You got your

Fidelity Select Portfolio

report in the mail yesterday, if you have any money in this group of funds. I recommend that this document be required reading for all those who want to know what is working in the mutual fund world and what isn't. In particular the essay written at the beginning of the book -- and it is a book -- which talks about the comeback of value investing might give you good sense of where Fidelity's mindset is. "As growth-orientated investing fell from favor, the value-orientated cyclical sector was a prime beneficiary," writes Williams Ebsworth, seector group leader at Fidelity. "All 11 of our cyclical portfolios beat the

S&P

."

I like this document because it is the perfect primer for those of you who don't understand the concept of the business cycle as a way to make money. Many of the teachings in this book are the reason why, for example, I can be so confident in

blasting Mike Mayo, the

Prudential

bank analyst for his

downgrade this week of

J.P. Morgan

(JPM) - Get Report

. This book is like an odds maker's book of how to handicap different groups during different cycles. As always, I get it because I have money with Fidelity. If you want to check it out, the official name for it is "The Fidelity Select Portfolio Annual Report for the Year Ending February 28, 2001 and Prospectus dated April 29, 2001."

Here is the link!

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to

jjcletters@thestreet.com.