Did I hope too much for Cisco (CSCO) - Get Report? Did I err in saying that it was good that it opened down and that it would be even more disappointing had it opened higher?

Welcome to the world of money management. I have been long Cisco since it became public. I have battled it, and stayed the course for almost a decade. I have, at various times, been driven to distraction by it. There have been moments where I regretted the day I ever heard of John Chambers.

But I have not cashiered the stock. I haven't cashiered it despite seeing its multiple climb and hearing that the company will have to do a phenomenal amount of business in the future to justify its price.

I haven't because I have heard it all before.

Look, maybe this is it for Cisco. Maybe it is all downhill from here because it didn't rally today. Maybe I should just kick it out and forget about it. I won't, though. Maybe I have to ride it down some. Maybe the stock will be "finished" until its earnings allow its multiple to shrink.

But consider this: If I had listened to these siren songs to sell this stock years ago (or worse, to short it), I would have been wrong. I would have left a huge amount of money on the table. I don't really feel like "defending" Cisco as long as it keeps delivering and raising the bar.

And consider this: If Cisco is "no good" there are a ton of stocks, make that a megaton, that will go down and I will find them and buy puts on them or short them.

Don't bother me none.

But to just pick a moment in time, this week, and say, "You know something, Cisco is done going up because

Barron's

says it is done and a bunch of wiseacres who don't like the market say it is going down," -- that's too hard for me. It is the type of thinking that has cost me huge amounts of money in the last 20 years.

Maybe, just maybe, this time it would be the right kind of thinking. If so, wow, I will have learned something brand-new today. Could be. Nothing shocks me.

I am just glad I didn't have this revelation 400 times in the last 10 years. I wouldn't have done nearly as well for my partners as I have. That's kind of all that matters.

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.