Mad Money w/ Jim Cramer 3/27/26

Summary

Mad Money w/ Jim Cramer – 3/27/26 Episode Summary

Overview

This episode of Mad Money (March 27, 2026) is dominated by Jim Cramer's raw, candid assessment of a challenging market wracked by global conflict and surging oil prices. Cramer steers listeners through the current bear market, the link between geopolitical tensions, oil prices, and stock performance, and answers a slew of pressing questions on individual stocks and sectors. The episode also features a thoughtful interview with Daymond John focusing on personal branding and the blueprint for staying relevant and optimistic in uncertain times. As usual, Cramer’s signature Lightning Round provides rapid-fire, no-nonsense takes on viewer stock picks.

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Market Turmoil: War, Oil, and Investor Strategy

Key Themes & Discussion Points

• Persistent Market Pain
  • The ongoing war (especially impacting the Strait of Hormuz) is driving oil prices up and equities down.
  • Market has undergone multiple weeks of steep declines, with major indices (Dow, S&P 500, Nasdaq) dropping sharply.
  • Cramer’s advice is to raise cash to protect oneself from steep declines, especially as history shows oil shocks often lead to bear markets.
• Tech's Fall from Grace
  • Long-beloved tech stocks (notably Nvidia, Microsoft) continue to be "slaughtered," despite solid company performance:

    "They're all bad now, including the once loved, now disliked Nvidia."
    (Jim Cramer, 02:10)

  • Investors have rotated into oil, soda, pharma, and drilling stocks, leaving tech in disfavour.
• The Unbreakable Oil–Stock Market Axiom
  • According to Cramer, until oil and interest rates stop rising, equities (especially tech) won't recover.

    "Please don't overthink it. I say that on letter X all the time: oil's down, stocks will be down, and they are."
    (Jim Cramer, 01:50)

• Outlook and Hope
  • Potential catalysts for recovery: war ending, oil prices dropping, or a decisive U.S. victory.
  • Macroeconomic releases (JOLTS, retail sales, employment) are crucial for clues about interest rate policy and future market moves.
• The Bottom Line
  • The culprit for market distress isn’t just tech—it’s the combined impact of persistent inflation (centered in oil) and high interest rates.

    "These declines aren't just about tech. They're about what you get when you have both inflation and higher interest rates. And the inflation is coming from oil."
    (Jim Cramer, 09:03)

Timestamps

• Market Recap & Oil Tech Dynamic: 00:55–09:03

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Lightning Round – Quickfire Stock Opinions

Cramer offers instant buy/sell/hold takes:

| Time | Caller & Stock | Cramer's Take | |-----------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------| | 09:16 | Tom, Kansas: Berkshire Hathaway B | Hold for a year. Too soon to judge post-Buffett; "long term means at least one year." | | 10:13 | Ray, NY: CoreWeave | Hold. Good company, bad market. "Nothing will be the exception until the war is over." | | 10:52 | Bill, NC: Robinhood | Cautious/Wait. Valuation too high vs. peers, market is tough. "We care where it's going, not where you bought it." | | 41:18 | Jim, NJ: Venture Global | Bullish. Energy stock likely to "go much higher," likely up to $25. | | 41:55 | Marco, PA: Oscar Health | Opportunistic Buy. Stock came down—start buying here, add more if it falls. | | 42:53 | Sammy, TX: Tempest | Hold Partial. Decent spec, but high-mult stock in a tough market; keep some, not all. | | 40:31 | Brian, PA: Capital One Financial | Modestly Positive. Attractive valuation, chart is ugly but stock worth owning in today’s market. | | 29:50 | Cordell, OH: Chipotle (CMG) | Wait and See. Needs better quarterly results; "crunch time." | | 30:42 | James, OH: Costco | Strong Buy. Favorite defensive pick, especially vs. economic volatility. |

Memorable Moment:

"We don't care where you bought it, we care where it's going to."
— Jim Cramer (11:21, on Robinhood)

Timestamps

• Lightning Round Segment: 39:04–43:17

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The Week Ahead: Earnings, Data, and Macro Catalysts

Major Upcoming Events

• Earnings & Sectors to Watch
  • McCormick (possible Unilever merger): Food stocks have been weak, but merger could unlock value. "I love the combo. I hope it works out." (04:32)
  • Nike: "No line of sight for Nike to return to greatness… it's hurting my charitable trust." (05:34)
  • Acuity Brands, ConAgra: Representative of broader struggles in housing and food sectors.
• Macro Numbers
  • JOLTS (Job Openings): Fed wants softening labor market for rate cut case.
  • Retail Sales: Need to see weakening data to justify lower rates and ease housing distress.

Timestamps

• Market Game Plan for Next Week: 03:45–09:03

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In-Depth: Alcohol Stocks & The Brown-Forman Takeover Buzz

Jim Cramer takes a hard look at the liquor industry, especially after Brown-Forman’s stock surged on takeover rumors:

Discussion Points & Insights

• Alcohol industry challenged by weight loss drugs (GLP-1), competition from legal cannabis, and shifting demographics.
• Oversupply of aged spirits, especially whiskey, is a drag.
• Despite these, Brown-Forman has started showing signs of turnaround:
  • Cost cuts, workforce reductions, improved distributor relationships.
  • Three consecutive quarters of net sales beats and a recent top/bottom-line earnings beat.
• Brown family’s control is a hurdle to any acquisition, but depressed stock price might sway them.

  "No one's saying things are going great for Brown-Forman... But there are genuine signs of some improvement."
  (Jim Cramer, 24:17)

• Pernod Ricard’s interest signals undervaluation in the space; a merger could unlock diversification and "cost synergies."
• Bottom line: Brown-Forman "could be worth owning here for the first time."

  "In this very exciting story... perhaps you should be picking up some shares of the company that made the bottle [of Jack Daniel's] for the first time."
  (Jim Cramer, 27:15)

Timestamps

• Brown-Forman/Pernod and Alcohol Industry Review: 22:18–29:10

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The Daymond John Interview: Branding, Trades, and Thinking Big

Entrepreneur and Shark Tank star Daymond John joins for a lively discussion on personal/corporate branding and staying optimistic.

