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With the arrival of 2016, Jim Cramer decided to do some dumpster diving among the worst performing stocks of the in 2015.
"You never know when you might stumble upon a hidden gem among the losers from any given year," the "Mad Money " host said.
The airline stocks managed to go from zero to hero in the past, and don't forget that Micron transformed itself into one of the biggest winners a few years ago. That is the stuff of Cramer's dreams.
"But I don't see a lot of dreams among the dirt pile of underperforming stocks that make up last year's biggest losers of the S&P 500. In fact, I see pretty much the opposite," Cramer said.
When Cramer reviewed the loser list, many of them had one thing in common — fossil fuels. That means there may not be much hope for them unless there is a series of geopolitical events that end the glut in oil and gas.
The S&P's worst performer last year was Chesapeake Energy, which declined 77 percent. The company made many smart moves to stave off the decline in its stock, but the debt-laden company ultimately outspent its cash flow by billions. Shareholders had nothing to show for that spending by the end of the year.
Read more from Mad Money with Jim Cramer
The second worst was CONSOL Energy, which finished close to Chesapeake when it declined 76.9 percent for the year.
"Yet, Wall Street still seems to love CONSOL even after that first-class beat down. Ten of the 20 analysts who cover the stock give it a buy rating! What universe are these guys living in? Bizarre world?" Cramer said.
The third worst performer was Southwestern Energy, the company that bought property from Chesapeake and finished with a 73.9 percent decline. It used to be one of the best run natural-gas companies in America when its stock was at $32. Then it shelled out $5.3 billion for Chesapeake's assets, and the stock is at $7. Talk about buyer's remorse.
Freeport-McMoRan was the fourth biggest loser, nosediving 71 percent in 2015. Cramer said that Freeport could have the worst balance sheet of any company in the S&P 500.
The last loser of the S&P was Fossil, which is the only company not linked to fossil fuels. The maker of accessories shed a monstrous 69 percent last year.
"It figures that the unfortunately named Fossil would trade just like a fossil fuel stock, even though it makes watches. Maybe the market has a sense of poetic justice," Cramer said.
Unfortunately, dumpster diving the S&P 500 from 2015 was not worth it to Cramer. He recommended investors stick with best-of-breed stocks, and these names are the exact opposite of that.