TheStreet.com's Jim Cramer says that it should have been obvious to many more hedge fund managers that things were going totally awry.

Something better go up besides job losses and Treasuries. The central theme of everything post the Lehman Brothers imbroglio is that everything goes down: corporate and municipal debt, M&A, stocks, commodities (particularly oil and copper), industrial production, retail sales, car sales, home sales, you name it.

In that world, no one can make money, except people who are short everything, and, judging from most hedge fund returns, that ain't working either. I mean, where is it written that hedge funds should be taking losses in this environment and gating themselves? I would suspect that cautious or negative hedge funds should be up huge in this environment. That's what they are paid to do.

If they aren't up huge, maybe the managers should come up with another calling.

I look at this because when I examine the newspapers and web sites this morning, I realize that there are instruments to short pretty much everything that's out there, from bank debt and commercial mortgages to residential mortgages and commodities. Yet, day after day, I read about these hedge funds that have to gate people, and I wonder why they all had such a long-side bias.

• An even more interesting analyst call in alternative energy today was where Lazard Capital called Capstone Turbine Corporation (NASDAQ: CPST) as a potential double to $2.50 per share. This one has been around forever and used to be considerably higher.
  
• If you want a more diversified play, you can always look at the best ETF in the sector: PowerShares WilderHill Clean Energy (AMEX: PBW).

.Tonight on CNBC's MAD MONEY, Jim Cramer tauted Reynolds American (NYSE:RAI) as a high dividend stock with a safe yield that out pays US treasury yields. Even with the 5.5% yield he thinks this dividend is not at risk like some other high yield stocks. He sounded like he even likes it better than Altria (NYSE:MO) as the smokeless tobacco is doing well.

I have noted before about defensive stocks being the way to go and those companies' products are the ones you eat, drink, smoke, and use for critical personal hygiene (toilet paper, tooth paste, deodorant... you get the idea). We noted the sector back on our own list we titled "Defensive Stocks For A Crummy Market" recently, although we had others. Defensive investing is what investors will flock to when they have to own stocks but want to be a bit more conservative than chasing the "New Four Horsemen of Tech" or want to go for less aggressive picks than say his TOP NINE STOCKS for 2007.

Jon Ogg is a partner at 24/7 Wall St. and publisher of Special Situation Investing Newsletter. He does not own securities in the companies he covers.

On tonight's MAD MONEY on CNBC, Jim Cramer said the best company he has in the food space is Chipotle Mexican Grill Inc. (NYSE: CMG). He says this is a regional to national story that beat estimates and raised guidance last night. Cramer noted that the stock hasn't even seen upgrades after a 12% gain today on the better performance and Cramer said he thinks Chipotle will go up Thursday again. He interviewed Chipotle's CFO on the show.

Cramer asked about food costs being up..... costs are higher and theirs grew 100 basis points, but they have food integrity and solid contracts. The rest of the P&L statement is very efficient and they can offset some of that. Cramer's concern is on the slowness of the original buildout and then changing to rapid growth..... CFO said they are growing based on real estate availability and the quality of managers they can get. Managers are coming from inside now and they can do better now than earlier. How do they incentivize managers? Elite managers are bonused on sales growth above expectations above plan plus they get $10K per group leader that gets turned into a manager. As far as feeling like a chain....CFO said he doesn't want it to feel like a chain and they want to personalize the experience.

Chipotle is on a tear, that's a fact. Shares climbed nearly another 2% to yet another high, above $100.00 after Cramer talked this up after-hours. My only concern here is that at $3.25 billion in market cap with 640 restaurants and 110 to 120 restaurants scheduled to open in 2007, the value here is pretty high. If the company beats 2007 estimates by 20% it trades at 50-times earnings. On a per store value assuming these all come online that generates a $4,276,315.78 value per store after the store openings, and as of today's 640 restaurants in operation assuming no add-ons you would have a franchise value per store of $5,078,125.00 per store. The good news for growth and speculative investors is that in all fairness, these cautionary metrics I calculated won't come into play for some time and there is an unbelievable amount of growth this chain can generate now that it is out on its own.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Many of you, like me, are probably reading the Motley Fools or TheStreet.com's Internet investment pages from time to time when you are not totally engulfed in Bloggingstocks.com's deeply informative blogs.

Just about everything you read these days is way over hyped including our own pages. During the Internet bubble days when everyone talked about eyeballs you almost expected to see promotional posters of a giant eyeball cloaked in the red, white, and blue, top hat and all, staring you down, over the direct plea caption "We want you!"

TheStreet.com heralded by none other than James 'Mad Money' Cramer has survived the dot-bomb era of recent past to become one of the good stock reads on the Web. Recently though I have noticed it has become less interesting, and made more difficult to read.

I must assume that in an effort to increase revenue from advertising because of its poor subscription base TheStreet.com has stretched one page stories to four and five pages. You must click on never ending 'continued' prompts at the bottom of the page. This has allowed it to increase the number of advertisements by up to 500%. It has become so obnoxious that I refrain from the torment and simply go elsewhere on many occasions.