Mad Money w/ Jim Cramer 3/4/25

Summary

Mad Money with Jim Cramer – Episode Summary (March 4, 2025)

Release Date: March 5, 2025
Podcast: Mad Money with Jim Cramer
Host: CNBC's Jim Cramer
Episode: 3/4/25

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Market Overview: Navigating Turbulent Times

In this episode of Mad Money, Jim Cramer delves into the current volatility plaguing the stock market, attributing much of the instability to the Trump administration's aggressive trade policies. Cramer emphasizes the uncertainty surrounding these policies and their direct impact on investor confidence.

Jim Cramer [01:03]:

"The White House seems determined to bring every day lower prices to the stock market. And that means we're just going to have to live with the pain. As this administration sees it."

Cramer criticizes the administration's approach, highlighting the administration's preference for disrupting the status quo over providing stability for investors. He outlines the negative repercussions of the administration's stance on trade agreements and tariffs, leading to significant market downturns.

Key Market Movements:

• Dow Jones: Plunged 670 points
• S&P 500: Tumbled 1.2%
• Nasdaq: Lost 0.35%

Cramer laments the president's focus on issues like trade and immigration over economic stability, urging investors to seek clarity amidst the chaos.

Tariffs and Trade Policies: A Complex Web

A significant portion of the episode is dedicated to dissecting the administration's tariff policies on Mexico, Canada, and China. Cramer outlines ten critical points that investors need to understand about the current trade environment.

Notable Points:

1. Selective Allies:
   Jim Cramer [02:15]:

   "First, what matters to the White House is not whether a country is an ally, it's whether that country pays its freight."

2. Inconsistent Agreements:
   Jim Cramer [04:10]:

   "Third, the changes are inconsistent. But so what? American companies that use Mexican and Canadian labor will have to pay a big toll."

3. Impact on Specific Industries:
   Cramer discusses how tariffs disproportionately affect certain sectors, such as the live music industry, and raises concerns about the lack of clear enforcement mechanisms.

4. Uncertainty in Implementation:
   Jim Cramer [06:50]:

   "There's no knowledge of how and when the tariff out of Mexico will be paid. Will you get a bill? Will truckers get a bill? It's all so muddy."

Cramer warns investors to remain vigilant, as the ambiguity surrounding these tariffs creates a precarious investment landscape. He predicts widespread downgrades and increased market volatility until the administration provides more concrete guidelines.

In-Depth Interviews

Jason Liberty – Royal Caribbean Group

Jim Cramer interviews Jason Liberty, President and CEO of Royal Caribbean Group, to assess the company's resilience amid the new tariff regime.

Key Discussion Points:

• Explosion of Bookings:
  Jason Liberty [15:06]:

  "We have the best five booking weeks in company history, and our earnings are set to grow at an average of 20% a year."

• Tariff Impact:
  Liberty reassures that tariffs are unlikely to significantly impact Royal Caribbean due to their domestic sourcing strategies.

• Expansion Plans:
  Liberty highlights the company's commitment to enhancing vacation experiences through new private destinations like Perfect Day in the Bahamas and upcoming beach clubs in Mexico.

Jim Cramer [17:18]:

"How would you pay taxes if you're not domiciled?"

Liberty clarifies the complexities of tax obligations across different jurisdictions, emphasizing Royal Caribbean's strategic adjustments to comply with varying tax requirements.

Conclusion:
Cramer praises Royal Caribbean's strategic foresight and strong market positioning, labeling it as a "safe" investment despite the overarching market turbulence.

Greg Ye – Enbridge Inc.

Next, Cramer engages with Greg Ye, President and CEO of Enbridge Inc., to explore the company's stance on the newly imposed tariffs.

Key Discussion Points:

• Operational Resilience:
  Greg Ye [25:32]:

  "The integration between Canada and the United States on the energy front is without parallel. We're not exposed to the commodity price nor the tariff side of things."

• Infrastructure Investments:
  Ye details Enbridge’s $50 billion growth opportunities aimed at expanding their natural gas and oil transportation networks, reinforcing their market dominance.

• Dividend Strength:
  Greg Ye [28:48]:

  "30 years of increasing the dividend because of that moat."

Ye underscores Enbridge’s robust infrastructure and strategic partnerships, reinforcing the company's ability to withstand tariff-induced challenges.

