Sighing Over Sonera

Barton Biggs' plug for the stock impressed individual investors, but JJC failed to anticipate the pop.
Author:
Publish date:

Easy money lost!

Last Friday

Barton Biggs

talked up

Sonera

(SNRA)

on

Wall Street Week

. Given that Rukeyser's show has a lot of watchers, and those watchers take action, I had a great trade in my sights today and I blew it!

I come in early. Sonera was trading at about 77 and change, up a little bit from the close on Friday. I took advantage of it and sold a little. Wrong!

Moronically, I should have been taking stock. As soon as it opened in America it ramped, as individuals who didn't know or didn't care that it trades primarily in Finland bid up the stock. They didn't care that Biggs has been wrong about stocks for some time. They just bought. They paid up 3 smackers!

My sin? I forgot that this is primarily an individual-driven market. Institutions aren't going to buy Sonera because of Biggs' push. Heck, most of the institutional money doesn't even watch WSW. But individuals? Their appetite is insatiable. I left 50gs on the table.Ouch!!

Random musings:

I am finally getting through to people on this

Taking Something Off the Table series. My email has turned positive at last! Better to do it now than later when prices may not be that high. And woe to those who would advise otherwise, particularly to those readers who are a bit older and don't have the rest of their lives to make back what they might give back.

We are all so brainwashed about the inevitability of equities. I know that I have contributed to that programming and I can't live with myself if I can't get you to take some of the winnings off the table if I have done so. Remember, I don't care which stocks you love. I love dozens and dozens of stocks. If you owned

National Gift Wrap.com

and swore that you would never sell it, and it quadrupled in the interim, take 1/8 or 1/4 of it off and put that in munis or cash. For the life of me I just don't see how you can possibly regret that sale.

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