Eddie Lampert, the hedge fund manager who controls

Sears

(SHLD)

and has a large stake in

Citigroup

(C) - Get Report

, still has Cramer's support in spite of an extremely disappointing quarter from both companies, Cramer said on CNBC's "Stop Trading!" segment Thursday.

Cramer is not glad to see Lampert taking heat for Sears' big decline. "I am not a

schadenfreude

guy," he said.

Right now, "Sears is worth more dead than alive," Cramer said, but over the long term, Lampert's "performance has hit several bumps in the road. ... I'm not abandoning

Sears, the guy is too darn good."

Cramer said that Lampert bought Kmart "for nothing," and then it went up "gigantically." Cramer said Sears' poor performance shouldn't offset Lampert's big gains from his investment in Kmart.

In addition, Cramer believes Lampert's missteps with

Citigroup

(C) - Get Report

have been understandable. "I bet Eddie Lampert thought the same way I did. ... It was inconceiveable that anyone would elect this guy

former CEO Chuck Prince to destroy this bank."

"Don't count Lampert out yet," Cramer said. "He has a fabulous lockup, he always has, from the day he started."

Cramer pointed out that, in addition to Citigroup, he owns Sears for his charitable trust,

Action Alerts PLUS and he is "still up huge" on Sears even though "it has been horrible." Cramer encourages investors to view stocks with an 18-month outlook. In that light, Sears' six-month outlook might not be as grim as it seems right now.

At the time of publication, Cramer was long Sears and Citigroup.

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

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