Gaming the News Is Never Easy

So stop kicking yourself when you don't always get it right.
Author:
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You want to know how hard this game can be? When I read

Cory Johnson's

excellent The New Dow Is the Internet Dow

piece on Monday, I immediately set out to try to find out which companies were going to be part of its $6 billion "Project Pronto," the plan to wire the nation.

Cramer's Latest: Join the discussion on

TSC

Message Boards.

I figured that the money this initiative would dole out could make or break companies. It reminded me of the old days when we used to try to figure out who would get the big contracts:

DSC Communications

,

ADC Telecom

(ADCT) - Get Report

or

Tellabs

(TLAB)

. We used to try to game these constantly. But I couldn't get a line on it. We put the calls out. We got nothing.

Had we been lucky, however, we would have found out that one of the big winners was none other than

Newbridge Networks

(NN)

. We would be down 25% with that great piece of information.

This piece was brought to you by the "Stop Kicking Yourself" foundation, of which I am a charter member. (

Cisco

(CSCO) - Get Report

, by the way, is probably going down because it wasn't selected. I am not worried, but every contract helps.)

Random musings:

Please check out the first installment of my new Smarter Money

column. And check out the other articles in the Personal Finance

section. They are excellent... Oh no,

Greenspan

is talking about how home prices are too buoyant. Great, I just bought one. I guess we should brace ourselves for a series of speeches by

Fed

governors blasting home prices, talking about the risks of termites, floods, etc. I am sure that the more hawkish guys will say prices have appreciated too far too fast and suggest, subtly, that we sell them!

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