We are getting our arms around this Mister,

MicroStrategy

(MSTR) - Get Report

, now. It is the same old bugaboo that has always dogged these software companies with big contracts.

Historically my firm has shied away from companies that make their living selling huge, expensive software packages. We don't like them because if sales aren't closed for one reason or another you can really get smoked. Contracts get missed; stocks get cut in half.

These

PeopleSoft

-kind

(PSFT)

of stocks, if you want to pigeonhole any one company for this kind of model, can be total rocket ships, but occasionally rockets don't work and when they don't, they fizzle. We would rather take a plane that gets there all of the time than a rocket that doesn't get there at all, even if it can get there much faster if everything works right.

As for MicroStrategy itself, you have to ask if the contracts were booked right would you have owned the stock? I think the answer is a resounding

TheStreet Recommends

no

because the company was growing much more slowly than we thought.

So what is it worth?

Beats the heck out of me. Maybe 50, maybe 150? Maybe 25? How about 10?

Sorry, I need more grounding than that lottery list to get long.

Random musings

: The people in these

Williams Telecom

ads are too creepy. Time for a new campaign.

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.