Transcript
Jim Cramer (0:00)
Meet Venu on the NYSE American Symbol Venu Disrupting a multi billion dollar live music industry, Venu owns and operates upscale music venues, outdoor amphitheaters with seven revenue sources $166 million in assets Luxury suite sales of $77 million in 2024 $200 million expected in 2025 56% year over year Growth venue on the NYSE American.
Narrator/Commercial Speaker (0:29)
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Jim Cramer (1:21)
My mission is simple to make you money. I'm here to level the playing field for all investors. Always a bull market somewhere. And I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramer. Bill. Make friends. I'm just trying to make you a little money. My job is not just entertain, but to put things in context and explain them. So call me 1-800-743-CBC. Tweet me at Jim Cramer. Has the economy blossomed because of the Biden administration or in spite of it? This is the question so many execs are debating and their answer is a resounding in spite of as the average is dip date with The Dow declining 68 points, SB shedding point to 1%, Nasdaq losing 0.89%. We need to parse the in spite of or the because of phrase because it could be very important to what's happening next on Wall street into your portfolio. Regular viewers know that I'm not a politics guy, but I'm also not deaf, although I've been accused of both. Usually when there's something controversial like the current administration's approach to big business, I expect the CEOs of this country to avoid talking about it like the Bubonic plague. But with the Biden administration almost over, they can't. They can talk as much as they want and they are. What a frustrated bunch. They really want to have my ear. When I was in California, where I met or talked to a dozen CEOs from a host of gigantic big industries, everyone brought it up. No one thought that business and the stock market did well the last four years because of the Biden team. Now, I pushed back a minute. I said, you can't have this kind of unemployment backdrop. You know, it's been very, very strong and an amazing stock market. If the White House is totally antagonistic, the business. Give me a break. Wrong, they said. Some of them called me delusional. Their discouragement was palpable. The tough tone for the White House toward business and the endless parade of new regulations stifling imputer, they said almost in unison. The agencies were cited over and over again for their overzealous attitudes. Let me describe what I heard. First, the Biden administration pushed through the Inflation Reduction act, known as the ira, which gave Medicare the right to negotiate prices for some expensive drugs, as well as other limits that should hurt profits for Big Pharma. It's absolutely true. This is not good for the drug companies. Now, this is when I have to tell you that I see both sides of the equation. I know drug prices are often too high. I know many other countries do, similar to what the Biden administration did. But this is mad money, not mad health care policy. From the perspective of your portfolio, you want a government with a thoughtful approach to business. You want give and take discussions between business and the President. Maybe Biden did and I just couldn't find the right CEOs. But then again, I spoke to almost every big drug company CEO. And the ones I didn't, you wouldn't recognize the names. Worse, at least if you're a shareholder, you would have hoped that Pharma and biotech CEOs actually sat down with the President for something. Anything. Just explain why the drug companies don't see themselves as the villains in our particularly expensive health care system. But they didn't talk to each other. Some of the CEOs believe the President just didn't like the optics. I wonder if Biden was meeting with anybody outside the administration because his team seemed committed to hiding the fact that he's not as sharp as he used to be. Either way, if you're a shareholder, it's easy to see why the drug stocks trade so cheaply. You never knew what was going to happen. From potentially hostile White House we know the inconsistency of the Biden administration toward the semiconductors to more on this later. For now, let me just say that the Chips and Science act did a huge amount for the semiconductor industry. I think it's great it did, but the subsidies weren't spread out and they gave a ridiculous amount of money to Intel, a company that to me is deeply troubled. We know oil prospered in spite of Biden because he's not a fan of fossil fuels. I pushed back on this one too, arguing that they couldn't have fared that poorly. The stocks have been pretty good. Again though, I heard that in spite of Biden and a new one, his naivete in part because again the President would not meet with industry leaders. There was no dialogue between fossil fuel execs and this president. He is the anti fossil fuel pro renewables president. Renewable projects proved to be expensive though and they're not just one part of the they're only a part of the energy mosaic. They can't take it over. The oil company CEOs that I know wanted to plead their case, play ball, but they never got a chance. Instead they got a kick in the teeth though almost one year ago when the President crushed the most viable portion of the complex, the liquefied natural gas market, by putting a pause on new export decisions pending environmental review. Get no dialogue. Again naivete because if you want to win the war in Ukraine, you need to give Europe a new non Russian source of gas. According to public documents though, President Biden never intended to lift the pause for the greatest blue collar jobs program available in maybe, well today could be in history. I don't know. It's huge by the way. These are huge private high pay projects. Totally dashed. Biden, they say also made unreasonable rules about where the you could drill rules that might not easily be overturned by President Trump. But the biggest despite of came from the banks. You know they all reported in the last few days I spoke to a whole host of bank CEOs and this group can't wait to give the President his hat, ask him what's the hurry and happily hold open the door. These financial CEOs couldn't resist taking some parting shots at the Biden team. Yet I talked about how much money they made under Biden. How big could it be? The issues though have more to do with tone. With respect, these industries weren't exactly in love with Obama administration, but I never heard anyone say any of these things about Obama when he was leaving office in the End Biden stocked key agencies with people who truly dislike big business and tried to block pretty much any merger. I came back and said I thought there were so many mergers in previous administrations like the airlines, that now we have tons of non competitive routes. But let me give you the in spite of here that the market, the banks went up in spite of. Rather than have a discussion between the parties, the agencies would simply sue. Again, no dialogue. They created an environment where few companies would want to go through the merger gauntlet. It had a very successful chilling effect on doing new deals, many of which would have made shareholders like you a great deal of money. The regulators acted harshly in the pendulum, which was too loose at the time of the minibank crisis two years ago, became way too punitive. There's that word again. Punitive. When the regulators would step in, one banker said that the regulator showed so little respect that he thought they just wanted to stifle his business. The bankers wanted some degree of transparency about the new regulations that intruded endlessly on what they were doing. They wanted some sense of the real capital levels that the government wanted to see. And they wanted a seat at the table when the President discussed business. Didn't happen. Then again, who knows if the President was discussing any of this stuff with anybody. For all we know, it was sadly a weekend at Bernie's White House. Several CEOs said that, look, maybe it didn't matter. Everything turned out to be just fine. Could have been better, of course. Maybe it will even be better with President elect Trump, but maybe it won't. Ultimately, I think that a President should develop a good relationship with the business community. They should talk. There should be dialogue. Biden was indeed needlessly antagonistic. I have that feeling after speaking with these people. Not to say that I'm all with them, but the antagonism was too palpable. The bottom line, if all that matters is who wins the next election, you could argue that this style didn't work. That business might have been able to help bring down inflation, which is what I think undid the Democratic Party in November. Business is not hated in this country. It doesn't need to be loved, but something in between. Maybe everyone would have done better. Maybe that's the put pay when it comes to business, the White House and the closing stock prices of this administration. Rizwan in Texas. Rizwan, hello.