Stocks closed slightly higher Monday as investors were reluctant to make major moves ahead of Tuesday's presidential election between President Barack Obama and challenger Mitt Romney, but Jim Cramer argued the outcome is likely to have little effect on stocks, at least if recent history is any indication.

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"For the most part, when I look at individual companies, I see stocks doing better where management excelled and stocks doing worse where management failed to execute," Cramer explained. "From my vantage point, stock performance had almost nothing to do with who occupies the White House."