Mad Money w/ Jim Cramer 11/13/25

Summary

Mad Money w/ Jim Cramer – Episode Summary (11/13/25)

Main Theme & Purpose

Jim Cramer delivers a post-selloff analysis on Wall Street’s evolving landscape, warning of a shakeout similar to the dot-com bust. He announces the end of what he has called the “Year of Magical Investing,” especially in speculative tech, data center, and AI stocks, and urges caution. The episode features interviews with leading executives (e.g., TKO Group, Cotera Energy), audience Q&A during the Lightning Round, and commentary on current macroeconomic and market trends.

---

Episode Breakdown

1. Jim Cramer’s Market Caution & the End of Magical Investing

[01:38 - 09:30]

• Market Selloff Context:
  • Major indices fell sharply (Dow -798 points, S&P -1.66%, Nasdaq -2.29%).
  • Speculative tech, data center, and especially AI stocks suffered the most.
• Cramer’s Major Shift:
  • Declares "Year of Magical Investing" over:

    “Earlier this week though, and what I admit is a very big change for me, I pulled the plug on the year of magical investing. I pronounced it over. Dead.” (02:12)

• Dot-Com Parallels:
  • Warns of “mania” reminiscent of 2000, citing insider selling, speculative fundraising, and operations with little to no revenue.
  • Case comparisons:
    • Cisco in 2000 vs. 2025 (referencing CEO Chuck Robbins’ comments about tech transitions speeding up but with stronger companies now).
• Risks Identified:
  • OpenAI’s aggressive spending and potential need for government backstops echoes “too big to fail” narratives.
  • Insider selling prominent; especially wary of AI-related, quantum computing, alternative power, and crypto companies.
• Example Story:
  • Bit Deer Technologies' stock plunge after raising funds mirrors 2000’s desperate financings (stock down ~60% since October, [06:50]).
  • Cramer’s verdict:

    “We’re now in shakeout mode... until OpenAI comes public and raises tens of billions of dollars... the year of Magical Investing isn’t going to restart anytime soon.” (08:50)

• Strategy Advice:
  • Stick to well-capitalized, profitable AI/data center leaders (e.g. Magnificent Seven).
  • Diversify holdings to avoid “all eggs in one Bit Deer like basket.”

---

2. Lightning Round Preview and Stock Q&A

[09:37 - 12:00]

• On Semiconductor (Caller John, Connecticut):
  • “I can’t be there... those are two end markets [auto, industrial] that I think are the most challenged end markets. I don’t want to be there.” (09:55)
• Celestica (Caller Dave, Illinois):
  • Still a good company despite big drop, likely targeted selling.
  • No known company-specific news; recommends patience but suggests further near-term weakness is possible.

---

3. TKO Group Holdings (Interview with Ari Emanuel & Mark Shapiro, TKO Group)

[14:18 - 22:45]

• Company Profile:
  • TKO owns UFC, WWE, and bull riding, among other ventures.
  • Strong, recurring revenue streams:
    • 70% of audience is international; $15B in domestic deals locked in over 5-10 years.
    • UFC’s seven-year, $7.7B deal with Paramount.
    • Growing international and partnership revenue (e.g., PolyMarket technology integration embedding live event interaction, [16:29]).
• Growth & Engagement:
  • “Our sponsorship team will do 450 [million] this year, way up on WWE and probably by 2030... a billion dollars.” (15:36)
  • Multi-channel revenue: sponsorships, international TV rights, live event site fees.
  • Audience engagement with new tech (IBM/AI, Crypto.com, Meta, PolyMarket, [17:41]).
• Financial Discipline:
  • “We are committed to a long term sustainable program... [Dividend] doubled mid-year... shareholder buyback... stock is up 70% since the IPO... focused on returning cash flow to our shareholders.” (20:55)
• Key Quote:

  “We're live, we're sports, we’re global. You don't have to wait till 2030 with OpenAI to be profitable and make money. Like we're doing it right now.” (21:35)

• Sports & Spectacle:
  • Promoting new focus on boxing and major upcoming events (e.g., White House lawn event, “the most watched sport event”, June 14th).
  • “We have fighters lining up. They'll pay us to come fight.” (22:27)

---

4. The Experiential Economy – Is the Party Over?

[24:42 - 33:30]

• Theme Recap:
  • Since COVID, consumers favored spending on experiences (travel, dining, events) over goods.
• Warning Signs:
  • Weak labor market data (ADP report: negative job growth).
  • Fast-casual chains (Chipotle, Kava, Sweetgreen) all missed expectations due to younger customers dining out less.
  • Cruise lines fell after softer outlooks (Royal Caribbean down 20%, Norwegian 16%).
  • Live Nation stock plunged on earnings/data miss; Ticketmaster profitability also under pressure.
  • StubHub, recently IPO’d, is down 20%+.
  • Even Disney’s experience division flagged near-term softness (parks, cruises), stock down ~8%.
• Mixed Picture:
  • Some bright spots (American Express travel still up, TKO Group strength), but overall trend negative.
• Bottom Line:

  “For now, I'm a lot more worried about the experiential economy than I was a month ago, thanks to a combination of weaker macro data and some discouraging earnings reports.” (33:05–33:19)

---

5. Kotara Energy Interview – Natural Gas Resilience

[33:31 - 39:39]

• Natural Gas Market:
  • CEO Tom Jordan: “Natural gas is strengthening because of fundamental factors including the demand for electricity, growing LNG exports...reawakened understanding that it has to be a significant part of our energy mix.” (33:58)
  • Supply/demand: Market may see temporary oversupply, but long-term demand strong.
• Activist Letter from Kimmeridge:
  • Kotara open to ideas, but disappointed by public release without prior contact.
  • Focus remains on optimizing assets, cash flow, buybacks.

  “Our fans make us feel good, our critics make us better and we're all about getting better.” (39:02)

---

6. Lightning Round – Audience Stock Advice

[39:58 - 43:50]

• ServiceNow: Hold for long term, strong fundamentals.

