Cramer explained that his original thesis was that newfound wealth in emerging countries, brought on by the rising prices of natural resources, would flow to the consumers and into technology like cell phones. But Cramer said he failed to consider the risks involved in making such a prediction.
In the case of Telkom Indonesia, Cramer said he failed to consider the company's substantial wireline business, which like that of wireline here in the U.S., is declining. Despite growth in wireless services, the legacy wireline business dragged down the whole company.
In the case of Turkcell, Cramer explained that a new competitor going public drew attention away from the company and that, along with unfavorable rulings from the government, played a negative hand in that stock.
Lightning RoundIn the Lightning Round, Cramer was bullish on Transocean (RIG), National Oilwell Varco (NOV), Hudson City Bancorp (HCBK) and UMB Financial (UMBF). Cramer was bearish on Harley Davidson (HOG), Hologic (HOLX) and Verasun Energy (VSE).
Jim Cramer writes about all the stock trades in his charitable trust for TheStreet.com in Action Alerts Plus. Recent stocks he's traded in this account include Schering-Plough (SPG), Yamana Gold (AUY) and Abbott Laboratories (ABT). Want more Cramer? Check out Jim's rules and commandments for investing by clicking here. For more of Cramer's insights during the Lightning Round,