Highlights & Notable Quotes

• Everyone is a Brand:

  "You are a brand, whether you are in charge of it or not. If you aren't in charge of your brand when you walk into the room, you leave it up to us to interpret."
  — Daymond John (32:52)

• Two to Five Words Exercise:
  • Create a core message for your brand to drive decisions and narratives.
• On Trades vs. College:

  "50% of the kids graduating today will retire with a job title that doesn't exist today... The trades have 50 separate trades. We need more and more energy. We need people to be plumbers, electricians."
  — Daymond John (35:58)

  • Cramer notes the stigma against trades despite real business opportunity.
• Thinking Big:
  • Daymond argues it takes the same energy to think small as to think big—but technology and exposure (including watching Mad Money) can catalyze big thinking.
  • Branding can turn an ordinary professional into an industry icon, referencing Barbara Corcoran and his own career.
• Optimism Is Non-negotiable:

  "I want to be optimistic, but it's not the right time. Well, then what are you going to do? Just be pessimistic?"
  — Daymond John (38:12)

• On America:

  "This country's better than any other place on the planet. We may not all get along, but we have more in common than we have apart."
  — Daymond John (38:43)

Timestamps

• Daymond John Interview: 32:30–38:43

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Viewer/Club Q&A: Company Outlooks and Investing Advice

Cramer dedicates a segment to responding to detailed questions from Investing Club members and callers:

Selected Questions & Answers

• Copper Prices & Freeport McMoRan:
  • Cautious—copper is "peaky" due to fiber replacing copper and weak Chinese demand.
• Uber:
  • Bullish long-term, "represents great value" as a global leader. Also has positive words for DoorDash and Airbnb.
• Cruise Lines:
  • Only bullish on Viking (high margin, less disruption risk), mildly positive on Disney cruises.
• AI/Data Center Trade:
  • Likes build-out angle—GE Vernova, Eaton, Corning.
• Drone Stocks:
  • Nothing appealing right now; AeroVironment has contract risk.
• Space:
  • SpaceX is "the good choice," others not recommended.
• Roth IRA for Teen:
  • S&P 500 index as a start.
• Nvidia’s Investments:
  • Investments are about strengthening Nvidia’s ecosystem for AI leadership, but weakness is about sector cycles, not company fundamentals.

    "The investments that Nvidia makes are part of creating an ecosystem that wants to use Nvidia... And it's succeeding in doing that."
    (Jim Cramer, 19:39)

Timestamps

• Investing Club Questions: 14:49–20:27

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Cramer's Self-Review: Learning from Mistakes

Cramer candidly reflects on recent portfolio missteps:

• Biggest Realization: Trusting that "truth matters to stocks of great companies" was a mistake in this market (e.g., CrowdStrike, Meta, Nvidia).

  "The mistake I made, and now I've made it twice, is to believe the truth will matter when Wall Street keeps lapping up disinformation..."
  (Jim Cramer, 43:28)

• Lesson: Markets can ignore fundamentals for long periods—stay flexible and protect downside, but conviction matters, too.

Timestamps

• Portfolio Reflection & Lessons: 43:28–47:35

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Notable Quotes

• "We don't care where you bought it; we care where it's going to." — Jim Cramer (11:21)
• "If you are invisible, you’re vulnerable. And if you’re vulnerable, you are replaceable." — Daymond John (32:52)
• "I want to be optimistic, but it's not the right time. Well, then what are you going to do? Just be pessimistic?" — Daymond John (38:12)
• "The mistake I made ... is to believe the truth will matter when Wall Street keeps lapping up disinformation..." — Jim Cramer (43:28)

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Final Takeaways

• The market is in a rare state of correlation: war drives oil up, oil drives stocks down—especially tech.
• Defensive stocks (like Costco, Walmart) and select energy names are favored in the current climate.
• Many fundamentals and "truths" about great companies are being ignored by the market in favor of shorter-term forces.
• Personal branding and adaptability are key for businesspeople and investors alike in a changing world.
• Optimism, strategic cash holding, and disciplined patience are Cramer’s core advice for weathering this storm.

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Transcript

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[Jim Cramer]