Jim Cramer [31:06]:

"You have an irreplaceable infrastructure which also makes me feel that it's perfectly interesting, perfectly right for people to say wait a second, it's a dividend aristocrat that's irreplaceable."

Conclusion:
Cramer lauds Enbridge as a cornerstone of the energy sector, highlighting its dividend reliability and strategic importance in the national energy grid.

Lightning Round: Quick Stock Picks

In the Lightning Round segment, Cramer offers rapid-fire buy, sell, or hold recommendations based on callers' stock inquiries.

Highlighted Picks:

• GSK (GlaxoSmithKline):
  Jim Cramer [40:57]:

  "GSK is a very inexpensive Stock with a 4% yield with a lot of things going for it. I'm going to say yes to that."

• Cheesecake Factory:
  Jim Cramer [42:14]:

  "They have a winner in Cheesecake Factory. I think that you got a good stock to buy with Cheesecake."

• BlackBerry:
  Jim Cramer [43:30]:

  "BlackBerry is a dice roll. It's just a total spec, nothing more than that."

Cramer emphasizes the importance of disciplined investing and warns against speculative bets without solid fundamentals.

Concluding Remarks: The Uncertain Road Ahead

As the episode wraps up, Cramer reiterates the challenges posed by the administration’s tariff policies. He advises patience and caution, suggesting that investors wait for market clarity before making significant moves.

Jim Cramer [47:53]:

"Most important, they're trying to figure out who has to pay. Once they pay the tariff, they sell it to a retailer. Does the retail have to pay? Does the consumer have to pay? Or do they all have to eat the whole thing because nobody will accept higher prices?"

Cramer underscores the unpredictability of the current market environment, urging listeners to remain informed and adaptable.

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Notable Quotes

1. Jim Cramer on the Administration's Market Approach [01:03]:

   "The White House seems determined to bring every day lower prices to the stock market."

2. Jason Liberty on Booking Success [15:06]:

   "We have the best five booking weeks in company history."

3. Greg Ye on Enbridge’s Resilience [25:32]:

   "The integration between Canada and the United States on the energy front is without parallel."

4. Jim Cramer on Advocacy for Patience [47:53]:

   "Pick small like we're doing for the Travel Trust. But to sell now that the tariffs have arrived, I'm afraid it's too late to sell."

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Final Thoughts

This episode of Mad Money with Jim Cramer provides an insightful analysis of the current market dynamics influenced by aggressive trade policies. Through detailed interviews with industry leaders like Jason Liberty and Greg Ye, Cramer offers valuable perspectives on navigating investments amidst uncertainty. The Lightning Round serves as a quick reference for actionable stock picks, reinforcing the show's dual focus on education and entertainment.

Investors are encouraged to stay cautious, remain patient, and make informed decisions as the market grapples with the administration's unpredictable policies.

Transcript

[Jim Cramer]

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[Greg]

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[Jim Cramer]

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[Jason Liberty]

Find out how our digital tools, cutting.

[Greg]

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[Jason Liberty]

Bank of America is proud to be the official bank sponsor of FIFA World Cup 2026.

