The Cramer Show

By letting <I>Fox News Channel</I> cameras in his office, Cramer says he was caught making a bad call on York. In retrospect, it was a good call.
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One of the problems with the

Truman Show

-like life I am leading in this site is that I can be caught doing really stupid things -- at that moment, at least -- that may turn out to be smart later on.

Talk about TSC on the Fox News Channel

I never let cameras in my office for this very reason. They can make you look even more stupid or paralyzed than you are. They accentuate the paralysis. But

Fox News Channel

has given us a producer,

Gary Schreier

, who cuts through all of that. He is my bodyguard, my shrink, my backer and my supporter. He can come in. He's the real deal.

When we first started the show, I told him he could mike me and mike

Jeff

. No holds barred. He could take what he wanted. No "off the record." Sure enough, I was playing

York

(YRK)

off the hot weather -- remember that story -- and how their air conditioning sales had to be taking off given the extreme heat.

Then the conference call for York's quarter began and they started talking about how they didn't see the upside from the weather I saw. They urged people not to raise numbers because of the heat. I turned to Jeff and said that it wasn't hot enough for York!

We huddled off the desk. Again, miked. I can't believe I did this. And I said that we blew this one. Jeff urged that we go, he said the reason why we bought it, the heat, didn't work and we couldn't foment a new reason to stay long just because we would have to take a loss on York. Our first loss would be our best loss. We would make it back elsewhere. We blew it out. Again, on camera. Took about a point loss on 50,000 shares. Again, you saw it as it happened.

Today York blew up. Not hot enough for York. You thought you saw us lose about 45 g's. You actually saw us save a million bucks. That's how much it has fallen since we took the loss on air and ran the tape on the show.

Good call.

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

jjcletters@thestreet.com.