Was Jim Cramer Right About These 12 Stocks?

8. Blackstone Inc. (NYSE:BX)

Number of Hedge Fund Investors: 65

Cramer was bullish on Blackstone Inc. (NYSE:BX) for the long term, despite skepticism around its earnings. A caller asked him whether the company is a winner, and he replied with:

“You absolutely do [have a winner], and I want to own this one for the long term.”

Then as the caller expressed his concerns on the company’s weak earnings report at the time, Cramer dismissed them saying:

“Everyone said it was a bad quarter. That was a mistake. It was a good stock.”

Blackstone hasn’t been a bad pick to be fair. It’s up by 16.6% since the show aired, and Cramer remains bullish on it. In a later show, he said the following:

“What about Blackstone, the enormous private equity firm that invests in everything from real estate to data centers? The knee-jerk Fed worshippers hear the name Blackstone, they think investments, and to them, any company that’s all about investments is a company that lives and dies by the Fed. […] Never mind that Blackstone reported one terrific quarter, one that eventually sent the stock up more than 6%, new all-time high.

In the end, Blackstone is less levered to the Fed and more levered to the brains of its brilliant executives. When you buy shares in Blackstone, which I wanted to do so badly for my Charitable Trust, but didn’t get a chance to, you’re not buying the musings of the Fed chief during a strange, stilted Q&A session with reporters. You’re buying the life’s work of some of the smartest people in the business world. If you remember that, you will indeed profit from it.”