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Mad Money w/ Jim Cramer 12/4/25 - Mad Money w/ Jim Cramer | Wave AI Podcast Notes

Mad Money w/ Jim Cramer 12/4/25

Fri Dec 05 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 – December 5, 2025 Episode Summary

Episode Overview

This episode of Mad Money with Jim Cramer dives deep into the current state of the tech sector, explores standout earnings from Salesforce, examines the resilience and transformations in big pharma and retail, and highlights the explosive rise of prediction markets like Kalshi. Featuring notable guest appearances by Salesforce CEO Mark Benioff and Kalshi CEO Tarek Mansour, this episode is packed with actionable investing insights, memorable market analysis, and Cramer's trademark energetic style.

Key Topics and Discussion Points

1. Tech Sector Turmoil and Investment Approach

Timestamp: 01:55–05:51

Cramer’s Evolving Stance on Tech
The episode opens with Cramer noting his enduring love for tech since 1982, but sharing current reservations about the sector. He highlights that top-performing tech stocks now often have poor fundamentals, while quality names are under pressure.

“I’m not turning against tech. I’m simply saying that when I pick stocks, I like easy money and I like to avoid the battlegrounds.” – Jim Cramer [02:58]
Battleground Examples
- Amazon Web Services’ Reinvent Conference: Despite a strong showing, AWS’s new products did not excite investors; stock reaction was disappointing.
- Salesforce: Cramer praises their results and tech innovation (AI-driven Agent Force) but notes the stock's whipsawing performance following earnings as an indication of market volatility.
- Meta & Silicon Valley Culture: Cramer comments on Zuckerberg’s aggressive talent poaching and Meta’s cost discipline.
- Nvidia: Acknowledges CEO Jensen Huang’s high-profile, relentless schedule and the contradictory criticisms Nvidia faces regarding its technology and China relations.
- OpenAI vs. Google: Notes OpenAI's moment of uncertainty as Google's Gemini rises, questioning if OpenAI can maintain its edge.
“These aren't banks so there's no real 'too big to fail' metaphor… but there's just something existential with this cohort: the whole group is winner take none.” – Jim Cramer [06:45]
Cramer’s Broader Advice:
Investors should lean into sectors that benefit from lower interest rates, such as banks, transport, healthcare, and “boring” stocks over the current tech “trench warfare.”

2. Salesforce’s AI-Driven Transformation – Conversation with Mark Benioff

Timestamp: 13:45–24:23

Q2 Results and Agent Force Cramer sits down with Salesforce CEO Mark Benioff to dissect their strong quarter, driven by AI tool Agent Force.
Agent Force’s Impact
- Fastest-growing product in Salesforce history, already reaching a $540M run rate in less than a year.
- Major clients like CVS, Aetna, Costco, Dell, and leading pharmaceutical companies are early adopters.
  
  “This is the holy grail, people, for customer service... Agent Force bot answers your phone call, knows all about you... and can service you better than any human.” – Jim Cramer [03:58]
  
  “It brings together humans and data and AI and apps and delivers an incredible experience for companies... fastest growing product I have ever seen.” – Mark Benioff [15:05]
Competitive Moat
- Benioff argues the core value isn’t in LLMs (which are commodities), but in unique customer data and killer apps tied together by Agent Force.
- Robust deployments in healthcare: Pfizer, AstraZeneca, Novartis, Takeda, and transformative work with Dell’s supply chain.
- Emphasizes Salesforce’s global dominance: $41B revenue, 80,000 employees, leading positions worldwide.
  
  “All these large language models are the same. We just want the lowest cost one... Those are not commodities. Sales Cloud is not a commodity.” – Mark Benioff [19:15] “Agent Force accounts in production are up 70% quarter over quarter.” – Mark Benioff [23:47]
Salesforce’s Future & Brand Cramer floats renaming the company ‘Agent Force;’ Benioff highlights how Agent Force fundamentally redefines the company.

3. Pharma Sector Rebounds – Merck’s Turnaround

Timestamp: 26:05–32:13

Big Pharma’s Resilience
- Pharma stocks, led by Eli Lilly, Amgen, Regeneron, Bristol Myers, and Merck, rebound since tech’s October peak.
- Focus on Merck’s nearly 17% rise post-October 29 and its overcoming of recent headwinds.
Merck’s Transformation
- Recovers from China’s sudden pullback on Gardasil (HPV vaccine).
- Anticipates Keytruda’s patent expiry with strategic acquisitions:
  - Verona Pharma (COPD drug, $10B acquisition)
  - Sedara Therapeutics (ADC therapeutics, targeted antivirals, $9.2B acquisition)
- Wells Fargo praises Merck as entering a “catalyst rich period.”
- Stock valuation remains attractive.
  
