Here is a company that is doing everything right. It is rewarding shareholders with great growth, stock buybacks and an aggressive streamlining. It is doing everything worldwide that a
company can do. It is the strongest it has ever been in the 20 years I have followed this company. The analysts all love it and push it every chance they can get.
And it is heading, inexorably, toward its 52-week low. It is in the wrong business at the wrong time and wrong place. The CEO could stand on his head, do cartwheels on the floor of the
New York Stock Exchange
and crow at the corner of Broad and Wall streets about how good things are and it wouldn't mean a thing.
Can you buy Kimberly-Clark for the long term and forget about it? This is where I part company with all of the talking heads who come on TV. This is where I am really drawing heat among my peers. I say, "NO." Actually, I scream "NO." Because if it weren't horrid enough that Kimberly-Clark keeps going down, it is the opportunity cost of being long Kimberly-Clark that really frightens me.
I think there are simply too many opportunities away from Kleenex to stick it out.
In other words, I really don't care about the long term when some portions of the market are making you so much money today. Yes, I am cognizant it can all go away. Yes, I repeatedly tell everybody that I think they should take something off the table. Bulls, bears and pigs. But this period feels so once-in-a-lifetime to me that I want a piece of the action. And I don't want the quagmire of Kimberly to keep me from it.
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