Ladies and gentlemen, I feel your pain.

I deliberately choose not to look at how my 50 mutual funds are doing because, remember, I am strictly long term. I didn't choose all of these great funds to jettison them all in a quarter or two. I want to review them regularly, however, not maniacally.

But it's been a couple of months, so I thought I would take a peek. Oh, my! I am only up on one of the 50 funds, the

(OAKLX) - Get Report

Oakmark Select Fund. I am down on all of the others, some severely. This is not good.

I know, it's a tough market. But I tend to think that some of the funds would have caught the inspired wave of buying that went on in the

Mercks

and the

Cokes

and the

Pepsis

. I thought there were folks who could put together some decent out-of-the-way selections. Only one did. And he did it despite owning shares in an asbestos-ravaged

USG

!

What is portfolio manager

Bill Nygren's

secret? Why he is a stock picker buying stocks that are cheap. His largest position, according to some recent data, is

Washington Mutual

(WM) - Get Report

.

This was a totally inspired buy, a correct read that the

Federal Reserve

was done raising rates when others thought it wasn't.

It

will do exceptionally well if the Fed cuts rates, too. He also owned down-and-outers like

Reynolds & Reynolds

,

Toys R Us

,

Dun & Bradstreet

,

Liz Claiborne

and

U.S. Industries

.

In short, Nygren is going about it the old-fashioned way. He is taking stakes in companies that nobody cares about and nobody has profits in. No

Juniper Networks

(JNPR) - Get Report

here.

My hat is off to any manager who can make money in this environment. Bill Nygren, you can manage my money any day.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was short Juniper. 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 send comments on his column to

James J. Cramer.