Mad Money w/ Jim Cramer – October 31, 2025 Episode Summary

Main Theme

This episode of “Mad Money” dives deep into the current state of the stock market as it wraps up a tumultuous October with surprising resilience. Jim Cramer brings his trademark energy and opinionated commentary to highlight key earnings reports, market trends, and strategic investing approaches—especially the value of long-term thinking and diversification. Featured are in-depth interviews with industry leaders, actionable stock analysis, and “Lightning Round” Q&A with listeners.

Key Discussion Points & Insights

1. October Market Recap & Outlook

(01:09 – 03:00)

• Cramer marvels over the fact that October ended without a major market crisis or collapse.
• Major tech companies Apple and Amazon delivered strong earnings. Amazon’s frugality and results were rewarded with a 10% stock bump; Apple, however, lost its early gains.
• Other big techs (Meta, Microsoft, Alphabet) underwhelmed, with Meta punished for heavy AI-related capital spending.
• Wall Street is growing increasingly skeptical of massive tech investments in AI, but Cramer remains a believer in its long-term revolutionary impact.

Quote:
“Even though I’m a big believer in AI as the fourth Industrial Revolution, Wall Street’s gotten skeptical of all of this capital spending.” — Jim Cramer (02:09)

2. Earning Season Highlights & Stock Picks

(03:00 – 09:00)

• The importance of owning quality tech stocks as part of a diversified portfolio, with a reminder not to “go in and out.”
• Earning season just wrapped one of its biggest weeks with notable results from Palantir (compared to a burgeoning Berkshire Hathaway), Clorox, Pfizer, Shopify, Uber, AMD, Axon, and Caterpillar.
• Cramer teases upcoming earnings from Berkshire Hathaway and notes Warren Buffett’s retirement, urging investors to expect some profit-taking but underscores the company’s long-term strength.

Quote:
“It’s all your call, but we encourage long-term investing in Cramerica, and that’s how you make a real fortune.” — Jim Cramer (03:05)

3. The Consumer’s State – Fast Food & Retail

(14:04 – 20:56)

• Despite the “cash-strapped consumer” narrative, Cramer says only companies like McDonald’s and Burger King (Restaurant Brands International) can truly gauge if tastes or spending habits are changing.
• Restaurant Brands’ (Burger King, Tim Hortons, Popeyes) recent strong earnings stand out against the overall gloomy restaurant-sector sentiment.
• Interview with Patrick Doyle, Executive Chairman of Restaurant Brands International, covers strategies for value, innovation (e.g., Gordon Ramsay’s Wagyu burger in the UK), and the power of scale over inflation pressures.

Notable Exchange:

• Cramer: “How do we get people to distinguish between the guys who are doing well and the guys who aren’t?” (16:22)
• Doyle: “If you’re focused on that, if you’re looking at a restaurant company, the way to think about whether a restaurant is going to be a good investment is are you convinced they are delivering better food in cleaner…better service now than a year ago? That’s ultimately what creates growth.” (17:02)

4. Stock Deep Dives – Hershey & Columbia Sportswear

Hershey

(22:50 – 29:43)

• Hershey stock has become “terrifying” for shareholders, hit hard by GLP-1 weight loss drugs trending against confections and rampant cocoa prices.
• Despite solid quarterly numbers and a new CEO (Kirk Tanner), margin pressures and limited guidance increases have disappointed investors.
• Cramer is cautiously optimistic, appreciating the new management’s “under-promise, over-deliver” approach.

Quote:
“I think management just doesn’t want to stick their collective neck out for something they may not be able to deliver. They repeatedly emphasize that they’re playing for the long term.” — Jim Cramer (28:30)

Columbia Sportswear

(33:32 – 39:36)

• Interview with CEO Tim Boyle highlights struggles in the US (tariffs, margin pressures) but optimism about strong growth in Europe and China.
• Boyle emphasizes innovation, marketing, and product differentiation (focus on humor and rigorous product tests).

Quote:
“Outside the U.S., almost every market…is doing very well. The U.S. is more challenging.” — Tim Boyle (33:52)

5. Q&A: Listener Calls

(09:38 – 10:42, 29:44 – 33:31, 40:06 – 43:26)

• Cramer fields questions about teaching children to invest, specific stock opinions (Target, Costco, Soundtown AI, Next Tracker, AT&T, Rocket Labs).
• Reinforces preference for long-term, diversified investing.
• Costco praised repeatedly as industry’s best retailer despite high valuation.

Memorable Moments:

• “We made four lifetime investors. They call us and ask questions and when they do, I make them do some research.” — Jerry, Illinois (09:46)
• “Costco’s got that. That’s the way to go.” — Jim Cramer (30:27)

6. The Lightning Round

(40:06 – 43:26)

• Classic rapid-fire calls include:
  • Soundtown AI: “It does not make money. It’s gotta make money before I can get seriously behind it.” (40:41)
  • Next Tracker: “Tremendous company…parabolic move. I’d like to have it cool off a little bit.” (41:44)
  • AT&T: “Let’s stay away from that.” (42:02)
  • Rocket Labs: “Good spec, but it loses so much money. You gotta be aware…” (43:11)

7. Meta Platforms Spending – Contrarian Take

(43:43 – 47:20)

• Cramer strongly defends Zuckerberg’s vast Meta investments in data centers/AI—sees it as required to keep dominance versus OpenAI and others.
• Argues Wall Street misses the long-term payoff and is wrong to punish Meta for “spending to stay ahead,” drawing on his own history of backing Zuckerberg.

Quote:
“Meta could easily lose its dominance if it doesn’t continue to innovate and astound and yes, spend…As I see it, it would be irresponsible for Zuckerberg not to invest in his vast network of properties.” — Jim Cramer (44:50, 45:50)

Notable Quotes

• “The year of magical investing is not yet over. It’s taking a breather. But we did get through the historically tough months.” — Jim Cramer (08:45)
• “Winners win so you continue to buy Constellation and unfortunately losers keep losing, so you gotta avoid Wendy’s.” — Jim Cramer (08:25)
• “We want to build a great business. The way you build a great business is consumers know they can come in, get great value on what they want to eat.” — Patrick Doyle, RBI (18:54)
• “If you go there, you know, I want to thank you. Patrick Doyle…” — Jim Cramer (20:35)

Segment Timestamps

• 01:09 – Show begins, market/IQ overview
• 03:00 – Big tech earnings analysis
• 07:00 – Berkshire, Palantir, Clorox, Pfizer previews
• 09:38 – Listener investment success story and questions
• 14:04 – Restaurant Brands (Burger King, Tim Hortons, Popeyes) earnings & interview
• 22:50 – Hershey’s earnings deep dive
• 29:44 – Listener calls: Target, Costco
• 33:32 – Columbia Sportswear CEO interview
• 40:06 – Lightning Round (Q&A)
• 43:43 – Meta Platforms analysis – the case for big spending

Conclusion

Jim Cramer’s October 31st episode delivers a classic mix of level-headed market guidance, pointed commentary on trending stocks, and candid CEO interviews. He emerges as optimistic (but realistic): October’s storm was weathered, diversifying with quality stocks is key, and long-term investors—now more than ever—should focus on resilience, wherever the bull market hides.

Bottom Line:
“Magical investing isn’t over—just taking a breather. Stay diversified, don’t chase hot trends, and remember: there’s always a bull market somewhere.”