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Thursday, 01/24/08
Posted 01/25/08, 12:22
am ET |
(Scroll down to see Jim's
comments below) |
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Today's date:
Thursday, 01/24/08 |
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Dow Jones: |
12,378 |
+
108 |
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NASDAQ: |
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2,360 |
+ 44 |
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S&P 500: |
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1,352 |
+ 13 |
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Opening Segment 1
Title: |
'The Sell Block'
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Featured Stock(s): |
See all comments below...
See Opening Segment 2,
below...
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JJC: Tonight's
Sell Block is about the
tug of war... something a
lot of people don't
understand...
Let's say I like a
stock... let's say I
like a sector...
But, at some point, it
will come to a price where
I need to take something
off the table...
All the time, people are
sending me these
incredibly nasty emails,
or writing ridiculously
gratuitous... and attacks
in the press... because I
said I liked a stock and
then, two months later, I
said to sell it...
This may sound like the
simplest thing in the
world, but a lot of
investors have trouble
coming to grips with the
idea that you might like a
stock at a certain
price... There are
other prices though that
you think are too high...
That's the way the
business is done by
professionals.
Now, my critics love to
pretend that, when I
recommend a stock, that
means we're supposed to
love it forever...
so, if I say sell it, then
I'm obviously just a
clown...
But buying stocks isn't
the same as marrying
them... You don't
own them in sickness and
in health... You try to
buy the low, and then you
sell them high...
. . . .
.
You can't just let
stocks ride forever
without taking something
off the table, because
sooner or later, they're
going to come down, and
you're going to wish
you'd taken advantage of
the higher price, if
only so you can buy it
all back at a lower one,
so you can pocket the
difference.
. . . .
.
When I say a stock is a
sell, it doesn't
necessarily mean that I
hate it...
. . . .
.
When you've actually got
some skin in the game,
it's really hard to sell
a winner at any price.
We don't make good
decisions about stocks
in the heat of the
moment. That's why
we have discipline to
tell us what to do, away
from the company and the
stock...
We have rules, so we
don't repeat the errors
we so desperately want
to avoid...
That's why I always like
to say, and you can
write this down... I
have it on my
computer... I have it on
all my computers...
It says, discipline
always trumps
conviction.
I know, because I've
made this mistake
myself...
. . . .
.
You know, a lot of times
I do this show, and talk
about things that I did
wrong, so you won't have
to repeat my
screw-ups...
Amazingly, no one else
who's ever been on TV
has ever gotten anything
wrong...
In
Real Money: Sane Investing In An
Insane World, I talked about
having a big, big win in
Phillip Morris, now
Cramer-fave, Altria
(MO*)...
I caught the win right
before the court ordered
Phillip Morris to pay
out billions of dollars
to just about anyone who
ever smoked a
cigarette... I was
riding high...
Did I sell MO* right
after that big win, but
before that death
sentence from the
courts?... Karen Cramer
insisted that I should,
right before she took a
week-long trip to
Paris...
She told me I couldn't
call my win a gain,
until I'd taken it off
the table... She said it
to me on the way to the
airport... It's
not a profit, she said,
until after the register
is rung...
Of course, me being me,
I didn't listen... I
didn't sell the stock,
even though it was up
big...
And, by the time she got
back from Paris, that
win had turned into a
loss, and she got to say
I told you so...
I think about that
everyday, when Monsanto Co. (MON)
is at $129... and
everyday, when an
infrastructure stock
doubles... and everyday,
when Schlumberger (SLB)'s
at $110...
Being up big is
seductive. It
makes you feel like a
winner. I know
that. I know that
better than anyone...
and I've felt the burn
of a stock you sell at
$20, and it goes to $23
the next day...
You know what though?
That burn is nothing
compared to the pain you
feel with a stock you
buy at $20, goes to $15.
. . . .
.
I don't want it
happening to you.
That's why I talk about
this... That's why I say
to scale out of a
position...
The people who try to
measure my performance
never take this kind of
thing into account,
which I find incredible,
because it's the essence
of what I do.
Discipline...
discipline... It's what
I try to teach, and more
important than any other
stock pick... If I
can impart discipline to
you, I've done right...
. . . .
.
The Bottom Line!:
The
bottom line is always the
same... Discipline trumps
conviction.
. . . .
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■ |
Stock Snapshots - Includes
all stocks mentioned above |
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Jim
Cramer's
rating on
this stock |
STOCK
SYMBOL |
Closing
price
that
day |
Opening
price
next
day |
Full Company
Name/Comments
(see comments above for
each) |
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na |
na |
na |
na
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na |
na |
na |
na
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See all of tonight's stocks'
latest quotes on
Yahoo! Finance |
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Most popular
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Final Segment
2 Title: |
'On The
Line'....
CEO Interview
Willis Johnson,
CEO |
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. . . .
. |
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Featured
Stock(s): |
Copart Inc. (CPRT) |
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. . . .
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■ |
Stock Snapshots - Includes
all stocks mentioned above |
■ |
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Jim
Cramer's
rating on
this stock |
STOCK
SYMBOL |
Closing
price
that
day |
Opening
price
next
day |
Full Company
Name/Comments
(see comments above for
each) |
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CPRT |
39.10 |
na |
CEO Interview
Willis Johnson,
CEO
Copart Inc. (CPRT)
Jim's comments
BEFORE interview:
We like salvaged
cars. We
also like the
internet.
What do they
have to do with
each other?
Well, it came
together with
a recommendation
we made, back on
October 15th,
for a stock
called
Copart (CPRT)
at $36 bucks,
because we liked
the combination
of salvaged cars
being sold
online...
The stock then
went up to $43.
Did we take it
off? No.
Because we
weren't that
smart... It's
now trading at
$38.97... That's
a return of 8%.
I want to know
if it's going
back to $43...
So, what do we
do?... We
talk to Willis
Johnson,
founder,
chairman and CEO
of CPRT...
. . . .
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Jim's comments AFTER
interview:
I like this story...
This stock's going
right back up.
The stock is CPRT.
You heard what they
do... This is an
eBay (EBAY)
that goes up, not
down.
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[
end of final segment ]
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Go to the SUDDEN:DEATH
SEGMENT from
tonight's show
here >>
See current quotes on Yahoo!
Finance from
tonight's show stocks
here >> |
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