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Mad Money w/ Jim Cramer 11/14/25 - Mad Money w/ Jim Cramer | Wave AI Podcast Notes

Mad Money w/ Jim Cramer 11/14/25

Sat Nov 15 2025

Listen to Jim Cramer’s personal guide through the confusing jungle of Wall Street investing, navigating through opportunities and pitfalls with one goal in mind - to help you make money. Mad Money Disclaimer

Summary

Mad Money w/ Jim Cramer – November 15, 2025 Episode Summary

Episode Overview

Jim Cramer guides listeners through a turbulent week on Wall Street, offering his trademark combination of stock analysis, macroeconomic commentary, and actionable investing advice. The episode covers the perceived market bottom, upcoming pivotal events (notably the Federal Reserve meeting and major earnings reports), and deep-dives into evolving consumer spending patterns ahead of the holiday season. Key segments include a walkthrough of next week’s market drivers, an interview with alternative data provider 100x, an analysis of the Billion to One IPO, and the signature Lightning Round of rapid-fire stock calls.

Main Themes and Key Discussion Points

1. Market Turbulence and What Comes Next (01:23–09:35)

Perception of a Market Bottom: Cramer opens by contextualizing the week's selloff, noting that despite ugly index-level action, individual stocks showed signs of resilience, particularly those with solid fundamentals.
- “Sometimes it is so darn ugly that you have no choice but to view the weakness as a buying opportunity.” (01:28)
Focus Shifts to the Fed and Earnings: The upcoming Federal Reserve meeting (Dec 9–10) is cited as a dual driver of the next market move, alongside key earnings, notably from Home Depot, Nvidia, and several retailers.
- “The next leg of this market comes down to the Federal Reserve and a few very important quarters… both could be tailwinds after this week’s vicious shakeout.” (02:15)
Approach to Rate Cuts: Cramer speculates dovish Fed rhetoric, especially from New York Fed President John Williams, could spur buying.
- “If we get some dovish commentary, I think people will begin to creep out of their foxholes.” (03:00)
Retail Earnings Preview: Home Depot and Lowe’s are highlighted for their correlation with interest rates and housing, while eyes are on Target to see if it can regain consumer “mojo.”
Nvidia’s Central Role:
- “I continue to say own Nvidia, don’t trade it…there’s no AI revolution without Nvidia. But with it, we could still have a multi-year move.” (06:53)
Impact of Leadership Change at Walmart: Cramer reacts personally to Doug McMillan's retirement, lauding his anti-inflation work.

2. Lightning Round – Stock Calls and Portfolio Advice (09:35–11:48; 38:52–43:28)

Deckers (DECK): Cramer recommends taking profits after ongoing declines and weak quarters.
- “I want her to take at least half the profits…it wasn’t just a bounce, bad quarter.” (09:57)
FedEx (FDX): Enthusiastically bullish, seeing undervaluation and strong management.
- “This is one of my favorite stocks…I think all the way back over $300.” (10:13)
NextPower (formerly NextEra Energy): Regret over not holding but views it as a continued winner.
- “Dan Shugart’s the real deal. I think it’s a terrific stock.” (39:39)
Various Calls: Run through of opinions on a mix of consumer, industrial, and fintech names—see Notable Lightning Round Picks below.

3. Consumer Insights with Rob Pace, Founder & CEO of 100x (14:41–22:30)

Consumer Caution Detected: Rob Pace unveils a shift; the white-collar, $50–200k cohort is now the weakest in terms of future spending intent, a reversal from historic patterns.
- “Right now...the $50 to $200,000 income consumer...the weakest consumer in our data.” – Rob Pace (15:54)
Buy Now, Pay Later on the Rise: Pace highlights that under-40s are relying more on deferred payments, indicating financial retrenchment.
Discount Shopping Shift: Five Below is singled out for unique finds at lower prices, while TJX remains strong.
Generational Wealth Attitudes: Homeownership is no longer viewed as the “greatest investment” among younger consumers.
- “We grew up where your home was your greatest investment. We don’t see that in our data.” – Pace (18:45)
Brand Lightning Round: Quick takes on Carmax (improving), Chipotle/Kava (MVP brands), Nike (improving with older consumers), Starbucks (relative laggard), Elf Beauty (best in class, but slowing momentum), Lululemon (weak value-for-price), Cracker Barrel (hit by controversy).

