This column was originally published on RealMoney on Nov. 6 at 10:08 a.m. EST. It's being republished as a bonus for TheStreet.com readers.

When I had the management of

ElkCorp

(ELK)

, the shingle company, on "

Mad Money" not that long ago I simply didn't understand how they could be so bullish. Didn't they understand that the cyclical rotation tide was out and there was no reason to own the stock?

Nope, they said, there was real value here and that value could not be dismissed by mutual funds saying, "We can't own this company. Too linked to housing."

I have always held that the playbook rules, no matter what. The playbook, by the way, is included in

Action Alerts PLUS.

This move to bring out value, as well as

the move to bring out value in

Swift

(SWFT)

, reminds us that the playbook can be repudiated by those who recognize that their businesses are

not

falling apart, despite what the playbook says will happen.

Bullish.

At the time of publication, Cramer had no positions in any of the stocks mentioned.

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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