Mad Money w/ Jim Cramer 3/25/26

Summary

Mad Money with Jim Cramer - March 25, 2026

Podcast Summary

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Episode Overview

On this episode of "Mad Money," Jim Cramer tackles a turbulent market shaken by war in the Middle East, surging oil prices, and rising interest rates. Cramer aims to guide investors through uncertainty by highlighting key sectors, scrutinizing earnings, spotlighting investment strategies, and sharing actionable stock ideas. The episode features his signature "Lightning Round," deep dives into LNG (liquefied natural gas) plays and consumer value research, and a discussion on the power and pitfalls of contrarian investing during crises.

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Key Themes & Discussion Points

1. State of the Market: Oil, War, and Investor Sentiment

• Market Decline: Major indices fell sharply for the fourth straight week, as oil prices surged due to escalating conflict in the Middle East. (01:00)
  • Dow: -444 points (-1.51%)
  • Nasdaq: -2.1%
• Investor Confusion: Cramer explains the extreme difficulty of making short-term bets when geopolitical headlines swing markets. He emphasizes patience and context over panic.
  • Quote: "There’s always a bull market somewhere and I promise to help you find it." (01:00)
• Oil’s Impact: "The relation between oil and the averages is almost one for one. Crude goes up a dollar, stocks go down about a half a percentage point." (02:05)
• War Dynamics: The U.S. administration’s mixed signals on winding down operations but expanding deployments create further market anxiety. (02:30)

2. Game Plan for the Week Ahead

• Earnings Calendar Analysis: Cramer previews the upcoming week’s key earnings:
  • McCormick – Possible Unilever foods purchase could ignite packaged food stocks (03:20)
  • KB Home – Struggling housing sector ("the worst home business market in 40 years") could pressure stocks and gives reason for Fed to consider rate cuts (04:05)
    • Quote: "Housing punches above its weight in the economy and we have very little building." (04:31)
  • Cintas & Paychex – M&A activity and AI threats in payroll processing, with concerns over high yields not stopping price declines (06:10)
  • Chewy – Once-loved, now unloved stock reporting; potential for opportunity if market overreacts (07:15)
• Financials: Private credit products are under stress, especially for enterprise software with AI disruption risk. (07:40)
• Generac: Investors want to hear about the generator company’s exposure to booming data center backup infrastructure. (08:30)
• Carnival: The cruise line sector shows potential as a value proposition in travel. (08:50)

3. Audience Q&A: Practical Stock Advice

Notable Segments (09:47–12:48)

• Corning: Cramer says wait for a pullback before adding—market is too weak to chase winners. (10:46)
  • Quote: "All stocks that have moved big here are vulnerable. Corning's vulnerable." (10:46)
• Cava: Up 40% YTD. Cramer cautions to wait for a dip before buying. (11:34)

4. FedEx Deep Dive: Earnings and Sector Read-Through

(13:55–20:52)

• Strong Results: FedEx reports accelerating revenue (+8% YoY) and a massive earnings beat ($5.25 vs $4.15 per share expected). (15:00)
  • Quote: "The quarter itself was a thing of beauty." (16:23)
• Cost Cuts Paying Off: Operating margins held up, despite headwinds from oil, war, and a softer freight market.
• Guidance Raised: Now looking for $19.30–$20.10 EPS for FY2026; FY2029 target is over $28. (16:30)
• CEO Praise: "Fabulous CEO Raj Subramanian called on the call. An exceptional peak. Our most profitable yet." (16:43)
• Outlook: Despite sector-wide pressure, FedEx seen as an outperformer—trading at just 13x 2029 estimates—esp. after spinning off freight division.
  • Caution: Ongoing geopolitical turmoil and the closed Strait of Hormuz remain key risks.

5. U.S. LNG Export Boom: Energy Crisis Opportunities

(22:26–29:41)

• Middle East Disruption: Attacks in Qatar and Israel knocking out 17% of global LNG supply for 3–5 years. U.S. now seen as a primary, reliable global supplier. (22:30)
  • "America's become the most reliable source of supply practically overnight..." (23:21)
• Investment Plays:
  • Sempra (SRE): Utility with some LNG exposure, but more regulated story.
  • Cheniere Energy (LNG): "Cleanest play on LNG," largest exporter, pure play, still not expensive at <20x earnings. (24:20)
  • Enbridge (ENB): Massive pipeline operator, 5.3% yield, direct west coast LNG terminal exposure. (25:00)
  • Enterprise Products Partners (EPD): 5.9% yield, critical for infrastructure and "arms dealer" to U.S. export boom.
  • Venture Global: Speculative pure play with rapid capacity buildout and volatile legal past; biggest upside but riskier.
    • Quote: "This is the most aggressive grower in the group...the one you want if you're a true believer." (28:15)
  • Summary: "If you believe that the United States can become a much larger supplier of LNG as I do, these are all terrific ways to play it." (29:23)
• Stock Advice:
  • Kotera: Caller up 30%; Cramer advises selling half to lock in gains and riding the rest. (30:00)

6. Consumer Value and the Multiple – Interview with Rob Pace, 100X

(32:25–39:20)

• Focus on Multiples: Future returns driven far more by multiple expansion/contraction than by earnings alone.
  • Quote (Pace): "At the end of the day, a stock is earnings times a multiple. The most underappreciated thing is the multiple." (32:38)
• Key Metric: Value to Customer: Brands winning on value (best experience for price) see faster growth, higher purchase intent, and larger market multiples.
  • Examples: Walmart and Salesforce—multiple changes explain divergent stock trajectories. (33:12)
• Cruise Lines as Case Study: Disney, Viking, and Royal Caribbean outperform because customers see value across different price tiers.
  • Data driven: "We have almost a million [respondents], but what...that's empirical, that's not anecdotal." (36:06)
• Finding MVP Stocks: Costco, TJX highlighted; stocks like Chewy and Columbia mentioned as possible value anomalies for further research. (38:00)
• The Empowerment Thesis: Institutional investors may overlook what observant consumers intuitively know—retail investors can and should harness their own insights, especially as AI enhances this process. (37:07)