4. IPO Deep Dive: Billion to One (23:35–31:50)

IPO Analysis: Billion to One (BLLN), a diagnostics company, is lauded for explosive revenue growth (113% last year, 82% in first half of current year) and recent profitability.
- “Rarely do you see this kind of combination of excellent growth and emerging profitability from a company that just came public.” (28:18)
Valuation Considerations: While the stock is expensive (10–15x sales), Cramer recommends gradual buying, anticipating volatility, especially after the lockup expiry.
- “This is the kind of stock that gets cheaper as it goes lower…patiently buy more on weakness.” (31:18)

5. Investing Club Mailbag Q&A (33:03–38:45)

Cramer answers portfolio-building questions, referencing his book How to Make Money in Any Market:

How to Hedge Downside Risk: “Raise cash” is his blunt recommendation if you fear a steep drop.
Stock-Picking Metric: He emphasizes understanding the “M” in the PE multiple—growth rate matters.
Dividend Stock Picks: Kimberly-Clark, Procter & Gamble, Coca-Cola highlighted.
Meta (META) Outlook: Positive; sees Zuckerberg’s high spending as moat-building vs. AI competition.
Is Gold Still a Hedge?: Yes, but buy over time—view it as insurance, not a trade.
Airbnb (ABNB): Dramatically undervalued, but CEO needs to tell the story better.
Portfolio Review Guidance: General Electric Vernova (pro-natural gas), Berkshire Hathaway (reduce post-Buffett), etc.

6. Cramer’s Cautions on IPOs and “Garbage” Securities (43:43–47:53)

Cramer rails against low-quality, speculative IPOs and leveraged ETFs, framing them as risky “caveat emptor” territory designed to fleece individual investors.
- “Wall Street often makes instruments that seem helpful but in reality are just naked attempts to rip you off.” (46:30)
Key Thesis: To create wealth, stick with compounders and quality growth stocks, not fleeting trends or trading vehicles.

Most Notable Quotes & Memorable Moments

On Market Buys: “Sell offs like this can be bought, but only if you have cash and you upgrade out of the morass of ultra high risk speculative stocks that are losing fortunes.” (09:10)
On Nvidia: “Own Nvidia, don’t trade it.” (06:53)
On Young Consumers: “We see a deterioration right now in future purchase intent… among the $50,000 to $200,000 income consumer.” – Rob Pace (15:45)
On IPOs: “If only these new IPOs were that honest. When I sat down to write How to Make Money in Any Market…how come the stock market hasn’t created more millionaires?” (44:02)
On Wealth Creation: “So many people end up missing out on the chance to make big money in the stock market because nobody told them this is a caveat emptor business.” (47:24)

Notable Lightning Round Picks & Advice

(Timestamps refer to start of segment)

Deckers Outdoor (DECK) – Take profits after repeated bad quarters. (09:49)
FedEx (FDX) – Bullish, “favorite stock,” projecting potential move beyond $300/share. (10:16)
NextPower – Strong buy, regrets selling. (39:39)
Shark Ninja (SN) – Holds if tariffs are struck down, otherwise cautious. (40:55)
Centrist Energy (LEU) – No longer a buy; limits on upside after big run. (41:45)
Crane Co. (CRNC) – Pass, avoids enterprise software. (41:58)
Carpenter Technology (CRS) – Too late to buy after big move. (42:25)
Energy Transfer (ET) – Buy, likes the stock. (42:36)
USA Rare Earth – No exceptions for speculative names, despite “American exceptionalism.” (43:14)

Interview Segment: Rob Pace (100x) — Consumer Data Deep Dive

15:45 – “We’re seeing a deterioration...the $50–200k income consumer is the weakest.”
17:07 – “One of the biggest growth areas is buy now, pay later with that group.”
18:45 – “We don’t see [home as greatest investment] in our data.”
19:10–21:13 – Brand/stock lightning round covers Carmax, Chipotle, Nike, Starbucks, Elf Beauty, Lululemon, Cracker Barrel.

IPO Spotlight: Billion to One

23:35 – Full overview and bull case for BLLN.
28:18 – “Rarely do you see this kind of combination of excellent growth and emerging profitability...”
31:18 – Advises patience due to lockup expiry and valuation.

Closing Lessons

Focus on compounders and resilient businesses, not hype or risky leverage.
Have cash ready to buy quality on selloffs, but trim speculative losers.
Avoid “caveat emptor” IPOs and ETFs designed more for Wall Street’s benefit than investors’.
Stick with what you understand and can hold through volatility.

Overall Takeaway:
Cramer sees opportunity in market weakness for selective, quality-focused investors—with plenty of actionable stock advice, warnings about speculative assets, and data-backed insights into rapidly shifting consumer behavior. As always: “There’s always a bull market somewhere, and I promise to try to find it just for you.”