[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 Cramerica. I'll be with my friends. I'm just trying to save you a little money. My job is not just entertainment, but also to educate, put everything in context that I can. So call me 107.3 CNBC tweet me Jim Cramer. The Wal Mart White House seems determined to bring every day lower prices to the stock market. And that means we're just going to have to live with the pain. As this administration sees it. Investors want to suffer because the mold must be broken, the status quo interrupted. We can't worry about the stock market, for heaven's sake. It'll take care of itself. Including that vicious thrust and very weak parry is a notion that you don't need to invest, you don't need to own stocks. Every asset class is caveat empty at this point. So you just take your chances and do your best to accept the inevitable pain. It can be difficult, it can be almost nonsensical, it can be almost whimsical. And it can lead to days like today where The Dow plunged 670 points, S&P tumbled 1.2%, and the Nasdaq lost 0.35%. Hey, by the way, that was a nice comeback. We're down 1300 Dow points in two days and the President just can't focus on it and work on the trade issues at the same time. Trade amounts is illegal. Immigration, Fentanyl they all take precedence over the Dow Jones Industrial Average. Now, I've been off for a couple of days. Just give me actual clarity into how the situation will shake out. I make no judgments about whether the Trump administration's worldview is good or bad or even right or wrong. I just want to put it out there so you know what you're getting into. If you decide to stay in stocks during what's becoming a tumultuous phase in our country's history, all this could change. But let me give you the state of play right now. First, what matters to the White House is not whether a country is an ally, it's whether that country pays its freight. Its approach is very uneven, which makes it very difficult to fathom. For example, as they see it, Mexico and Canada unfairly take our jobs and even have the gall to have a trade deficit with us. Oh, and they let Fentanyl slip through the border, which kills our young people, so they have to pay the price, 25% tariff. Now, I want to be clear. I'm not endorsing this view. It's what's happening. Second, it doesn't matter if there's a preexisting trade agreement among France. Doesn't matter if Trump himself negotiated that deal in his first term. As the White House sees it, we didn't sign these trade agreements thinking they'd steal our jobs, even if it meant that we get cheaper products in exchange and our companies get access to the markets. Our trade agreements with Mexico were meant to keep us in business by exploiting the possibilities of cheap Mexican labor, which allow our manufacturers to escape from the clutches of expensive American labor unions. None of that matters now. Third, the changes are inconsistent. But so what? American companies that use Mexican and Canadian labor will have to pay a big but. South Korea, South Korean, Japanese and European companies, they ship millions of cars here with de minimis tariffs. Nobody said things had to be fair. Will tariffs on our trading partners, these next ones, are they going to come? There's no sign that they will. No sign that they won't. So you have to stay on your toes with these. These tariffs. We are subsidizing South Korea, Japan and Europe at the expense of Jim Ford. Ironically, the only country seems to be immune to tariffs right now is Russia. Again, that's not a pejorative. The Russians run a relative, relatively small trade deficit with us, so the White House doesn't seem to care. Fourth, Taiwan may or may not be relevant. It could help its cause if it started paying more for its defense. It doesn't matter. The Taiwan semis located there and is the most single most important strategic asset in the world for both our industry and our military. Perhaps it will cause Taiwan. It will help Taiwan's cause. The Taiwan Semi has pledged to put $165 billion to work here despite the seeming impossibility of finding the construction workers or the engineers. They're basically paying us tribute. And that could do the trick in the absence of heavy weapons purchases, as between the Chinese and the Taiwanese. The Chinese can't buy weapons from us, but the Taiwanese can. So why don't they open their darn checkbook? That's how the administration sees it. Fifth, there's no knowledge of how and when the tariff out of Mexico will be paid. Will you get a bill? Will the truckers get a bill? Will the whole thing be run on the honor system? Will it apply to every company? Will there be special pleadings? We don't know. Technically, tariffs should be enforced by the Customs and Border Protection. They got their hands full with Trump's deportation plan, so who knows? 6 if an American company commits to a giant policy of job and factory expansion in this country, will it be eligible for some sort of rebate against punitive countries that would otherwise hold them hostage? Think Apple. Or are they paying up no matter what? Seventh, it does not matter at all that tariffs have historically been considered bad for business or that they hurt our economy, something that President Ronald Reagan laid out most eloquently when he had to put targeted tariffs in the Japanese semiconductor industry. Want to see a more conventional way to talk about trade and the need for fairness without causing great havoc? I suggest this Listening to Reagan's brilliant radio address from April 25th of 1987 on the eve of a visit by the Japanese prime minister, Trump has repudiated Reagan's views on free trade. In the context of today, Reagan seems soft line and simple. He was never soft line and simple, never will be. As the White House sees it, that approach doesn't work anymore because our allies are no longer useful. In fact, they're all free riders except the Russians, as we know after Friday's press briefing with the jumpsuit attired head of Ukraine. Did you expect Brioni? Eighth, it makes no difference what our allies say or do. Their assurances mean nothing if you're upset and sell stocks because of them, or if you bought stocks while Biden was president, or even few months ago when you could convince yourself that Trump wouldn't go crazy with the tariffs. Well, that doesn't matter. As the White House sees it. This isn't about you, it's about American hegemony. Ninth, Canada is a total abstraction, not a true trade dispute. Their way out of the jam is just to say, listen, we really would prefer to be the 51st state if you'd let us. The White House sees their sovereignty as an insult. 10. This administration thinks it's simply unbelievable that investors are complaining. The CEOs aren't complaining, right? Have you heard anyone complain? They aren't saying anything. Why can't investors just go buy all sorts of crypto currencies? Go on for a darn ride. They got the call about the strategic crypto reserve ahead of time. Can't they just run ahead of it? What's the big deal? Oh, and the groundswell about how in videos weighed down from its highs as the greatest TV character of our time, Jeff Probst from Survivor likes to say, when you vote off the island ain't got nothing for you. Now, before you say that this is an unfair characterization, let me say to you, do you want to make money or not? You now know the parameters. You can figure out the crevasses navigate. Sometimes it will mean buying the Mag 7 when they're really oversold, as it was the case today. Sometimes the health care and consumer products, even ones that are being hectored by GOP just once. Terrible afternoon reversal those stocks, by the way, from a crazy rambunctious opening. Look out below. One more wild card tonight. Commerce Secretary Howard London said that in the last of his myriad interviews of the day that maybe the Canadian and Mexican tariffs could be partially rolled back perhaps as soon as tomorrow. Yes, it is all that capricious and you better get used to it if you're going to own stocks. But the bottom line, now you know the 10 most important things about this environment. Put them on your wall. They could really come in handy pretty soon or even tomorrow. Oh, by the way, good luck. You just might need it. Hey, why don't we go to Greg in New Jersey? Please, Greg.

