Are the semis right or is
right? It doesn't get tougher than this choice. Which is why, at our meeting, I suggested a healthy dollop of
as the antidote to the question.
Make no mistake about it -- I personally think the more optimistic view of the semis is right and that it should trump the negativity of Microsoft.
But here we are sitting on a 5-point loss on
, which was the best conference call I have been on this quarter and it doesn't seem to matter one iota. That's worrisome. It says you can't hide -- at least today -- in the semis.
The game is not a game of hide-and-seek; it is a game of making money. I think we can make money in the food and drugs. So that's what we are doing.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Xilinx, Merck and Pfizer. 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