  “Merck’s a very cheap stock that still doesn’t even get nearly enough love for its terrific pipeline. Or for that matter, its solid 3.4% dividend yield. Believe me, you could do a lot worse.” – Jim Cramer [32:13]

4. The Rise of Prediction Markets – Interview with Tarek Mansour, Kalshi CEO

Timestamp: 33:47–41:37

What is Kalshi?
- Kalshi allows users to trade “yes/no” shares on real-world events: elections, weather, regulatory decisions, pop culture.
- Now the trusted U.S. leader in the space, verified with federal regulatory approval by the CFTC.
- Announced new $1B Series E funding, $11B valuation, and a partnership with CNBC.
  
  “These markets work so well because like the stock market, they price the future, they are predictive.” – Tarek Mansour [34:52]
Why Prediction Markets Work
- Cramer and Mansour discuss how having “skin in the game” creates more reliable forecasts than punditry or simple polls.
- Competition (PolyMarket, CME) is intensifying, confirming the sector’s potential.
  
  “It’s not a secret that financial markets pretty consistently throughout history... people call it gambling, or people are speculating. We’re regulated by the federal government because we’re a neutral, transparent financial market.” – Tarek Mansour [38:43]
Bridging Investment and Speculation
- Kalshi regarded as a way to engage younger generations who distrust or overlook traditional stock markets.
- Offers an outlet where “everyone is an expert on something” and can monetize their insight.
  
  “The beauty of what we’re building on Kalshi is everyone is an expert on something... Kalshi is an outlet for you to basically make money off of that passion or expertise.” – Tarek Mansour [41:21]

5. The Lightning Round – Stock Opinions Rapid Fire

Timestamp: 42:14–44:21

Key Calls:

Recursion Pharmaceuticals: Too speculative, “bad taste in my mouth.” – Jim Cramer [43:45]
GE Vernova: The only nuclear name Cramer endorses for actual execution in nuclear power [44:10]
- “Scale out on the way up… Sell some at 27, sell some at 30. Get rid of all of it.” [44:18]

6. Retail Turnaround Highlight – Five Below

Timestamp: 44:54–48:05

Five Below’s Comeback
- CEO Winnie Park revitalizes the discount chain: refocus on core customer, strong digital tactics, introduction of “curtain up moments” for seasonal sales.
- Posted two consecutive $1B+ quarters, same store sales up 14%.
- Transformation in loss/theft management and merchandising breathes new life into the stock, up 60% YTD.
  
  “Park uses terms like generation of content, not clothes, not toys. She’s basically putting on six shows a year that are driving an immense amount of traffic.” – Jim Cramer [47:50]

Memorable Quotes

“My job is not just entertain but to explain.” – Jim Cramer [01:55]
“Courage is the new currency in this country.” – Jim Cramer [12:11]
“All these large language models are the same. We just want the lowest cost one. Then we plug it in. We’ve got all the customers data. We have our killer apps.” – Mark Benioff [19:15]
“Merck’s a very cheap stock that still doesn’t even get nearly enough love for its terrific pipeline. Or for that matter, its solid 3.4% dividend yield. Believe me, you could do a lot worse.” – Jim Cramer [32:13]
“People don’t lie when they have money on the line.” – Tarek Mansour [36:14]

Notable Timestamps

01:55 – Cramer’s opening monologue, tech sector overview
13:45 – Salesforce Q2/Agent Force discussion, Mark Benioff interview
26:05 – Deep dive: Merck’s comeback and big pharma trends
33:47 – Prediction markets segment: Interview with Tarek Mansour of Kalshi
42:14 – Lightning Round: Rapid fire stock calls
44:54 – Five Below’s retail turnaround analysis
48:05 – Episode conclusion

Episode Tone

Cramer’s signature animated, candid, and occasionally irreverent style permeates the show. The insights are practical, market-savvy, and oriented to both everyday investors and finance enthusiasts.

Useful for Listeners Who Missed the Episode

This summary outlines all major discussions, key investment takeaways, and sector analyses covered in the December 5, 2025, episode of Mad Money. It highlights actionable stock opinions, timely market trends, behind-the-scenes tech and retail transformations, and unique industry perspectives—making it an invaluable resource for investors seeking Cramer’s market wisdom in a digestible format.

