It's good to be good, but it is better to be lucky. We sold our
earlier in the week. We were up huge.
We did it for the most stupid of reasons. We did it because I bought these great Wrangler jeans for 15 bucks at the new
in town on Sunday, and when I wore them Monday, my wife said to me that I looked better in them than I did in the Gap's jeans. "And I paid half as much."
So when Gap spiked up on Tuesday I told our trader,
to "make Gap go away" -- trader talk for sell it. When
, my partner, asked me why we sold it, I said, "Because it's up." I didn't want to share with him the granularity of the Wrangler jeans at the time. I just wanted to lock in the profit. I hadn't been paying attention but I had that Target-jeans purchase in mind.
Last night after we saw terrible news, horrible March sales (and they were horrible) and the departure of the second-best exec in the chain after Mickey Drexler -- Jeff looked at me and asked me how I knew to get out.
That's when I read to him the phrase taped on my right terminal: "It's good to be good, but it's better to be lucky."
Be careful, Saudi Sheik followers -- sometimes his buys make him seem more like a clown prince than the great hedge fund manager people regard him as.
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