Jim: Wow,
you know... Oh, you're so right...
And that's one of the things that
I think are worth talking about...
In his interview... I mean, the
guy is just a candid good man...
He's an industrialist... But you
get these kinds of situations now
and then where the company,
because of what it's thought of on
Wall Street as a growth company,
doesn't meet up with what the
company is doing... Is there any
doubt in you mind that this guy
doesn't do a great job?... But
nobody is going to care right
now... Do you think they're mad,
do you?... I'm going to talk about
that tonight... because that's
too... that's way too naive about
the way we work... I mean look,
there are people busy trying to
wipe out
Washington Mutual (WM)...
He's lucky he's got a $50 stock...
Well, yeah... that's good... But
he brings up one business right...
But, if you look at the confrence
call... he's levered to SUV's...
which is like special victims
unit... I got the acronym wrong,
whatever... I went to a car dealer
this weekend... that was the most
hazardous thing that has ever
happened to me... There had to
have been 47 guys on top of me
trying to get me to buy
something... It was like holy cow,
I'm just walking across here,
trying to get a new tag... One of
the most frightening experiences
I've ever seen... I was the only
customer within the blast zone of
four miles... This auto industry
is just hurting... To be honest, I
knew it'd be on you because you
never miss this... and I was
hoping you weren't going to duck
it just because the call was
bad... How about the fact that the
tape is lying today and that the
only two companies that are up are
Fannie Mae (FNM)
and
Freddie Mac (FRE)...
and the whole rest of the market
is down because of Fannie and
Freddie... I mean you have to love
the duplicity of this tape
today...
. . .
. .
On Fannie and Freddie...
Jim: Wow...
Yes it is... Well, I can't touch
this... Look, I am a guy who
absolutely loves to try to predict
the next point... But this one is
so hard it has stumped me... This
one is just too hard... You know,
it was so tempting to try and just
say well look... there was nothing
bad today... they did a bond
offering, it took... I'll buy
it... But then, tomorrow, there
will be some guy who hasn't
downgraded yet... It's like the
American International Group
(AIG)
downgrade by Credit Suisse... it
was like holy cow, someone is
still recommending that thing?...
I mean, there's always one guy who
hasn't heard about it yet... I
don't want to touch them... You
know, the interesting thing is are
the preferres a buy?... Are they
really going to let the preferres
get to zero?... I know... I mean
well, they are already down a
lot... I've been looking at
banks... Steve and I were chatting
beforehand... banks that have this
toxic stuff that's incredible...
Sovereign Bancorp Inc. (SOV)...
We were joking of course, I said,
SOV... not SOV... no it's SOV
bank... There's just like the
world of things crumbling around
us is just like amazing... But, I
would say that SOV has done the
one great refinancing that
occurred other than
Merrill Lynch
(MER)...
So, I'd hate to think that they'd
be hit by the
Fannie Mae (FNM)
and
Freddie Mac (FRE)
ugly stick... I had
Wells Fargo (WFC)
on last week and didn't even know
to ask them about this because
there are just so many other
things going wrong in the system I
hadn't even focused on this... The
fact that SOV is not down is
pretty interesting because
everbody knows in the paper... It
makes me feel like you should take
a chance here... Take a chance...
. . .
. .
On American International Group
(AIG)
and Lehman Brothers
(LEH)...
Jim: Is
Dick Fold LEH?... Because that
means that Jimmy Kane was Bear
(Stearns)... I don't want to
necessarily sentence a company to
being one guy... Yes, I do I think
that Dick... I think that Mr. Fold
in many ways is really
paralyzed... I think he's
paralyzed in the fact that every
day we can come out here and
speculate about what he's going to
do just doesn't put this situation
in a good light at all...
Unfortuately look, we get rid of
(former CEO Chuck) Prince, and
what happens to
Citigroup (C)?...
It's going down... We get rid of
the unbelieveably bad management
at AIG, and what happens?... You
get Wilumstad (CEO)... it keeps
going down... It doesn't seem to
matter who is at the helm if the
situation is bad... The only one
that has worked is Bob Steel...
Because Bob Steel came in with the
can do, and he changed things
unlike these other guys who were
like I don't know... When you do
this, does that mean I have to
go?... I'm done... I'm coming back
tomorrow...
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Back up the truck -
indicated by Jim, when he
says the stock is so good,
that he would do a
'mon-back' on the stock...
In other words, this is the
sound someone would say to a
truck driver, "Come on
back... " as he is "backing
up the truck" to load up on
his cargo. Translation
for buying stocks:
This recommendation by Jim
indicates that, after you do
your own
homework on the stock,
you should feel comfortable
loading up on it, as it is
in a good position to be
bought at this point.
Stumped. - Of the
2,000+ stocks that Jim
Cramer has in his head, for
which he has an informed
opinion, he sometimes comes
across a caller with a stock
he does not know well enough
to opine on... He then
indicates he is stumped and
will have to come back to
it, after he does some
homework of his own on
the stock. This
usually occurs during the
Lightning Round, when Jim
does not know in advance who
is calling, or what their
stock question is about.
Definitions of key phrases
used by Jim, known as
"Cramerisms":
Definition: 'Pull the
trigger' is Jim's phrase for making
the decision at that point to trade -
either to 'buy' or
to 'sell' (although he
usually uses the phrase for
buying), as if to say you
should feel comfortable
enough to make the final
decision without looking
back...
Definition: 'Ring
the Register' is Jim's phrase for
selling a stock, and making
it a final sale, that you
should not look back on.
Put it behind you.
Definition:'Let It Come In' indicates how you
may wait for it to pull back, or have the
stock price come down briefly, as your
chance (after letting it come in) to buy
the rest of your position (i.e., total
number of shares you own in that stock).
Definition:'backing it up'
or 'doing a 'mon-back' is Jim's
phrase for the metaphor of backing up a
truck to load up on a stock by buying
it. 'Mon-back is short for the
imaginary worker saying, 'Come on
back...' as the truck is backing up to
receive its load... Notice that we use
the little truck icon to indicate where
Jim has mentioned this.
Translation for buying
stocks: This
recommendation by Jim
indicates that, after you do
your own
homework on the stock,
you should feel comfortable
loading up on it, as it is
in a good position to be
bought at this point.
See more
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