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Oct.03
10:17 PM ET
Friday, 3 Oct 2008
Mad Mail: Insurance-Stock Investing
Posted By:Tom Brennan
Topics:Stock Market | Stock Picks | Mad Mail
Companies:Manulife Financial Corp | McDermott International, Inc.
 |
]. I have almost 500 shares and I have been holding onto it because I think it is a good stock and has a nice dividend. In light of the recent events, I really would like to know what you think about this stock now, since it is somewhat tied to the current mortgage and banking crisis. One other question: can't YOU run for President?Thanks Jim and everyone at Mad Money! --Laura in TennesseeCramer says: “I’m not recommending any insurance companies. None. Just too complex right now.”
___Hey Jim: I've invested more than 75% of what I had in McDermott [MDR Loading... ()
], which has lost over 60% of its value in the past 8 months. You always say to "never invest more than 20% in a speculative stock," but that is exactly what I've done. Should I continue to invest, hold or divest in McDermott? I think this company is bound to make a HUGE turnaround, but, in this environment, what is your perspective? --ChristopherCramer says: “You’ve been hurt by hedge-fund-itus. It’s a critical disease. It is about hedge funds that are having redemptions that owned a lot of McDermott. The stock is way, way too low to sell. But until we have every hedge fund blow it out, which won’t happen until the end of December, I will not counsel buying any more McDermott – unless [Senator John] McCain wins because he seems to be in favor of dirty coal.”
___Jim: Please, educate me. I've noticed recently every day a big spike in volume just before the close on the stocks I trade. How is it that giant volume trades occur at the last minute? --Joe in OklahomaCramer says: “I’ve noticed this, too…I do not know. This market is so crazy and wacky and negative that there are things that are happening right now that I don’t understand and I’ve been trading now for 29 years. I’ve never seen anything like this.”
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