This column was originally published on RealMoney on June 19 at 9:19 a.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

As usual, people don't understand why

Yahoo!

(YHOO)

should trade up, given how "bad" it is. That's a pile of nonsense.

Yahoo! was bad

because

of

now former CEO Terry Semel and his team. Anyone who doesn't know this has never been on the Web, never been involved in business with the Web and doesn't understand the dynamism of the situation.

I don't know if founder Jerry Yang's the right guy. I do know that Semel was the wrong guy. He was disengaged and nobody liked to work there. Keep in mind, this is a Web company, and the amazing thing about a Web company is that most people actually

want

to work at them because they are exciting and inventive and employees can really make a difference.

I know the current perception of me is that I am some TV guru with a column on the Web, but not that long ago I was more well-known as an inventor in the media, and I have to tell you, I have seen Yahoo! fade from being the greatest company on earth to a company that seems like one of these failed states.

It is not too late. Yahoo! can be a great company again. It still has the eyeballs and the elegance. It still is

needed

. It still can be re-energized, and I am genuinely excited about it

not

as a takeover target but as a company that can turn the earnings corner.

Of course, there are no guarantees. Bad management could lead to worse management. But I am not planning to sell it out of my

Action Alerts PLUS portfolio anymore. My plan had been to unload it into the rumors of change on Thursday when I was no longer restricted from trading it. Now my charitable trust owns a company that traded at these prices under terrible leadership; why sell it now, with the possibility that it's a call on great leadership?

So dismiss the company as you see it now.

But you will most likely come back to the company when it is better or when it is down $2 or $3 and gets sold.

That's a pretty fabulous situation, if you ask me. It's only available because people think that Yahoo! is unfixable. That's nonsense. It's just too good an asset to be run into the ground -- as hard as Semel tried to do so.

It's a nice call on the Web. That's better than most out there. For once, I am glad I own it.

Random musings:

Pathetic upgrade of

General Cable

(BGC)

by Merrill today. The analyst only missed about 30 points. Unbelievable. ...

LodgeNet

(LNET)

-- upside surprise. Lucky on that one.

At the time of publication, Cramer was long Yahoo! and TheStreet.com.

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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