Cramer owns it; don’t change it’ attitude towards Apple paid off this week
- CNBC’s Jim Cramer has been beating the drum about four main obstacles in the market right now – and one of them was Apple’s earnings report.
- “For the first decade of my forty years in the business, I would dread weeks like this and I would do my best to replace them,” Cramer said.
Jim Cramer has had the same “own it; don’t trade it” trading philosophy at Apple for some time now, and this week showed that patience in action, he said Friday.
The payment came at a crucial time. Cramer has been beating the drum about four main obstacles in the market right now: Wednesday’s Fed meeting, Friday’s jobs report, the debt ceiling and Apple earnings.
“For the first decade of my forty years in the business, I would dread weeks like this, and I would do my best to trade them off — to go flat, so to speak,” Cramer said. “But over time, I’ve come to embrace the unknown, as long as it was on a schedule.”
This week, Cramer’s patience with Apple paid off, he said. The company posted top- and bottom-line beats for the second quarter, thanks to stronger-than-expected iPhone sales.
“I refuse to be shaken out of the best company in the world by a flawed component supplier, or a couple of joker brokers, saying, ‘Hey, things have gotten weaker,'” Cramer said. “It was a classic foul play and I hope you didn’t fall for it.”