Inside the mind of a hot and tortured portfolio manager the day after the broiling holiday.
Look out, I almost bought some
. I have to go pepper
, my partner, with name after name. "How about
? What do you think about buying some
here? Why not buy
screaming?" Yeah, maybe he'll bite.
These are the moments that try every portfolio manager. You see everything going up and you just wish you had more of the winners. You are sick of hearing how great Tandy or
are doing and you want to just buy some. Except you know that if you come in now, you are creating the top, because, well, that's what it always feels like when you've missed a huge move and you want in. You want in so bad, even though you are in already. You want in like there's no tomorrow. But there is. There always is.
Discipline, I tell myself. Show discipline.
You begin to spin tails to explain any prospective purchase, you want in so bad. "Hey, it's been real hot, how about buying
? Or how long can they keep
down with this kind of weather? How about
because my air conditioner motor burned out? How about that
call to buy the oils -- that makes sense, doesn't it? Huh? Huh??"
Discipline, gotta have some.
In the end, we succumb and buy a little of some of the more
names, and we hope that some bear comes on real soon to get us scared. But all that awaits us is
2 o'clock rah-rah and a buoyant
traveling with El Presidente.
Hmm, maybe the president is going to visit some publicly traded companies. That could get a couple of stocks going. Get me that sked.
Discipline, gotta have some. Discipline.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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