The Secondaries Window Is Wide Open

Who is taking advantage of whom? I am talking about the large numbers of secondaries that are being done to re-liquify the balance sheets of American companies.

First, anyone who is against profligacy recognizes this trend for what it is: good old-fashioned capital-raising and deleveraging, so necessary if we are going to avoid mass bankruptcies like Lehman or Bear Stearns, both of which had ample opportunity to do these deals and didn't.

More important, they are opportunities for you, if the merchandise is priced in the hole, to pick up a stock you might like. If you were a steel-backer during the dark old days a month ago, was there a better opportunity than to take advantage of the bad balance sheet and pension plan obligations of U.S. Steel (X - commentary - Trade Now) to buy 23.6 millions shares at $25.50? You were up more than $10 on that one a month later -- that's huge.

I like Brandywine Reality (BDN - commentary - Trade Now) and you had a chance to make a quick buck on its deal to deleverage. Ford (F - commentary - Trade Now) has made you a dollar and a half, a sensational move that on a percentage basis makes it among the most lucrative secondaries I can recall in my lifetime. Again, you were taking advantage of the difficult circumstances Ford faced with its creditors.

Anadarko Petroleum (APC - commentary - Trade Now) ranks among my favorite natural gas stocks and while the deal didn't hold initially, if you bought more down you made more than 15%. Even if you didn't, if you were patient you caught a four point move.

You just caught $3.67 on a $13 base on SunTrust (STI - commentary - Trade Now) yesterday. What a return! That's breathtaking.

Look at Bank of America (BAC - commentary - Trade Now), up nicely from its pricing. Who can forget the fortune made quickly in State Street (STT - commentary - Trade Now)? Wells Fargo (WFC - commentary - Trade Now) made you more money in a day than I can recall in just about any secondary I have ever seen. It was like a small-cap tech IPO in a different, bountiful era.

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Jim Cramer is co-founder and chairman 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. To order Cramer's newest book -- "Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)," click here. Click here to order "Mad Money: Watch TV, Get Rich," click here to order "Real Money: Sane Investing in an Insane World," click here to get "You Got Screwed!" and click here for Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he appreciates your feedback and invites you to send comments by clicking here.

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