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."

For exclusive investing insight from Jim Cramer, get 24/7 access to Jim's charitable trust portfolio with a free trial to Action Alerts PLUS!

Subscribe to our Youtube Channel for extended interviews, Cramer Replays, feature content, and more!

More from Video

Jim Cramer's Investing Rule #4: Buy Damaged Stocks, Not Damaged Companies

Jim Cramer's Investing Rule #4: Buy Damaged Stocks, Not Damaged Companies

Jim Cramer's Investing Rule #3: Don't Buy Stocks All at Once

Jim Cramer's Investing Rule #3: Don't Buy Stocks All at Once

Jim Cramer's Investing Rule #2: It's OK to Pay Taxes

Jim Cramer's Investing Rule #2: It's OK to Pay Taxes

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

What Angela Merkel's Uncertain Political Future Means for Greece's Debt Woes

What Angela Merkel's Uncertain Political Future Means for Greece's Debt Woes