7. The Lightning Round – Rapid-fire Stock Takes

(39:37–42:30)

• Example Calls:
  • FTI Tech (FTI): Attractive, still inexpensive—Buy. (40:05)
  • ISSC: Aggressive, high-growth—OK for young investors. (40:18)
  • OLMA: Too risky for this environment—Avoid. (41:07)
  • Lam Research (LRCX): Winner in chips—Buy half now, half on a bigger dip. (41:31)
  • Conagra (CAG): High yield, but too challenged—Avoid. (42:17)

8. Market Psychology – The Contrarian Trap

(43:18–47:07)

• Don’t Blindly Buy Dips: The S&P is down less than 5%, valuations are still high, and war/geopolitical risks remain—don’t assume blindly that it’s time to buy.
  • Quote: "Investing purely on the basis of being a contrarian is not something that can get you too far. You need a meaningful catalyst to turn things around." (44:30)
• Patience is Key: Many declines don’t solve the core problem, and just because it feels awful doesn’t mean we’re at a bottom.
• Classic Example – Nvidia: Great business may keep getting cheaper in crises—don’t assume it can’t fall further.
• History and Perspective: Only the Great Recession justifies panicked selling; even now, it is “more dangerous to leave than to stay.”

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Notable Quotes & Memorable Moments

• On Oil Market Volatility:
  “Housing punches above its weight in the economy and we have very little building…It’s the worst home business market in 40 years.” (04:31)
• FedEx Earnings Reaction:
  “The quarter itself was a thing of beauty. But what about the guidance, you know how important that is.” (16:23)
• On the Rise of U.S. LNG:
  "If you're a country that needs liquefied natural gas America's become the most reliable source of supply practically overnight..." (23:21)
• On Stock Multiples (Rob Pace):
  "At the end of the day, a stock is, is earnings times a multiple. And the most underappreciated thing is the multiple." (32:38)
• On Contrarian Investing:
  "Investing purely on the basis of being a contrarian is not something that can get you too far. You need a meaningful catalyst to turn things around." (44:30)
• Closing Reminder:
  "There's always a bull market somewhere. I promise to help you find it." (47:03)

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Timestamps for Key Segments

• [01:00] – Market turmoil, oil prices, and broad investing sentiment
• [03:20] – Earnings playbook and sector preview
• [09:47] – Audience calls: Corning, Cava
• [13:55] – Deep dive: FedEx blowout quarter and transports outlook
• [22:26] – U.S. LNG: Investment opportunities & energy macro risks
• [32:25] – Rob Pace (100X) on multiples, value, and brand investing
• [39:37] – Lightning Round: Quick-hits on caller stock questions
• [43:18] – Investing psychology: Contrarianism, caution, and lessons from history

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Final Take

Jim Cramer’s March 25, 2026 episode offers rich, practical insight for navigating one of the market’s most volatile stretches, blending actionable sector and stock-level ideas with a focus on patience, fundamentals, and the value of consumer and investor observation. Despite a challenging outlook, Cramer’s message is optimistic but grounded: opportunity persists, but caution and thoughtfulness are essential.

Transcript

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[Jim Cramer]