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Transcript

Jim Cramer (0:00)

On Fox one, you can stream your favorite news, sports and entertainment live all in one app. It's raw and unfiltered.

Caller/Guest/Host (0:10)

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Jim Cramer (0:11)

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Caller/Guest/Host (0:16)

Bam.

Jim Cramer (0:16)

And catch history in the making.

Caller/Guest/Host (0:19)

Gimme meet Freddy. Debates, drama, touchdown.

Jim Cramer (0:24)

It's all here baby. Fox one we live for live streaming.

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Caller/Guest/Host (1:23)

Hey, I'm Kramer. Welcome to MEV Money. Welcome to Cramerica friends. I'm just trying to make a little money. My job is not just to entertain, but to educate. Explain how we get bottoms like today. Call me 1-800-743-CBC tweeted Kramer sometimes it is so darn ugly that you have no choice but to view the weakness as a buying opportunity. This morning the futures created some serious ugliness. But the individual stocks the index wouldn't comply. Why? Because while we have a lot of stocks and companies that aren't making money and you know I don't like them, we we also have enough solvent strong companies with stocks that be getting killed this week. So today felt like a little counter trend move with the real economy focused Dow Jones industrial average tumbling 310 points while the more diversified S&P 500 dip 0.05% and the tech lead Nasdaq actually gained.13%. But look, I was very complicated date because it really did feel like a bottom and yet I know that could be chimerical but how about next week? Look, the next leg of this market comes down to the Federal Reserve and a few very important quarters. I think both could be tailwinds after this week's vicious shakeout. Let's tackle the Fed first because well, they meet in less than a month on December 9th and 10th and in the lead up to that meeting we're going to hear from a ton of Fed officials and there'll be a big guessing game that I can't stand. So I'm going to solve that for you right now. For example, on Monday, John William speaks. He's the president of the influential New York Fed and bulls need him to talk about how either inflation has peaked or more likely how unemployment has gotten worse after this week's declines. If we get some dovish commentary, I think people will begin to creep out of their foxholes, do some buying. Williams will be incredibly important because he also speaks on Wednesday and he speaks Friday. This guy's got a lot to say, I guess beyond the Fed. We got the first of some very big earnings reports on Tuesday morning when we get Home Depot now. This morning Stifel downgraded the stock from buy to hold, noting that their business could be exceptionally weak, not just because of lack of housing turnover, but also because ICE keeps targeting the day laborers who hang out at Home Depot parking lots. Of course, anything connected to housing is joined at the hip with interest rates, so the stocks a buy if you believe the Fed will cut rates next month, as I do. I have liked the despot for years and years because it's a great growth cycle. In my book how to Make Money in Any Market, I stress that growth stocks are the only truly safe stocks and I'm going to include Home Depot because as long as housing prices have gone higher, which they sure have, you're going to see some growth from that trend for many, many years. Wednesday and Thursday are truck filled with retail earnings. Wednesday morning starts with tjx, the parent of TJ Maxx and Marshalls which we own for the Chapel Trust. I was cautious last quarter to you because TJX is usually very conservative, but business was just so good they went loses some tremendous numbers. This is a fabulous company. So if the stock gets hit, which it often does, even good results, pick some up. We also get this is much tougher, the earnings from Target under the tutelage of outgoing CEO Brian Cornell. Now I want to hear a plan that can get Target's mojo back. Mojo being a technical term meaning it's got to start doing better. Remember the use this used to be very popular chain, especially with young people. But targets struggle with price in this environment of persistent inflation. Even with its extra special private label goods, there's price gap with Wal Mart and that has to be solved. Now Lowe's follows Home Depot and retail weekend. Lately Lowe's has been in better shape. CEO Marvin Ellison runs stores that are equally attractive to the consumer and to the professional contractors. That combination has been working better than Home Depot's more contractor focused approach. Williams Sonoma oh, talk about a real wild trader. They report in the morning and this one's going to be hard to game. I think CEO Laura Albert does an Amazing job by the way. She has fully embraced Salesforce's agent. A game plan. I want to hear how that's working. Alice, I heard her speak it Salesforce's Dreamforce. And I want to know because we own Salesforce with the Travel Trust. I just can't figure out why the stock won't rally. Wednesday night's the big night of the week, the biggest night. Because in video reports Nvidia is at the heart of the data center because the chips power accelerated computing and artificial intelligence. Besides hearing how the company's doing, we need to hear about the next iteration of chips, the Vera Rubin and whether it's ready and whether it'll be a seamless transition that will keep the company well ahead of amd. By the way, who still is their chief rival? No, I don't expect anything from China. I think that's a dead issue now. If it is strong, I think you can ignite not a bounce but a true rally itself. I continue to say own Nvidia, don't trade it. And that's our position for the Travel Trust. I can't stress enough how important Nvidia is to this market because there's no AI revolution without Nvidia. But with it we could still have a multi year move. Something that an old friend of the show told me, Dave Cody, now the chairman of Vertiv, which is key to keeping these red hot data centers cool. They own the best air conditioning company. Now I think Cody's appearance on Squawk on the street this morning actually catalyzed the bull market because it was so darn bullish. And Cody is as rigorous as a business person I've ever met. I could see things turn around. That's why you got to watch Squawk on the street. Give me a break. You got a good number from video and a big boost from the forecast. Next you know the other six members of the Mag 7, they're going to start roaring. That was easy. Next up we hear about Palo Alto Networks. Now that's a cybersecurity company run by Nikesh Arora. And given the endless hacks lately from the Chinese using really sophisticated equipment, I think there's plenty of business for these guys. Now we got some jarring news this morning. Really jarring for me. I don't know why I took it so personally. The retirement of Doug McMillan, the longtime CEO of Walmart. And he's going to be replaced by a fellow by the name of John Furner who's the head of Walmart's U.S. business. Now, I had a special relationship with Doug which included multiple trips with my two daughters to shop there. And I always told him about it. Doug has a remarkable interest in fighting inflation, especially high food prices. He's done real service to his customers. I think he's an American hero. I think he will be missed. Quite a gentleman. I expect a great quarter though, because I can't imagine Doug's last quarter being anything other than a great one. We had the Gap one when they last reported and I was Adam that the quarter was good, yet the stock got crushed. That was wrong. The stock's been bid up nicely ever since. Then. Perhaps that same pattern continues. We hear from another retailer too, that is Love by the Market Raw stores. This one's a discounter. I don't know if its stock can keep running. I'd be a little careful. Now, Intuit reports. I don't know if you remember, we had Intuit on a couple weeks last week and they recently sampled their new individual financial software. I think. I thought it was well, but I'm sure that many people haven't used yet. I think they'll embrace it once they try. Plus the IRS is phasing out their homegrown competitive competition in TurboTax. Remember that. Also on Thursday we get the long delayed September jobs report. Yeah, get the jobs report. Temper is pretty far in the rearview mirror at this point, but we desperately need any economic data we can get. Finally, on Friday we hear from another club, this time BJ's whole wholesale club. I use this one as a barometer for Costco. That down and out warehouse club that I think is so great, but so far I've been wrong of late, right? For very many years though. Here's the bottom line. The year of magical investing may indeed be over, but there are plenty companies making big profits that I think will continue to do so. Sell offs like this can be bought, but only if you have cash and you upgrade out of the morass of ultra high risk speculative stocks that are losing fortunes. Those may not make it through 2026. How about a Kyle, North Dakota Kyle.

