Cramer is getting his ass handed to him in some of his "Action Alert" portfolio positions. Today he sent out this letter to the subscribers... http://www.thestreet.com/tsc/emails/aap_email_letterfromjim.html Dear Action Alerts PLUS Subscriber: Boy, has this market been painful. It has been particularly painful for me as a former professional money manager because the trading restrictions that I have accepted to run this service in a way that's fair to you mean that I can't cut my losers and get into better names fast enough to protect the portfolio. But all through this ugly period, I have made sure to tell you about every trade, every opening I saw that might help you trade better, even though I may not have been able to take advantage of them. I don't have all the answers, much less a crystal ball. I can't tell you when we'll finally hit bottom. We could be in for a long, tough haul this summer â or beyond, if the inverted yield curve is to be trusted. But I've been in this game long enough to know that no matter how bleak the market looks, there's always a bull market somewhere, and I want to help you find it and profit from it. Hang tough with me through the turmoil. Together we'll chart a course through this volatile market to the green on the other side. We've already made money together. And with a little time, we'll make even more. Sincerely, James J. Cramer He's probably getting overwhelmed with angry e-mails from the sheep that follow him. My favorite part is how he blames his "trading restrictions" for not having better performance numbers. Why not just tell the truth...he was buying BOL everyday for weeks as the stock was getting crushed, then finally bailed a few days before it bounced. He's been buying CTXS, NTAP, FWLT, etc. for the last two months while the rest of the world has been selling them. He's a perma bull who is now getting rocked in the first real pullback we've had in over 3 years.