[Jason Liberty]

Central Jersey.

[Jim Cramer]

Booyah to ya. Jimmy, Chill man. That's. That is just that. You know what that is? That tastes like coming home. That's great.

[Jason Liberty]

Jim.

[Jim Cramer]

Jim, I want to add more to a position that I have, all right?

[Jason Liberty]

This company has a great growth story, is immune to tariffs and even in.

[Jim Cramer]

A slowing economy is something that people cannot do without.

[Jason Liberty]

It was down about 10% over the last two weeks and bumped up against.

[Jim Cramer]

Its 50 day moving average yesterday.

[Jason Liberty]

Jim, is this a great time to scoop up more Netflix?

[Jim Cramer]

Yes, yes, it is because you got a common sense method of looking for a stock that does not have a problem with tariffs that also is indispensable. And a subscription business is down almost 10% from its high. You, my friend, have horse sense. Oh, my. Speaking of horse sense, let's go to Trey in Texas. Trey. Jim. Just a quick shout out to my wife. Lynn, honey, happy anniversary. I love you.

[Jason Liberty]

And by the way, those Girl Scout cookies you hid from me?

[Jim Cramer]

Gone every last one of them moments ago. I just had the ones. Trey. Trey. I just had the ones. What are they called? The Tremonti or something? Thicker ones and trifles. I had one and then I immediately had four and then I, you know, folded it up. My wife has no. No knowledge. My wife and your wife. Best of luck to them. Okay, so what's going on?

[Jason Liberty]

So each Kroger I've gone to recently has a table out front swinging these delicious cookies. I mean, they're just all over the place. Sometimes I run out of money and trunk space before I even make it into the store. Is this a winning strategy for Kroger or will it backfire?

[Jim Cramer]

Well, see, unlike you, Trey, there are other people who buy those Girl Scout cookies responsibly and they may be holding back Kroger. I appreciate your ultimate enthusiasm, but I say that maybe you are a minority of one. So let's stay away from Kroger right now and buy Costco. Hey, why don't we go to it? And by the way, happy anniversary. What was I thinking? Let's go to Emilio in Michigan. Emilio. Hey, Jim. How are you? I'm not bad. How about you? I'm pretty good, Jim.

[Jason Liberty]

I'm an 18 year old investor who got into Sofi in the Sevens.

[Jim Cramer]

My question to you is what do I do with this stock in this volatile market and is so far is this easy? I got the answer for you. Listen, I got it. And it's etched in. It's etched in rock. Tomorrow you're going to sell half. And the rest of the time, for the rest of your life you're going to play with the houses money. And that is called House of Pleasure and Victory. Now you know what to expect. I'm just giving you look tumultuous time. Little capricious. Wake up. Maybe the tariffs are going like poof. You know, like, I don't know, like a Disney movie or something. On Man Money tonight, Royal Caribbean stock took a dip today on Tariff News. But could it sell for a comeback? I don't really get the tariff thing. I'VE got the cruising company CEO then as Canada and the Canadian energy base a 10% tariff in the US government makes my excuse for Enbridge to get a read on the energy sector. And later I'm checking in with sports gambling company Flutter. Fresh off its after the Bell report, so stay with Kramer.

