factor looms large. If


David Faber is right about Julian Robertson -- a legendary manager and personal hero of mine -- closing the doors of one of his big funds, that could spook the


down here.

It's a bad time for the news to break because we have that dreaded margin clerk hanging over our heads again. We know from the margin figures that people are borrowing more than ever to be long this tape and you know that they have to be cleaned, starched and Martinized before this quarter is over.

That's still one more reason why I like big-cap and why I like food and drugs for a trade. Do you think anybody ever margined to own





(BFO) - Get Report

? I don't want those people in my stocks' neighborhoods.

They are lethal holders here, just lethal.

Robertson, who is respected as one of the most charitable people in this great country, may or may not be closing the doors of one of his funds.

But he's no

Long Term Capital

. He doesn't have so-called counter-party risk -- meaning that, if true,


closing won't hurt any brokerage houses and, aside from the obvious big holdings, I don't think this alleged departure means that much. We are buyers of


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on this news, not sellers.

But the news reminds us how hard the game can be. When I was at


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, Robertson used to try to hire every great person that worked at the firm. He also was always able to pull incredible talent away from other firms. He's as smart as they come. So don't blame those who know him or of him for being a little bit shook, even though his tough times have gone on for many months.

It's hard not to be. I always told Faber that Robertson would pull out of this and come back and beat all of us, as he always has. I don't want to give up on that, but Faber's report carries a massive amount of credibility, as all of his reporting does.

James J. Cramer is manager of a hedge fund and co-founder of At time of publication, his fund was long Bestfoods, Schering-Plough, Intel and Goldman Sachs. 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