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Transcript

Commercial Narrator (0:00)

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Commercial Narrator (1:01)

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Jim Cramer (1:55)

Hey, I'm Kramer. Welcome to Man Money. Welcome to Cramerica. Other people make friends. I'm just trying to make you a little bit of money here. My job is not just entertain but to explain. So call me at 1-800-743-CNBC or tweet me at Jim Cramer. Let me start out tonight by saying I am not a tech apostate. Far from it. I've loved tech ever since 1982 when Texas industries was cutting edge and National Semiconductor revolutionized those little silicon devils. But there's like today where The Dow dipped 32 points, S&P advanced.11% and Nasdaq edged up 0.22%. These days challenge my assumptions on tech. Even the ones I push in how to make money in any market. Like the idea that these are still the best tech stocks to own long term. I still believe that. But you know what? You got to be thinking long term because right now putting new money to work in this scrum of a sector feels a little early. Especially when the best acting tech Stocks right now have the worst balance sheets, income statements and the real good ones.

Jim Cramer (2:58)

Crossfire. Again, I'm not turning against tech. I'm simply saying that when I pick stocks, I like easy money and I like to avoid the battlegrounds. Lately I've been trying to direct your attention to the easy money groups like the banks. Wow. The transports and even the health care companies which have been tremendous. With the Fed in rate cutting mode, you want to own stocks that will benefit from easy money. Like a railroad that has no competition or, or credit card company or something related to travel and leisure. Fast growing retail. A dollar stall for instance. The dollar stores are on fire. Not a lot of battlegrounds there. There's only a couple of them. But tech, let's just say I know the first day of the Psalm when I see it and I don't want to go over the top into this current madness. Make no mistake, this is brutal trench warfare we're experiencing. I want to walk you through some of the battlegrounds. Let's start with Amazon Web Services which is having an incredible conference Reinvent. It's called Reinvent 2025. It's in Las Vegas. It's ongoing right now. Now I know what happens in Vegas days in Vegas. But this was ridiculous. The reaction to this conference didn't even leave the building, let alone go to Vegas. Nothing. In fact, the stocks reacted terribly to the conference. Now this was Matt Garman show who took over job from Kramer Faith Adam Selipsky last year. I'm a generalist, not a technologist like the tech bro from the Technology Business Programming Network or TBP and who were kind enough to interview me today. And really terrific. Speaking as a generalist though, I thought that Mac did a great job on the show showing up all these new gizmos and software and on ramps that Amazon Web Services now offers. When I thought it was fantastic frankly. But I think from the stock it looks like I'm the only one who thought that. Second there's Salesforce. Now we have CEO Mark Benioff on tonight and boy I love this quarter. When his company reported last night it was lights out people, lights out. He laid out a multi year program for Agent Force that suggested Salesforce might have the agent space to itself. This could be one of the largest markets in history. This is the holy grail, people for customer service. An informed salesperson at the point of contact who knows everything about you and is ready to help you instantly. Can't make mistakes, many languages even as it's not a salesperson at all. It's not a person. Salesforce now has the holy grail. An Agent Force bot answers your phone call, knows all about you from the get go, and can service you better than any human. The steak free. All for a fraction of the cost. And by the way, can I just tell you, no health care, no days off. It's amazing. Which is exactly why Costco, the world's best retailer, and cbs, the biggest drugstore, both chose this technology. And I'm told that they love it. This is a new business line for Salesforce, just unveiled last year on our show, by the way, and it's already hit a $500 million run rate. I think Agent Force can redefine this company within the next 12 to 18 months. I think they should rename it Agent Force. If I were kidding, I wouldn't have said it. The reaction? Well, the stock immediately jumped more than 20 points last night. That's right.

Jim Cramer (5:51)