My mission is simple 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 make friends. I'm just trying to save you a little bit of money here. My job is not just to entertain on a day like today, but really just doing a lot of teaching. So call me at 1-800-743, CBC maybe tweet me at Jim Cramer. Look, it was another miserable week. Four weeks since the war started and it's been pretty darn awful. Sadly for the bulls, the history of oil shocks is littered with bear markets. 20% drawdowns to say raise cash because it's almost never too late to sell something to protect yourself. Today was more of the same. Dow telling 7-90s and P plunging 1.67%. Nasdaq plummeting 2.15%. It's a tough rough road. My trust is the highest cash position I can recall. But you know what? It is never enough. When you have horrendous action like this, it's almost impossible to predict what will happen in the war with Iran. We got to stop trying to do that right now. The one thing that's been consistently right is to buy oil stocks. Every time, every time they're down, every time they're up. It just doesn't matter. Because crude is headed higher, that means stocks are headed lower. It's one for one. Please don't overthink it. I say that on letter X all the time. Hey, oil's down. Stocks will be down and they are. And it was another week when it paid to get out of anything in tech that used to be good. The stocks companies are still good, but not the stocks. They're all bad now, including the once loved, now disliked Nvidia. Just when we get to it showed you its best in show greatness at gtc. I'm only, I'm not trading it, but I know it's going lower. I mean people want, they want oil stocks. They do to my. They don't mind the soda stocks, Eddie. Pharma stock. And I got to tell you, they like the oil drillers. I mean that's really it tech nothing, especially in video, especially the really despised Microsoft. These are two of the greatest performers of all time and they haven't been able to what we call catch bid and what feels like ages until oil and interest rates, don't forget those stop going higher. It really doesn't matter what those companies say or do. They are not going to get love from institutions and individuals and I think they're beginning to realize that. So is there any hope near term? I mean, maybe there is what we got to do. We got to go to the game plan for next week to figure this one out. Now these days, Mondays revolve entirely around the war and ratcheting up intention. We know our president said there would be an extension of a bombing pause, but there's still hostilities, which to me means that oil goes higher. And when oil goes higher, we know that the stock market goes lower. I keep repeating that because I want people to be really understanding of what's driving the market down. It's got an axiomatic and I don't think it can change because the Strait of Hormuz is still closed and Iran's missile and drone infrastructure is intact enough to keep it closed. Even as we thought that wouldn't be the case by now. Worse, when the president pushed out his bombing deadline, something that would have one time move stocks up and it meant nothing. Why? Because oil still went higher. And nothing is more destructive for equities than higher oil prices demonstrated again and again in history. Tuesday is a day of challenged companies first, McCormick reports. And this spice stock has become very tough to own. The flavor company, as they call themselves, is said to be in talks to merge with Unilever's food business, which includes Hellman's mayo, Coleman's mustard and newer soups. If they do the deal, the combined company will own some big chunks of multiple supermarket aisles. But the food stocks have been quite Simply awful. Including McCormick with a stock that's down 22% for the year. There's only one way out of this jam, though. They've got to merge and cut costs. I think that we will like a new McCormick if they do merge, which can slot their brands through its own delivery methods and save fortunes. I love the combo. I hope it works out. I hope they announce it after the close. We have the most controversial stock of the week. Nike. Now we own this stock for the child trust and we're nervous. And that's exactly what I said in today's monthly CNBC investing call. There's no line of sight for Nike to return to greatness. At least not yet. China has proven to be intractable. The competition has become fevered. And the inventory from the old regime somehow still seems to be dogging the company. It needs to be gotten rid of. If there's still some left, I will be very disappointed. Meanwhile, we need to be see some innovation or some new products that we're stunned by that we can't live without. Essentially, we. We need green shoots of return in the US that are at least strong enough to make us feel like we're dealing with the Nike of old. Back when the stock was a winner. Now it's a loser and it's hurting my charitable trust. Enough said. We've got some important macro numbers next week. We've got this Jolts number. That's actually it. It's. It's. It's an acronym. It's for job openings and labor turnover. Jolts and Wednesday we get retail sales, both very important. We've seen interest rates creeping up late in sync with the inflation caused by the war. The incoming Fed chief, Kevin Marsh, wants to cut rates, but he needs to see more job losses to have something in his quiver besides bad housing numbers. Jolts could show us some layoffs. He also needs to see retail sales get weaker. They've been way too strong to justify cuts. I know we don't want any of this stuff that I just mentioned to happen, but we need rates down badly in this country, if only because that would give us of a housing market. We got the worst in 40 years. And look, we need stocks to at least stop falling off a cliff. Right now the only reason seems to be if you believe there'll be a quick war and a decisive win by the US that's how it would come back. It would help to have something else go the bull's way, like lower interest rates. I think Wash has a reason to cut so much of what's related to housing construction is slowing down rather quickly. Take the only sizable company that reports this on Thursday, Acuity Brands. This is a very important commercial lighting company. Look, you have to light a yet the light of business and it is really the best and show what it does. $8 billion company whose shares now trades be premium multiple stock at less than 14 times earnings down over 25% for the year. This is a consistent grower that price earnings multiple suggested there's very little hope for acceleration in construction and construction truly matters a lot of people involved in that industry bad tell Wednesday brings another report from another food stock that is hurting and that is ConAgra. Now here's the stock that typifies what's been happening to the whole group. An endless multiple shrinkage where the market pays less and less for pretty much the same boring earnings. Conagra yields 9% that is historically an unsustainable level. The company has stood by the dividend and talks positively about its frozen foods and its protein supply specialties. But the stock says the portfolio as much as it's curated by the company is simply not delivering what the market wants. And that's how you have to view it. It's not personal. Finally we have the employment report on Friday. And by the way, it's a day where the stock markets close for Good Friday. That's probably good news that it's closed again. We need a weaker set of numbers and no increases in wages in order for wash to justify cutting rates to the rest of the committee. You're going to hear me talk about rate cuts and oil increase because those two are what's in play. Incredible as it seems with all this turmoil in the beckoning of a bear market, we have plenty of people saying that the Fed chief should call for a rate hike. What are they kidding me? The vast majority of the inflation system comes from the supply shock that emanates out of the Gulf. We didn't know how intertwined we were with those countries until now. And we are learning that is a very strong suboptimal situation. Right now we have as much pessimism about stocks as we did when the COVID pandemic swept through us. The hatred for tech I find is extraordinary. Stocks like matter, Microsoft and yes, even Nvidia are being sold as if they're about to collapse. It's a wholesale slaughter and I can't tell you when it's little. And even as I'm telling you that the companies themselves are doing great. So what you're hearing Me say is not yet. But the bottom line, I have to say these declines aren't just about tech. They're about what you get when you have both inflation and higher interest rates. And the inflation is coming from oil. I think the market could continue to go down to the war is over and commodities can decline to where they were before it started and probably not before then, which is why it is such a tough time. Let's go to Tom in Kansas, please.

[Caller]

Tom, Professor Kramer, this is Tom from Kansas. First time caller, longtime listener and I'm

[Jim Cramer]

glad to have you on the show.

[Caller]

And it's on My pleasure too. I am asking about the trillion dollar company, Berkshire Hathaway B shares. Since Warren Buffett's retirement, the stock is down roughly 12%. I have two questions. Your opinion, Buy, sell or hold? And will philanthropic selling of the stock be a problem for the stock's value?

[Jim Cramer]

Wow. You know what, you actually hit on something pretty interesting there. Here's how I feel about it. I think you have to wait a year. We can't make a judgment yet. We got to see what this is a long term company and a long term means at least, at least one year before we make a judgment. So I would hold on to for a year. I do hope that they continue to be open minded about what they own so we can make better judgments. Let's go to Ray in New York. Ray.

[Caller]

Hi Jim.

[Jim Cramer]

How are you doing today? Well, you know Ray, I'm suffering like everybody else right now.

[Caller]

Me too. I hear you boys. My, my question is regarding Core Weave. I have a couple of shares of quality. Should I keep it or sell it?

