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When Cramer Gets Bullish, Hedge Funds Get Hostile

Most hedge fund managers believe you're an idiot if you're a bull, Cramer says.
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Just like

Herb G.

has his Hostile React-O-Meter, I have a hedge fund react-o-meter. Any time I get bullish, these hedgies come in with massive defamatory attacks about what a fool I am and how if I had any rigor I would be shorting this market with every dollar I have.

What a joke!

All my hedge fund life, I have rarely -- if ever -- heard a hedge fund manager who was bullish (with the possible exception of a couple of really great ones who were not afraid to admit they liked the market).

The hedge fund rap goes something like this: The public is bullish, bulls are idiots and you are an idiot if you are a bull.

Amazingly, since 1983, I have heard this same rap time and time again. Every time I pronounce myself bullish, these guys come in with charts, graphs, anecdotes, data and empirical observations and proceed to tell me how wrong I am.

This morning, my email was out of control, simply because I said the light-volume decline meant to me that the decline was not affirmed and I did not want to get trapped shorting the market.

Of course, the undercurrent of all of these hedge fund mailgrams is that the authors are short stocks and they want me to bash stocks and join them. Unlike the public, which always discloses what it is long, these hedge funds that email me


reveal their positions. But I can tell when they are pressing their bets.

This market just dropped 400 points. These guys are pressing their bets. I bet the bulls rip their lungs out.

James J. Cramer is manager of a hedge fund and co-founder of 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