How should you approach hedging?

Well, whether it's in fantasy football or the stock market, Jim Cramer and his Bull Market Fantasy co-host, Bill Enright, advise owners and investors to be cautious. 

"I always say, rather than hedge, go into cash," said Cramer. "Every hedge isn't perfect."

"When you have multiple teams or multiple leagues, and you say, 'well, I'm going to take Le'veon Bell here, Todd Gurley here, and Ezekiel Elliott here, you're really just spreading yourself out and what's eventually going to happen is you're playing against yourself," said Enright. 

Watch the full video for more insight. And head over to Bull Market Fantasy for more. 

INTRODUCING: Bull Market Fantasy with Jim Cramer

Jim picks stocks on Wall Street, now he's picking NFL players for fantasy football! TheStreet and Sports Illustrated Fantasy are teaming up to unveil our new Bull Market Fantasy channel.

Check it out at BullMarketFantasy.com or watch his latest videos below:

Bull Market Fantasy Live With Jim Cramer: Week 1 Matchups and Lineup Advice

Damien Williams Fantasy Football Stock Sinks With LeSean McCoy On The Roster

Cowboys Owner Jerry Jones Calls Jim Cramer 'Smart' for Taking Zeke With First Pick