  “The fundamentals are very good... Bill McDermott knows how to run a real good company.” (40:20)

• Carmax: Avoid due to CEO departure and poor sector prospects.
• Conagra Brands: Avoid, “I do not invest in companies that have flat revenues for multiple years.” (42:35)
• LAM Research: “Lam is a better company [than Applied Materials]. Wait for a pullback to nibble.” (43:09)

---

7. Closing Macro Segment – Hiring, AI, and Fed Policy

[44:12 - 47:39]

• Layoffs & Labor Market:
  • High-profile layoffs (Verizon, Amazon, Target, UPS, Applied Materials, etc).
  • AI and automation taking over roles—growing “hiring freeze.”
• Technology’s Role:
  • Companies hesitant to hire ahead of Nvidia’s new generation chip launch (Vera Rubin).
  • Automation and AI (“Agent Force” by Salesforce) replacing clerical work.
• Other Risks:
  • Ongoing inflation and lack of macro data post-government shutdown; uncertainty on Fed rate cuts.
• Wild Card:
  • Supreme Court tariff case could have major impact on inflation/rates if tariffs ruled illegal.
  • “If the Supreme Court axes the tariffs...Fed will be free to cut rates, which is what we desperately need.” (46:29)
• Cramer’s Classic Wrap:

  “There's always a bull market somewhere and I promise trying to find it just for you right here.” (47:25)

---

Notable Quotes & Memorable Moments

• “I know a mania when I see one, and this one feels like it’s starting to unwind.”
  • Jim Cramer [02:44]
• “OpenAI has indeed I think, become too big to fail. It’s just that nobody’s willing to say it.”
  • Jim Cramer [05:57]
• “We’re now in shakeout mode. Because of days like today investors will grow skittish about funding money losers...”
  • Jim Cramer [07:52]
• “You don’t have to wait till 2030 with OpenAI to be profitable and make money. Like we’re doing it right now.”
  • Mark Shapiro, TKO Group [21:35]
• “For now, I’m a lot more worried about the experiential economy than I was a month ago, thanks to...weaker macro data and some discouraging earnings reports.”
  • Jim Cramer [33:05]
• “Our fans make us feel good, our critics make us better, and we’re all about getting better.”
  • Tom Jordan, Cotera Energy [39:02]

---

Key Timestamps for Major Segments

• 01:38 – Cramer’s state of the market; end of “Year of Magical Investing”
• 14:18 – TKO Group interview: sports, media, and revenue growth
• 24:42 – Is the experiential economy done?
• 33:31 – Cotera Energy CEO interview: natural gas outlook
• 39:58 – Lightning Round: stock Q&A
• 44:12 – Closing macro commentary: tech layoffs, AI, Fed

---

Tone & Style

Cramer remains characteristically fiery, blunt, and cautionary, mixing humor and market nostalgia (“Stephen King book” analogy, 08:55) with actionable insight. The interviews feature energetic, confident executives, counterpointed by Cramer’s continuous reminder to focus on profitability and risk management.

---

This summary provides a comprehensive overview of key discussions, quotes, and themes for listeners who want the episode’s core content and analysis, with timestamps for easy reference.

Transcript

[Jim Cramer]

On Fox 1 now you can stream your favorite live sports so you can.

[Fox One Announcer]

Be there live for the biggest moments.

[Jim Cramer]

Touchdown and catch history in the making.

[Fox One Announcer]

Fox One we live for live streaming now.

[Commercial Narrator]

Fidelity Active ETFs have the flexibility to shift and transform as markets do the same. So instead of just riding an index, they can seek to outperform it by adapting to market conditions and pursuing new opportunities as they emerge. And while you get the potential outperformance of an actively managed fund, you can still buy and sell it on your terms. Just like any other etf. Markets can change in real time. Make sure your ETF can too. Learn [e-mail] ActiveETFs before investing in any exchange traded fund, you should consider its investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus, an offering circular, or if available, a summary prospectus containing this information. Read it carefully. While active ETFs offer the potential to outperform an index, these products may more significantly trail an index as compared with passive ETFs. ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Fidelity Brokerage Services LLC Member NYSE SIPC.

[Jim Cramer]

Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people want to make money. I'm just trying to save you a little. My job is not just entertain, it's to teach you to deal with days like today. So call me at 1-800-743- CNBC. You can tweet me at Jim Cramer. Somebody has to pay the bad guy might as well be me. In the last two months, regular viewers of this show know I've gotten cautious on the more speculative stocks and connected to the data center. And I I've said repeatedly that when I say insider selling and secondary offerings, borrowings and operations with no revenue, I'd have to take a step back. I had proclaimed 2025 is the year of magical investing, where if you bought anything, anything at all that's involved in the data center. You made money earlier this week though, and what I admit is a very big change for me. I pulled the plug on the year of magical investing. I pronounced it over dead. Well, you know, that's a good call. Dow tumbling 798 points. S&P plunging 1.66%. Nasdaq plummeting 2.29%. Nothing magical about those figures. Today was a hideous day, but certainly for tech, most especially the data center and AI stocks. See, the money's headed to the sidelines are headed to high growth, away from tech. I don't want to abandon the truly profitable companies involved in AI and my trust hasn't. But I know a mania when I see one, and this one feels like it's starting to unwind. What am I scared of? Simple. A year I lived through the year 2000. Back in 1999, I bought a company public that was losing tens of millions of dollars. It opened at $63, it went to $61 and went to $63 same day. But before long it had fallen to 2 bucks. I was still at my hedge fund back then, so I liquidated. Almost my entire portfolio went short because of what I saw from others. Hundreds of dot coms were coming public and they were all trying to raise more money while the insiders were selling their own stock. It was also obvious. I swear if I ever saw it happen again, I'd flag it to you. So I'm flying with you. Back in April 2000 became clear that the rug had been pulled from underneath the owners of these.com stocks. So the institutional money fled into food and drug names. Does that sound familiar? Health care stocks have now been up for nine straight days. Now, the comparisons are by no means perfect. Last night, Cisco, the networking company, reported a terrific quarter. There was some great irony here. Cisco was the largest company in the market at the top of 2000. On last night's conference call, CEO Chuck Robbins was asked directly whether this period could be considered similar to the 90s. Here's what he said. Quote, this is a common question that we get, particularly since we live through it. I think there are a few differences. I think that the speed at which this transition is moving is even faster than it was, end quote. On the other hand, Chuck also pointed out the, quote, companies that are investing in this are massive, strong balance sheets, strong cash flow, profitable companies, end quote. And that a lot of the spend is coming from companies that are, quote, incredibly strong, who view this as existential, end quote. He said that unlike the dot com era, there aren't as many companies that are making bets that don't have business models even as there will certainly be both winners and losers. I think that's almost all true. And I just kind of now I put a question, Chuck. I said maybe things aren't exactly perfect because, well, let me give you the two cases that I'm worried about now. Some of the peripheral companies, particularly in quantum computing and alternative power, which have a long history of losing money, they are losing money. And there's one Huge company with what looks like a terrible balance sheet that's losing fortunes even as it spends like crazy. And here I'm talking about OpenAI, the creator of Chat now, this company spending so much money and making so many promises that even though it's growing incredibly fast, no doubt about it, 800 million users, $20 billion exit run rate, it's still nowhere near what they need. Now, I don't know a soulless business who thinks that Open Air is a clown show. I mean, pretty much everyone agrees it's the best of the bunch, but because it's the best, OpenAI has been able to make hundreds of billions of dollars in promises to the point where its CFO mentioned the other day that it might need to be backstopped by the federal government. Actually said it twice now. She really walked it back and she probably really regrets. I know, regress it. But. But you know what, here's what it did. It made you feel like anyone who's on the hook to Open AI might have a big problem down the road. Yes, Open Air has indeed I think, become too big to fail. It's just that nobody's willing to say it and it seems like everyone in the business is looking for an Open Air handout too. I regard that as worrisome. The second and more insidious level of behavior has to do with insider selling, which I'm seeing all over the place, and secondary offerings in the alternative power companies, Quantum Computing Place, and perhaps the worst AI related crypto companies. It's very reminiscent of the dot com era, very sobering. Let me give you a story that's right out of the year 2000. This company called Bit Deer Technologies Group, which calls itself, unquote a world leading technology company for Bitcoin Mining and AI Cloud, end quote. It just priced $4 million of a 4% convertible senior note. It also priced more than 10.6 million Class A ordinary shares for certain holders of its 5.25% convertible senior notes. Bit Deer intends to use a big chunk of the proceeds to pay down about 33 million in convertible debt from a previous transaction. Though the actual proceeds really weren't that clear. Whatever's left, they plan to spend on, yes, datacenter expansion. Now look, I don't mean to pick on Bit Deer. It's probably fine company. It's lost a lot ton of money though. I mean financing knocked the stock down 20%. That's like 2000. It was at 2780 on October 15th. It's now at 11 again like 2000 what happened with this bit tier financing is exactly what kept happening in 2000. Companies that were big money losers kept selling stock or bonds, convertible bonds, to raise money at any price they could get. Maybe this is the kind of offering that works out. Maybe bitter turns out to be the next core scientific or maybe the next core wave, which did do well off that ipo, but I doubt it will ever be the next Cisco Put it all together. I think it's obvious we're now in shakeout mode. Because if days like today investors will grow skittish about funding money losers, many of the money losers will then have problems paying their bills. In 2000, these kinds of companies ended up bringing down the whole darn edifice. Now, I don't think that's going to repeat like that. Why? Because the big hyperscalers that we talk about all have more money than they know what to do with unless they continue to spend like crazy and then who knows. But until OpenAI comes public and raises tens of billions of dollars, until we start seeing some real results from the quantum and nuclear and bitcoin related companies, I have to say that the year of Magical Investing isn't going to restart anytime soon. It's over. Days like today remind me so much of the spring of the turn of the century where the money flew out of everything tech and then it piled into Merck and Bristol Myers just like we saw today. As I said at our noon CNBC Investing Club meeting, which you might want to just subscribe just to hear the darn talk that Jeff Marks and I gave, we run a diversified portfolio of stocks to avoid having all our eggs in one bit deer like basket. It hurts less. We won't make as much money if those stocks keep going up, but we'll bounce back a lot faster. Now the data center stocks we own for the Travel Trust are incredibly well capitalized. The Magnificent Seven had the wherewithal to keep spending, but OpenAI, at least on paper, simply doesn't have that kind of cash. So it would behoove them to get it. Especially now that everyone's worried about the need for a possible government backstop courtesy of those excessively honest comments or ill fated comments or inappropriate comments by the cfo. If they get it, these you know what will happen. The stocks will get a huge second win. If they don't, the year 2000 comparisons will continue to be made on Mad Money. The bottom line at this point, there's more than one nail in the coffin of the Year of Magical Investing. A few more of these and you know what? It's going to be like that Stephen King book, which I absolutely love. You can do a sequel to a pet cemetery and you can fill it, but this time with bit deers and all sorts of other crypto or AI animals. I definitely would read it, but please don't ask me to live through it again. John in Connecticut. John, hello Jim.

[Caller/Guest]

Thank you to you and your staff and your coworkers.

[Jim Cramer]

My question is regarding on semiconductor.

[Caller/Guest]

They make highly efficient silicon carbide chips for automobiles and industrial and your buddy Jensen Wang says they're going to build a 100 acre data center.

[Jim Cramer]

That's a lot of chips. You just mentioned the end market markets and those are two end markets that I think are the most challenged end markets. So I can't be there. I mean even Analog Devices, a company I like very much, kind of similar end markets, I don't want to be there. Same thing with Texas Instruments. Let's go to Dave in Illinois. Dave, Dr. Kramer, how are you my good man? I am fine, Dave. Good to hear from you. What's happening?

[Caller/Guest]

Jim, this $37 billion company applies advanced technology connectivity and cloud solutions to streamline their customers supply chain oper. In July you said this stock belongs in the elite camp of contract manufacturers. Since then the Stock has appreciated 50%, but they did get clobbered today. So Jim, please bring us up to date and give us your thoughts on.

[Jim Cramer]

Celestica Inc. You know what, I thought that the Celestica decline was part. I thought it was almost like a targeted decline. I did not see anything specifically that Mercury why it went down like this, Dave. But I do think that when you see a stock that falls as much today, you get another down day tomorrow until we find out what's going on. But Celeste is a really good company. Someone targeted that company today. All right. Today's action reminds me so much of 2000 and until we start getting some real results from the speculative companies out there. As I said, year of magical investing done. Just done. On MidMoney tonight, TKO, the company behind WWE and UFC, reported its third consecutive beat and race quarter. So what's driving the strength and could the stock continue to be a knockout? I'm checking in with the company's top brass then. Has the experiential economy theme finally run its course? I'm surveying the landscape of one of my absolute favorite ideas and coach Harry reporter Roasting forecast has sent his shares higher after earnings. So could the natural gas and oil players still have more room to run? I'm talking to the CEO. So stay with Kramer.

[Show Producer/Assistant]

Don't miss a second of Mad Money. Follow imkramer on X.

[Jim Cramer]

Have a question? Tweet Kramer hashtag madmentions.