But then it gave it all up. I mean, every penny of it. Of course, it did rebound in the afternoon. It closed higher. But I mean, this thing was down at one point. This was crazy. While investors came to their senses later on, the fact that Salesforce was down even briefly today just shows me. Wow, this is one nasty tech market. Third example. There used to be some honor among thieves in Silicon Valley. A sort of no poach rule that led to a lot of rich executives filled with stock based compensation. Then along comes Mark Zuckerberg from Meta, and he's poaching like mad, building the best roster in the industry. He's going after some very talented from Apple, including one we just learned who ran Apple's liquid glass portfolio, which I'm very interested in. What the heck? I know this is how it's supposed to be in a free market economy, but in practice, the big boys never really tried to compete on salary. Now they have free agency without a salary cap nightmare. Meanwhile, Zuckerberg's cutting his Metaverse bend. A black hole that I thought might stay a black hole. Because when you're making as much money as Met is, does anyone really need to be laid off? Apparently, yes. You know what I've been thinking? Zuckerberg makes Elon Musk look like a real softy. All right, let's get to the biggest publicly traded battle, the one that feels like a combination of Verdun and Gallipoli. I'm referring to the travails of Jensen, Huang and Nvidia. First, let me say there must be three or four Jensen Wongs running around. Remember little Jensen, because he's everywhere. Congress, the White House. Joe Rogan. Joe Rogan. He's on the firing line every minute, this guy. A firing line that feels more like the firing squad at the end of Pairs of Glory. An unjust execution that Johnson is going into with his eyes wide open. I feel that Jensen's fate. I feel it's his fate every day. I don't know how he stays sane, honestly. And he stays funny too, noting that he's the only person who is allowed to do business in China but banned by both sides. If you believe the critics. Somehow his chips are both inferior to the homegrown competition for Google, yet so incredibly advanced that we can't let the People's Liberation army get its hands on them. It's all a canard people. Nvidia semis are superior. Companies are making billions of dollars when they buy them. It's not a deadweight loss capex bunch if he charges too much. And why is the huge buyer which Alphabet they make their own but they're a huge buyer of Nvidia. Why are they seeing the market capitalization at hundreds of billions of dollars in value buying a fraction of that from him? I don't get it. Why is that ever talked about you want to own this stock, not trade it? And the stock was up almost four bucks today. But if it has become torturous, there's friendly fire going off everywhere as Jensen toggles between the globalists and the jingoists instead of just walking the grass line walls of his home turf. Talk taking selfies and chatting with his teammates. Finally, I want to end with the ultimate battleground of all time open AI. Here's a company that made $1.4 trillion in spending commitments based on what now seems like a tenuous lead in the chat bot space with chat cbd. They had the field themselves for three years, people throwing money at them. But all of a sudden Google emerged with Gemini 3 and there's a general acceptance that open air is relinquished the crown. Of course it could come out next week with a new version that could leapfrog over Gemini 3, but it'll cost a fortune. Stay in this game and we don't know if that company can raise that fortune. Could CEO Sam Altman be King Midas in reverse? Or you settle for being the biblical Sampson Post haircut. Either way, not a good ending. The fact is these aren't banks so there are no. There's no real big to fail metaphor going on here. But there's just something existential with this cohort is that the Whole group is winner take none. You think Union Pacific is winner take none? How about Goldman Sachs, JP Morgan, Johnson and Johnson. Even Bristol Myers can go higher in this market shares. But I'm not advocating the wholesale ban sector in history. Not at all. I am saying however, that there is a fierce competition with enfilading fire and exploding claymores everywhere and it's showing no signs of abating. But boy oh boy, is it entertaining. Unfortunately, don't value stocks entertainment per share. Which is why you should focus on boring stocks of companies that tend to win big when interest rates come down. Aside from just owning a lot of tech. Let's go to James in my home state of New Jersey. James. Boom boom, boom boom. Boolea from Belmont. Jim. Oh man. Belmore. Oh man. Dolce Vita. I wish I had that spaghetti cream sauce right now. Always wear a bib. Always wear a bib. Don't let it ruin your shirt. I had two shirts ruined there. Nick does the greatest job. How can I help while cooking my bolognese sauce, I heard you say one day Robinhood. I can't believe the stock is so Robinhood goes higher. It goes higher because it's a proxy for all the young investors. See young investors, they're on Robinhood the app. So they buy Robinhood the stock and you know what? They've been winning 267%. That makes other people want to be in Winners win. Stupid metaphor does work. EPS doesn't mean entertainment for share people. It's okay to stick to boring stocks. They'll make you money. Augment your tech portfolio with some boredom. Well, I'm going to tell you, Salesforce delivered a big beat in the quarterly report. As I said just earlier, didn't sit in stock higher. I'm getting all the latest in the Gentex AI with the company CEO. Then what's behind this new upward trajectory in drop maker work? I'm digging the company's pipeline and what's making it stand out from the pack. And prediction markets have become some of the biggest places to make trades on every everyday events. I'm learning more about Calshi and how it's been transforming the space with the company CEO and a new relationship it has with cnbc. So stay with Kramer.

