This column was originally published on RealMoney on Nov. 18 at 9:36 a.m. EST. It's being republished as a bonus for TheStreet.com readers.

You don't know the pressure, unless you've been there. You're running a hedge fund, a darned good one, not like those lying or underperforming rascals you keep reading about in the The Wall Street Journal, where every hedge fund seems to be created equal in deviousness and stupidity, except if it is related to George Soros.

That means you are up maybe 8%-12%, and you are thinking, coming into November, "Maybe I'll just lock down, maybe I'll just go to the islands for the next two months because I am beating everyone."

Of course, you are beating everyone for one reason, and one reason only: You know how to short well. You shorted the financials and the homebuilders into the Fed's shenanigans. You shorted tech until the fourth quarter, the preferred way to do things every year. You bet against big pharma, maybe hedged with big biotech. You bet against the semiconductor equipment bow-wows and you shorted the cell-phone component makers against a decent-sized long in Marvell ( MRVL) or Texas Instruments ( TXN). You went long Google ( GOOG) against a short of Yahoo! ( YHOO) or Amazon ( AMZN). You may have missed oil on the way up, but you have been short it ever since those big Exxon ( XOM) prints that stunk up the joint, and you bet against the integrated oils with a long in the OSX or Schlumberger ( SLB) for best-of-breed protection.

And you made relatively good money while everyone else floundered.

Sweet.

Book the year and go home? Nah, got to keep something on, of the shorts that have made you so much money this year.

Then you start smelling it. It's in the air. A trend change. The Broadcoms ( BRCM) and Qualcomms ( QCOM) go down on a silly Merrill downgrade, but they don't stay down for the count. That silly Cramer comes on television and says buy Texas Instruments, and, fittingly, it goes down first and he has to take his lumps for hurting people, but then he says double down and it works! And works big. The oils roll over and the money spills into tech and the financials. We get a new Fed chairman who seems less set in his ways than the last one. We catch a cold snap and the Lowe's ( LOW) short, such a perfect one, backfires because it takes share from Sears ( SHLD), but Eddie Lampert's buying in so much Sears that maybe it doesn't matter and the bar's so darned low anyway, who cares?

Then Georgia-Pacific ( GP) gets a bid and your small industrial shorts start crushing you. The Japanese markets rally; no one cares if GM's ( GM) going to go bust, they just buy Toyota ( TM). Marvell and Starbucks ( SBUX) and Hewlett-Packard ( HPQ) blow the numbers out while Cisco ( CSCO) gets jiggy with Scientific-Atlanta ( SFA) and your media short, the perpetual Viacom ( VIA.B) stinker, stops working. Holy cow, next thing you know GE's ( GE) boosting its dividend, making it cheap in one early morning move, and Boeing's ( BA) getting boffo orders out of China -- during expiration week, no less.

And you know what you have to do. You know that all of those long-side morons that you passed months ago now are suddenly putting on percentage gains in gobs. You have singled and doubled yourself to high single digits, and they are grand-slamming their way up to you.

What do you do?

I tell you what you do: You panic and go long. You cover the shorts. You say, "Give me some bulletproof exposure -- some IBM ( IBM), some Microsoft ( MSFT), some Procter & Gamble ( PG), maybe some more Qualcomm and Motorola ( MOT). Take some Wells Fargo ( WFC); Buffett just did. Oh drat, cover the short in Sears; if Eddie does anything better than the high teens in comp store declines, that sucker will go back up, too."

That's where we are, right now. That's the snapshot of what is going on in hundreds of very good funds that are seeing their very good years go the way of being just OK because of the fourth-quarter tech rally and its broadening to other sectors.

How can this be happening?

Because it almost always happens. Because that's how the market works. Because, alas, things aren't all that bad and stocks have done nothing for six years as real estate exploded upward. Now real estate is dead weight and stocks are where the action is.

How do I know this last point, you might ask? I have an edge, an edge that may be the most perfect, legal edge in the world: In a media firmament that thought everyone was bored with stocks and could not possibly care about them, I helped develop a TV show -- " Mad Money" -- that is just about making money in stocks, plain and simple. Everyone told me my timing was all wrong, that no one was interested, that the market no longer possessed anything except the power to bore and that you only watched CNBC if the battery on your remote died while you were zipping past the business channel in search of Fox News.

And the show's a hit because -- guess what? Stock are fun again. That's what happens when you are making money in the market: It's fun.

That's how I knew.

I'd cover before it's too late. People are caring again. They just started caring, for the first time in six years. They won't stop caring in a day or two. It's not their nature.

You may not like the market, but I have to tell you, I believe the short side could be poison here for a time.

Back at my hedge fund, I used to say to my team, "OK, listen up: We've made too much money on the short side this year. We are done." People would greet that pronouncement with looks that asked, "How could that be possible?" And I would say, because it is.

That's where we are right now. Take heed.

Random musings: Speaking of "Mad Money," check out the scoreboard. Tell me you don't wish that every brokerage house did the same for its people. In an era where everybody loves to dodge accountability because nobody likes to see the warts and the sweat, we are going the other way.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:
It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our free trial offer to TheStreet.com RealMoney premium Web site, where you'll get in-depth commentary and money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice -- try it now.

At the time of publication, Cramer was long Yahoo!, Qualcomm, Sears Holdings, Boeing, Microsoft, Procter & Gamble, Motorola and Wells Fargo.

General Electric owns CNBC, for which Cramer is a featured commentator.

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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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