China Bubble? So What?

I don't care if China's a bubble. I care about making money. And that's one of the reasons why I am so disliked by so many "professionals" on Wall Street.

A couple of weeks ago when Baidu (BIDU - commentary - Cramer's Take) was at $209, I went on CNBC and talked about a conversation I had with Patrick Schultz, one of the fine researchers who work with me at TheStreet.com. Patrick had just completed a video with me in which he said Baidu could double and it would not be outrageous. He didn't say it would be cheap, he simply said it would not be outrageous. He even hinted that it could trade much higher than that.

No sooner did I finish the appearance on CNBC with my good friend Erin Burnett then I was bombarded by angry hedge fund managers who were short Baidu.

One went so far as -- holy cow! -- accusing me of doing "no homework." That, by the way, is always code: code for "you disagree with me and you are a nitwit because you do."

(In a line of total arrogance, albeit parenthetical, might I just say that I am always amazed at how stupid I am and how little homework I did and how many tens of millions I made in the market. I guess it shows that the more stupid you are and the less homework you do the more money you make.)

I initially tried to debate these poor, angry souls, but that is never worth it, because they are really just jealous that they are not on TV driving home their points and that my statements have just caused them to lose even more money.

That's OK, too. Being wrong costs money.

What amazed me, oddly, was that any of the critics really thought I believed that Baidu "deserved" to be at $500. I could care less what Baidu's worth. I care about what it could trade to. I couldn't care less if it is "overvalued." Of course it is overvalued. It was overvalued at $100, $200 and now $300. Oh, and stop trading, it will be overvalued at $400.

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Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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