to make you money. I'm here to level the playing field for all investors. There's 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 Kramerica. Other people friends. I'm just trying to save a little bit of money here. My job is not just to educate but to put things in context. So call me at 107 for 3CBC. Tweet me at Jim Cramer at the end of the fourth down week. Fourth down week in a row. A day where The Dow lost 444 points as we sank 1.51%. The Nasdaq plunged 2.1% thanks to rising oil prices. What are we looking at going forward? Is there anything good out there? Well, we'll be have to do is look at our game plan to find out. All right, here we go. You know what? This day begins like almost everyone every single Monday. And that's with the Sunday night futures that we monitor. That's how I find out what's going to happen. It's a prelude to Monday. The war has taken on an unrestrained nature where our president talks about winding down the operation. Even he did that. That's very easy. But then reportedly dispatches more marines to the Middle East. So hard to keep track of. And that's why Sunday night has become so tense in our house. I don't know about yours. If you want to see the futures in action, go to cnbc.com right at the top of the homepage. That's what I'm Glued to. That's why I follow them. And that's what I'll be doing Sunday evening. The relation between oil and the averages is almost one for one. Crude goes up a dollar, stocks go down about a half a percentage point. Given how fast oil can rally, it's mighty hard to figure out what to do with stocks. You don't want to throw away good company stocks though, on something that theoretically could end with a phone call. But if the goal is to reopen the Straits of Moves, the Strait of Moose is not going to be easy to do. That's going to require either a tremendous escalation or diplomatic breakthrough. And I think the latter seems unlikely. So when I hear things going to wind down at the same time that the President wants this trade of removes to be open, I just don't know how that can happen given these variables. Therefore, we can't judge what will occur Monday. The day itself has no earnings on its calendar, but. But it doesn't seem to matter. Companies with even the best of earnings are seeing a pop in the morning and then they just go get mowed down. No matter what, the oil futures take away the ability to profit short term, but given new word to the meaning patience. And that's how you have to be. You have to be patient. I gotta tell you, I wrote how to make money in any market for moments like these. These are the times that drive people's souls and they make you wish that you own nothing. We have no idea what's going to happen here. We know that the war is bad for stocks. The economic impact is global. Every positive seems to be met. Two negatives, not one. And all the positives seem to do is keep getting us from getting real oversold enough to at least have a legitimate bounce. I mean, look, even tonight when I pull up the oscillator before the show began, it was the same as Wednesday's reading. And even as they had one of the worst, most revolting days I've seen in ages, it means it may be harder to bounce than I think. Now, one thing I am hoping for this weekend that could be good is that McCormick, the flavor and spice company, I'm hoping they'll buy Unilever's food division. We heard this morning that they were in talks. It could be expensive. Absolutely. But these kinds of brands, Hellman's mayonnaise, Noor soups, Coleman's mustard, they don't come up for sale very often. And this group is so challenged for growth that I hope McCormick buys some. Yes, they could dominate whole aisles the supermarket for this acquisition. That's the only way to get a packaged food stock rally in this environment they're one of the worst groups in the entire market. Tuesday we hear from the beleaguered housing sector when KB Homes that's a national builder starting California was kind of a regional will tell us what I expect to be a tale of lukewarm sales because mortgage rates are just too high. This prelude to the spring selling season will be a reminder of how the homebuilders have stalled out here. The weakness in housing is a major reason why I believe the Fed should keep rate cuts on the table despite inflation caused by higher energy costs. There simply aren't enough transactions occurring and and home sales can play a big role in giving this economy the oomph it so desperately needs. Now I know there's a huge reshoring effort happening in a data center business smoking we know from FedEx calculated quarter just last night. E Commerce is very strong but housing punches above its weight in the economy and we have very little building and almost we have the fewest transactions. It's worse. It's the worst home business market in 40 years. I'd like to hear KP Home offer solution. I bet you they don't have one now what else we had Aaron recently coming to services commercial aircraft. I bet it's going to perform very well. As we know there's a lot of activity in the space but I do wonder what they can say to soothe concerns about a potential slowdown in air traffic. It's tremendous company. Great long term value. The stock gets hit could be attractive. Wednesday's a quandary. We've got two of the most poorly performing stocks of two high quality companies that report in the morning Cintas and Paychex. And Cintas provides uniforms and first aid equipment to more than 1 million small medium sized businesses. It's so well run. Universe its chief rival. Well get this situ been trying to buy this company since 2022. I always thought antitrust would stop it but they've now agreed to merge and I think it's incredible. It is amazing that antitrust is blessing this now Universe it was pricey. Cintas is paying a lot of money for the combination but because the deal is half cash and half stock I think the stock portion is sending the stock is sending everything down because arbitrageurs are moving this stock down and that means you've got a real opportunity to buy Cintas when the deal closes and I want you to do it the stock is way too cheap now Paychex on the other hand as a payroll processor we've had them on many times small medium sized business it's been under pressure as we keep hearing that an anthropic where an open a guy can do better so 10 times is about stock arbitrage this is about a I Paychex now yields 4.7% it's bottomed that level 4 in another market I just tell you you know what the yield represents safety. Let's just go in and start buying. But there are so many stocks that yield 5 and 6% right now that and that hasn't stopped the decline so I'm a little more concerned. Longs are shadow boxing but the shorts on this one I can't tell who's going to win now next I've been a fan of Chewy from when the stock was in the 20s in late 2023. I watched the stock climb all the way to $48 and change last June but I didn't say so and now the stock's almost all the way back to where I recommended it. Chewy gave you a nice beat last time reported but it also issued a not so hot forecast hence the round trip lower. Let's see what they have to say. It is a good company but it's been a bad stock. So many people have turned on the financials here because of the problems in this private credit space that you hear about a product that allows investors to buy pieces of syndicated loans. It sounds simple enough and institutions are always looking for a little extra yield which is what they give you. But the companies who marketed these products, these private credit products, they got too aggressive roping in a lot of individual investors and didn't understand the product and now they want their money back. Why? Because they're worried that too many of these funds own loans to now vulnerable enterprise software companies. Vulnerable to AI of course. These private credit funds are all gated. They weren't meant to be traded. They were meant to be owned for six to 10 years. I wish the sponsorship made that more clearer. Now people went out and the firms are enforcing the right to give back only minimal amounts right now. It turned into a mug game. Wow. I don't associate these products with Jefferies, which reports after the close next Wednesday. I do associate how companies are doing in the industry with them. So I'm going to pay special attention to to the call and trust that they will address the issues first. Financial reports by the way Generac has announced me Wednesday and while its core business of backup generators matters, we want to hear about how data centers are using Generac for backup power. That's an amazing growth business and a terrific addition to their lineup. Thursday, dry day. But Friday we get earnings from Carnival and it seems like the Street's going very positive about the cruise lines. Again, these stocks have been hammered and they aren't helped by these higher fuel costs. But, but Carnival is considered value vacation, something that seems rare these days. Value. Listen, I'm not going to sugarcoat this. This market's gotten very tough. I will say that we're beginning to get lower prices in some industries. The banks, the foods, the drugs, the retailers, in some cases large cap technology companies. So as oil works way higher, you have a very good chance to buy some high quality stocks at reasonable prices. The problem is they're not yet bargain prices, but they are a heck of a lot better than they were just four weeks ago. Let's take calls. Let's go to Michael in Massachusetts. Michael.

[Caller]

Hi, Jim. Hi, Michael.

[Jim Cramer]

What's up?

[Caller]

I want to thank you for years of training us how to navigate and understand the market.

[Jim Cramer]

For.

[Caller]

I sold this Perspective stock that I bought 500% profit and put the money into GeV.

[Jim Cramer]

What is this?

[Caller]

I had bought Oklo and sold it for 500% profit and put it in GEV for. You know,

[Jim Cramer]

I like, I like, like, I like a heck of a lot more. Oh, I'm sorry, the wrong stock question.

[Caller]

No. Yeah. My question tonight is on Corning. I have a small position that I started before it skyrocketed up into the 130s and it's been between 125 and 130 for quite a while. And I don't know if I should just bite the bullet and add to my position.

[Jim Cramer]

No, no, I, we own Corning for our. The Chapel Trust. We have almost a double in it. I want the stock to come down before I tell people to buy it right here because this market's awful. And I think that the stock which is down 850, they could be down 10 on Monday. And I don't want you to buy it and then say, hey, listen, it just dropped 10. I think that all stocks that have moved big here are vulnerable. Corning's vulnerable. We'll pick some up after the sell, not before. And I thank you. Let's go to Toby in Pennsylvania, please. Toby.

[Caller]

Hey, Jim. I'm a longtime listener and a current member of your investing club.

[Jim Cramer]

Thank you.

[Caller]

I've read your several of your books, including how to make money in any market which is where I learned about the stock. Cava Cava restaurants. I have pulled the trigger when I read your book back in January, but I didn't. The stock is now up over 40% for the year. Is it too late to jump on board?

