Thursday was a great lesson in diversification, Jim Cramer told his Mad Money viewers that evening. We saw investors rotating out of anything that requires microchips, which are in short supply, and into snack chips, where companies like PepsiCo (PEP) continue to see strong demand.
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Avoid the beauty contest of price momentum that has arguably led to relatively large extremes of overvaluation today.
Many stocks with nosebleed valuations shot higher in response to Fed policy becoming more hawkish, while many quality cheaper names sold off.
The Fed backs off on claims that inflation is transitory and sets the stage for future rate hikes.