[Show Producer/Assistant]

Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Missed something? Head to madmoney.cnbc.com.

[Fox One Announcer]

Fox News is now.

[Jim Cramer]

Streaming live on Fox One. The voices you trust, the stories you won't find anywhere else. This is the story breaking right now.

[Fox One Announcer]

FOX one.

[Show Producer/Assistant]

We live for lives.

[Commercial Narrator]

Try it free for seven days. Offers are subject to change. Go to Fox one for complete terms and conditions. Known as the pioneer of Paso, Justin Vineyards and Winery produces exceptional wines perfect for enjoying this holiday season. Like Isosceles, their flagship Bordeaux style red blend, Justin Wines also offers unique and thoughtful gifts. Pick your wine, choose a box and add a personal message, icon or logo. You'll also find curated gift sets, library wines, magnums, even custom etched bottles. Start gifting today. Visit justinwine.com and use promo code money20 to receive 20% off your order for a limited time. Hiring isn't just about finding someone willing to take the job. Count on Indeed sponsored jobs to find the right person with the right background who can move the business forward. Stop struggling to get your job post even seen on other sites. Give your job the best chance to be seen with Indeed's sponsored jobs. They boost your post for quality candidates so you can reach the exact people you want faster and it makes a big difference. According to Indeed data, sponsored jobs posted directly on Indeed are 90% more likely to report higher than non sponsored jobs. Plus, with Indeed sponsored jobs, you only pay for results. No monthly subscriptions, no long term contracts. Just a boost whenever you need to find quality talent Fast. Join the 1.6 million companies that sponsor their jobs with Indeed. Get a $75 sponsored job credit to help get your job the premium status it deserves. @ Indeed.com MadMoney.

[Jim Cramer]

Could your portfolio stand to be a little more combative? Over the past few years, there are a series of complex mergers. We've seen the rise of TKO Group Holdings. It's the parent company of ufc, that's the world's leading mixed martial arts organization, and wwe, the professional wrestling powerhouse. They also own the PBR Bull Riding League, Zofa Boxing and a couple of other business like IMG Major Sports Marketing agency. But most of TKO's money comes from two very consistent divisions, Ultimate Fighting Championship and WWE, and these are great growth properties. In fact, UFC inked a seven year $7.7 billion deal with Paramount back in August, which will start next year. Now, this was all created by Endeavor, which among other things is my talent agency. Okay. But back for it was taken private by Silver Lake earlier this year. TKO as it exists now, was formed in February and since then, this is what matters. Stocks up quick, 21%. Can it keep running? Let's take a closer look with group's top risk. That's Ari Emanuel is executive chair and CEO. And Mark Shapiro, he's the president CEO. Gentlemen, welcome back.

[Show Producer/Assistant]

Thank you.

[Fox One Announcer]

Great to be back with you.

[Jim Cramer]

Okay. I think on a day like today, I got to start with a very simple question. If you want to diversify and you want a company that has consistent revenue that you can see many, many years out, is that TKO?

[Show Producer/Assistant]

Well, here's what I would say. Over five to 10 years, we have deals with the UFC, the WWE and bull riding locked in on a domestic basis and approximately $15 billion over that period of time. We also have our international deals. We just closed the deal with Paramount for Latam and Australia. There's a huge upside there. Our sponsorship team, or partnership team as Mark calls it, will do 450 this year, way up on WWE and probably by 2030, we're looking at a billion dollars on our partnership. That doesn't include us when we do our events, that doesn't include our international deals, and that doesn't include our site fees when we take our product internationally. And we are a huge international play with the WWE and UFC. 70% of our audience is international. So it's. We've got great cash flow and it's.

[Jim Cramer]

Kind of all locked in now. Today, news Poly Market. I think Poly Market is incredibly exciting. What does it mean bring. And it seems to be younger people are crazy about.

[Fox One Announcer]

Yeah, I think, I think that's the right way to look at it. First of all, it's a first of its kind partnership. The NHL announced a deal with them a few months ago, but we are integrating polymarket into our live events.

[Jim Cramer]

That's what makes it first.

[Fox One Announcer]

That's what makes it unique. The demos is really where it stands out and very similar to us. Our audience, half our audience at WWE and UFC is 18 to 34 very diverse young men and their dual screen viewers.

[Jim Cramer]

Jim.

[Fox One Announcer]

So they'll be on polymarket while they're actually watching our live events. But it really goes back to Ari's first point, which is global partnerships is a big revenue driver, a big profit generator for our company. We internally had a goal of $400 million this year. This is high margin recurring multi year revenue. And instead by the end of the year we've now announced in our third quarter earnings here that will probably end up approximately around $450 million. And where our company is different than most others is most just see technology.

[Jim Cramer]

All right.

[Fox One Announcer]

That's a category. We're going to go sell it. We're always looking, pursuing and finding new growth. So we looked at technology. We did an IBM deal for AI right. We did a fan technology deal with Metta. We did a crypto deal with crypto.com we did a blockchain deal with with Vechain and now poly market unpredictive markets. So we split it up five ways which inerts to the benefit of our shareholders.

[Show Producer/Assistant]

So the other thing that it does is it kind of enhances the programming. So when you're sitting there as Mark said on to screen and you get to kind of have a better experience. We're always looking in these deals how.

[Jim Cramer]

It helps the have you found that these deals are more exciting and interesting because the on the other side some people don't watch him and don't know about it. I mean look I saw Google get the get the package for YouTube and the guy on the other side from the Google guy didn't really know about it but worked out great. Do people understand live sports really the only thing that everyone wants to watch anymore?

[Show Producer/Assistant]

Well, when you when you think about it for where the streamers are going and it's also for traditional where the streamers go.

[Jim Cramer]

Yeah.

[Show Producer/Assistant]

This is where the engagement is coming.

[Fox One Announcer]

And look, the experience economy to your point is where it's at right now.

[Jim Cramer]

Right.

[Fox One Announcer]

We're seeing that in our live events revenue going north. We're seeing that our hospitality bookings through on location.

[Jim Cramer]

Right.

[Fox One Announcer]

We're seeing that when we travel UFC or WWE or even PBR to various cities around the world. And the economic impact we get which translates into big site fees for us. The margin profile of UFC and WWWE is over 50% and that's before the margin accretion. Ari's talking about when you had in our new media deals.

[Jim Cramer]

Could you compare that to some of the to NFL or NHL? Because people are going to say well I don't really know what that means versus these other sports that I watch.

