Editor's Note: James J. Cramer's column runs exclusively on RealMoney.com; this is a special free look at his column. For a free trial subscription to RealMoney.com, click here. This article appeared on RealMoney earlier today.
Aren't you worried about the weak dollar? Aren't you worried about Bill Fleckenstein's comments ? Aren't you concerned about the bigger macro picture? I've gotten about a two dozen pieces of email like that since Bill Fleckenstein's series of downbeat articles about structural issues including the dollar. Here is my response, and it isn't what many of you think it will be: I am deeply worried about what Fleckenstein writes. I don't want to see the dollar fall off a cliff. I am worried that sales in the end markets are weak. I worry about the role of America overseas and what it means. I think the tax package is too big now, vs. what I'm hearing in the marketplace. But remember: Above all, I am a stock-picker. I am picking stocks like BP ( BP) and Royal Dutch ( RD) and Anadarko ( APC), which fit into Bill's worldview, or at least aren't opposed to it. I am a buyer of Raytheon ( RTN) and Honeywell ( HON) because they have good yields and important aerospace businesses that I think are at their bottom. I have very little tech -- probably less than Bill. Because I remain suspicious of that group, I own a low-beta portfolio with high yields and a premium on safety. That's what happens when you worry. You tailor your portfolio to your worries. I never ignore the negatives. I have too much respect for Bill's work. I use them to challenge my own views. I use lots of the great minds on the site to challenge my own views. I have been back and forth in my thinking, for example, on Commerce Bank ( CBH) with every piece that Peter Eavis writes. Why? Because time and again, Eavis has proven to be an astute questioner of the way companies work. But my style has always been nondoctrinaire and opportunistic. I have always tried to be open-minded. Two stocks that Eavis correctly questioned, Sears ( S) and Capital One ( COF), have rocketed here. Do you know why? Because they addressed Eavis' concerns. If you were wedded to the negatives, you weren't reading Eavis with an eye toward making money -- you were reading it with an eye toward doctrine. That's not my style.