Cramer's dishonesty:
On December 15, Cramer wrote
When the semiconductor world was unraveling, I backed Jon Joseph's call to get out of the group. I took a lot of heat here. I didn't want to open my mailbox. I was too timid in retrospect because of that heat.
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I had a distinct memory of almost the opposite. Fascinated, I did some research. Cramer is either a liar or out of touch with reality.
July 5
Cramer, writing in Street.Com: And, no, I don't agree with him [Joseph]. I bought stock on the downgrade. I made that plain. (Although I sold some of that stock already, as I said, I was long the group and remain so and didn't want more exposure.) If you thought he was wrong or think he is wrong, use it to your advantage and buy, for heaven's sake.
Yes, it was unexpected. Many smart people thought these stocks would rally into excellent quarters and then they could get out. Others have gotten so used to riding the bull that they forgot these stocks have lost a lot of money for people at times, too.
And no, I don't believe the big move is over. Our firm was hurt by the call. We were and are long stocks like Xilinx (XLNX:Nasdaq - news), LSI Logic (LSI:NYSE - news), Intel (INTC:Nasdaq - news) and Micron, all of which were hurt by the downgrade.
July 7
Cramer, writing in Street.Com: Which brings me once again to reminding you that there are two ways to use Wall Street research. You can take its side and bail into weakness or you can
use it to your advantage and buy the weakness.
We did that to scoop up some of the equipment stocks ahead of Semicon West. (Mostly Applied Materials(AMAT:Nasdaq), our fave).
We also used it to buy LSI Logic(LSI:NYSE), one of our faves. I don't care what you heard about the last quarter, LSI has business in everything from
Playstations to cable modems and DSL rollouts. It is one of our most aggressive buy-on-weakness stocks. (It is also a favorite of Foster Friess, the
monster good manager from Brandywine.) It got hit on the broad brush downgrade from Solly. I could be angry. I could send Jon Joseph a nasty email.
I could do a hoax on Raging Bull about some nonsensical investigation. Or I could exact the sweetest revenge. I could use the downgrade to buy more of
one of my favorite stocks at a cheaper price.
Which is what I did.
July 11
chat with Cramer:
Question: Are you still high on semis? What are four faves?
TSCNYjjc: Sure. I used the Joseph call from Soly Smith Barney to buy some more of these. I am a big believer in the longevity of this semi cycle.
August 24
James J. Cramer chatted on Yahoo! Thursday, Aug. 24 at 5 p.m. EDT.
kimrs1102 asks: Do you still agree with Jon Joseph's call on the semis, and if so, do you see them heading lower?
Creme_Delacramer: First, I never agreed with his call. I said it was a good call because it had impact and was early. But I didn't sell my Intel or my
MU.
reisens asks: Mr. Cramer, any chip stocks that you think stand above the crowd now, thanks?
Creme_Delacramer: Yes, I like Vitesse, Intel, and MU.
armani4play asks: Does AMAT still have upside left?
Creme_Delacramer: I think so. I like it very much.
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--Wade |
