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A Strange Mix of Danger and Good News

By Jim Cramer

 About this article:
 Why is it so hard? Why is it so topsy-turvy? I think the story is told by Starwood Property Trust vs. Emdeon. First, Starwood, a company run by Barry Sternrlicht that will issue and invest in commercial real estate, priced this morning at $20, a gigantic deal, biggest of the year. Total flop. Why not? Did Sternlicht see the real estate bust coming? Not that I know of. Maybe he's another version of Fortress Investment Group, way too opportunistic, although at least he's a seasoned real estate hand from way back with Starwood Hotels and Resorts. Was the deal priced too high? Of course. Does anyone really want a company that will thrive on a market that's universally known to be going lower? No. So, if you are looking at STWD, you can only conclude that this market, which has so many bulls in it as measured...

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