Worrywarts are costing you money
Investors have been missing out on opportunities, scared off by the drumbeat of negativity that has accompanied this market rally.
Where is that darned commercial-real -estate crash? Where did it go? Wasn't it supposed to have happened a year ago? Didn't it threaten to bring down the entire banking system in part two of the housing crisis?
And where's the collapse of real-estate investment trusts? Weren't they just an accident waiting to happen, overleveraged, undercapitalized? Where are the huge losses they were supposed to generate?
Or how about the overbuilding in hotels and apartments -- shouldn't they have affected the balance sheets of every lender? Weren't there too many timeshares built, too many hotels to count, most of them empty?
These are the questions people seem afraid to ask, or maybe they don't want to embarrass the legion of folks who told us this was the other shoe. I feel like taking off my shoe and banging it on the table and telling the people who made a cottage industry out of being real-estate Cassandras that we will bury you. Where's Nikita Khrushchev when you need him?
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I am especially steamed about the lack of accountability on this issue, because Tuesday CB Richard Ellis (CBG), one of the world's largest commercial-real-estate brokers, was among the day's top 10 S&P 500 ($INX) gainers. I am super-steamed because the biggest winner was Wyndham Worldwide(WYN), a huge hospitality company that soared almost 7% because people think it might be the next Marriott(MAR), the hotel chain that has decided to spin off its timeshare business. Wyndham is the timeshare king.
Many investors missed out on these moves because of the drumbeat of negativity that has accompanied this whole advance in this market.
We now know there was no second shoe. There was no looming crisis. There were just great opportunities, as these companies had ample access to the stock market if they needed it to refinance and ample opportunities to grow through acquisition.
Anyone care to wonder about the motivations behind these stories? Goodness of the heart? Concern for retail investors?
Or perhaps they just needed stocks lower.
I would love to think it's the first two. But I know it is the third.
At the time of publication, Cramer had no positions in the stocks mentioned.
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Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
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