Jim Cramer (26:05)

After spending most of the year in the doghouse, big pharmas come roaring back over the past five odd weeks. Have you noticed that ever since most tech stocks peaked near the end of October, since October 29, Eli Lilly, which we own for the Chapel Trust, is up a whopping 25%, briefly joining the Trillionaires Club about two weeks ago. Meanwhile, Amgen, Regeneron and even Bristol Myers all up double digits. But there's one drug company that got to I'm particularly impressed over here, and that is Merck, up almost 17% since the tenor of the market changed October 29th. And much more than that if you go back a few months. I've only been a fan of this one. The investment that changed my entire life was a big bet on Merck Options back in the 80s. But the stock ran this in turbulence after it peaked at just under $135 in June of last year. From there experienced this incredibly sickening decline. A missing is for leaders I Mean, this thing fell all the way down to 733 and change in May with the stock above 101. Now Merck's made a comeback, but it looks like some time. It took some time. I mean the stock was still in the high 70s in late September and that's when it became a juggernaut, started charging back to the triple digits. Now some of that's because Wall street had no interest in Big Pharma for most of 2025. We had so many red hot AI data center plays and turbocharged speculative stocks nobody cared about daddy. Old Merker's compadres didn't help that the White House kept saber rattling on the need for lower drug prices. Now though, the year of magical investing is winding up. Okay, we had a rebound today. I get that rebounds can happen, but as I told you yesterday, you have to re, you have to use these rebounds to ring the register on the way up as these company stocks go higher. And you got to scale out to get into the best companies we have. You got to scale out into companies like Merck with have good dividends and good growth. That's made Big Pharma traditionally defensive sector like look a lot more attractive. At the same time, Washington hasn't done anything really to truly hurt the industry's profitability, has it? Now Merck was held back by some company specific issues. For some reason we still don't really understand, the Chinese pretty much stopped buying the company's popular HPV vaccine, Gardasil, which is maybe the most effective way to prevent cervical cancer. Whatever reason, China stopped buying it and eventually Merck just gave up. I mean shippers are pretty pause at least until the end of the year, if you can understand that. Tell me. I don't understand why a country's government would stop giving people a drug that saves lives. That's China. More importantly, Wall Street's been bracing itself for mercury lose patent protection on Keytruda, it's blockbuster cancer treatment that's been the best selling drug in the world for the past two years. Although it's about to be surpassed by Lilly's Miracle GLP1 weight loss drug. People are really underestimating what it'll mean when that thing goes on. Medicare still key to accounts for nearly half of Merck's sales and its patents expired in 2020 and that caused the price earnings multiple to shrink here. So what's gotten better recently that's allowed the stock to rally? All right, well let's start with the China issue, which really hasn't improved all that much. The one change is that this Gardasil issue started in the summer of 2024. So they've now lapped it year over year, which means they're up against much easier comparisons. When Merck reported at the end of October, Gardasil sales were still down 24% year over year. Not great, but much better than the 55% decline we see in the previous quarter. Plus, Merck's overall growth rate turned positive again, up 4%. This was the best quarter we've gotten from Merck in quite a while, with a healthy revenue beat. Key true to sales up 10% and their animal health division up 9%. The company's also seeing great numbers from Wind Revere, their new pulmonary arterial hypertension drug, which put up 360 million in sales for the quarter. Sorry, a blockbuster that was introduced in the show. I don't remember. This is something Merck picked up from the $11.5 billion acquisition of Acceleron Pharma back in 2020. 2020 21. Which brings me back to my next point. The people who run this company are not idiots.

Jim Cramer (29:48)

