Cramer: Not Long Into Today? You Missed a Big One
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First, a proposition. Let's say I was a bear going into the EU drama session last night, a bear meaning that my book was net short, classically meaning that I make money if the market goes down and expect to lose if it goes higher.
If I wanted to be honest with myself -- and believe it or not, that's not always easy for a hedge fund manager -- I needed to see a total collapse of the talks. That was the home run. That's where I would have distinguished myself among my peers. That's what I would have told my staff I was betting on.The "collapse" did not come about. So, intellectually, I was WRONG. Unfortunately, saying you are wrong out loud is considered a colossal sin. I know this. Believe me, if I NEVER admitted I was wrong I would be chastised and pilloried much less than I am. But if someone admits he is wrong, the critics say, "Even he admits he is wrong," and then they blanket everything with that self-assessment. In reality, though, of course, it was a wrong bet. Consider it in sports: You bet run, they passed, they got a touchdown. So, what do you do if you can't say you are wrong -- and what do you tell your staff? Two different things. Publicly, you do what I saw some manager on Bloomberg do this morning: He spewed the negative litany:
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