Jim Cramer explains recent changes made to his Action Alerts PLUS charitable trust portfolio. Cramer told TheStreet’s Rhonda Schaffler that changes were made in order to free up cash because, ‘when Greece fails there will be opportunities and you need cash to be able to take advantage of those opportunities.’ Last week, 21st Century Fox made headlines over news that Rupert Murdoch will be stepping down from his role as CEO to be replaced by his son James. Although Cramer liked Rupert Murdoch, Cramer said that the new CEO and recent bad quarter ‘were not good enough’ and AAP sold the rest of its holdings in FOXA for the cash. Similarly, Cramer is also freeing up cash from the AAP positions in Starbucks and Morgan Stanley. Both of these companies yielded huge wins for AAP but as Cramer always says, ‘bulls make money, bears make money, and pigs get slaughtered.’ Cramer wanted to realize some of the profits made from these two companies and have the cash to invest when Greece’s default causes other opportunities to arise. As to trimming of their position in Schlumberger, Cramer said that the stock had done well for AAP but that there is currently more of an upside in EOG and he wants to set aside money for Occidental as Occidental goes down.
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