Cramer- "You Have to Earn the Right to Be Bearish"
Enviado: 9/9/2003 16:27Este Cramer é intratável com um estilo ultra agressivo. Apesar disso, cada vez mais o acho de uma acutilância admirável.
Ulisses
"You Have to Earn the Right to Be Bearish"
By James J. Cramer
09/09/2003 11:05 AM EDT
"In the olden days, before the mutual funds betrayed their investors for some sticky assets from hedge funds, there was a regular rhythm to how you ran a hedge fund.
The goal was to start strong, rack up a good lead on an up market and then, when everyone else had to start chasing the market to gain performance, you could fade the market and play lean, with little invested and lots of sidelined capital.
That's a "wheat from the chaff" situation. If you could be in that golden moment where you could be up more than the market going into September, you had, at last, earned the luxury of saying that the market was too high.
I know that's a nasty way to look at things: You can only declare you are bearish after making the money on the long side. But it is logical and intuitive. It is the corollary to the rather mean-spirited column I posted earlier about being right.
You see, I think you have to earn the right to be bearish after the market has settled the near-term question for you. If you were bearish at Dow 7700 or NDX 1200, the jury has come back. It has found you guilty of being wrong. You can't get a retrial because it is too late in the year. You are in intellectual purgatory until the next season.
But if you were right and called it, you now have, at least in my eyes, the right to be able to mouth a real bear rap even if you don't believe in it. You have earned it by being right.
If you were patient this year, you were killed. If you were short this year, you were killed. If you are were long this year, you now have both the luxury and the opportunity to be short as others who were patient and short now scramble in the easiest time to be long tech: when the big budget flush is coming for software and the consumer is spending like there was no tomorrow on computer and cell-phone upgrades.
I am sure that the bears out there are reading this piece and are saying "Darn it, I hate Jim Cramer."
Hold it. Don't hate me. I got it right. Hate yourself. For 10 minutes. And then move on.
Nobody's worth hating. Except the real bad guys. "
(in www.realmoney.com)
Ulisses
"You Have to Earn the Right to Be Bearish"
By James J. Cramer
09/09/2003 11:05 AM EDT
"In the olden days, before the mutual funds betrayed their investors for some sticky assets from hedge funds, there was a regular rhythm to how you ran a hedge fund.
The goal was to start strong, rack up a good lead on an up market and then, when everyone else had to start chasing the market to gain performance, you could fade the market and play lean, with little invested and lots of sidelined capital.
That's a "wheat from the chaff" situation. If you could be in that golden moment where you could be up more than the market going into September, you had, at last, earned the luxury of saying that the market was too high.
I know that's a nasty way to look at things: You can only declare you are bearish after making the money on the long side. But it is logical and intuitive. It is the corollary to the rather mean-spirited column I posted earlier about being right.
You see, I think you have to earn the right to be bearish after the market has settled the near-term question for you. If you were bearish at Dow 7700 or NDX 1200, the jury has come back. It has found you guilty of being wrong. You can't get a retrial because it is too late in the year. You are in intellectual purgatory until the next season.
But if you were right and called it, you now have, at least in my eyes, the right to be able to mouth a real bear rap even if you don't believe in it. You have earned it by being right.
If you were patient this year, you were killed. If you were short this year, you were killed. If you are were long this year, you now have both the luxury and the opportunity to be short as others who were patient and short now scramble in the easiest time to be long tech: when the big budget flush is coming for software and the consumer is spending like there was no tomorrow on computer and cell-phone upgrades.
I am sure that the bears out there are reading this piece and are saying "Darn it, I hate Jim Cramer."
Hold it. Don't hate me. I got it right. Hate yourself. For 10 minutes. And then move on.
Nobody's worth hating. Except the real bad guys. "
(in www.realmoney.com)