[Fox One Announcer]

Yeah, well I mean NFL obviously is the most pivotal in the sports and.

[Jim Cramer]

The mega sports make much more. Maybe the NFL starting to charge too much. You're getting prices that seems like I would want to be on the other side of the deal.

[Fox One Announcer]

What we know is we have 60, 40 split. We have 60. 60% of our audience is men and 40% are women watching, as you would say, combative sports.

[Jim Cramer]

So they chase us.

[Show Producer/Assistant]

And it's both domestic and we have a huge business internationally for both of our premium sports.

[Jim Cramer]

Let's, let's talk about stocks. You believe in return, you believe in dividend. You're very traditional when it comes to what we want out of a common stock.

[Show Producer/Assistant]

Well, I would just say to you the following. You know something we, it's been drilled into us by our partners, you know, return of cash flow. We are av in our business is incredible right now and will continue to rise. And we feel really good about where our stock is in the locked in portion of our economics on our domestic side with upside on the international side. Plus we just launched boxing, which has, and when you look at boxing, we just did an event at Allegiant Stadium in Las Vegas. When you do boxing, right, 70,000 people show up. It's a global sport. We made the deal with Netflix.

[Jim Cramer]

That's right.

[Show Producer/Assistant]

It's incredible.

[Fox One Announcer]

Jim, I'll tell you, I'm glad you raised capital return because that is a priority for our board, for our company, obviously for our shareholders. We are committed to a long term sustainable program. We announced the dividend at the beginning of this year, as you know.

[Jim Cramer]

Right.

[Fox One Announcer]

We doubled it mid year. We announced we would do a shareholder buyback program, as you know, to the tune of $2 billion over four years. We've already exercised $1 billion. Our stock is up 70% since the IPO. But we don't take a victory lap. We are focused, committed to returning cash flow to our shareholders. And at the same time, we're an execution story.

[Jim Cramer]

And we're going to. Right now that you guys are working.

[Show Producer/Assistant]

Can I say one thing?

[Jim Cramer]

Sure.

[Show Producer/Assistant]

Everything he just said, plus everything we just did on the domestic side. Internet, two years.

[Jim Cramer]

Well, I know you know the show and you know that this is what I'm looking for for we look, I love what's going on with the data center. I love artificial intelligence, but I love money.

[Show Producer/Assistant]

We're the opposite side. We're live, we're sports, we're global.

[Fox One Announcer]

You don't have to wait till 2030 with open air to be profitable and make money. Like we're doing it right now.

[Jim Cramer]

And is there a sport that we should all be looking at right now that we think this is pretty interesting?

[Show Producer/Assistant]

Well, I just said to the one we just launched is boxing.

[Jim Cramer]

Okay.

[Show Producer/Assistant]

And so we did a deal with Paramount. We just did the big, the big super fight we did with Netflix.

[Fox One Announcer]

Canelo Crawford.

[Show Producer/Assistant]

Canelo Crawford. So we think that.

[Jim Cramer]

And we do that right in the White House lawn. What do we have?

[Fox One Announcer]

Oh, we're talking June 14th, Jim. June 14th, the South Lawn. We have the best partner, most beautiful big partner in President Trump.

[Jim Cramer]

We have.

[Fox One Announcer]

That's my, that's my interpretation of him. Right. That's my impression. He is totally committed to this. It is going to be.

[Jim Cramer]

You don't think it's a, you don't.

[Fox One Announcer]

Think it's a spectacle unlike any other.

[Show Producer/Assistant]

It's going to be in the most, most watched sport event.

[Jim Cramer]

No, that is absolutely true.

[Fox One Announcer]

We have fighters lining up. They'll pay us to come fight.

[Jim Cramer]

Yeah. Well, gentlemen, I've got to tell you, you know, I know one thing. I know you guys know how to make money. And you know what, the fact that you're letting people, you have shareholders that can partake in the money you make. Well, thank you very much.

[Show Producer/Assistant]

Thank you.

[Fox One Announcer]

Always good to be with you.

[Jim Cramer]

It's our Emanuel Tico executive chair again. Agent relationship. Have to mention it. And CEO and Marksberg, who's the president and CEO of a company that's giving you great return. Nobody's back.

[Show Producer/Assistant]

Every freight coming up.

[Jim Cramer]

Could this once stable part of the.

[Show Producer/Assistant]

Economy now be teetering on a cliffhanger?

[Jim Cramer]

Kramer's taking a look at the increasingly.

[Show Producer/Assistant]

Negative trends in experiential stocks.

[Jim Cramer]

Next.

[Commercial Narrator]

Fifth Third Bank's commercial payments are fast and efficient. But they're not just fast and efficient. They're also powered by the latest in payments technology built to evolve with your business. Fifth Third bank has the big bank muscle to handle payments for businesses of any size. But they also have the fintech hustle that got them named one of America's most innovative companies by Fortune magazine. Big bank muscle. Fintech hustle. That's how Fifth Third brings you the best of all worlds. Going above and beyond the expected handling over $17 trillion in payments each year with zero friction. They've been doing it that way for 167 years. But fifth third also never stops looking to the future to take their commercial payments two steps ahead of tomorrow. Constantly evolving to suit the ever changing needs of your business. Big bank muscle. Fintech hustle. That's your commercial payments. A Fifth Third, better known as the pioneer of Paso Justin vineyards and winery produces exceptional wines perfect for enjoying this holiday season. Like Isosceles flagship Bordeaux style red blend, Justin wines also offers unique and thoughtful gifts. Pick your wine, choose a box and add a personal message icon or logo. You'll also find curated gift sets, library wines, magnums, even custom etched bottles. Start gifting today. Visit justinwine.com and use promo code money20 to receive 20% off your order for a limited.