[Jim Cramer]

If not, I think that Kava's great. I never understood why it was all the way down. As you know, it's recommended in the book very intensely. The stocks down 3 today. I think the stock could repeat could repeal some of those gains maybe 75, 73. That's where I go. And not before that. Okay, not before that. Look, this market has gotten very tough. I am not denying it, but some we're now getting some good chances to buy prices. Stocks at prices that are a little more reasonable but not cheap that may be later made money today. FedEx report after the bell yesterday. So can it keep flying higher after the rally so far this year? I'm running through the numbers to find out. And the war in Iran has disrupted oil and gas markets across the globe. But could American energy companies stand to benefit in the long run? I'm going to share where I come down and data from Hundred X has combined its unique insights into the consumer consumer with some lessons of my of what I wrote and how to make money in any market about the price earnings of multiple and you do not want to miss their takeaways including some really terrific stock recommendations that I provide if you're listening to them. So stay with Kramer.

[Show Announcer]

Don't miss a second of Mad Money. Follow imkramer on X. Have a question? Tweet Kramer madmentions Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-cnbc Miss something? Head to madmoney.cnbc.com

[Rob Pace]

When I lost my sight, I found a way to win

[Jim Cramer]

bank of America champions.

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[Schwab Representative]

at Schwab is powered by Ameritrade, giving you even more specialized support than ever before. Like access to the trade desk. Our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy. Gut check. Need assistance? No problem. Get 24. 7 professional answers and live help and access support by phone, email and in platform chat. That's how Schwab is here for you to help you trade brilliantly. Learn [e-mail] Trading this segment is brought

[Jim Cramer]

to you by Gelt. If you're a business owner wondering whether your CPA is just filing forms instead of helping you use taxes strategically, GHELT was built for you. Their expert CPAs and innovative AI tools help optimize entity structure, deductions and retirement contributions with proactive year round tax planning. Sirius XM listeners receive 10% off their first year of service when they sign up. Visit joingelt.com to schedule a discovery call. That's joingelt.com. Can FedEx breathe new life into the Transports? From mid October through mid February, the Dow Jones Transportation Average caught fire, rallying your 34%. FedEx led the way, but a lot of this was based on high hopes about the future rather than particularly strong results. Of course at the time it made sense to be optimistic. Interest rates were coming down, lots of supply removed from the system. It looked like a freight boom could be on the horizon. Bye bye bye. But then the war with Iran came out of nowhere and we got hit with a huge spike in oil price. With West Texas crude Now up over 70% year to date, that's obliterated the transports. With the Dow Jones Transportation average off a quick 12% from its mid February high, this group was rallying on good vibes and it came right back down on bad vibes. There's one exception here though, and that's Federal Express, now known as FedEx. From its post Liberation Day lows last April to its highs in February, FedEx more than double. That's because this company's been putting up genuinely good numbers with accelerating revenue growth, we call that argument, and much better earnings for several quarters in a row now. I've been pushing this stock aggressively since September when it was trading at $231. I like the CEO. More on that in a second and it's now at 358 and change even after today's terrible trading. There's also a breakup angle to FedEx. The company is currently working on the spin off of its freight business, which is expected to happen on June 1st, and that could be a good way to unlock some value here. Plus, just over a month ago, FedEx held an investor Day that was very well received with a strong forecast for the quarter that they just reported in full last night and some very bullish long term financial targets for 2029 that launched the stock to its highs in late February. But when the war with Iran caused an oil shock, FedEx couldn't escape the selling. As of last night's close, the stock was down more than 9% from its highs. Even I was worried. This company's a lot more profitable with oil $65 than it is at $98 and change. Luckily. When FedEx reported last night, they delivered a fantastic set of numbers. Revenue came in at $24 billion, up over 8% year over year and roughly half a billion dollars ahead of the estimates. That's huge. Their operating margin was down only 10 basis points year over year, much better than expected, indicating the company's cost cuts are still paying dividends. And most important, they earn $5.25. Wall street was only looking for $4.15. What a beat. So the quarter itself was a thing of beauty. But what about the guidance, you know, important, that is. Hey. FedEx raised its full year forecast for 2026 fiscal year, which ends in May. They took up the revenue growth target from 5 to 6% percent range to 6 to 6.5% range. They're talking about $19.30 to $20.10 per share in earnings. That's up from 1780 to dollars per share. Thanks to the cost cutting initiatives FedEx has been working on for a while now, they were able to deliver what fabulous CEO Raj Subramanian called on the call. An exceptional peak. Our most profitable yet, despite the fact that they were coping with changes global all over. The thing about global trade policies, lackluster demand for the Western truckload freight business and the temporary grounding of part of their air fleet after the tragic UPS crash in Louisville last November, as well as unfavorable weather. Their core business, the part that will stick around after the freight spinoff, is clearly doing very well here. Now, there was a lot of talk on last night's conference call about how FedEx is leveraging the tremendous amount of data that's generated by its system to differentiate the company's quality of services and win additional business. All things considered, this was an excellent quarter for FedEx. And the stock absolutely deserved its gains today, even if it quickly came down from its high set right at the opening this morning. See, in the end, see, the stock opened up 25 bucks. Who knew what kind of day is going to be. It finished up less than three bucks. Tell me that isn't going to be an opportunity the moment you think this the bad news in the market in the worst in stocks. And it will be. Even though FedEx has rallied like crazy over the last six months or so, I don't think the stock's run is necessarily near its end. And why do I say that? Well, the stock currently trades is just over 18 times the midpoint of companies newly raised forecast. Full year forecast, which is on the high end of where the one where this one tends to trade historically. But I think it's fair to expect that the earnings are going to go up big next year. And keep in mind next fiscal year they won't have the freight business, which is currently the worst performing part of the company. Looking at the estimate for fiscal 2027, FedEx currently trades at just 16 times that number. And keep in mind those estimates may prove to be too low given that these guys keep beating the numbers. Using the longer term targets from last night's, from last month's investor meeting, Wall street expects more than $28 in earnings per share in 2029. So FedEx is trading at only 13 times their 2029 earnings forecast. By 13 times. That's, that's, that's crazy. Now, does this excellent quarter from FedEx have implications for the broader transport sector? I think that's hard to say. Well, FedEx rallied today. The Dow Jones Transportation Index moved a bit lower as headlines about troop deployments to the Middle east and still rising oil prices weighed on the market. It's not the kind of place you should be in this kind of environment. FedEx did have positary positive commentary about its own volumes seeing strength across nearly all their packaged services. But it's honestly tough to figure out how much of that is from a broader recovery in packaged volumes. And how much of that is FedEx taking market share? Because they're running circles around the competition. The only area where FedEx talk explicitly about overall demand was in the less than truckload freight space where they said it continues to be weak. And that's the soon to be separated freight business. So it won't be FedEx's problem for much longer. Probably should be a negative read through for parts of the trucking industry though. Let me give the bottom line on this incredibly exciting turnaround. After a harsh sell off in the transports in response to the war with Iran cutting off oil supplies in the Persian Gulf, it was nice to see FedEx report a really terrific quarter and then rally in response a really ugly debt. This company is doing incredibly well and I think the stock deserves to go higher, maybe appreciably higher. Of course, the longer the Strait of Hormuz stays close, the harder it gets to own any of the transports, including FedEx. But if any of these companies is going to escape the situation unscathed. I think it'll be this one man. Money back after the break.