They've long known that he Trudeau would lose patent protection. So for years, they've been making acquisitions to build up their pipeline. In early July, Merck announced the acquisition of a British company called Verona pharma for roughly $10 billion. Verona's focus on respiratory diseases. And they already have one drug on the market, the first new maintenance treatment for chronic obstructive pulmonary disease in more than 20 years. It will be another blockbuster, I predict. Then in mid November, Merck did another deal. They're buying Sedara therapeutics for another 9.2 billion. Cedar specialized in something called drug FC conjugate therapeutics, which in plain English is a delivery mechanism that helps target specific viruses, infections, even tumors. Their lead drug candidate is an antiviral agent that can prevent influenza in people who have high risk of flu complications. Technically, it's not a flu vaccine, but functionally it does the same thing and seems to work for every strain of the virus. So Merck's been making ample preparation for a world without key true exclusivity. And the analysts starting to notice. Last Monday, Wells Fargo upgraded the stock. A note entitled we can see a future beyond keytrude. Given the strength of this pipeline, this analyst sees Merck, quote, entering a catalyst rich period in the next 12 to 18 months with readouts across its pipeline. And in fact, they said that Merck may have added or DE risk over $20 billion of unadjusted peak sales just in the last three to six months. It sounds good to me. They're no longer predicting a huge drop off in sales in 2029 through 2031, the first four years where she would be off patent. And they see Merck returning to growth there for 2020 31. Look, I think it could actually happen sooner than that, which is why I like the stock so much. According to Wells Fargo math, the stock currently sells for less than nine times next year's earnings. Although when you use the consensus estimates, more like 11.4 times earnings. Either way, that's darn cheap. It's why I've been saying it's time to get out of the flybonites and get into the reels. So let's put this together. In general, the big pharma stocks have been doing much better since the end of October as Wall Street's gotten a lot more antsy about tech and RFK Jr hasn't really cracked down on the industry and Health and Human Services. Meanwhile, the previously downtrodden Merck has become a standout performer. The bottom line, as a long term admirer of Merck, and I'm talking about decade after decade, I do love to see this new trajectory. Of course, I wouldn't be surprised if there are setbacks along the way. That's the nature of the drug business. But for now, Merck's a very cheap stock that still doesn't even get nearly enough love for its terrific pipeline. Or for that matter, its solid 3.4% dividend yield. Believe me, you could do a lot worse. Let's take some calls. Let's go to Steve in New Jersey. Steve?

Jim Cramer (44:54)

I love turnaround stories. If you catch a turnaround early, you can make big long term money. And that's especially true in retail where comebacks are very hard to find. But if you do find them, ooh, they tend to be bountiful. Example, we're seeing one right now in Gap under Richard Dixon. We've seen one in Williams Sonoma, of course, here by Laura Albert. I like what's happening in Tapestry under Joanne Cravasserat. And who can quibble with the work that Patrice Lavey has done resuscitating Ralph Lauren? But to me, you know what the most most impressive term right now is? The remarkable resurrection of Five Below, the largely kids themed store that just delivered its second consecutive quarter of over $1 billion in sales. With so much more growth ahead of it. As is often the case in retail, the person at the helm either makes or breaks the business. And CEO Winnie park has made it, taking the stock to heights that would have seemed impossible when she was appointed a year ago today. At the time, Five Below had lost its way, falling behind the industry in both new ideas and profits. Company had become a serial disappointer and even a bit of a joke versus his competitor. Under park, that's all changed. Something that's obvious from the amazing quarter they just reported, the one that sent the Stock up another five points. It's up 60% so far this year. Of course, some would say that she and her better than expected company with improvement coming from the immediate predecessor, interim CEO Kenneth Bull. Look, he deserves some credit. But it's park who set up Five Below for multi year growth, even as the chain already has 1900 stores across almost every state in the union. And look, the numbers will incredible. In the latest quarter announced last night, park delivered an astounding 14% same store sales growth almost unheard of for chain like Five Below. Some of the transformation comes from going back to basics. Park has worked hard to, as she said in the conference call, sharpen the focus on the customer, the kid. Second, she's using digital channels and social media to help drive people to the stores. Third, she's developed what Five Below calls curtain up moments holiday merchandise for six different occasions. She says this management job to please the boss, which isn't her, it's the customer. She killed it in the two most recent curtains up, Halloween and Back to School. They caused sales acceleration throughout the quarter and now we're in the biggest shopping season of all. Some of the success came from scrapping the 5 beyond section of the store which is hobbled stores that kind of a no fly zone of expensive merchandise. They've taken that space for big time seasonal merchandise instead. Now there's some secret sauce we don't know about.5 below at some of the worst pilfers in the industry last year, just rampant shrinkage. Technical term snailed down a great deal because of mitigation efforts. But management didn't tell us how they did that. We don't know how they avoided taking a profit hit from tariffs either. Something. Look, the tariffs took this stock down very hard. There'd be another buying opportunity. All in all, I think Five Below story is all about duration. Park uses terms like generation of content, not closed content, not toys. She's basically putting on six shows a year that are driving an immense amount of traffic. The changes though are still in their infancy. That's why I think that Five Below last year, the butt of many jokes, is firmly in the turnaround mode. A successful turn can generate years of terrific gains for you, the shareholder, meaning the stock might indeed have a lot more room to run. I like to say, as always, just for you.