[Jim Cramer]

Has the experiential economy Theme finally run its course? For the past few years, this has been a huge source of winners for us. Originally we call it the long money, short on time thesis, the idea that in a post pandemic world, people were eager to splurge on experiences like travel, theme parks, concerts, even, well, just going out to dinner. But over the past few weeks, it looks like the experiential economy ain't what it used to be. Even though I'm not ready to throw in the towel on this theme, there's beginning to be a lot to worry about here. Let's start with the macro data, or at least the data we have access to because most of the stuff has been delayed by the government shutdown. Thanks a lot. Still, the labor market's obviously deteriorating. Before the government data went dark in October, the job market was already anemic. We were averaging less than 30,000 net new jobs for per month from June through August the last three months. We have the official numbers for after that. We have to get our data from private sector like adp, the nation's largest payroll processor. They publish this bi weekly report report on private sector hiring and the latest one, which came out on Tuesday, showed the economy shed an average of 11,250 jobs per week per work in the in a four week period through the October 25th. That's terrible. Of course, we already knew that employment was getting worse. That's why the Fed started cutting rates again in September. But we don't know if the Fed will keep cutting rates because inflation's been creeping higher again. Last month we got a delayed September Consumer Price Index reading that was better than expected with 3% inflation. But when you take a step back, the CPI has been steadily rising from 2.3% inflation in April when things look really good, to 3% September, in part because of this bad inflation trend, in part because there's just so much uncertainty without the regular flow of government economic data. We're starting to hear Federal Reserve officials express reservations about cutting rates again the next Open Market Committee meeting in December. I think that'd be dreadful if they don't, but I'm not in charge. Just yesterday, Boston Fed President Susan Collins said she'd be reluctant to cut at next month's meeting, and we've heard similar things from Chicago Fed President Austan Goolsbee and Atlanta Fed President Raphael Bostic. There are vast swaths of the experiential economy that would benefit from rate cuts, but it's no longer sure thing they're going to get more important in the last couple of weeks we've gotten some disappointing earnings from companies that have been big winners in this space. For starters, last week at this not so hot numbers for from three different fast casual chains, Chipotle Kava, which have been doing very well, and Sweetgreen, not a good performer. All three missed expectations. All three stocks got hammered last week and all three cited the same issue. Younger customers are cutting back on meals away from home and visiting the restaurants less frequently. Dreadful. Another clues came from the cruise lines, which have been some of the biggest winners in the experiential economy for the past few years. Royal Caribbean, which had been the best of the bunch, not down 20% since reported in late October. Norwegian Cruise Line is off roughly 16% since reported last Tuesday. Now their actual numbers really weren't all that bad, especially Royal Caribbean, which raises for your earnings forecast. But their fourth quarter revenue outlook was a tad disappointing. And that was enough to make investors feel like demand might be waning, which torpedoed the stock mattress, insisting that demand remains robust and has a strong book position heading into 2026. But Wall Street's clearly becoming more worried about the cruise lines, with investors no longer willing to give these companies the benefit of the doubt. Okay, then there's Live Nation, a company we really like that's the world's leading live entertainment company. They also own Ticketmaster. This is another stock that had been doing very, very well until recently. But when Live Nation reported last Tuesday night, its stock plunged more than 10% the next day in the wake of the the top and bottom line missed, driven by shortfall in their concerts business as well as weaker profitability from Ticketmaster. Like the cruise lines, Live Nation still presenting a confident tone about the state of their business heading into next year. But we've grown accustomed to big beats from this company in previous quarters. So what happens? You get a legitimate shortfall, which actually looks like a decent number because of those soft swap results from Ticketmaster. I'd also like to point out that StubHub, a similar business that I warn you away from after it came public September, is now down 20% from its IPO price. Not good. In fact, it's now down more than that because the stock is moving lower. And after hours trading after stubborn reported disappointing result in his first earnings report as a public company after the close tonight. First finally, for one last example. Well, you know what we saw today? We saw Disney. That's a stock that I'm going to put this in, sadly owned for my travel trust. Disney tumbled nearly 8% today in response to the company's latest quarter, which they reported before the open. As we told investing club members, we think that's a pretty extreme reaction to what was overall a decent set of numbers. Disney posted a top line miss and a bottom line beat with solid guidance for this year ahead. But this certainly wasn't a great quarter by any stretch of imagination. And those who think it is, you just got to be a little more us. You got to be a little more circumspect. While most of the weakness was on the media side of things, their domestic experience business also came up short. That's parks and cruises for the year ahead. Disney's fiscal 2026 management said they expect the Experiences division to put up operating income growth in the high single digits, but they also said that it would be quote weighted to the second half of the year, end quote. So even Disney seems to anticipate a near term soft spot. When you put it all together, it paints an increasingly negative picture of the whole experiential economy. I'm not yet ready to completely give up on this theme as I could also point to some contraindicators like continued strength in American Express credit card for all things travel related. You know, I think that company's great. You know what? I also like what I just heard from TKO Group, which specializes in live events and its business seems to be on fire. I'm also conscious of the fact that because so many of these stocks have already come down, maybe there's some values here. And listen, if the stocks keep tumbling, maybe the Fed does have and the Fed keeps cut cuts rates like I think they should, well, maybe that revives the experiential economy. But let me give you the bottom line here. For now, I'm a lot more worried about the experiential economy than I was a month ago, thanks to a combination of weaker macro data and some discouraging earnings reports. While not yet calling the whole theme dead, I'll certainly be watching this space closely going forward because it's clearly in a precarious place for the moment. Hopefully the end of the government shutdown will breathe new life in the group that I have pushed since COVID was over. But maybe it won't be enough. Let's go to Jerry. Missouri, please. Jerry. Hey Jim, thanks for taking my call. Jerry. Thanks for calling, Jim. This company finally posted a decent quarter. Am I being too greedy by putting a price target of $8 for my exit on Hertz? Well, you know, it's a speculative stock and my feeling on speculative stocks, you're in it to hit it big. I mean in how to make money in any market. I urge people to speculate and when they do, I expert I urge it let them think big. And that's what I'm going to tell you to do in Hertz Global holdings, even though I don't think you can get there. You think it does. It's your call. I am not ready to call for the end of the experiential economy. But you know what? I am more concerned about this theme than I have been any time since COVID Much more money, including my exclusive coach Terror Natural gets ripping higher as the room and portfolio for a stock like Qatar, which also has oil. I'm digging into the story with the CEO then. I'm not a Fed watcher, I'm a business watcher and I'm starting to see some things that are proving that things aren't as hot in our economy as some might think. Not unlike what I just did with experiential economy. I'll reveal what I'm seeing, of course. All your calls, Rapid Fire, tonight's edition of the Lightning Round. So stay with Clay Cream. After a brutal day for the market, I talk about something that's actually been working really well lately. Kotara Energy, the oil and gas producer were the major presence. Both the Permian Basin down in Texas and the Marcellus Shale in Pennsylvania. A week and a half ago, Kotaro reported what looked like a mixed quarter. Modest revenue beat paired with a small earnings business. But max production forecast, which is what really matters here, is more encouraging, especially now that demand for natural gas is surging. The next day Kotaro held his conference call. An activist firm called Kimberidge released a public letter calling on Qatar to divest some assets so they could focus more heavily on the Permian where the oil is stock jumped 6% that day. Now we used to own this one for the Travel Trust, but we sold it around 24 in August. Why? Well, we just believe that oil and gas will not outperform the rest of the of the S and P this year. Since then, oil's been very tough, but natural gas is roared and this stock's been very strong for the past couple of weeks. So can you keep running? Let's go with Tom Jordan. He's the chairman, president, CEO of Terra Energy. Find out more. Mr. Jordan, welcome back to Bad Money.