[Show Announcer]

Coming up with the war in the Middle east disrupting natural gas exports, American producers look primed to fill the void. Kramer's giving you his picks to invest in next. This episode is brought to you by Marvel Television's Born Again Season 2, now streaming on Disney. Charlie Cox and Vincent D' Onofrio are back, and Krysten Ritter makes her highly anticipated return as Jessica Jones in an all new season. As Mayor Fisk tightens his grip on New York City, he marks Daredevil as his top target. Matt Murdock fights from the shadows, hoping to bring down Fisk's corrupt empire and reclaim his city. Don't miss born Again Season 2, now streaming only on Disney.

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[Jim Cramer]

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[Jim Cramer]

Two days ago I spoke with Jeff Martin, the CEO of Sempra, and right at the end of that interview, he gave me an idea that I frankly haven't been able to shake since. This was right after Israel bombed Iran's largest gas field and Iran retaliated by striking the world's largest liquefied natural gas export terminal in Qatar. I asked him if all this chaos in the Middle east could pave the way for the US to become a much more important supplier of liquefied natural gas to the rest of the world, and his answer was a resounding yes. We've since learned that it could take three to five years to repair this facility in Qatar. That's knocking out 17% of the liquefied natural gas export capacity. Okay, that's huge. South Korea gets 14% of their LNG imports from Qatar, India gets about two thirds from Qatar, and the UAE and Oman, all of which are within striking distance of Iranian rockets. Now, if you're a country that needs liquefied natural gas America's become the most reliable source of supply practically overnight since Chef Martin from Semper sparked this idea. Let's start with his company, which helped build one of the country's earliest LNG export facilities in Louisiana. Unfortunately, Semper is mainly a utility and they want to be more of a pure play. So they agreed to sell a majority stake in their infrastructure business to a private equity firm, kkr. Basically, this has become a regulated utility story. And it's got some LNG upside though. So we look, we still like Semper very much, but let's say you're focused primarily on the LNG export thesis. Well, there are better ways to play it than Sempra. Now, the most obvious one, one we've talked about since the beginning of the show, is Cheniere Energy. And that symbol is LNG for you home gamers. These guys practically invented the modern day liquid natural gas export story. Or opening up the first American LNG export terminal in nearly 50 years back in 2016, which by the way was originally going to be an import terminal. They just switched it the other way we realized how much natural gas we have today. Cheniere is one of the world's largest liquefication platforms with two major facilities in Saving Pass, Louisiana and Corpus Christi, Texas. They produced record LNG volumes last year. Most importantly, this is a pure play. Cheniere generated about $19.4 billion of LNG revenue in 2025 against roughly 20.0 billion of total revenue. If you want the biggest, most established, most liquid name with the the most direct correlation to the world needing more liquefied natural gas from America, well, this is where you should start your search, of course, with Schneer. You're not early to the story. Stocks trading at all time highs. It's up roughly 45% just since the beginning of 2026. But it's the cleanest play on LNG. And that stock's not actually not even that expensive. Trading just under 20 times this year's earnings estimates. Another great option is Enbridge. That's a member of the elite 8 income stocks with growth that I highlight and how to make money in any market. This diversified Canadian energy company has a major pipeline business. Joint moves. 30% of the crude oil produced in North America. No one's near that. And nearly 20% of the natural gas consumed in the US while also operating the continent's largest natural gas utility. Enbridge has exposure to the LNG export story via its immense natural gas pipeline business. But the direct LNG angle Here is an LNG export terminal in British Columbia which Enbridge has a 30% interest in. It's expected to enter service next year. And because it's on the west coast, it'll be the fastest way to ship natural gas to Asia. Most of our LNG facilities are on the Gulf coast or the east coast so they have to put that to cut through the Panama Canal first get to Asia. Enbridge, we're going to let you get around that. Of course I mainly like the stock because it's a pipeline operator with a terrific dividend. Currently yields 5.3%. You don't buy Enbridge for its LNG exposure. You buy it for the gas pipelines and the bountiful dividend. Along the same lines, there's another one that I talk about and how to make money in any market. That's an Enterprise Products partner, epd. This is a pipeline company that I think many ways is the best run of all them. Let's start with the dividend. It's supports a 5.9% yield. It's a company that's been public for over a quarter century but it's still one of the most underfollowed names in the oil and gas industry. Every time I mentioned to people they scribbled down they've never heard of it. And Enterprise Products is not a primary LNG exporter but it is a critical feed gas liquids infrastructure provider and it's always been a leader in building new plants. This is the company that owns a huge amount of the pipes, plants, processing and a word called fractionation. They split up the oil into different pieces that help feed the nat gas exports system. So what do you think of Enterprise Product partners? As an arms dealer to the entire gas and liquids ecosystem, LNG itself is only a fraction of its more than $50 billion revenue base. But if North America is going to send more energy to the world, Enterprise benefits from the build out underneath it. This is another safe income generating growth stock with a strong long term catalyst. Enterprise is the indirect high quality income play on the broader North American gas system that feeds the export boom. Finally there's a controversial one we got to talk about. It's called Venture Global. This is a potentially high upside. Pure Play Company came public in January of last year. $25 a share. Everyone was very excited about it. But the IPO only disappointed almost immediately. At the end of 2025 the stock was trading below $7. Certain though it's because of the war it staged a remarkable rebounds. Now past the $15 mark, it's up 130% year to date. Venture Global's rise was built on moving very quickly to build export capacity. This is what you're looking for, starting with Calcasieu Pass in Louisiana. The problem is the Calcasieu Pass became the center of a major dispute when it opened in 2022. The Russia Ukraine war had sent global LNG spot prices soaring. Ventures sold cargoes into that much harder short term market, while long term Customers argues that those volumes should have been delivered under existing contracts. And that is what created the backlash. That arbitration overhang has weighed on the story ever since, even as Ventures keeps expanding while the reputational damage was real. They've already settled some of these cases, maybe even won a couple of Shell and Repsol. What makes Venture Global so compelling now is the fact that it's no longer just a one asset story. The company's first three projects are Kakashi Pass, Plaque of Mines LNG and CP2 LNG. Just last week they announced financing for phase two of CP2, saying they expect this facility to become the largest export exporter of liquefied natural gas in the whole country. This is the most aggressive grower in the group, with the company attempting to go from controversial upstart to major scale exporter in a short period of time. Metro Global generated about $13.8 billion of revenue in 2025, up 177% year over year. This is a pure play. This is the one you want to own. If you're a true believer, here's the bottom line. In a world where the Middle east can't safely supply the world with liquefied natural gas, our country's LNG exports become a lot more valuable. Cheniere Energy, cleanest and most established. Pure play. Venture Global is the speculative one with a lot of growth. And then Enbridge and Enterprise Products, well, they're both terrific pipeline companies with terrific dividends. Enbridge has its own west coast LNG kicker. Enterprise being more of an indirect play on that gets volumes. If you believe that the United States can become a much larger supply of LNG as I do, these are all terrific ways to play it. Let's go to Greg in Michigan. Greg.