[Jim Cramer]

I'm want you to keep it. By the way, the anniversary for the Core Weave deal is tomorrow. We were backers in 40, went all the way up. I don't want you to sell it. Look, there's only any data centers but we're just in a bad market right now and so it doesn't matter. I could say Corvette is going to be the exception, but it can't be nothing to be the exception until the war is over and interest rates stop going higher, period. Let's go to Bill in North Carolina, please.

[Caller]

Bill, Big jam is Big Bill in North Carolina. How you doing?

[Jim Cramer]

I am doing well, Big Bill. How about you?

[Caller]

I'm in the house of pain.

[Jim Cramer]

Really.

[Caller]

I got a question. I can't remember anybody asking you. So I bought Robin Hood for $129 and it's down to 70. I'm $36,000 in the red. So how do you know, if you should just dump it or you try to hold it out.

[Jim Cramer]

Okay, well, that's a great question. Remember, we don't care where you bought it. We care where it's going to. Robin has got a big buyback now, but it sells at 28 times earnings when the rest of the brokers sell at a much lower multiple. For instance, Morgan Stanley, which is actually a very fast growing company, it sells at 14 times earnings. I know Robinhood is fast growing, but at the same time it doesn't have the same kind of sticky money money that Morgan Stanley has. So I think it still has room to go down even as I think it's a very good company. But like I said, nothing's personal at this point. Unfortunately, as I've been saying for weeks, until the war is over, we're going to go down. I think it's you got to wait until the war is over and commodities can decline where they, where they were before the work, before the war was, I'd say, went in our eye on my money tonight. With the markets firmly in the red for the month and the year, I'm taking a step back to answer some questions directly from Ukraine. Americans to address your foil concerns because they're similar to my trust. Then, fresh off news of potential merger, could Brown Foreman be a bright spot in a sector that has been on the rocks? I'm taking a closer look at the name and there are lots of questions around the impact that I will have the workforce and not many answers. I'm turning to one of the champions of the blue collar worker and innovation and genius. That's Daymond John. We're going to get his take. You're going to love it, so stay with great ones.

[Daymond John]

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. Missed something? Head to madmoney.cnbc.com this episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update. Wherever you get your podcasts, OnDeck is

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[Jim Cramer]

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[Daymond John]

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[Jim Cramer]

We know that the war in Iran has sent stocks into a broad sell off Dow on pace for its worst month since September 2022. It can seem tempting to sell out of stocks. I know that you know, we call it get out now. That's not what I want you to do in these situations. That's why I started the Investing Club to guide you through turbulence like we are having right now. Earlier today we held our Investing Club monthly meeting where Jeff Marks and I get together to walk club members through our decision making process, our rights and our wrongs. We discuss our current portfolio and then we take questions from club members. Now I love taking the questions just like I love the lighting round. But since we never have time to get to all of them, I'm giving you an inside look right now at what happens at the monthly meetings while also doling out, I hope, some needed market advice. I think if you join the club, by the way, you got some insights that you've never seen before. It's really, it's going to be a game changer for you if you haven't. By the way, if you want to be a part of the next monthly meeting, join the club. Just scan this QR code behind me and if you want to catch up on today's what I thought was a very fiery monthly meeting, I want you to go to cnbc.com investingclub live. Okay with that, let's take some questions. First up we have Gary and Marilyn who asks what is the outlook for copper prices, particularly Freeport McBrand, I have to tell you, I think that copper is Peaky. They also have a gold business too. But the reason I say is copper's peaking is that one of the biggest uses of copper is in the data center and fiber is replacing a lot of the copper. And by the way, copper was also in Chinese. Two thirds of the copper goes to China. They are not building like they used to. So I think you've got a metal that I think is very subtle par. I don't want to be there. Next we have Peter from Canada who says hey Jim, I loved your book. I bought it for Christmas for all my kids. My question is what is your take on Uber? Thank you, thank you so much for doing that. I think that Uber represents long term great value because they are a monopolist when you think about it. Sure, I know we do have Lyft, but worldwide they are the go to and they have, they're in everybody's app. You know they've got the app. They are well known wherever you go. I regard them by the way. I feel the same way about Doordash, another one that I really like and Airbnb. And you know that because in the book I talk about these brand name companies that came, that came public in the last six or seven years. Thank you again for reading the book. Next we have Mike from Colorado who says I'm a longtime holder of Carnival and Royal Caribbean cruise stocks. After the recent pullback I think the represent value but they're at risk from travel disruption and oil exposure. Are you a buy, hold or sell on the cruise line industry right now? Okay. I only recommend Viking because I think Viking is insulated, they have a higher margin ship and they're in certain places that are not as easily disrupted just like you describe. And that's the only one I like right now. I also like Disney cruises but that's buried within the big confines of Disney and that stock has been a very tough stock to own. Next up we have Sandy from Washington D.C. who asks Considering all the data center and AI related companies we invest in, which aspects of this trade do you have the most confidence in Semis energy infrastructure or build out? Also, which companies would you rank in your top three? I'm going to have to go with build out and I like GE Vernova and I like Eaton and then after that I'm kind of torn. But I think that Corning, because it's a fiber company and fibers taking over copper was is the best one. Next up is Elizabeth who says drones are essential modern warfare, please. Can you suggest a company in the sector with strong drone technology for long term investment. The answer is right now we don't have one. I like our environment, but they have this contract that's being contested and it makes me want to stay away because if they don't get the contract, the stocks can have another leg down. Next we have Dave who asks, what about the hype over space? Is it a good choice for the average investor? We're going to get space X. That's the good choice for the average investor. We don't need the others. Next we have Ron who asks, I'm creating a Roth IRA for my 16 year old grandson with $5,000. What would you recommend for holdings first? 5,000, that's going to be S&P, S&P 500. Now maybe when he gets a little bit older, he sees some company he likes, we can get him involved with the stock market. But we always start with the s and P500. Next we have William from Tennessee who asks, Nvidia has invested billions of companies like Core, Weave, Nibius, Intel, Coherent and Lumentum. Well, how does this affect investors in video stock? Are we also indirectly invest in those companies who are in video holdings? How does this work for us? Okay, this is a really important question. First of all, I know Nvidia is going down. Like I'm not, not an idiot. I mean you look at the stocks going down, they did have a great meeting. And when you have a great meeting, a stock goes down after. It means the stock is part of a cohort that's hurting right now. And that's technology. I think you can't take a look at Nvidia every day. I know that if you feel like, as I've been saying, look, I do think it's going to come in, you can sell some and you can buy it back later. I think that's too tricky for most. The investments that media makes are part of creating an ecosystem that wants to use Nvidia. Because what Nvidia is trying to do is make it so it's the most important stock, most important company when it comes to writing software, most important company when it comes to artificial intelligence. And it's succeeding in doing that. And I think that people have to recognize that yes, at this moment it's not in favor, Google's not in favor, Meta's not in favor. It just, it's cyclical, they'll come back. But the problem is right now people say I want it now. And I'm going to tell you right now, you're not going to get that because the war is still on. Thanks again to all our club members. I really want you to join the club, but this is the kind of stuff we really do do and it's every day. Thank you. We have money's back every

