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Editor's Note: Jim Cramer's column runs exclusively on; this is a special free look at his column. For a free trial subscription to, click here. This article was published Feb. 21 on RealMoney.

People keep looking for tech to lead us out of the wilderness. They don't understand that it is tech that put us in the wilderness and tech that takes us deeper into the wilderness every time we bank on it.

This lesson is hard to understand because it became gospel in the last decade that tech is the only place to make any real money.

That was true then -- now it isn't. But we are still hooked, and we keep believing, with the mutual funds being the worst sinners.

Let me make this as clear as possible: Tech stocks don't get higher multiples than nontech stocks anymore. If you see some with higher multiples, if you own some with higher multiples, you should sell them. Then you won't lose as much money as those who don't.

I wish I could be less stark, because inevitably a tech stock, a


or a


, will now go up three points and a bunch of bozos will once again bet on these golden calves to get them out of the desert.

Forget it. Not going to happen.

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This is the third anniversary that I have been saying this. Somehow I think that I will be saying it next year at this time. And, believe me, if the price-to-earnings ratios are still this high for this group, I will be shouting it from the rooftops.

Don't get suckered in. Tech isn't the leader. If you wait for it, you will miss whatever gains we will have.

Random musings

: The preannouncement of


(XLNX) - Get Xilinx Inc. Report

upward after the close is just the kind of head fake I am talking about. Now the analysts will jump on that end of semiconductors tomorrow to get the balls back in the air and, of course, prolong the denouement.

James J. Cramer is a director and co-founder of He contributes daily market commentary for's sites and serves as an adviser to the company's CEO. Outside contributing columnists for and, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.

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