Let's Fess Up - TheStreet

You know what is really driving me crazy lately? I don't ever hear other managers on TV talking about missing some of these gigantic moves. I really get the sense that they are:

    Catching all of the moves (and if so, why are they still working and flogging their funds on these shows?).

    Getting told by the marketing department not to talk about the moves.

    Disbelieving in the moves and would rather talk about Cigna and Philip Morris , or

    Afraid that they will seem like they are not that good at their jobs if they admit the truth, that they have missed the moves big time. (Which is probably true!!)

    Join the discussion on

    TSC

    Message Boards.

    If I were on "Squawk" these days I know what I would be talking about, what we talk about all of the time at

    Cramer Berkowitz

    : "You moron, how come you made me sell some

    Cabletron

    (CS) - Get Report

    yesterday," or "Hey idiot, what were you thinking when you let go the

    Terayon

    (TERN)

    ," or, "stupid, stupid, stupid, how did I ever sell my

    AMAT

    (AMAT) - Get Report

    ?" We have massive recrimination sessions that remind me of the ones

    Mao

    insisted the Party throw during the Cultural Revolution.

    That's what managers really talk about unless they are in the value-denial-performance-don't-mean-jack-cause-I-am-better-than-performance camp of investing. That's the same camp, by the way, that wouldn't use the three-pointer because it wasn't always in the rules. That camp thinks the forward pass shouldn't count because, pre-

    Sid Luckman

    , nobody threw them. That camp plays the pitcher as designated hitter because it is pure. I think the camp is one that shouldn't exist.

    The camp-followers make me sick to my stomach.

    Our job as money managers is to make the maximum amount of money with as little risk as possible. It is not to take no risk. And part of that job is to admit that you could do better, so you don't miss the next

    E.piphany

    (EPNY)

    or Terayon. (Not to diss EPNY and Terayon as not worthy of owning.)

    That's what I would talk about. And boy do I want to talk about it. What a dose of truth serum that would be. And some dyn-o-mite TV to boot!

    Random musings

    : Don't know much about

    Dell

    (DELL) - Get Report

    that anybody else doesn't know .... We are beginning to lose some managers who I respect because of the straight-up nature of the

    Nasdaq

    .

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