[Daymond John]

Coming up, is the alcohol sector losing its buzz? Kramer is breaking down. Whether now is the time to buy into Jack Daniel's parent company Brown Forman, ahead of its potential merger with Pernod Ricard. Next trading 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 men are struggling with

[Jim Cramer]

their mental health at some of the highest rates we've ever seen. But most aren't getting the support they need.

[Daymond John]

And that needs to change.

[Jim Cramer]

I'm Dr.

[Daymond John]

Guy Winch, your host for season three of the Visibility Gap, presented by Cigna Healthcare.

[Jim Cramer]

This season we're focusing on men's mental health, bringing together real stories and expert

[Daymond John]

insight to explore the pressures men face every day and why opening up can feel so difficult. Join us for the new season. Wherever you stream your podcasts, OnDeck is

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[Jim Cramer]

After spending years lost in the wilderness, is it finally time to give the liquor companies another look? Take Brown Forman, please. No, just kidding. Brown Forman is the parent company of Jack Daniel's, among many other brands, is shot up nearly 10% yesterday and another 5.8% today on news that it might be selling itself to Pernod Ricard. That's the French alcohol giant. Takeover is her terrific way to make money. And more important, they show that the acquirer genuinely believes that something in the industry is worth paying for. That's a real statement when it comes to liquor business, where Brown Forman has seen its stock fall 73% from its 2020 highs to its low earlier this month. That slide happened gradually at first, but then it's steepening over the next couple of years. I've gone over what's probably the GOP dash 1 weight loss drugs are everywhere now and they reduce cravings not just for food but also for booze. Younger consumers treat their body as if it's some sort of temple, not a tavern, like I did. There's newfound competition from legal cannabis in 24 states and consumers seem reluctant to pay up for higher priced liquor brands that have been carrying the industry for a long time. Premiumization ended. There's also an oversupply problem. Just a handful of companies are sitting on one on billions of dollars worth of aged spirits, and that's probably particularly bad in the whiskey category, Brown Foreman's Bread and Butter. The market for used barrels has also been awful. Representing another headwind for Brown Forman and other whiskey makers. Doesn't help that they also need to cope with higher grain prices recently. Of course, at this point you got to imagine that most of the negatives are finally baked into the share price. Clearly that's what Bruno Ricard thinks or else they wouldn't be negotiating to acquire Brown Forman. This was an unexpected catalyst and it makes me want to look at the whole industry with fresh eyes. Per is such a smart I know this business pretty well and they're brilliant. What can I tell you? Let's start with the broader spirit space which had another weak year in 2025. Total US spirits sales down 2.2%. But even though total sales got hit, that's all from lower pricing. Volumes are actually up 1.9%. To me that's a good sign because it means that there's still some demand. Plus spirits keep taking market share from beer and wine. And within spirits, whiskey's finally been hold up a lot better than vodka and the once really hot tequila. At the same time, premixed cocktails have been doing incredibly well. This is what's known as the ready to drink category. Brown format, big presence there and they're ready to drink business had 8% growth over the last three reported quarters. They've seen real success with their new mix product featuring El Jimidor tequila. By the way, I think that's part of the reason why Pernod Ricardo is interested in acquiring the company. It is selling so well. Now. Here's what you need to know. No one say that things are going great for Brown format and I don't want to give you that impression. They're not. But given the context of a stock with a great brand, Jack Daniels down nearly 70% over the past five and a half years. We have to grade this one on a curve. More importantly, there are genuine signs of some improvement. First, it's not like Brown Forman has its head in the sand. At the beginning of last year, the company announced a series of strategic initiatives to get its costs under control. Laid off 12% of its workforce. Management shook up their distributor relationships last spring and they keep tweaking the portfolio around the edges. They didn't used to do this stuff. They didn't have to do this stuff. And listen, the company's own earnings have been getting incrementally better after a sickening period where Brown form missed revenue expectations in seven out of eight quarters. They missed company out beaten net sales expectations for three quarters in a row. In fact, after eight consecutive quarters, year over year declines. Brown form reported positive net sales growth in its most recent quarter along with a healthy earnings beat. Hey, Pernod card. So that right when you look at their latest numbers for the three month period that ended in January, this was a clean top and bottom line beat. Organic sales grew 1%. Wall street was looking for a 5% decline. Nice Delta there. Net sales grew 2% to a dollar to 1.6 billion and that beat the 1 billion census estimate. And earnings grew a percent. But they grew to 58 cents a share, 11 cents higher than what analysts expected. Of course, the stock didn't get any credit for the much better than expected quarter. In fact, Brown forman stock dropped 6.6% in response. Then it kept falling for another few weeks afterwards. I found that shocking. But. But that was mostly because management declined to raise its full year forecast with the report merely reiterating the previous outlook despite the fact that they had good numbers. So after years the house of pain in the house of pain, the business is finally seeing some improvement. Meanwhile, the stock's gotten pretty darn cheap. As long as you can trust management to make the numbers. It now sells for less than 16 times this year's earnings estimate. That's down from 40 times earnings at its highs in 2020. And now there's this new catalyst to take over interest from Pernoda Core. Now I should say upfront that there are reasons to be skeptical about the potential for a deal like this. Brown Foreman's got a dual class share structure where the Brown family controls most of the voting power. And in the past They've been resistant to takeover talk mean maybe the stocks underperformance for the past five years has changed their mind. The Wall Street Journal reported yesterday the deal being considered includes a significant stock component. So this family remain a large shareholder in the combined entity. I hope they're willing to sell because frankly I think this proposed merger makes a ton of sense. It would create a combined business that's more diverse and better positioned to take on the market leader that is Diageo, which right now feels like kind of a pitiful helpless giant. There could be lots of cost synergies too. But here's the bottom line in this very exciting story. The news of a potential merger between Pernod Ricard and Brown Forman has me wondering if if some of these liquor companies might actually be worth something. A stock like Brown format has come down huge from its highs and the underlying businesses finally started beating the numbers again. They're even posting sales and earnings growth for the first time in ages. So this horrible market has you thinking about buying a bottle of Jack Daniel's, your liquor store, maybe even just to brush your teeth with. Perhaps you should be picking up some shares of the company that made the bottle for the first time. No first time. I think the Brown Foreman could be worth David in Louisiana. David.