Caller/Guest/Host (9:57)

For something I want her to take at least. I wanted her to take at least half the profits. That quarter is bad. And I'm beginning to wonder what the heck is going on there. Stocks down 60%. Otherwise, if it went down this much, I'd tell you to sell it all. I have to believe it can bounce. But holy cow, that wasn't just a bounce. Bad quarter in the last two quarters have been bad. So anyway, but good luck to you. Good luck to your mom. How about Neal in New York? Neil, how are you? Jim, it's a Neil from Long Island. All right, buddy, what's going on? My question for you today is about FedEx. This company's stock price looks to be undervalued at the moment at about 268per share. But it's shown some promise by increasing about 60 points since April. Despite this, you want to buy this stock? I'm going to cut you short here because this is so easy. Neal, this is one of my favorite stocks. I wish we own it for the Chapel Trust tells it 14 times earnings. To Shell 17 times earnings. The stock is going, I think all the way back over 300. It's having a good quarter. And can I just say that Raj Subramanian turns out to be just one dynamite exec who I know is making Fred Smith proud. We miss Fred very much. All right, sell offs like we just saw can be bought, but only if you have cash and only if you upgrade out high risk stocks. Man MONEY tonight, this market is really struggling to understand the state of the consumer. So I'm sitting down with the CEO of a market research company that we use has been very right 100x to hear what the proprietary insights are signaling. Then health care stock Billion to one soared on its ipo. So is it too late to get into the billion and one? I'm going to be breaking down the story and giving you my take. And yesterday we held our monthly meeting for subscribers to the CNBC Investing club and we had so many darn fantastic questions, we decided to answer some of them right here, right now. So don't miss it and stay with Kramer.

