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MasterCard's Still a Sweet Deal

This is one IPO that was a bargain. Just imagine its normalized earnings power.

This column was originally published on RealMoney on Nov. 1 at 10:17 a.m. EST. It's being republished as a bonus for readers.

Memo to the

Federal Reserve

: Please do


read the


(MA) - Get Mastercard Incorporated Class A Report

release. Please. I beg of you. Because I am very concerned that you will tighten interest rates immediately if you do. With that number, the consumer is not just swinging into high gear, he's going


He's buying left and right!

When you couple that with the bottom in housing -- remember, that's my view of what's happening there -- and the surge in precious metals, you get a scenario that, if I were at the Fed, would make me consider another tightening. There are tons and tons of better than expected numbers. This is not one of them. This is one of those

"you have no idea what our normalized earnings power can be"

stories that totally explains the levitation that has occurred in this stock since it came public.

This piece of merchandise was severely mispriced in favor of the buyers, not coincidentally, because it came on the heels of the disastrous


TheStreet Recommends

(VG) - Get Vonage Holdings Corp. Report

deal, which was totally a giveaway for the issuer. MasterCard is a reminder of how much money can be


when the bankers decide to be charitable and the company doesn't want to burn its newfound shareholders (the opposite of what Vonage did).

Always be on the lookout for IPOs that are tepid, like MasterCard's, like



. Those are the best bets because you can get a lot of shares and build a nice position without paying up.

What an earnings beat! What a great measure of spending -- aided, of course, by lower gas prices. What a repudiation of the


(WMT) - Get Walmart Inc. Report

numbers! What a game!

Random musings:

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

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