Just because the consensus of a stock skews negative, that doesn't mean the consensus is wrong! And Jim Cramer thinks a topic like commodities is not one that pays to be overly bullish about.
Cramer referenced a bullish report written by an analyst at Seeking Alpha on Freeport McMoRan in Dec. 2014. The analyst speculated that the prolonged slump in commodity prices had crushed Freeport's stock, but that there is an upside to the stock if the prices of gold, copper and oil went higher.
The report also stated that the stock had been beaten so badly that to sell would not make sense, since Freeport trades at just 10 times 2015 earnings at 1.09 times book value.
"Pretty much everything this guy wrote last December either turned out to be wrong or simply didn't come to pass, including the fact that the kicker, Freeport's 5 percent yield, is now gone because yesterday the company suspended its dividend," Cramer said.