In his long career of investing, Jim Cramer has learned that while he is sometimes wrong, the market can also sometimes be dead wrong about stocks.
"Sometimes, you simply have to be patient. Other times, you have to wait. Still other times, you are just plain wrong and you have to own that wrong view," the "Mad Money" host said.
Bank of America reported earnings on Tuesday, and Cramer thought it was a very good quarter. It showed excellent loan growth, good expense control and strong interest income.
Yet when Bank of America reported, the stock quickly went up and before being taken to the woodshed. This was partially due to its energy exposure and also because investors felt expenses weren't cut enough. Cramer was shocked at the decline of the stock considering that the shares are so far behind all of the other major bank stocks.
"I think the market is wrong, and the stock will rally. That is why I have been buying Bank of America for my charitable trust," Cramer said. (Tweet This)