[Caller]

Hey, Jim. A big Michigan booyah to ya.

[Jim Cramer]

I'm liking that. Booyah. How can I help?

[Caller]

I'm a longtime second time happy club member and book owner.

[Jim Cramer]

Thank you.

[Caller]

Yeah, thanks for all you do. Congrats on finishing 20 years. And we need you for the next 20.

[Jim Cramer]

Well, I'm not going anywhere. Let's go to work.

[Caller]

All right. Hey, I've been underwater on this stock but now I'm up over 30%. With the gas and oil markets and turmoil. Should I hold for the merger or ring the register? Now on Kotera Energy, I would sell

[Jim Cramer]

half because you've had just a monster move and let the rest run. I would feel good if you did that because you know I owned it. We ended up not doing anything with it. You caught it for the big one. But take half off because if we do get any sort of change, well, if anything goes well over there, that stock's going to be right back under 30 and I don't want you to turn a gain into a much smaller. And thank you for the kind words. Look, if you think our country's LNG exporters will continue to play a larger role in the global energy market, then all these companies are just great ways to play it. Venture global for the spec okay lng, that's Cheniere for the established there's much more made money ahead. The consumer Data for firm 100x combined its research with the key tenets of how to make money in any market to identify some of the best growth stocks out there. I'm going to sit down with companies top grass. You better get your pencil and paper out there. Going to be some good names discussed then you might be inclined to sell everything after a rough week like we just had. But tonight I'm breaking down why I think that may be the wrong move. And oil calls rapid fire. Tonight's edition of the Lightning round. So stay with Kramer. Followers of the show know I like to check in regularly with 100x. It's a privately held alternative data firm. Don't worry, you'll don't get scared by that. We'll explain it. That uses feedback from actual customers to figure out which brands are working and which aren't. What sets these guys apart is that they ask people about their future purchase intent. Relying. That's much better than relying on backward looking sales data or squishier sentiment data. For example, back in December Rob Pace, the founder and CEO of 100X told us about the rising interest in anthropic Claude AI platform. A few weeks before it really called. I didn't even know it. A month before that he told us that five below was really standing out and sure enough when they reported this week they blew away the numbers. I've been calling it the hottest stock in the market. Tonight we're bringing Rob back because because he recently read my new book how to make money in any market and he wants to Pair the themes from the book with unique insights from Hundred X's data set. And I've got to tell you, he put some science to my artistry. Mr. Pace, welcome back to everybody.

[Rob Pace]

Thank you.

[Jim Cramer]

Okay, so Rob, you and I share something in common. We both love a particular letter in the Alphabet and that letter is M for multiple. And why does that matter so much?

[Rob Pace]

Because it's the most important thing in investing. At the end of the day, a stock is, is earnings times a multiple. And the most underappreciated thing is the multiple. And we've been working on the science of the multiple because it is so important.

[Jim Cramer]

Well, I talk about the multiple, my book, and I spend a huge amount of time doing it. And I have to say, I think I took my life in my hands, Rob, because it's a, people say it's a boring topic and it can't be explained. You have it come to life because you actually put some numbers on it. Explain this value concept to people so that we understand exactly why one stock did one thing and one stock did another.

[Rob Pace]

Yeah, let's, let's take two very high profile, profile examples. So Wal Mart on their march to $1 trillion. 80% of the return came from the multiple, not the earnings. And salesforce. If they had just maintained their multiple, Jim, they'd be at $350 billion instead of 180. This matters. So we've been studying it. We have a partnership with Deloitte and we've looked at all of their data, all of our data, and what we've discovered is one word that matters. Value.

