Mister, say it ain't so?

Mister, of course, is

MicroStrategy

(MSTR) - Get Report

and its revenue recognition problems will reverberate in

Red Hot, or New Tech 30, land today. (And yes, we call it Mister, except for those who call it, or called it, Master.)

As everyone shoots a Red Hot or two for fear that he is in the next MicroStrategy, let's go over some of the salient points:

1. Michael Saylor, the guy behind MicroStrategy, now just seems like a tawdry self-promoter. Let's hope he still has the money to fund that university plan of his.

2. Demand was not a problem. Demand is strong.

3. Other Red Hots do indeed do this kind of accounting. We just don't know which ones are doing it as aggressively as Mister was.

4. Companies in the information/wireless space will take it on the chin more than other Red Hots, even though they probably haven't been doing MicroStrategy accounting.

5.

Pilgrim Baxter

was the biggest sponsor of this company, so watch for its other holdings to be under pressure today.

We think this is an important event and a possible sea change in the "pass" that many of these new companies have received. But the mutual funds who are addicted to owning the MicroStrategies will come back to them in three days when this episode is forgotten.

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. Cramer's fund may be long or short certain stocks in his biotech or B2B rotisserie leagues or TheStreet.com New Tech 30 index. 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.