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Greed Kills
You might think, given Cramer’s on-air antics, that he’s anything but a proponent of moderation. Not true, though. He preaches temperance as if he were a member of the Anti-Saloon League. All right, well maybe he’s not that temperate. But you know the Mad Money mantra: Bulls make money, bears make money, hogs get slaughtered.
So there is such a thing as being too bearish. Just like some on Wall Street have been toward the casino stocks. Make no mistake, these companies had been real dogs for over a year, which is why Cramer put them in the Sell Block back in January 2008. Las Vegas Sands [LVS
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], Wynn Resorts [WYNN
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], MGM Mirage [MGM
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] and International Game Technology [IGT
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] all got the thumbs down. Investors who followed his advice spared themselves losses totaling 94%, 72%, 95% and 78%, respectively.
But when the situation changed, Cramer changed his mind. (What would you do, sir?) so on April 2 of this year, he pulled LVS, WYNN, MGM and IGT out of the Sell Block and recommended them as speculation plays. Since then these stocks have rallied – big. Las Vegas Sands jumped 77%, Wynn rose 46%, IGT climbed 23%, and MGM soared a whopping 166%. Again, you could have banked those gains if you’d listened to Cramer. But the perma-bears? They missed the move.
Cramer’s advice to you: Take profits in these stocks if you haven’t already. And remember, everything in moderation. Even investing. You don’t want to blind yourself to opportunities like these because you were overemotional – one way or another – about stocks.
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