[Jim Cramer]

I want to say value to the customer. Value to the stockholder or value to everyone.

[Rob Pace]

Value to the customer. So here's how you need to think about the multiple and getting ahead of the multiple. We studied it and what matters is does the company provide more value for the price. And if they do, here's what happens. They grow historically 5 to 8% faster than low value for the price brands, their future purchase intent. What we look at is 7 to 9% higher. And they also get the added benefit if they trade up 15 to 20% multiple. So you get the power of compounding multiplied by an increase in the multiple. So it's not squishy. It's the most important thing in invest.

[Jim Cramer]

Now we hear those numbers 5. Now we might say, but those are little numbers. In reality, those produce huge gains. Right?

[Rob Pace]

Compounding is, is, is really where this plays out.

[Jim Cramer]

So on Wal Mart, let's talk about that. I know I started liking Wal Mart. Because I have powers of observation. I took my fashion daughter there, she said, dad, the clothes here are a steal. And then she's also a baker. She said, oh my God, flowers. So low. What we thought was value, value, value, we didn't say it in our minds. But my takeover is. Wait a second, Wal Mart's change. And it's offering value to everybody, not just to a certain economic class.

[Rob Pace]

That's exactly right. In fact, we see people making over $200,000 a year calling out Walmart in our data. So what happened is they always had price, but they added a better experience and convenience. So here's the thing about MVPs and value. You can usually say it in one sentence.

[Jim Cramer]

Why?

[Rob Pace]

And that's a really good rule of thumb for your audience as they're picking their stocks, is to be able to say that.

[Jim Cramer]

Yes, Because I always tell people one of the things that happened that was not great about electronic trading is that when I was at Goldman, I say, tell me why you like this. And now no one tell you never get asked. So you just sometimes say, ooh, the chart looks good. There's got to be more to it than that. Now I want to talk about powers of observation that have. Where I'm trying to figure out exactly how to value for price. And let's talk about the cruise industry, because that's something a lot of people know about.

[Rob Pace]

Yeah. So let's look at 100x data. 30,000 passengers and 30 brands.

[Jim Cramer]

You're telling me you pulled 30,000 people?

[Rob Pace]

Yeah, well, we have almost a million. But what.

[Jim Cramer]

That's unbelievable. That specific member, that's empirical, that's not anecdotal.

[Rob Pace]

Right. This is, this is, this is hardened data. So here's the key point. Our feedback on price for Disney is actually below the average, but they stand out on value. Same thing with Viking, same thing with Royal Caribbean. The key point is, if you saw the competitors, these would be best in class at different price points.

[Jim Cramer]

Yes.

[Rob Pace]

More value for the price. And at the end of the day, it's using your powers of observation, something you also talk about in your book. But if you're an mvp, you grow faster. You will grow faster and you'll be rewarded with a higher.

[Jim Cramer]

How do I marry the power of observation with the hardcore empirical data you have?

[Rob Pace]

Well, ultimately my opinion means nothing. But basically what you're seeing here is a rolling up of what typical consumers think.

[Caller]

Think.

[Rob Pace]

So what's interesting is the average consumer actually has a better intuitive sense of this than the institutional investor because they

[Jim Cramer]

live it and that's why I keep saying you don't have to live only in index funds because you have powers and they are derided by a lot of people. The opposite of what you're doing right now. You're empowering. Empowerment is a per se good thing, not a bad thing. So now show us. You've got a, a couple of situations here that I'm seeing that some of them are going to be highly valued. Some of them maybe should be highly valued because they're good companies. Give us a sense of what we're seeing.

[Rob Pace]

Yeah, these are all MVPs and what we selected. We actually have 1200 brands that are MVPs. So think of this as your screen. You know, you basically talk about finding high quality stocks in your book. Think about this as a screen. These are people or brands that stick out at their given pain price point sometimes. So let's take the most obvious1, Costco TJX. Everybody loves a bargain and their business model has created value. Right. But you go name by name and there's always a story. There's a sense that I could give you each one of these on why they're more value for price.

[Jim Cramer]

What this tells me is maybe you want to look for anomalies. For instance, I happen to think that Chewy, which reports next week the Stock's down from 47 down to low 20 20s. Maybe that could be an opportunity. Don't do it ahead of the quarter, but maybe that's an opportunity. Colombia, I think has some of the highest. I love their stuff but the stock is on the new lowest. So time. Maybe these are signs that someone doesn't tell the story. Right.

[Rob Pace]

It could be that the other thing that's going to happen though, Jim, and this is the angle your AI agent is not only going to do price comparisons for you, they're going to do value comparisons. They're going to know what J. Jim Cramer values and they're basically in Columbia is going to do better in that world. So the rich are going to get richer in terms of mvp and that's why it's so important to understand it and connect it to the multiple.

[Jim Cramer]

I got to tell you Rob, once again you are both a mind reader of what I'm thinking but a great assistant to everyone out there who really feels that they can do it but scared to or feels denigrated by the industry of which I am so glad you never do. That's Rob pace, founder and CEO of 100X. Your stuff is fascinating to me. Fascinating and M is the most powerful letter. Matt Mice back in.

[Show Announcer]

Coming up, you've got questions. Kramer's got the answers. Get charged up for a fast fire lightning round. Next.

[Jim Cramer]

It is time. The light round country back to the world team. The stock starter by 10 pins. And then the lightning round is over. Are you ready, Ski dad to ride from clear. Bobby. California. Bobby.

[Caller]

Hi. Thank you, Jim, for taking my call. Nice seeing you last week.

[Jim Cramer]

Thank you.

[Caller]

I want to take advantage. I want to take advantage of the gas and oil surge. I like FTI Tech.

[Jim Cramer]

FTI is a very good company. It's still inexpensive versus the others in the cohort. I would be a buyer. Let's go to Georgia and Kentucky. Georgia,

[Show Announcer]

this is Scott.

[Caller]

My daughter has a question for you.

