I just got blowtorched. Seared. Pittsburghed. No, make that toasted. Burnt. My crime? I suggested in a meeting with my partner, Jeff Berkowitz, that we buy McKesson HBOC (MCK) - Get McKesson Corporation (MCK) Report.
Can you feel the heat through the Web? The raw anger from my partner. I thought that McKesson could be like
, a big hit of mine after the bad guys got broomed. I told Jeff that they have kicked everybody out, just like Waste when it bottomed.
Jeff countered that you have to wait for the other shoe to drop and that to get involved with this stock is simply playing with fire. "You have no idea what you are getting into.
traded down to 7 before it bottomed. McKesson hasn't seen anything yet."
I countered that even if HBO was worthless, McKesson had some good businesses. But Jeff immediately said that
had great businesses. I decided to hold off. I said I would wait for McKesson to appoint a Mister Clean like Steve Miller, the non-rock star who saved Waste after its fall into the ethics dumpster.
He said fine.
Glad we made up. Going to the game with him tomorrow -- can't have too much bad will here. Gotta save that for the
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