Jim Cramer's has drug [stocks] on the mind Wednesday morning.
When asked what he was thinking about during TheStreet's live sho, he answered:
"Drug stocks. They don't seem to wanna quit ever since Elizabeth Warren peaked you just keep seeing them going out and we own Bristol Myers (BMY) - Get Bristol-Myers Squibb Company Reportfor Action Alerts. Eli Lilly (LLY) - Get Eli Lilly and Company (LLY) Report, [Johnson & Johnson] (JNJ) - Get Johnson & Johnson (JNJ) Report and Merck (MRK) - Get Merck & Co., Inc. (MRK) Report. They don't want to quit. And I think it's important because what it says is you may think...This is one of my themes for Action Alerts. You may think that certain stocks are valued perfectly. This just shows you exactly how wrong--because Big Cap stocks, how wrong the market is so often--and this was not always the case in my career. Typically stocks were, as a group, were usually pretty well valued," he said.
"I think ETFs, lack of new players have made it so that you can buy stocks and just find them to be radically misvalued. J.P. Morgan (JPM) - Get JPMorgan Chase & Co. (JPM) Report at $106, Disney (DIS) - Get Walt Disney Company Report at $105, these stocks were just poorly valued. And I think that the day of the stock picker is back because what happens is when you have a poorly valued stock, there's tremendous ability to be able to make a lot of money," Cramer continued.
Watch the full video above.