[Greg]

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

[Jim Cramer]

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[Jason Liberty]

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[Jim Cramer]

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[Jason Liberty]

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[Jim Cramer]

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[Jason Liberty]

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[Jim Cramer]

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[Jason Liberty]

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[Jason Liberty]

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[Jim Cramer]

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[Jason Liberty]

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[Jim Cramer]

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[Jason Liberty]

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[Jim Cramer]

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[Jason Liberty]

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[Jim Cramer]

What the heck's happened to the stocks of the cruise lines? These stocks have been big winners for years thanks to the bull market travel. Lately they've been hammered by President Trump's tariff talk. Is that right? Take Royal Caribbean which reported a strong quarter in late January with solid full year forecast. Enough to send the stock up 12% in response. Since then though, that gain's been erased and then some, including a nasty 6% loss today on as the tariffs on Canada, Mexico and China went into effect, fueling concerns about a broader economic slowdown. So could this be a buying opportunity or do we need to worry about a trade war induced downturn in the industry? Let's check in with Jason Liberty, the president CEO of Royal Caribbean. What a winner. We get a better read on the situation. Welcome to Man Money.

[Jason Liberty]

Thanks, thanks, thanks for having me, Jim.

[Jim Cramer]

Okay, so I think we got to clear up some things immediately, Jason.

[Jason Liberty]

Sure.

[Jim Cramer]

If there is a trade war, if there, which we have problems with, Mexico probably can, what the heck does that do with world Caribbean?

[Jason Liberty]

Yeah, well I think there's a, there's a few components of it. On the, on the, on the hard cost, there's really not, we buy most of our stuff from the US and, and that tariff challenge for us is not there. Of course what we do look at is the consumer.

[Jim Cramer]

Right.

[Jason Liberty]

And how these things could possibly impact the consumer. One of the things that's a great hedge for the consumer for the cruise industry, especially for Royal Caribbean is we still trade at a 20, 25% discount to land based vacation. So they're still getting a lot of value out of that vacation experience. And our recent surveys of our guests show that actually their propensity to cruise is at all time highs and their desire to go on vacation is 50% higher than it has been in the past.

[Jim Cramer]

Well that means to me that you've got visibility, which is what I really want. A lot of companies don't have that. You also announced the perfect program. This is a three year program which would make people feel if they should, otherwise the company growth rate here is extraordinary.

[Jason Liberty]

Yes, yes. So we, we're, we're big fans of profitability programs. We tend to achieve them and achieve them early. And so we came out with perfect today, perfected today, which is essentially that we're going to grow our earnings on average 20% a year on a CAGR standpoint and we're going to deliver high, high teen roic and so we do have great visibility into the consumer. We're seeing them book each and every day. That window continues to extend. We're able to raise our pricing and we're able to see how they're shopping or spending on our ships. And that cash register continues to ring and be consistent.

[Jim Cramer]

I think there'll be people who say, well, wait a second, what are the components of visibility? One of them is there are not a lot of new ships coming on.

[Jason Liberty]

Yeah. So supply. On the supply side, it actually is, it's, it's, it's, it's pretty well controlled. There's about four shipyards around the world. They're all in Europe. They build cruise ships. And those cruise ships, there's one or two each yard produces each year. So it's actually pretty well constrained in terms of the supply growth. So the industry, you know, when you consider, you know, ships that are going to be retired at best, is going to grow three to three and a half percent over the next five to ten years. And, and that's why, you know, on a supply standpoint, you know, that's, that's, that's. I think it's very well managed.

[Jim Cramer]

Now, one of the things that anyone is. I just came back from Florida. Anyone who knows Florida knows that you are a giant part of the economy. There's. That means you pay a lot of taxes. It was a little surprising to hear secretary just say out of nowhere, I felt that you guys got to pay taxes. This is something that comes up periodically. You pay a lot of taxes here. It's just not. You're not domiciled here. So how would you pay taxes if you're not domiciled?

[Jason Liberty]

Yeah, well, there's a lot of, there's a lot of taxes. We pay port taxes and head taxes and really the different jurisdictions that we go into. And of course, there's a lot of stuff that we're buying for our ships that we're also paying tax. Yeah. We think it's an opportunity just to educate. And I typically, when we educate exactly all that we do do, it typically resonates very well with different constituents.

[Jim Cramer]

Right now, on the earnings call, you noted that bookings have been accelerating the new year, resulting in the best five booking weeks in company history. I would love to hear that with consumer sentiment falling, that. That can continue.