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Caller/Guest/Host (23:35)

Last week, despite the extended government shutdown, five companies managed to come public. Now, most of them didn't do that well. We had a flying car company, Beta Technologies, that swiftly broke below its IPO price. We had an insurance tech company, xco, that declined almost every day since it came public. We had a restructured Mexican airline, Grupo Aeromexico, that hasn't done that well either. Then there were two health care deals that performed much better. The first was Evo Immune, which is working on treatments for inflammatory diseases. Not shot up 26% on its first day. Pull back from there, but it's still up more than two bucks from the IPO price. The best, though, a molecular diagnostics company called Billion to One. That's BLLN for all you home gamers. Now, Billion to One price 4.55 million shares, offering at $60, and that raised roughly 273 million in gross proceeds. But on the stock's first day of trading last Thursday, it opened at $100 flat, hit a high of 123 and change, and then closed above 108. That's up more than 81% from its offer price. Citizen has pulled back pretty hard. It's now at $90, but that's still up 30 bucks from the IPO. So what exactly does this company do beyond having the coolest name I've heard for a drug company in ages? Okay, in 2016, this company was founded by a pair of interdisciplinary scientists who set out to treat two of the biggest health care problems in the world that have been pretty darn sickle cell disease and beta thalassemia. Now, first they came up with a novel method for prenatal detection. And through the process to follow, they also came up with a ton of major diagnostic innovations that could change the entire industry. Billion one says that it's single molecular next generation sequencing platform Lets them detect and quantify genetic targets as small as a single DNA molecule. And that's where the name comes from. As the company's platform to detect a single DNA molecule among the 3 billion other letters in the human genome. These guys launched their first prenatal product called unity in 2019. This is the first non invasive prenatal test for sickle cell disease and cystic fibrosis. Now, this is much less risky than traditional amniocentesis, which is where they stick that long needle right into the mother's womb. With billion one platform, the mother just gets her blood drawn like usual. In 2023, the company used the same platform to launch two complementary pre cancer liquid biopsy tests. Those are the latest range, by the way. Liquid biopsies. And it's called north star select and north star response. The former helps oncologists detect two tumor mutations that will help them prescribe the right treatments. These days, there are all sorts of cancer drugs that can target tumors if they have the right genetic markers. But first you need a test that can detect them. The second one is a way to quantify the severity of cancer Without a tissue biopsy that enables real time monitoring so the doctors can immediately know if your treatment is working. These two tests combined are game changers for cancer treatment. No wonder people got so excited about the ipo. But it's got incredible technology, and it looks like they're years ahead of the potential competition. More importantly, at least from our perspective here at bad money, the numbers are nothing short of phenomenal. Billion one seen incredible growth since the start of this decade with sales rising at 167% compound annual growth rate from $8, $8 million in 2021 to 153 million last year. Now, last year specifically, they put up 100 in 13% revenue growth. Bye bye bye. And in the first six months of this year, they put up 82% revenue growth on top of that billion and one provided some preliminary guidance for the third quarter too, which showed reacceleration in revenue growth to somewhere between 112% and 120%. Most of that's driven by these new cancer tests I mentioned. While Still a small portion of the business. Their oncology revenue was up somewhere between 600 and 700% in the third quarter. This is stunning. Of course, as much as I like to sustain and possibly accelerate revenue growth, the year of magical investing has come to an end. You know that. Which means we need to care about profitability again. Fortunately, Billion to One has been getting closer and closer to turning a profit. When you look at the gaap, not net income numbers, the most stringent measure of probability, their net losses have shrunk dramatically. In fact, in the first six months of this year, these guys were very close to breaking even. And in their preliminary guidance for the third quarter, they said they had operating profit going positive. Wow. Now some of the other adjusted profitability metrics look even better. Billion ones earnings for interest, taxes, depreciation, interest and amortization. Well, I got to tell you, they're right there. They all turn positive in the first half of the year. EBITDA positive. Rarely do you see this kind of combination of excellent growth and emerging profitability from a company that just came public. I mean, Palantir, I saw it. That's about it. Rounding things out on the financial front, it's worth pointing out the billion to one has a very clean balance sheet with just $52 million in debt, which is dwarfed by the 438 million in cash they have after the IPO. And it doesn't look like you're going to need to raise money anytime soon as billion to 1 cash from operating activities turned positive in the first six months of the year. So in the end, where do, where I come down on this thing? Honestly, I really like it. Billion One is playing in an industry that I'm a big fan of diagnostics, and has a fantastic story within that space, which feels like it's still in the early days. I wish Danaher would buy and that's a travel trust team. It just languished here. Their growth is excellent and even possibly accelerating at the same time. They've just started turning a profit. Look to get even more profitable going forward still. How much do we pay for it? Well, the stock came public at 60 bucks now in 90 where it's valued at 4, but roughly $4 billion depending on your estimates for this year's revenue. That means billion ones trading sometimes between 10 to 15 times this year's sales estimate. Okay, pretty rich. But given the sky high growth rate and the newfound profitability, you know, I don't think it's all that unreasonable, frankly. If you, if you like this Story you got my bus to put on a small position right here Monday. That said, we're in a pretty precarious moment for high risk stocks, as evidenced by the more than $30 pullback that billion to one's already experienced from its first day's highs. If this volatility continues, I think the stock will come down even more. But you know what? This is the kind of stock that gets cheaper as it goes lower. So I'd be thrilled to see it come down. That just means you can get a better buy price. All that said, this billion to one IPO is what we call a sliver deal. They sold 4.55 million shares, which is only about 10% of the total share count. That's near term positive because it artificially depresses the amount of supply. But after that lock up on insider selling expires in May. You're going to have to expect that there's a chance this thing could really sell off hard. Here's the bottom line. I am a big fan of Billion to One and I love what they're trying to do. But I think you got to expect some turbulence in the share price. And that's why I'm recommending putting on a small, small position here on Monday and then gradually buying more into any weakness. If that doesn't happen any soon, I think you're going to get your chance. When the lockup expires in six months, be patient with this one. If you take your time, I'll bet you get a great entry point. Memo to Danaher. Take a look at these guys. David in Florida. David, Hello, Jim. Thank you for taking my call. My question was on UnitedHealthcare. I've been averaging down in this stock and wonderful tough opinion. I'm a buyer. What happened in UnitedHealth where they did some, where there were some chicanery? Seems to be the authorities don't seem to be looking at that night. Health has got a lot of good things going for it. This may not be the year that it turns around, but I do think next year it will. I've looked at it hard. Now. My favorite, by the way, is CVS in Buchanar because they've got another model front of the store that is real good, too. I need to go and I. I'm sorry if I mispronounced this. Neil. Neil in New York. Neil. Yeah. Greetings from scenic New York City. All right, man. Right around there. Around the corner. What's going on? All right. Hey, I got a question. I've got a Boatload of Novo Nordisk.

