Net buyers exude a beautiful fearlessness that all the rest of us secretly crave. They have it because they've jumped the
on a motorcycle and come out in one piece. They have it because they've jumped from jets with parachutes that didn't open and didn't get splattered. They have it because they've jumped from the
George Washington Bridge
, only to breast stroke over to the
as if they were finishing their commute home.
Is there anything more emboldening, I ask you, than buying a stock of a virtual bank up 30 points and still making 30 points? Or in taking
every single day at the opening and still bagging 10 points? Or in cornering some IPO up 60, only to make a quick 20 points in the aftermarket -- that hour?
These moves are the stuff legends are made of. I can see my daughters talking with their virtual adviser 30 years from now, saying that their daddy used to talk of strange and bizarre moves that weren't ever supposed to happen. Like our own episodes of
Remember the one about the man who said he wanted to be a billionaire by 3 p.m. and did it with a .com?
Yeah, that was a really good one.
What allows for such fearlessness? Notice I did not say recklessness, because if it were reckless, there would be more
-- the one
referenced in the
Yahoo! chat -- and far fewer
National Discount Brokers
, stocks that go up and up and up despite anything
may have figured out that we thought applied to the market?
Two quick thoughts come to mind. First, nobody covers this darn stuff. You aren't going to run into a
analyst who downgrades this stock after a one-day move of 50 points. No flags get thrown, no quarters ever end and there is no whistle.
Second, these stocks are traded, in large part, by people who never experienced heart-stopping losses. In fact, the selloff of January and February, the one where everyone said the
was finished, just another biotech or oil-service index crashed into a retaining wall, led to much greater highs.
The takeaway from that selloff was that if you hang on long enough, you win big. Kind of like what we were taught life was supposed to be like in these here U.S. Yep, the Net is kind of like a fast-forwarded movie of the American Dream with a cast of thousands and everybody gets paid like
Who can blame these buyers?
See ya on "Squawk."
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo!, although positions can 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 firstname.lastname@example.org.