Could there really be some sort of stock shortage going on? That would be amazing, given the record creation of equity. You couldn't pump out equity any faster or split it any faster, and it still can't meet the demands of the marketplace.
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What an incredible time this is! The market seems to be bursting at the seams.
just reports a great quarter.
turns out to be super-de-duper.
announces a stock split and people scramble to take down more of that.
And what do I hear around me? That it is too much too fast. That there has to be a correction. That it can't last. That it is dizzying. That it can't be maintained.
I have heard all of those sentiments. In 1983, I heard it. In '86. In '89, when we challenged the old crash levels. In '91 after the surge, post the Gulf War bombing. In '94 after the bond shellacking. In '97 after the Asian snapback. In '98 after
Long Term Capital's
implosion. Each time we were told to wait. Each time we were told of the parade of horribles that awaited those who bought, let alone those who stayed long.
How come you don't read about the equity shortage? If this were copper or gold, the pundits would be all over the shortage telling us how the Western world was going to take a dive shortly because of it.
What else can you call it? How else can you describe it?
I am at a loss for other words.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of the original publication, his fund was long Oracle. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at