Cramer’s always looking for a bull market – and he just found one in the obituaries section of the paper.
Last week Alfred Peet died at the age of 87. He was considered the grandfather of the specialty coffee business, starting Peet’s Coffee and Tea in Berkeley way back in 1966. You probably know Peet’s Coffee if you live in New England or on the West Coast. Cramer thinks it’s a stock to be owned – and he knows that thanks to Alfred Peet’s obituary.
Obviously, if we’re talking coffee, the first comparison to be made is Starbucks . The two companies actually have some history together, Cramer said, as Alfred Peet taught the founders of Starbucks everything he knew about coffee and sold them their first year’s supply. PEET was one of the big inspirations behind the creation of SBUX in 1971 before it became the coffee juggernaut that it is today.