[Caller]

Hey, good evening Jim. Home of gumbo, red beans and rice and some pretty good fried chicken. Got another question on Yum brands, a focus brand. Seem like they may be a little bit in trouble right now with this high gas prices. I'm just wondering if you might say to slow down a little bit here in this sector.

[Jim Cramer]

I think that Yom has come down to a very attractive price. 153 down from 169. 23 times earnings. Excellent growth asset light model. And right now what's going on in the worldwide economy does not really impact a company that offers a nice value meal. How about we go to Cordell in Ohio? Cordell.

[Caller]

Hey, good evening Jim. How you doing?

[Jim Cramer]

I'm doing well. Cordell, how about you?

[Caller]

I'm doing great. I'm calling in about a retail company that's currently down for the year about 20% and from its all time highs about almost 50%. I know a lot of companies are feeling pressure, especially what's going on with the war. And I was just wondering, this company had a stock split not too long ago and I know during COVID it was pretty did pretty well and I know coming out of COVID it did pretty well. What's your thoughts on cmg?

[Jim Cramer]

Man I gotta tell you, I thought cantilever is going to hold at this level. This is the, this is the crunch time. It's at 30. I think it can do so. But here's the problem. It's got to show some better than expected numbers and it hasn't been able to do that yet. Scott Boatwright, you must deliver a better quarter. You got one month left. April 29th. I deliver. Have to. James in Ohio. James.

[Caller]

Jim. It's Jim from Broad. No, man. I was calling you today about Costco. You know when from its low in January it seems to have recovered Most or maybe 50% or more from where it was. But then it's pulled back a bit. Considering the economic maelstrom that we seem to be in, they know they do have a new CEO. Do you see any possibility for further pullbacks at this point?

[Jim Cramer]

No, no, no. This, this one is what you buy in this environment. We see a lot of stocks doing quite badly except for the chemical stocks and the oil stocks. And I want to put Costco in there and Wal Mart as two stocks of companies that buy because those are representing a very difficult economic environment. That's what people think we've gotten because of the war. And Costco is going to be a big winner and we stay longer for our travel trust. And I like it more now than I have in a very long time. All right. For the first time, I actually think the stock of Brown Foreman, which owns, remember Jack Daniels, could be worth owning here. Now we got so much more ahead tonight. Good. In my interview with Daymond John Long, my fave guest as AI threatens the future of blue and white collar work. I'm looking at the future with someone who's been a champion of entrepreneurs and American innovation. There's that no investor has 100% track record of stocks included. I'm reviewing some of my latest moves that went a bit wrong. I'm telling you what I learned. I have to if you're daily today can't pound your chest and say, well, I own Costco. And of course Rapid Fire calls tonight's edition. Widening around. Stay with. How do people stay relevant and stay winning in a world that's being reshaped by artificial intelligence, economic uncertainty. To answer that question, we're going to Damon John. He's the entrepreneur, fashion designer and best selling author of. Well, you know him as the founder of CEO of fubu. Not to mention what we all love him as one of the original sharks was Shark Tank, which is so complete compelling. Lately he's been focused on branding and visibility through his CEO access platform, where he helps executives manage the brands. Some don't even know they have it. They better wake up to it. Let's take a close look. Mr. John, welcome back to Man Money.

[Daymond John]

Thank you. Thank you as always, brother.

[Jim Cramer]

Okay, so we recently had one of my favorite CEOs on Lloyd Blankfein, Streetwise. And I'm reading his book, you know, because I read it, it says right here, shame on me and Goldman. My advice to other CEOs, create opportunities to show who you are and what you stand for. It's not very effective if you wait until there's a crisis to do that.

[Daymond John]

But then.

[Jim Cramer]

It didn't tell us how to do it. You had to tell us. Yes.

[Daymond John]

You have to start branding yourself from the beginning. So, first of all, CEOs, founders, anybody. You are a brand, whether you are in charge of it or not. If you aren't in charge of your brand when you walk into the room, you leave it up to us to interpret. But as a CEO, people don't want to know about the company all the time. They want to know who's behind it. And if you are invisible, you're vulnerable. And if you're vulnerable, you are replaceable. It's period sense.

[Jim Cramer]

That's it, Right?

[Daymond John]

But let's think about this, Jim. You have a bigger fiduciary duty. What if the kid in the mailroom with 40,000 followers decides to come after you? If you lose that position, people lose their jobs. People, you know, the company goes down because that's where we're at today. You have to be able to bring yourself and you have to start doing the beginning. Come up with two to five words that you represent. Two to five. My two to five words are I'm on a quest. My two to five words are early detection. What do you represent? Nike. Just do it. Foo before us. Bias. White Castle. What you crave. Tnt. We know drama TV is very funny. Come up with your two to five words and that's your narrative, your North Pole. And you start creating content decisions, public, you know, information around those two topics.

[Jim Cramer]

There are these PR people and they're gonna say to you, stay behind the scenes. It's the team. Take a low profile. What do you say to them?

