One of the most important elements of successful long-term investing is knowing the right price for a stock, “Mad Money” host Jim Cramersaid Friday.
“As a long-term investor, you've got all the time in the world,” he said. “Now, when you want to buy a stock because you like the underlying company’s prospects, and when there are no near-term catalysts that could drive the share price up anytime soon, you can afford to be patient.
“You don’t have to pay the price the market’s giving you right at this moment. You can be patient and wait for the stock to come down to your price.”
Cramer added that there’s no all-clear signal for any stock.