Caller/Guest/Host (33:03)

We held our Investing Club monthly meeting where Jeff Marks and I get together, walk club members through our decision making process for the portfolio, we discuss our current holdings and then we take questions from our club members. My favorite part of these meetings is taking your questions and since we never have time to take all them, we're going to give you an inside look at what happens when we take take the questions in the monthly meetings while also hopefully doling out some much needed market advice. Now first up question is from Bob in Virginia. Now Bob asks what's the most efficient way to hedge against a rapid, steep drop in the market? I stay diversified, invested in such ways that can handle bear markets down 25, 35% without too much financial strain for three to five years. But worry about an unlikely event that could have that could have the market in days or weeks. Okay, look, I know that you probably don't want to hear this, but I've studied this probably more than anyone else. I'm not kidding in the world. And the way you do it is you raise cash. And you have to raise cash big if you feel that way. I don't like to do that. I am a big believer in compounding, letting things grow. But if you do believe that's going to happen, you raise cash. And I've Got the demo to tell you that that's the correct way. Next up, we have a question from Jennifer who asks when picking a stock, which metric do you consider is more important when looking at its relative competitor, profit margin or PE or growth rate? Okay, I want you to go and look at the section how to Make Money in any Market where I discuss the value of the M that's from the PE multiple. The value of the M is the logic I use. I've never seen the M explained, so I spent a lot of time on it in how to make Money in any Market market. That's the way to examine these things. Now let's go to Anna in Washington who asks. I suggested I've taken profits lately, but instead of reinvesting in the same stocks when they're lower, I'd like to invest in stocks with good dividends. Would you suggest your top three picks from the portfolio? Okay. We don't have a lot of really good dividend stocks. In part that's because I am more growth oriented and the yields I'm getting are not that great right now because stocks have been moved up a lot. So. But I would tell you that away from that, the ones that I've been looking at are Kimberly Procter and Gamble and Coca Cola. Okay, those are the three. I'm not going to recommend Bristol Myers because Bristol Myers has become a serial disappointer. Next up, a question from Anthony in New Jersey who asks, can you tell me how you feel with Metta, I am down about 7%. I usually buy and hold. My time horizon is the longer side five plus years. I just want to know if there are better places to invest now and come back to matter down the road. No, I think that matter is what. What Alphabet was about a year ago. I totally believe in what Mark Zuckerberg is doing. He did say he's going to spend a lot of money. But why? I would do the exact same thing because that way I don't have Sam Altman coming after me from Open AI. He has got a moat and he's defending it. And I think he's a brilliant business person. I like him very much. All right, now let's go to Joel who wants to know Jim and how to make money in any market you advocate, including a non stock asset. Your portfolio as a hedge, is gold still a good hedge despite its run up in the past 18 months? To build a position in a gold ETF from scratch, an established portfolio. Should I buy it all at once or over time? You buy it one, you buy it over time. And yes, see, I don't care where gold is. It's not. That's not how I do it. It what I say is this is my insurance and right now my insurance has gone up in price. But I'm not trying to trade my insurance. I want insurance because I want my portfolio insured. Next up, Art asks, I purchased Airbnb two years ago. It's been residing in purgatory since then. What are your recommendation? Well, on how to make money in any market, I say the Airbnb is dramatically undervalued. I think that because it's so much cheaper than a hotel room, I do think that the story's got to be told better and including by the CEO who's not telling the story as well as I could. I know that sounds like hubris, but it really is truth. Next up, Nancy as G Vernova is off its 52 week high even though the trust does not like to violate basis. Is it time to buy some more? And the answer is yes. G for Nova is the way to be able to make it so natural gas is actually turned into the fuel that the data centers want. Now I will tell you, they should be putting up factories and making turbines like medicine. They are not doing that. I want them to do that, but I don't run the company. If I