Hold the cyberpresses. A missing comma from a piece this weekend pretty much changed the whole tone of the piece, and I want it corrected right now!
In a piece this weekend where I questioned whether high-multiple tech has had it (as opposed to regular-multiple tech like
, which I bought aggressively into Friday's weakness) I wrote the following paragraph:
Do we just suddenly reverse all of those great gains that we tacked on last year? And do we go back to one set of valuation parameters instead of the bifurcated parameters we have now? I don't know the answers to these questions. I just know enough to ask them, I am afraid.
Somehow the comma between "ask them" and "I am afraid" got made into a period. Holy cow! What a terrible mistake! Turned the whole paragraph into a fear-mongering rap that I don't think is true. My apologies for not catching it, but I was off in Super Bowl-dom when it ran.
Join the discussion on
Message Boards. Let's get two things straight. One, I am not afraid. Give me a break. What is there to be afraid of? This market is fine. I just want to be in a couple of different areas
tech. I will be "afraid" of nuclear war or germ warfare or terrorist attacks. I will not be afraid of a stock market.
Second, what is wrong with questioning in the tech investment thesis? When did this business become a religion? When did it become a cardinal sin to mention, after a horrid week, that high-multiple tech may have waned in excitement? It is what everybody was talking about last week.
Look, I can tell you not to fret about the 30% to 40% declines in a lot of stocks I follow, or I can tell the truth that we analyze this stuff every day.
Shoot me if I ever stop doing that type of analysis. I will have zero value-added if I do.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel and Sun Microsystems. 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