TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer is cautious on stocks.

He highlights 12 reasons driving that caution in a column on Real Money Wednesday. 

Inflation, is one reason to be cautious, according to Cramer.

"It is ultimately gut wrenching to listen to the conference calls and hear about freight - we know that aluminum, copper, steel, lumber and oil are up," Cramer noted. "When you put all that together what it says is stagflation."

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