did, I would put a lot of money in. Historically, when they've done that, they did it at the top and it's hurt them. This is a five year thing that's happening and I want to be involved in it. Next up, man, I'm getting through these. Is Brandon in Nebraska. He wants to know has Berkshire Hathaway lost its magic post? Warren Buffett or is the fact that they are sitting on all that cash make it the perfect hedge investment to diversify along with the tech build out race time to buy some Berkshire B stock. Thanks Team Kramer. First of all, forget the cash business. It's not a hedge. It's just that they just don't know what to do with the cash. Is that second rate? No, I mean sometimes cash is not, you know, there's not a lot to buy, I think is what they're saying and they're waiting for things to come down in value. I don't think that's wrong. But as far as is it different without Buffett? Of course it is. You were buying Warren Buffett, now you're buying people who've been taught by Buffett could be good but it's not Buffett to me, that means cut the position back. That's plain old and simple. I don't want to. You know, I could say there. I could say, hey, listen, the next guy's gonna be as good as Buffett. How can I do that? That would be disingenuous. That's not the way we play it in Crate America. Thanks again to all our club members. Make sure you join the club. And thank you for the multiple references to how to make money in any market, which is. Is having a pretty good week, I have to say. Man. Money's back into the break.

Caller/Guest/Host (39:39)

What do you think? Dan Shugart's the real deal. I think it's a terrific stock. Notice they changed the name to nexpower. I would be a buyer of the stock. I let go of the stock. I made a profit. I should have stayed. It was my bad. A lot of times I kick myself over this one and Alphabet two that I sold too early. You've got a winner. Let's go to Alexander in New York. Alexander. Alexander. A big booyah from Queens, New York. Jim, how we doing? My wife's from Queens. This is fantastic. How you doing? Love to hear it. Ever since you told me and my dad to buy Nvidia after you named your dog, we never looked back. That was it. That was the defining moment in my life was that darn mutt Everest. And he never liked Everest. He liked. He liked Nvidia from the day I told him that. I think he didn't let that first. I don't think he knew what the mountain was or something. I don't know. Maybe he like semiconductors. How can I help? So ahead of holiday season, I wanted to ask you about a stock with great consumer products. Shark Ninja. You need the Supreme Court to rule against the tariffs, and then you got $120 stock otherwise. No. I do like their stuff, though. I gave the. I gave the ice cream maker to my Daughter and I think she likes it. Let's go to Mark in New Jersey. Mark. Booyah. Jim. It's an absolute today. All right. Hope you're doing well. I'm calling in regards to the nuclear energy sector. Back in November 2024 I bought a stock that has been doing incredibly well. However, I have fear I have bet on the winning horse but made the rookie mistake and didn't bet enough. I know you've talked about this in the past. I'm talking about LEU centrist energy coming in here up 275%. I cannot countenance by any work. I'm sorry. That's just the way it has to be. I know I might limit your upside, but I'm trying to keep your downside lower. That's my job. Paul in Florida. Paul, thanks for taking my call. I love your show. Sure, man. What's up, buddy? I wanted to ask your opinion on crnc. I've been a whole. Okay, this is this enterprise software. I'm not touching it. I'm not touching it. I'm giving it the hand. I'm do. I'm giving it the hand. All right, let's go to Sam in Pennsylvania. Sam? Jim, listen, I was looking around at companies located here in Philadelphia and that's where I came across Carpenter Technology. No, it's too late. It's one of my favorites. It's a great steel company. It's moved up. Moved up, moved up, moved up. Built by Nucor hasn't moved up as much as car tech. Okay. I remember growing up and being very proud that that company was right near me. Let's go to John in Utah. John. Yes. Good morning. Good afternoon there. Good afternoon. It could be morning somewhere else. I know it's like that. You know that international deadline thing. What's going on? Hey, I'm wondering about energy transfer. Oh, don't wonder buy. I mean that thing is. That's just the sweet spot that we want to be in. I need 17 more calls. Let's go to Nicholas in California. Nicholas. Mr. Kramer, it's an honor to talk to you. Thank you for your support. Thank you, investors. Thank you. I know you say the year of magical investing is over, but I believe that the year of American exceptionalism never is. So I'm in a USA rehearsal around.

