWire) November 13, 2023

Of course, not everyone believes that the launch of these investment vehicles would be overwhelmingly bullish for Bitcoin, with JP Morgan taking a proverbial axe to this bullish thesis earlier today. However, so far, Jim Cramer's call on the cryptocurrency has gone spectacularly wrong, giving his detractors abundant ammunition in the process.

Cramer Tracker Profitability:

Not financial advice. Do your own research.

WE HAVE NO FEAR$TSLA $AAPL $YYY $NVDA $MSFT $ORCL $COIN $PLUG $AI $AMD $PANW $PLTR $LAZR $LLY $ENPH $PYPL $CVNA $DIS $QCOM $VFS $ZM #stocks pic.twitter.com/lRObchNrg8

— extra_rice (@extra_rice) November 13, 2023

The X account @extra_rice has been tracking some of the more famous recommendations by Jim Cramer. As is evident from the above post, most of these positions are deeply in the red. Of course, this list is by no means exhaustive. For instance, I could not find any mention of SoFi Technologies (SOFI) or Uber (UBER) in this portfolio despite Cramer having dedicated substantial airtime to these stocks recently.

Do you think there is still utility in either flipping or going along with Jim Cramer's recommendations? What are your thoughts about the market's penchant to arbitrage away any easily obtainable alpha (returns that exceed those of the market)? Let us know your thoughts in the comments section below.