The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
Stocks in Asia slipped in Tuesday afternoon trade, while investors looked toward a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to happen...Asia Marketsread more
A week of dovish fireworks out of the central banking community has just gone by with most of the world's leading central banks now guiding towards easing in light of downside...Commentaryread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
PatientsLikeMe was bought by UnitedHealth following a review by Trump's Treasury Department, which scrutinized the start-up because it's backed by Chinese cash.Technologyread more
Billionaire hedge fund manager David Tepper used that very language to describe risk in the market earlier in the week at SkyBridge Capital's SALT 2014 conference in Las Vegas.
He was also quoted as saying, "listen there's times to make money and there's times not to lose money… this is probably a time you're supposed to think about preserving some of your money. If you're 120% invested it's probably too much, You can still be long but you probably should have some cash."
Because Tepper is widely considered a bull, "Immediately investors flew into a tizzy," Cramer said. And he finds the reaction understandable.
"I have known Tepper for a very long time. We both worked at Goldman Sachs. He's wicked smart and very mindful of risk." And his insights earned $3.5 billion last year at his $20 billion hedge fund, Appaloosa Management.
Although the commentary above isn't terribly bearish, coming from Tepper, the Street viewed it as nothing short of a shot across the bow.
That, Cramer thinks, is a mistake.
Read more from Mad Money with Jim Cramer
Cramer: Significant shift is threat to investing
'Indispensable read' for bank shareholders
Fragrance stock smells of success
"Here's my problem. I don't have a line into Tepper's long-term thinking. I only have this snapshot of a warning," Cramer said.
That is, there no big picture perspective in the comments. And knowing Tepper personally, Cramer also knows Tepper is strategic; as the environment changes, he believes Tepper's outlook will change, perhaps rapidly.
"What if we fall three more percent, " Cramer said referring to a scenario in which Tepper could again become a buyer, "What if we fall five percent?" Cramer added. "Tepper isn't going to alert the media when his perspective changes."
But if you view the comments as a broad indictment on the market, you might miss opportunity, perhaps even as David Tepper buys.
"So pay heed," Cramer said. "David Tepper is good. But don't sell out and don't stop looking for value. Believe me, Tepper is doing that too. And I don't want to be on the wrong side of that trade when he finds something he likes."
Call Cramer: 1-800-743-CNBC
Questions for Cramer? email@example.com
Questions, comments, suggestions for the "Mad Money" website? firstname.lastname@example.org