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The desperate hour of the hedge funds must be upon us. Cerebrus loses billions on Chrysler and GMAC, and now it turns to its secret weapon, an IPO of Freedom Group, part of what is called, at least by the Journal, the "red hot rifle and ammunition business"?
But Cabela's (CAB - commentary - Trade Now), a hunting play, isn't doing squat. Smith & Wesson (SWHC - commentary - Trade Now) is ice cold. I can see from the article that Steven Feinberg, perennially called "low profile," is a hunter. That could help. So is George Killitides, who oversees it for Cerebrus. Golly gee! Hedge fund hunters! Once again, there is a total disconnect between the truth of Cerebrus -- one of the worst hedge funds of this era -- and this kind of article, which still makes them sound like masters of the universe. The idea that this deal "arrives at a welcome time," as the Journal says, is another canard. Is anyone going to stay with Cerebrus because of a gun company IPO? Who is kidding who? Look, I am not saying that the Cerebrus investors -- presumably brain-dead or incapable of reading anything about Chrysler and GMAC, the worst of the worst deals I have seen during this era -- are going to skedaddle faster than the rats jumping ship at Galleon, where we are led to believe now that Raj Rajaratnum is one of many players, instead of being "Raj Inc.," which is what I always thought it as when I hired one of his traders to work at Cramer Berkowitz. But I am saying that this era of the media being baffled by how great these hedge funds are should end. A rifle and ammo company. That ought to offset the losses. Jeesh, how stupid do Cerebrus' p.r. people think we are? Well, given this article, maybe they are right! Random musings: See you tonight at the Mendham book store signing in Mendham, N.J., after the show ! At the time of publication, Cramer had no positions in stocks mentioned. Special note from Jim: You can learn my time-tested ways to trade smart, even in this market. All my latest thinking is in my brand new book, Getting Back to Even, which I'll send to you as part of a special promotion when you sign up for my ActionAlertsPlus.com service for a limited time. So if you sign up now, you'll get to see how I'm playing these stocks in my portfolio today, plus, I'll teach you how you can play these stocks to help your portfolio get back to even.
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. TheStreet.com has a revenue-sharing relationship with Amazon.com under which it receives a portion of the revenue from Amazon.com purchases by customers directed there from TheStreet.com. Brokerage Partners
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