Investors’ exuberance can’t last forever, but what has surprised Cramer most has been the lack of “over-fishing” in any one stock.
“Some are game fish like Nvidia, hitting an all-time high on autonomous driving chips. Some are the bottom fishers: Intel, AMD, Kroger. Some are brick-and-mortar retailers that typically rally for a few days, then you’ve got to toss them back. Those are strictly catch and release. And some are just delicious dinners like McDonald’s, Visa, MasterCard, Wal-Mart, visible from the surface — branzino — capable of being lured in with some chum and a couple of dumb minnows,” Cramer said.
Bad, “inedible” stocks do persist: the oil cohort has been very volatile of late, and consumer packaged goods companies that aren’t prime for takeovers have been pummeled.
“As the legendary Ella Fitzgerald sang in ‘Summertime,’ the fish are jumping [and the] cotton is high,” Cramer said. “If you don’t grab a pole, though, and buy some bait, it’s all going to be lost on you as it is on so many Americans who don’t know a rod from a reel.”