We just looked up at the tube and saw

Bob Pisani

talking about the transports. We were shocked, just shocked at the prices. If you think the

Dow

is in a bear market, take a look at the transports. These need to be put out of their misery, fast.

In truth, these stocks have been down for months, but we don't even look at them anymore. You know why? For the same reason I must be driving value managers crazy with my

series about how these guys are going to lose you money.

It is a waste of time to look at the transports. It is bad for productivity. The time it takes to examine whether

Burlington Northern

(BNI)

or

Union Pacific

(UNP) - Get Report

is a buy is time spent away from understanding what

InterNAP

(INAP) - Get Report

does or what

Vignette

(VIGN)

does. It means time spent away from listening to

Tom Siebel

or learning

Liberate

TST Recommends

(LBRT) - Get Report

. It doesn't give us the hours we need to learn

724 Solutions

(SVNX)

.

I don't have that time.

Random musings

: Where would the Dow be without Rick Sherlund's push of

Microsoft

(MSFT) - Get Report

? ... Check out all of the secondary supply coming on stream with

Ben Holmes

. Getting a little scary ...

VeriSign

(VRSN) - Get Report

would have helped the cause a little by giving some earnings guidance, but no such luck. If

Warren Buffett

played the Wall Street game, would he have to preannounce to the downside given his portfolio is overweighted in brands and insurance stocks? .. We love the action in old Net and are trying to convince each other to buy more

Yahoo!

(YHOO)

. No out-o'-control pulp and oil costs there!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Microsoft, VeriSign, InterNAP, Yahoo!, Vignette and 724 Solutions. 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.