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Rule 1 - Pigs Get Slaughtered
How can you not like that title? This quote summarizes the entire rule: “Bulls make money, bears make money, pigs get slaughtered.” When the market goes up, people make money. When the market goes down, people make money. It’s when people get greedy that they get slaughtered. Making money is good but don’t get so greedy that you’re holding the bag when the bubble bursts.

Rule 2 - It’s OK to Pay the Taxes
This is a great, short post, about how you shouldn’t hold onto a stock just because you don’t want to pay short term capital gains. Some stocks are meant to be held short term and you buy them on that notion. “… no taxes are due when you sell at a loss.”

Rule 3 - Don’t Buy All at Once
Jim Cramer supports a concept known as “dollar-cost averaging” which has recently come under fire from various sources. This is one of those long debated concepts of buying over time and I don’t know what is right, honestly. If the stock goes down, you average out your price to get the lowest than if you had blown it all in one shot. If it goes up, you could’ve made more by purchasing it in one fell swoop. Cramer says it’s the way to go and honestly, there is probably not right answer. (like the little loophole I left myself in case someone does a mathematical analysis proving dollar cost averaging’s correct)

Rule 4 - Buy Damaged Stocks, Not Damaged Companies
Ever see someone readjust (ie. lower) profit expectations for the year or missing analyst estimates for a prior quarter and see their stock hammered? That’s a damaged stock. An accounting scandal cause the damage? That’s a damaged company. Take advantage of the overreaction, that’s what this rule means. I’m a huge fan of this rule and if you’ve seen Merck or Pfizer lately, you’d be a huge fan too if you were able to take advantage.

Rule 5 - Diversify to Control Risk
“If you control the downside, the upside will take care of itself.” Diversify across different sectors to manage risk. Don’t put all your eggs in one basket. This rule everyone pretty much understands.

Rule 6 - Do Your Stock Homework
This sounds obvious right but as Cramer mentions: how many people listen to conference calls or investor meetings? Many are available from Yahoo! Finance, I’ve listened to a couple (literally two) but for the most part I don’t really listen to them, I just read the summary afterwards. Cramer believes you must do as much as an hour of research per positioneach week. He warns that you shouldn’t fall into the two traps of not wanting to do homework: not enough time and “if I hold it long enough, it will recover.” The advice he gives in this rule is very good.

Rule No. 7: No One Made a Dime by Panicking
This sort of reinforces and rolls into Rule 4 of buying damaged stocks, not damaged companies. People are bound to panic and if you can take advantage of it, you can make money. This makes great sense and this is a good rule to remember. He has some good, recent, examples that bring this point home.

Rule 8 - Buy Best-of-Breed Companies
The rule explains itself, buy the best of the best and don’t look back. Is it a good rule? I’m not sure… some people like buying the turnaround story (KMart?) and others like the blue chippers they can lean on until retirement. I suppose this rule depends on your situation. The company could be the next Enron (now unlikely with Sarbanes-Oxley) but never say never, right?

Rule 9 - Defend Some Stocks, Not All
My own interpretation of this rule: You can’t win them all so don’t play every single game you can get into. If you pick and choose the ones you like the most, but not necessarily all of the ones you like, then you will have enough capital to take advantage. Since I don’t have that much money in the markets, this rule is really the status quo for me. I can only pick a couple positions I like (otherwise commissions eat me up).

Rule 10 - Bad Buys Won’t Become Takeovers
Cramer believes that buying that crappy stock in order to try to catch a buy-out is a bad move because bad stocks don’t be bought out, good stocks at low prices get bought out. The rule is: “Never speculate on companies with bad fundamentals.” Cramer tells a story about how he broke this rule in getting Nortel and was burned. I like how he tells bad stories as often, if not more often, as he tells good stories.

Rule 11 - Don’t Own Too Many Names
Straight-forward advice every mutual fund manager should follow, don’t put money in a lot of positions. One of the reasons why so many mutual funds perform worse than index funds is because they trade so much and their earnings are eaten away by charges (that and they can’t predict the future). No matter how good you think you are, you don’t need to own a whole bunch of positions, show some discipline and only go after a few.

Rule 12 - Cash is for Winners
Don’t be afraid to pull out of stock and just leaving it in cash. Jim Cramer cites the reason for this aversion started when Fidelity Magellan underperformed (ten years ago) because it held too much cash and the manager was canned. Apparently, picking bad stocks can’t get you fired but not picking at all sure can. Another nugget in here that you might not pick up on is a corollary to this rule which is: Don’t be afraid of not getting enough exposure (ie. money in the market). As Warren Buffett once said, you only need a few good decisions in your investing lifetime to become very rich. You can afford to let some of them pass you by.

Rule 13 - No Woulda, Shoulda, Couldas
This is pretty good advice and extends to a lot of things in life. Yeah you could’ve bought in earlier, you should’ve sold it earlier, you would’ve bought it if you had the time… ahhh that stuff doesn’t matter. As I mentioned in my commentary on Rule 12, you can let a few pass you buy and still become very rich. Jim talks more about psychology but in the end, it doesn’t matter if it passed you by, there will be many more to come.