[Jim Cramer]

Hi, Mr. Kramer. My name is Georgia. I'm at a high school investment club and my stock went down. I'm looking for a stock to make a big jump in the next few weeks, preferably in energy and defense. I'm looking at the stock ISS but what stock do you think would do good in the next few weeks? Issc wow, you got a hot stock there. I've got to tell you, boy, I hate to agree with George in Kentucky, but here's what if you want, that's a very aggressive growth stock. And you know what? I'm going to bless it because you're young and young people should be able to take advantage of growth stocks like that one. Let's go to Kim in Virginia. Kim. Yes.

[Caller]

Yes.

[Jim Cramer]

Jim. Yes. Jim. How you doing?

[Caller]

I love your show.

[Jim Cramer]

Mama told me not to say too much. Can you hear me? Yes. Clear.

[Caller]

All right. Love your show.

[Jim Cramer]

Mama told me not to say too much. I want to ask about Olma O L M A too risky for me. I just think that at this stage with this market, that one you could lose too much money. I'm very sorry. Let's go to Betsy in California. Betsy. Yeah. Hi, Betsy. Yep. You're up. It's Jim.

[Caller]

Hey, Jim.

[Jim Cramer]

This is Betsy from California. And I think that. I think that that march goes in like a lion gym. But I think it comes out like a lamb. Lamb research. Oh, yeah, yeah, yeah, yeah. I agree. Lamb is the winner of what happened in Micron. People didn't seem to notice. You buy. If you had buy 100 shares, you buy 50 on Monday. Okay? And then you weight down 10% and you buy another 50, you've got a winner in Lam Research. I need to go to David in New York. David.

[Caller]

Hi, Jim. Thank you for taking my call.

[Jim Cramer]

Of course.

[Caller]

Jim conagra. Brands have been having challenges in several.

[Jim Cramer]

Conagra. Conagra's tough. I never buy a stock just for its yield. Congrega's got a big yield, but I don't want to go there. And that, ladies and gentlemen, is the conclusion of the Lightning Round.

[Show Announcer]

The Lightning Round is sponsored by Charles Schwab. Coming up, is there any silver lining to be found in the markets right now? Kramer thinks there could be one, but it isn't the easy path. He'll explain next.

[Caller]

Yeah, Jim Kramer, I'm a firsttime caller,

[Rob Pace]

a happy club member.

[Jim Cramer]

I want to thank for being the

[Caller]

PE Champion of investing. Thank you for helping me become a millionaire.

[Jim Cramer]

We've just come through an awful week, and you know what's the worst thing about it? The S&P 500 is still only down less than 5% for the year, with a forward price to earnings ratio that is still north of 20, which is relatively rich versus this current backdrop. In other words, we aren't cheap and we aren't down a lot. Yet that makes it hard to take a big swing. We just don't want to look back and say, what were we thinking? We have thousands of Marines massing to try to unblock the Strait of Hormuz. We're blowing up the smaller ships of the Iranian navy even after we were told that we'd sunk them already. We have the Saudis talking about $180 a barrel of oil. Hey, oil just increased nearly 50% just in March.

[Caller]

March.

[Jim Cramer]

And we have interest rates starting to trade up like they did before the Great Recession. In fact, rates seem to go up every day. Feels like a tremendous time to sell, right? Not to buy. Now, I can't blame anyone who wants out. The idea that this moment can drag on for months is terrifying. The president wants a short war, but that's more up to Iran at this point than the United States. As long as they're shooting rockets at the Strait and oil infrastructure all over the Middle east, we can't just declare victory and go home. Meanwhile, the oil stocks just don't stop running. And believe me, if there were any chance that oil was going to roll over, these stocks would be plunging first. It's a miserable situation, which is frankly the only thing that's good about it, the only thing that can possibly help the bulls. Now we know that declines don't solve the problem. It's difficult to imagine that the market can go higher if the sport goes on and on. We did think there was a chance to buy when the president told us that Iran's military had been determined, created. But we know that it simply doesn't take much to ignite unprotected oil facilities. A cheap drone with some explosives can do what we needed a huge bomber to do a few years ago and for a lot less money. It seems like Iran still has tons of these drones, no matter how many times we bomb their arsenals and drone manufacturing facilities. Now it looks like there's no way out. But that again may turn into a positive. Just because we can't see it doesn't mean it can't, can't or won't happen. So why not just buy, buy, buy. If I'm feeling sanguine, oh no. Why do we put money for the to work for the Chapel Trust yesterday but nothing today? Because investing purely on the basis of being a contrarian is not something that can get you too far. You need a meaningful catalyst to turn things around. And you need to be even more oversold than we currently find ourselves to put more money to work. Let me give you a classic example. Nvidia. Now here's a company, the largest company in the world, which currently has a price earnings multiple and that's actually lower than Sherwin Williams. That's right. One of the fastest growing, wealthiest, best run enterprises in history has a stock that's now cheaper than a paint company. But you know what? That could be until Monday when it turns out that it's even cheaper still. That's the problem with contrary investing. It can get even more contrary as the market continues its way down. Look, one day there'll be a conclusion to the very specific reason why we're going to down. We don't know when we can, we can definitely go lower until it happens. And that makes it dangerous to stay, but to me more dangerous to leave. It's about taking pain until there's a resolution. And if you leave now, you're betting like all the other miserable times in the market that we've seen, you'll be able to get right back in before the stocks were bound. So sure, let the market. It could fall 5, 10, it could even fall 15% if things totally spin out of control because of oil. It's a possibility, especially if we bring in ground troops next week. But to pull your money out now simply because we aren't down that much. History says you should have a better reason than that. It's been a bad call for every correction except one. The Great Recession. And as bad as this oil shock is, it doesn't come close to the financial crisis. That rocked our country and closed some of the biggest companies that we've ever known. I like to say there's always a bull market somewhere. I pop started finding just for you right here on Jim Kramer. See you Monday.

[Commercial Announcer]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of CNBC or its parent company or affiliates, and may have been previously disseminated by Kramer on television, radio, Internet or another medium. You should not treat any opinion expressed by Kramer 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 trading@schwab is powered

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