Caller/Guest/Host (43:43)

Next, Every day at 9:30am I'm listening to my partner call announce the names of the companies that are coming public on that particular day. It is often one of the worst parts of my entire job here because it's when I hear the names of some companies that simply shouldn't be owned by you, by individuals. These are often trading vehicles created to quickly cash in on some trend from bitcoin derivatives to quantum computing to all sorts of pie in the sky equities where if history is any guideline, you will end up making nothing. It drives me nuts because I am powerless to stop this parade of garbage IPOs from hurting you. Reminds me of when I was a reporter in some godforsaken town in eastern Texas, killing some time walking around only to marvel at a car dealer I discovered named Caveat Empty. I mean, that's Latin for buyer beware. If only these new IPOs were that honest. When I sat down to write how to Make Money in Any Market, I researched a question that's been bugging me for decades. And since I got into this business in the early 80s, the Dow Jones Industrial has gone from 1,000 to 47,000. If you invested 10 grand in the Dow back then, you'd have nearly half a million dollars now. So how come the stock market hasn't created more millionaires over that period? I came up with three reasons. Well, first of all, all sorts of experts, including many journalists, are obsessed with the idea that you should own simply the index and nothing else. No individual stocks, but tons of individual stocks. Well known stocks that you and I both know. Products we use were super obvious and that was where the real gains were. But you can't do them if you only do an index fund. Second, it is fear. People can't bring themselves to stick around when things get ugly like they did on Friday. Like, you know, the earlier morning, today and yesterday, they what do they do? They buy high and they blow out low. And third, a lot of people lose money on junk that seemed like hot merchandise at the time before it fell apart. Those are the caveat emptor stocks. They're often shameful attempts to cash in on a trend for a few extra dollars by the issuer. Even if the people behind these deals know that there's danger lurking for those who buy, how can they live with themselves? Easy. It's not their job to protect anyone. As long as they're making money, they sleep like babies. The shamelessness doesn't end there. We have a lot of double and triple lever leveraged ETFs that represent great ways to lose money by gambling on the direction of a stock or group on a daily basis. Again, shameless makes no sense other than to generate fees and somehow when get these squalls of selling that we had this week. The people who got blown out tend to be the same ones who fall prey to this ridiculous merchandise. They don't own stocks and of great growth companies that can buy they can buy more on weakness when they come down, they own this junk that can't bounce back because the insiders are usually trying to dump their stock while the companies they're desperately raising money in the market at your expense. I know I sound extremely cynical here, but I spent two years writing how to Make Money Any market. I spoke to thousands of individuals by restaurants, bottle signings, my wife's mezcal. These are not the people who call you into the show. My join this empirical conclusion. Wall street often makes instruments that seem like they're helpful to individuals, but reality, they're nothing more than naked attempts to rip you off. Days like today are a nice reprieve and excellent opportunities to high grade your portfolio into better stocks. Instead though, the people who own the Quantumscapes and the Rigidis and the Bit deers, they look at their beaten down portfolio and often decide that to give up on the entire exit entire asset class. So wrong. That's why so many people end up missing out on the chance to make big money in the stock market because nobody told them this is a caveat. Empty business, I like to say. As always, more markets sell my prompts I find just for you right here. Mid Money. I'm Jim Cramer. See you next time.