[Daymond John]

Well, are you going to have PR people? And then you're going to have spin doctors and then you're going to get on stages. The COs we work with, it's like the Super Friends. We have a bunch of people. When I, you know, I just found this walking down, you know, the hallway just now, when I'm on this cover right here, I need somebody else to be on the COVID the next time. On the COVID When I speak at Davos, when I speak at Roth, when I speak at Milken, who's going to speak after me? I bring those CEOs in the room. You don't want to be in the audience. You want to dictate who you're speaking to. Because when you're raising capital, when you're going public, you want your name in the room before you walk into the room. You want people to ask for you to come into the room.

[Jim Cramer]

But what happens if you let others define who you are?

[Daymond John]

If I just tell you one thing and you tell it to somebody else, it's a whole nother story, right? You have to be in control of it. I mean, think about it.

[Jim Cramer]

Let's just think about, like this Burger King, McDonald's.

[Daymond John]

Let's remember, you know, the McDonald's CEO, he started off probably trying to do something that he thought would work. It backfired a little against him. But you know what? He didn't have the right team to say. Now we're going to need to lean into it in different ways and build a strategy over what could have been seen negative. But the Burger King CEO took that. He went and did a kind of his version of it. And now they said, we're firing the king. I'm the king. I'm going to keep picking up the phone for all the new kings. Now we know who it is. Burger King now looks like we're giving other people opportunities by the CEO.

[Jim Cramer]

So tell me about. I mean, you've got so much that you often talk about. And one of the things that I care tremendously about on this show is blue collar versus white collar. This is another thing that you have figured out better than others. A lot of people think you go to college, $90,000 a year, you get out. Oops, wrong subject. Why don't we tell these people, listen,

[Daymond John]

50% of the kids graduating today will retire with a job title that doesn't exist today. There's a massive amount of debt. And now all of a sudden, you're paying off debt for a job that you don't necessarily are not going to have. The trades have 50 separate trades. We need more and more energy. We need people to be plumbers, electricians. Now, some families going to say, well, you want my child to grow up to be a plumber?

[Jim Cramer]

And that's a problem, right?

[Daymond John]

It isn't A problem. You know, the baby boomers are passing away their business. The kids don't want to take it over. And a buddy of mine, he rolled up, I don't know, three or four hundred body shops. His company's about 3.5 billion. You can roll up a thousand plumbing.

[Jim Cramer]

Okay, now wait a second. They need you to do this. I'll tell you why. Because everybody knows their own shop. No one thinks big. That's part of the problem. You think big. How do you get these people to think big like you?

[Daymond John]

You know, that is a problem. I think. I think. But with technology today, we can do things that we've never done before. The way that AI is creating the bots and all these things. We can. We can. We can take the same amount of effort on those digital devices and we can think big. But, you know, it's really probably about watching stuff like Mad Money. You know, when I. When I almost went bankrupt, I stayed home for six months. And I keep telling you this. I watch Mad Money every single day. It was on, I swear to you. And I started to think big.

[Jim Cramer]

I started thinking buzz.

[Daymond John]

Yeah, absolutely. But listen, you have to think big. I'll give you an example. How many real estate brokers are there? A million of them? There's only one Barbara Corcoran, because she understood how to brand herself. How many clothing designers are there? There's millions of them. There's one Daymond John. I knew how to brand myself. And you know what? How many real estate developers are there? Millions of them. But guess what? There was one person that started in the 80s, and now he's sitting as the President of United States because he knew how to brand himself. So every One of these CEOs can think small or they can think big, and it's the same amount of energy,

[Jim Cramer]

but at the same time, they still have to rise and grind, don't they?

[Daymond John]

Oh, 100%. No, you actually have to rise and grind a little bit more because you got to do your day job and you got to brand yourself and be in charge of it again, not say, oh, this team does it, this team does it. You do it with the teams.

[Jim Cramer]

Do you think there are people who just say, you know what? I'd like to be optimistic, but it's not the right time to be optimistic.

[Daymond John]

They're idiots. I want to be optimistic, but it's not the right time. Well, then what are you going to do? Just be pessimistic?

[Jim Cramer]

No, those are idiots. You are the best. You are just sunshine. That's daymond John, CEO of the Shark Group, who proudly also brought his daughter. And I'm thrilled that you did that too.

[Daymond John]

I wanted my daughter to see you in action. I wanted her to see this amazing place that is one of the foundations of this great country we live in. This country's better than any other place on the planet. We may not all get along, but we have more in common than we have apart.

[Jim Cramer]

Excellent. That money's back.

[Daymond John]

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

[Jim Cramer]

It is time. It's time for the light round question. My steppers are grateful to the planet cell. And then the lightning round is over. Are you ready, ski death? Let's start with Lewis and Florida Lewis. Hey, Jim, thanks for having me on the show tonight. I am thrilled that you're on the show, Lewis. Thank you. All these data centers that are being constructed across the country generate a lot of heat and require complex cooling solutions because of it. I'm wondering how you think a company like Carrier Global fits into that. No, you're not gonna. If you want to do that. That's Vertive. Vertiv is still the one. I know. Look, Carrier just. Just doesn't carry. Doesn't have the horses. Let's go to Doreen in Florida. Doreen, hi. I'm a longtime listener. First time caller. I have a small position in IBRX immunity bio. I got pure spec immunotherapies. Pure spec? I would encourage you to own it provided you don't own any other spec because that company is losing a lot of money. Let's go to Brian in Pennsylvania. Brian, who you are from Middletown. Jimmy. Oh, man. How you doing?

[Caller]

Hey, I thought I was buying a

[Jim Cramer]

good stock at a discount in January before the private credit issues exploded.

[Caller]

Is it time to add to or are the long knives out for Capital One Financial?

[Jim Cramer]

Oh, no. Capital One has almost no exposure to what you just mentioned. As a matter of fact, it's at nine times earnings. Jeff and I talked about it today at the club meeting and we think that even though the chart is horrible, it is a good level to start. If you don't own any stock, we're going to continue to own ours. Let's go to Jim in New Jersey.

[Caller]

Jim, hey, is this the pope of prosperity? How you doing? Listen, I have a question for you. Yeah, I have a question. With the energy renaissance going on and everything being redirected into a wealth for the nation and all that, about a year ago you talked about an IPO Venture Global and now they're advertised and they're doing quite well. And they're an energy company. Is there longevity here? What do you think?

