Cramer- "Hedge Funds Need to See the Gray"
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Cramer- "Hedge Funds Need to See the Gray"
"Hedge Funds Need to See the Gray"
By James J. Cramer
06/19/2003 03:53 PM EDT
"There is something between selling and shorting. There is this ground where you can let the cash build -- this gray area, where you don't have to be pedal-to-the-metal. But hedge funds have never heard of it.
Love the QQQs? Buy calls on the QQQs and the QQQs themselves. No, buy out-of-the-money calls, in-the-money calls, short the puts, QQQs!
Hate the market? Get me position-limit QQQs. Make the bet. Bet the house. Heck, short the calls NDX! Come on, strap on a pair and play!
What nonsense. The "all or nothing" thinking that is gripping America's hedge funds is making it so they can't think straight. Don't like the market, but it keeps going up? Take a break from it. I used to go fishing.
Like the market, but you shouldn't? Put some money to work, and keep some cash on the sidelines for if you are wrong or too early.
But stop the ego-tripping. That's the stuff of idiocy.
Lots of times, I wasn't quite sure what the market would do. I raised cash. I didn't therefore say, "I hate the market and intend to make back all of the money I should have made but didn't, because I didn't like it when I should have."
Way too many people, when they read that I want to raise cash, think "Shoot, I gotta go short, big fall ahead." Believe me, if I thought a big fall was ahead, I would say it. I raise cash because things have gotten more expensive and I want to wait until they go cheaper.
Did I ever short at Cramer Berkowitz? Of course -- when I had conviction. When I knew the fundamentals were awful and no one else did. When I had an edge! As I said over and over in my autobiography, Confessions of a Street Addict, I never shorted without an edge.
And, by the way, there is no edge whatsoever to being short the QQQs or the S&P 500. Whatsoever.
Stop kidding yourselves. "
(in www.realmoney.com)
By James J. Cramer
06/19/2003 03:53 PM EDT
"There is something between selling and shorting. There is this ground where you can let the cash build -- this gray area, where you don't have to be pedal-to-the-metal. But hedge funds have never heard of it.
Love the QQQs? Buy calls on the QQQs and the QQQs themselves. No, buy out-of-the-money calls, in-the-money calls, short the puts, QQQs!
Hate the market? Get me position-limit QQQs. Make the bet. Bet the house. Heck, short the calls NDX! Come on, strap on a pair and play!
What nonsense. The "all or nothing" thinking that is gripping America's hedge funds is making it so they can't think straight. Don't like the market, but it keeps going up? Take a break from it. I used to go fishing.
Like the market, but you shouldn't? Put some money to work, and keep some cash on the sidelines for if you are wrong or too early.
But stop the ego-tripping. That's the stuff of idiocy.
Lots of times, I wasn't quite sure what the market would do. I raised cash. I didn't therefore say, "I hate the market and intend to make back all of the money I should have made but didn't, because I didn't like it when I should have."
Way too many people, when they read that I want to raise cash, think "Shoot, I gotta go short, big fall ahead." Believe me, if I thought a big fall was ahead, I would say it. I raise cash because things have gotten more expensive and I want to wait until they go cheaper.
Did I ever short at Cramer Berkowitz? Of course -- when I had conviction. When I knew the fundamentals were awful and no one else did. When I had an edge! As I said over and over in my autobiography, Confessions of a Street Addict, I never shorted without an edge.
And, by the way, there is no edge whatsoever to being short the QQQs or the S&P 500. Whatsoever.
Stop kidding yourselves. "
(in www.realmoney.com)
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