Rule 14 - Expect Corrections
What goes up, must come down, don’t be afraid of it but do be prepared for it. Sometimes when you take money off the table, you look like a genius because the security corrects. Sometimes it keeps going and you feel like a dope. On a personal note, I just did that recently with my holdings in AirTran. It peaked, fell, I didn’t rebuy in, it rose again. But it happens… sometimes it falls and I miss taking the money too. I think this is a smart rule and something everyone should consider. Don’t be greedy! (Recently it fell so I bought back in)

Rule 15 - Don’t Forget About Bonds
This rule isn’t that you should buy bonds or add them to your portfolio; it means you should understand what bonds mean. He makes a great analogy using basketball (or any sport really) - if “stocks” is the guy with the ball, bonds are guys without it. They might drive the action, or they might react to the action, but ultimately you have to understand how they work in order to succeed. I think this is solid advice I never really thought of before.

Rule No. 16 - Never Subsidize Losers With Winners
You should read the explanation yourself but it’s a good thought - don’t sell a stock that has performed well so that you can pump it into one you thought was going to do well but instead has tanked.

Rule No. 17 - Check Hope At The Door
This is another one those “kick you in the head” type rules - a rule you know, I know, everyone knows but because of human nature, we ignore it. Don’t hope a stock will go back up, don’t hope that it’ll split or get acquired, leave hope at the door because she can’t guess the market any better than million dollar mutual fund managers.

Rule No. 18 - Be Flexible
Stocks don’t live in a vacuum and things change. Conditions that made your purchase a good decision (at least in your mind) may not exist anymore, so get out. Don’t buy and hold through turbulent times if the turbulance affects the very reasons why you purchased the stock.

Rule No. 19 - When the Chiefs Retreat, So Should You
This isn’t a rule about insider trading - everyone can tell you that when an exec sells stock, you probably want to also. This is better: When a CEO quits for personal reasons, dump the stock. You should also read this article because it’s pretty funny. Here’s an excerpt:

CEOs don’t quit for personal reasons. CFOs don’t quit for personal reasons. These are fabulous jobs. You get them after giving up much of what people enjoy about life, such as family, friends and nights out.

Rule No. 20 - Giving Up on Value Is a Sin
Buying low, selling high - and waiting after you do buy low. He details some examples of stocks at 52-week lows with tremendous value but no buyers. The reason, he claims, is because investors aren’t patient enough to buy into these “lows” and wait for the highs to rematerialize. He has good points but I don’t think most of us know if we’re looking at a valley or if we’re looking at cliff.

Rule No. 21 - Be a TV Critic
Don’t believe everything you hear on TV. Ha! That’s all there is to this rule… I don’t know how much “value” is in it since you probably shouldn’t believe everything you hear from anyone without doing your own research.

Rule No. 22 - Wait 30 Days After Warnings
This is a good rule - wait thirty days after an announcement of bad news before you decide you want to get into a depressed stock. Cramer makes an excellent point:

When a company preannounces a bad quarter, it isn’t just looking at the past. It is looking at its order book, its future. Believe me, if there were any hope that the company wouldn’t have to preannounce — hope in the form that maybe something could get better, not worse in the next 30 days — the company would wait.

Rule No. 23 - Beware of Wall Street Hype
A Wall Street firm can prop up a weak stock, because they have a vested interest in it, far longer than people give them credit for. Watch for what’s hype and what’s true strength, otherwise you could be buying fluff.

Rule No. 24 - Explain Your Picks
You know the old adage about how if you can explain a concept, you understand it a lot better? The same goes for this rule. It also gives you confidence in your pick, if you can’t convince someone else to get it (at least convincingly enough to yourself) then why did you get in the first place?

Rule No. 25 - There’s Always a Bull Market
Something is always hot, always growing - so you just have to find it.

图书介绍

James J. Cramer

Jim Cramer's Real Money: Sane Investing in an Insane World 
2005-03-29 | 320 pages | PDF | 9.5 Mb

How do we find hot stocks without getting burned How do we fatten our portfolios and stay financially healthy Former hedge-fund manager and longtime Wall Street commentator Jim Cramer explains how to invest wisely in chaotic times, and he does so in plain English in a style that is as much fun as investing is -- or should be, when it's done right.

For starters, Cramer recommends devoting a portion of your assets to speculation. Everyone wants to find the big winners that can bring outsized gains, and Cramer explains how to allocate your portfolio so that you can afford to take this kind of risk wisely. He explains why "buy and hold" is a losing philosophy: For Cramer, it's "buy and homework." If you can't spend an hour a week researching each of your stocks, then you should hand off your portfolio to a mutual fund -- and Cramer identifies the very few mutual funds that he'd recommend.

Cramer reveals his Ten Commandments of Trading (Commandment #5: Tips are for waiters). He explains why he's not afraid to compare investing to gambling (and tells you which book on gambling you should read to become a better investor). He discloses his Twenty-Five Rules of Investing (Rule #4: Look for broken stocks, not broken companies).

Cramer shows how to compare stock prices in a way that you can understand, how to spot market tops and bottoms, how to know when to sell, how to rotate among cyclical stocks to catch the big moves, and much more. Jim Cramer's Real Money is filled with insider advice that really works, information that Cramer himself used to make millions during his fourteen-year career on Wall Street.

Written in Cramer's distinctive turbocharged style, this is every investor's guide to what you really must know to make big money in the stock market.