[Caller/Guest]

Afternoon, Jim. Thanks for having me.

[Jim Cramer]

Okay, so Tom, it looks like that natural gas is in a pattern that would indicate that I think something more than just weather's involved. Maybe there's something structural oil. We know worldwide market. Do you think that we are in some sort of new era? Because we know that like for instance what Chevron just did, that the demand for natural gas as a fuel for data centers could be something structural and secular.

[Caller/Guest]

Without question, Jim. Natural gas is, is strengthening because of fundamental factors including the demand for electricity, growing LNG exports, but also a reawakened understanding that it has to be a significant part of our energy mix. So the demand for natural gas is going to be there, it's going to be strong and Kotera is nicely positioned for it.

[Jim Cramer]

Now what, what is your feeling on, on liquefied natural gas? Because we know, I mean, I think some might say that watch out in Australia they exported so much that they didn't have enough. Where are we?

[Caller/Guest]

Well, it's like anything we do sometimes, Jim, too much of a little good thing can be, you know, tip, tip you over. I mean most serious forecasters forecast a little bit of oversupply of lng, but then that will spur demand and that go forward over the long haul over the next three to five years. It'll be very constructive for the price. But you know, the market needs to settle out. There's going to be a lot of new supply coming onto the marketplace and you know that that may involve a little bit of disconnect, but market will sort it out. Natural gas is a fuel the world needs. They're hungry for it and any incremental supply is going to be absorbed.

[Jim Cramer]

Tom, you told me that it was entirely possible that a major oil company could be looking to do a deal with data centers. I didn't think we Chevron, Mike Wirth is a visionary. Did that deal intrigue you? Have you kicked the tires on it?

[Caller/Guest]

Yeah, we, you know, we've had and do continue to have lots of discussions on supply to the data center market. You know, we want to be patient, we want to be prudent, but we've got a lot of optionality with our three basin exposure to supply where the demand is and we would, we'd like to have more power based pricing in our portfolio.

[Jim Cramer]

Understood. Now this Alpha Kimberidge releases a letter saying asking for urgent steps to restore governance and unlock shareholder value are the Conversations with this Kimmeridge constructive.

[Caller/Guest]

Well, Jim, we've had constructive conversations with Kimmeridge in the past, going past some years. We were disappointed that letter was released without any inbound from us. We read it same time you did. We reached out to them the following day to open conversational channels. But Jim, we enjoy good conversations with all of our owners. We regularly reach out to our owners. Some of the most enjoyable conversations are the ones that are most challenging. We don't reject any idea out of hand. Our board is curious. Our board is willing to consider any idea that makes for Kotera a better company. So we, you know, we were disappointed that the letter was released without any communication with us. But you know, that that was yesterday. This a new day.

[Jim Cramer]

Okay, so how about, let's just be devil's advocate. I mean, is it time to think about doing something different? A different way to, to run the company or a different way to handle the the merger, to get rid of certain parcels, keep others. Is there, are there some large things that could be be done to your satisfaction that you'd like to take do right now?

[Caller/Guest]

Yeah. Well, Jim, first off, let me say nobody at Kotera is satisfied with our share price performance. We deserve a premium multiple because of our premium assets, our consistency of cash flow, our financial performance, and also our ability to sustain that for a durable fashion because of our assets. And we really do behave nicely in an environment where the commodities oscillate. But I like to think of myself as the strongest activist within Kotera. I mean, we really look at anything on how we can make a better company. But when we look at where we are today with our multi basin portfolio, with what it does to our cash flow as we look ahead, you know, here we're in an environment where oil is weakening and gas is strengthening. It is really nice to see that we have a three year plan that will have cash flow sit flat or growing, free cash flow that grows. We have one of the lowest reinvestment rates in our sector, which gives us opportunity to do a lot with our free cash, including buy our own stock back. So we, we don't see Kotera being a fix it candidate. That said, we are open to any idea that makes us a better company.

[Jim Cramer]

Well, I know, I mean, that's what dist. Disappoints me a bit. To hear that someone just kind of surprised you with a letter. I've always felt that you are incredibly open. But I've also felt that in the end you're in the oil and gas business. There are Times when it's just a tough darn business and you can outrun the bear. And I feel sometimes that that's basically what's been happening.

[Caller/Guest]

Well, we're nicely positioned even, even in a tough tape, Jim. But look, I tell our organization, our fans make us feel good, our critics make us better and we're all about getting better.

[Jim Cramer]

Well, that's, that's the way you've always been and I appreciate the candid conversation. I am surprised that anyone can. I think you take a call if someone has an informed view, you'll take the call and you will think very hard and very long about it. I want to thank Tom Jordan, chairman president CEO of Kotara Energy, which is been doing pretty darn well in a tough tape. Thank you, Tom.

[Caller/Guest]

Thank you, Jim.

[Jim Cramer]

They have money's back. You after the break.

[Show Producer/Assistant]

Coming up, Kramer takes your calls. And the sky's the limit. It's a fast fire lightning round next.

[Fox One Announcer]

It is time.

[Jim Cramer]

It's time for life lightning round a bit, buddy. That's right. Take rapid fire calls. I said the name of the stock. I tell whether buy, buy, buy or sell, sell, sell. Just to be clear, I don't know the callers or the stock questions ahead of time. My stamp prepares the grabbers on the fly. You claim to hear this sound and then the lighting round is over there. That's what I actually say every night. Are you ready, ski Daddy? Time for the light round. Cravers.

[Fox One Announcer]

Sorry.

