A Whole New Quarter

Cramer says it's time to swing for the fences again.
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New quarter!

For newer investors and non-hedge-fund guys, a new quarter doesn't mean much. Just a flip of the calendar. But for guys like me, it's time to open her up a little, experiment some, get some new names on, play a little less close to the vest.

I report to my investors once a quarter. From the time when I used to trade with my wife, who was already well steeped in hedge-fund ways, I understood the rhythm: You can go a little fuller throttle, knowing that if you bounce off the retaining wall you have three months to fix the damage.

I always regarded it as a blessing that, unlike my mutual-fund peers, I did not have to report to my people until after a whole quarter had been completed.

So today I will get a little more aggressive, look for some more new ideas, plunge into

Jim Seymour's

ASP thing -- although that

two-

part series, like much of that hitter's stuff, already made you about 10% since it came out earlier this week -- and, of course, swing for some fences.

I want to hit one into the monuments in dead center field. Today. Feel it. Just feel it. Throw the ball to me already. Now.

Random musings:

In the bad old days about nine months ago, I sold some

Lucent

(LU)

because it was extending credit to those nascent phone companies that had been denied high-yield financing because the geniuses at

Long Term Capital

had blown up so many trading desks. I see this morning that

Winstar

(WCII)

, one of the outfits I was worried about, just offloaded the debt. I was too skeptical. ... The Net was supposed to disappear in the second quarter, weighed down by the greed of the bankers and the tapping-out of the individual investor. Didn't happen. Boy, that has to be disappointing to the tulip watchers. ... Let's go back in the archives and check which high-priced service was saying that 50 basis points was a done deal. Remember who it was? If you do, tell me, as I want to make them 'fess up. Right here, right now.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Lucent. 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

jjcletters@thestreet.com.