[Jim Cramer]

Yeah, it's breaking out. I think you can go much higher. Probably goes to 25. This is the kind of stock that you need in this environment. It's tough to bite the bullet and say to buy it after it. Stock has been all the way down to five, six. But you know, we don't care where it's coming from. We care where it's from coming, going to. And the answer is that stock is going higher. Let's go to Marco in Pennsylvania. Marco. Booyah.

[Caller]

Jim, thank you for taking the call.

[Jim Cramer]

Of course. How are you doing?

[Caller]

I am doing well. I'm giving you a call because there is a stock that I believe is ready to take off in 2026. It is led by a titan of the industry, Mark Bertolini and Joshua Kushner. And that is Oscar Health.

[Jim Cramer]

Yeah, that stock really broken down here. I think it's really an opportunity. Kind of held in the mid teens for a long time and now it's come down to 11. I would start buying in here by some. I buy half here and then buy half at nine if it gets there. Otherwise just own it. That's a good, really good idea. Let's go to Sammy in Texas. Sammy, hey, hello there.

[Caller]

Jim. Hi from Houston, Texas. I just want to tell you that I want to thank you behind the scenes crew to everybody's fabulous.

[Jim Cramer]

Your director, your camera people, the, the audio guys.

[Caller]

I mean they do a great job of helping you put this wonderful show together again. Thought it would be great.

[Jim Cramer]

It's been a long four weeks. You just made me be able to leave here thinking that maybe I did some good after thinking, wow, punish me. So go ahead. No, no, you do good.

[Caller]

Sometimes I ignore your things, which is my fault. Hey, I have a stock that I bought last year.

[Jim Cramer]

It was doing okay and it started

[Caller]

dropping about six weeks ago. You commented on it and said basically

[Jim Cramer]

it was going to pot.

[Caller]

So I wanted to see if there's any hope for the stock and see

[Jim Cramer]

if it has any future Tempest.

[Caller]

I,

[Jim Cramer]

I like this stock, but the problem is it's a high multiple stock in a row in a, in a sell off that is driven in part by oil and part by interest rates. It will keep going lower. It's a decent spec. I would hold on to some, but not all. And that lady. Conclusion of the Lightning Round.

[Daymond John]

The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

We had A visceral investing club meeting today. I mean a real soul search. You want to see guys going at it. Self administration, self recrimination, the works. Go look at the replay of this meeting. Because the angst of this market was on full display, we reviewed the portfolio as we always do. We went deep, especially on the many stocks that are in free fall, including some of our faves that we didn't want to sell. It was worth the whole price of a club ticket. You got to watch it. At the end of the meeting, we take questions from club members and they're always poignant, meaningful, on point. I want to discuss the last question. We took one from SRI who asked, I quote, what recent mistake in the Chabot Trust do you think offers the most important lesson for retail investors? And, and how have you adjusted your process because of it? End quote. Smart. I thought hard when I saw this one. Obviously when you have a market like this, the best thing you can do is just own. Enough about oil stocks. I resisted that. Big mistake. Even sold one way too soon. But that's not what she's looking for, nor does she think about that. I almost bought Lockheed Martin because it's run by the great Jim Tanklin, whom I've known from American tower days. Could have been mine. I punted. No, the real mistake, the broader one, the one I'm trying to adjust to, was believing in the truth. Specifically, the truth would matter to the stocks of great companies. Let me explain. I want to start with CrowdStrike, the cybersecurity company that's the best there is. It's crushed the numbers like almost no other. But its stock has become a real laggard thanks to the efforts of another company called Anthropic Private company. The upstart has gone out of its way to talk about how it will eventually offer the best cybersecurity in the world. It seems like they're gunning for Crowdstrike and every time Anthropic makes sense security claims, well, Crowdstrike sock gets pummeled. I actually find it takes a lot of guts to do what Anthropic is doing. I wouldn't do it. The truth is, you know, George Kurtz explained right here on our show last night is that Anthropic simply isn't a cybersecurity company and wouldn't know how to do it. It's a hands on business. We actually have to speak to people. It's highly unlikely that any compliance officer would allow their company to work with Anthropic on agent creation. Then have Anthropic protect those agents from cyber terrorism. Meanwhile, CrowdStrike has data that can stop the attack. It's ready. But to go back to Street's question, the mistake I made, and now I've made it twice, is to believe the truth will matter when Wall street keeps lapping up disinformation from Anthropic. I thought that when George explained all this, it would mean something to the stock. I really did. How naive was I? It meant I chose to ignore what the impact would be. I chose to ignore the misleading comments and banked on the truth. And for that, I did it again. With Meta. I made a real study of what happens to companies in their stocks when they lose court cases, especially when a jury decides they've done something pernicious with a negative, sometimes deadly impact. I think that as tragic as these cases are that they lost, they only won't impact earnings per share or the way they operate. The operative word in the sentence is ultimately, though, because in the interim, this stock has lost tens of billions of dollars for that one court case. I misjudged the impact of people saying that social media is the new tobacco. A point that I think will be addressed at the appellate level and then turned around. But that takes a long time. In the interim, you lose money. Now, what I suggest you do is look at Johnson Johnson. Until it became clear that the impact wouldn't be as bad, the stock was in free fall. And then when it was clear, it went from 140 to 230, almost in the blink of an eye. I think the same thing will happen here. Oh, and one more. I thought Nvidia trading at roughly 15 times next year's estimates would make people want to buy it. That was wrong. It's demonstrated I could have been wrong. More wrong, actually. At least right now they're making billions of dollars, but it doesn't matter to the stock market. I think it will someday. The trick is to find ways to be able to stay in the stock despite the doubters. Fortunately, my conviction is unshaken. In theory, you know, would have been Great selling video 200. Buy it back at 160 where it isn't yet. But it's going to. But you know, it's very hard to do that. I may be guilty of writing in video down, but so far, count me as innocent of the crime of missing the next run up until then, the jury is still out. I like to say there's always a bull market somewhere. And I promise our fan just here Monday. I'm Jim Cramer. 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. Cramer'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 Snoring Gasping during sleep?

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