[Jim Cramer]

Let's start with Warren in Ohio. Warren, Jim, love your show. Thank you, Oren. Excellent. Based on positive comments you made, I began building a position in service now in December of 22. Okay. Continued to add to the position through July of 23. The stock did fabulous through December of 24. It hasn't done much since then. No. For the long term. Does it have a break? I want you to hold it. And I think they'll remember it did in the liberation era go down to 678. I don't think that's going to happen. All I can tell you is I think the fundamentals are very good at service now and that there's no doubt about it, Bill McDermott knows how to run a real good company. Let's go to Tim in Virginia. Tim, wow. Jim, how are you doing, man? The myth, the magic, the legend. So glad to talk to you. I hope so. Well, what do you have to say? Maybe I can answer to what you got to say. Well, the Carmax. Okay, so look, I've got to tell you that was a very Very disrupting, shocking departure by the CEO and I think that the business is really bad there. I mean really bad. And I would not own that stock. I was surprised. It was, it, it was horrible. Let's go to Carry a New York carry.

[Caller/Guest]

Hi, Jim, thanks for taking my call. Thanks for all you do.

[Jim Cramer]

Thank you, man. I have a little play money in.

[Caller/Guest]

My portfolio which is generally deep in growth stocks, ETFs, little bit of finance and pharma. I'm looking at a company whose stock price is down 50% over five years. It's in an out of favor category. Packaged foods. The sales are stagnant, but they have I iconic brands, tremendous presence in supermarket freezers. And they're working on a turnaround plan. They sold some non core brands to pay down debt. They're working on better aligning their products.

[Jim Cramer]

Okay.

[Caller/Guest]

Consumer preferences, fixing supply chain issues. The Stock pays an 8% dividend with.

[Jim Cramer]

Potential of a turnaround. Okay, which one is this, Jim?

[Caller/Guest]

Is it a dividend trap or is it time to start nibbling on conagra brands?

[Jim Cramer]

The revenues are flat for conagra for multiple years. I do not invest in companies that have flat revenues for multiple years. Let's go to Greg in New Jersey. Greg. Booyah. Jim, what's up? I want to say your book is fantastic.

[Caller/Guest]

I'm.

[Jim Cramer]

Thank you, man. Thank you to Barnes and Noble last night. Great signing. We had a good time. Thank you. It's made for this market because it isn't just like bull, bull, bull. It's about what to do no matter what. And that's a no. This is a no matter what situation. Let's go to work together.

[Show Producer/Assistant]

Yeah.

[Jim Cramer]

Hey, I'm also a club member. I gotta thank you for what you do. And I also have to give you a big, big thank you. It's because of you that I bought Nvidia in 2020. So we don't want to remember, we are. We're never greedy. We're never greedy. But go ahead. My question is about LAM Research. I'm a long term holder. I'll tell you. Applied Materials reported tonight and they did not do a good job. They haven't done a good job. Lam is a better company. I think tomorrow Lam will be down because of applied materials and then you want to start nibbling at that stock. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Show Producer/Assistant]

The light Lightning round is sponsored by Charles Schwab. Coming up, are investors missing the bigger picture when it comes to the economy? Cramer's digging deeper into the warning signs. He's been seeing Next.

[Jim Cramer]

Now the government shutdown's over. We keep hearing that the Federal Reserve can finally survey the macro landscape, but they don't know what to do about cutting rates. Twitchers say, are they clueless? They know nothing. I mean, I'm not a professional Fed watcher, but I am a business watcher. And what I see indicates that things aren't so hot out there. Inflation's too sticky. Jobs are getting a lot harder to come by. Some of the job losses are highly visible. Verizon's reportedly planning to lay off as many as 20,000 people. Just learned about that 14,000 out at Amazon. Target cuts 1800 applied materials getting rid of 1400 4% of the workforce. Oh, and UPS is letting go of 48,000 people. I mean, who knows how many lost their jobs at the Rite Aid and Walgreens store closures. The ADP national employment report has fallen off a cliff since the shutdown. That's the best data we've got until the newly reopened Bureau of Labor Statistics finishes playing catch up. But you know what? I think these layoffs are nothing compared to the real hiring freeze out there. CEOs are trying to figure out if they should hire new people or simply try to make older people do more with better technology. Meanwhile, dozens of major companies are trying out the Salesforce program, which called Agent Force, which can take clerical jobs away because those are jobs better done by Agentix. No, it can't replace your radiologist, but it can schedule the appointments. The more a company replaces with AI, the higher the gross margins go. Sure, we hear that the net new jobs will be better, like every previous industrial revenue illusion. But for the moment, if you're hot, if you're hiring, don't you want to wait to see what Nvidia's next new chip, the Vera Rubin can do for your organization. It's coming out soon. It's supposed to have the ability to reason. Maybe you can do the job better than a human. And if you hire a human, it can be a real pain in the neck to fire them later. If you want to bring in Vera Rubin. When we look at the layoffs, are we looking at how hard it is to hire people in this environment? Are we looking at how many kids are going to graduate school because they have no edge versus I can't get a job? And look, it's not just white collar jobs. There's a huge change going on in this country. A change in the way people go out and do things. That's hurting an entire industry that usually sops up workers like a sponge. The restaurant industry. Having been in the business myself, owning two restaurants at one point, I can tell you these companies, you know, they make money on alcohol food. The markup on cocktails is fantastic. So I pity the person who owns a restaurant now. The restaurants I know are down 50% on their alcohol business, coupled with a big increase in the cost of steak because the cattle are so small that a natural job creator being put through the proverbial meat grinder. Most of all though, I'm thinking about the companies that can't make it because individuals are frightened of AI. And you know what? I think maybe they should be. There are executives who think they can earn their chops by betting big on AI and firing a ton of people and then being proud of it. There's one real wild card out there. It's the tariff case in the front of the Supreme Court. We're going to get a decision real soon. If the supreme is ruled before the Fed meeting and they say the tariffs are illegal, this market will shoot into the stratosphere because everything that relies on overseas production will suddenly plummet costs. Right now we're hearing that the Fed's more focused on inflation than job creation. If the Supreme Court axes the tariffs, that ends the inflation threat and sends prices plummeting for a lot of goods, the Fed will be free to cut rates, which is what we desperately need. I like to say there's always a bull market somewhere and I promise trying to find it just for you right here. Money Optim Kramer See you tomorrow.

[Commercial Narrator]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal, or their parent company or affiliates. The and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Kramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such. To view the full Mad Money disclaimer, please visit cnbc.com madmoneydisclaimer Save over 200 when you book weekly stays with Vrbo this winter. If you haven't seen your college besties since, well, college, you need a week to catch up in a snowy cabin. Take a week long vacation and save over $200. Book [e-mail].