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Jim Cramer on Jamie Dimon Letter, AMD, Stock Market Wednesday

Jim Cramer and Katherine Ross talk Jamie Dimon's annual letter, advice for newer investors and more.

It's hump day!

While Wall Street reacts to the always much-anticipated annual letter from Jamie Dimon and Dimon's long-term view, Cramer said his eye is on the present. 

"I'm more focused on what can make money now," Cramer said.  

Recap Wednesday's episode of TheStreet Live with Jim Cramer and Katherine Ross in the video above and be sure to catch TheStreet Live every weekday at 10:30 a.m. ET:

Jim Cramer's Takeaways From Jamie Dimon's Annual Shareholder Letter

"Everyone who plows through Jamie Dimon's 67-page annual epistle will have different takeaways..." Wrote Jim Cramer in his Real Money column on Wednesday.

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"Me, I look at it as a gauntlet, a challenge to end the selfishness of Washington and business, with so many examples of it including multiple tax breaks for carried interest - a huge break for many of his own clients, as well as for race cars, private jets, horse racing and golf courses. That's what you get, he says, when you have 17,000 lobbyists in Washington," he continued.

"Businesses have tremendous short-sightedness he believes, with the worst being an unwilling to commit to black and Latino neighborhoods, something that could help end institutional racism that holds a huge percentage of our people back from even the remote hope for enough to put dinner on the table. So why not set a minimum wage of $16.50, something that we often hear from Republican economists would stifle small business creation. Dimon clearly disagrees with that notion," wrote Cramer.

How Can Younger Investors Cope With Unrealistic Expectations

"In his "No Huddle Offense" segment, Cramer sounded off on the unrealistic expectations being held by so many new investors. This crowd feels that every stock has to be the next Tesla (TSLA) - Get Report, but unfortunately, that's simply not the case," wrote TheStreet's Scott Rutt in his Mad Money recap.

"Can a shareholder base just all agree to hold the line and never sell? That seemed to be the case with GameStop (GME) - Get Report, but only for a short period of time. Hope is never an investing strategy, Cramer reminded viewers," he continued. "In the case of GameStop and AMC Entertainment (AMC) - Get Report, the companies are using their unrealistically high share price to issue more stock and bolster their balance sheets. The Reddit crowd might not like these moves, but Cramer said he applauds them, as they give management options to make bold moves to save their companies long term."

Hear what Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday's Daily Rundown.

Daniel Kuhn contributed reporting to this article.