[Jason Liberty]

Yeah. So, you know, we do expect that to continue to happen. Of course, our wave season for the cruise industry is typically the first, a couple of months out of the year. We've already had. I mean, don't forget in 2023, our yields improved by 13 and a half percent. Last year they approved again by double digits. And so to say that to make that statement with that kind of comparable really talks about the strength in demand for our different brands. And you know, and we expect that, that, that path, that pace to kind of continue not just for the ticket, but also for onboard spend.

[Jim Cramer]

Well, let's talk about the brands. I understand that when a customer comes from another cruise line and you know, I like all the cruise, so it's, and I've been on record for, for 20 years liking them, but when they come to come to you, they tend to stay with you. And I think this new river initiative, even though it's small in terms of the actual size of all your ships, is part of keeping people in your ecosystem.

[Jason Liberty]

That's, that's exactly right. So we've spent decades really focused on making sure we had the right brands and the right segments. We own the family segment with our royal brand. We own the premium segment with celebrity, and we own the ultra luxury Expedition with Silver Sea. So being the leaders in those areas, we've now built that family of brands that we should be able to keep our guests inside of our ecosystem. We also listen to our guests in terms of what other vacation experiences are they looking for? And one of those experiences that is not a substitute, but it's actually an additional vacation is river. And so for us, you know, we've decided to answer that and I say this a lot, we're not going into it as a hobby. We were going full in and we think it's going to be an incredible vacation experience to add to our ecosystem.

[Jim Cramer]

Okay, I think I do want to go back to that point though. I mean, if you have 10 river ships, is that even equal to one of the giant ships I'm seeing behind?

[Jason Liberty]

No, you need you, you would need over 40 of those river ships to even get close to one of the larger ships that are there. So for us, one of the things, when you enter new businesses like that, most people sweat over the commercial side of generating enough demand. Now we have reciprocity across our brands. We're getting a lot more cross selling reps. So our ability to generate demand for those ships for places that we know that our guests want to go is really something that is the benefit of this, this accelerating flywheel.

[Jim Cramer]

We're all over tariffs today. You've got a perfect day in Mexico in 2027. You've got a Royal Beach Club Cozumel slated dope in 2026. I'm looking for any nexus to Mexico. It doesn't seem like anything can really be a problem for you with tariffs.

[Jason Liberty]

No, no, I think, I think the tariffs, I don't think we, that we believe will impact us in that way. I think we know we're focused on how do we build more and more vacation experiences. We have this incredible island called Perfect Day in the Bahamas. It's absolutely amazing of thrill and chill. And we've got another one on its way in Mexico. We've got two beach clubs that we're building. We know that we can really enhance the vacation experience through these private destinations. And of course we have 9 million guests a year. And so we have the ability to ensure that when they're in the Caribbean, which is about half the time, that they're going to have a perfect day.

[Jim Cramer]

One last thing, I do want people to understand the bargain. I mean people, people will be saying, well wait a second, they can't possibly have that level of visibility. I come back and say everybody else has really jacked up their prices. I mean it's incredible how expensive a hotel room would be. If you decide to do off the coast in Italy. Can you give a comparison? I know you said you have some level, but a comparison between staying in a suite for one week in a beautiful silver sea. I don't know, beautiful versus what it would take. Ritz Carlton, I know they have cruises now, but it's called in their Four Seasons. What's the compare?

[Jason Liberty]

Yeah, I mean, I think, I think again on a comparable basis, like if you take for example the Silver Sea inside a suite, you know, it might cost you about $1,000 a day per person to be on that. By the way, that includes your food, your, your, your land based experiences, your beverages, etc. You compare that to for example, like a Ritz Carlton or Four Seasons on land, especially on the, on the, on the, the, on the leisure side, you know that number is two or three.

[Jim Cramer]

Times that that Ocean Club surge price.

[Jason Liberty]

Exactly right. And, and so you know, there's a lot of value that gets gained out of that. And you know these comparables of this 20, 25% is you know, us looking at a three, four, five night out of Orlando versus going to one of the parks, you know, that's there. And looking at that comparable. And the reality of it is, is though it frustrates me every single day there's that opportunity to close that, that, that vacation gap.

[Jim Cramer]

Well, look, I think it's fantastic that people getting opportunity off of Something it really won't matter if, if there is a slowdown, a turndown, people go cruising rather than go to those various hotels that you just mentioned that are not an option because they're too high.

[Jason Liberty]

That's right.

[Jim Cramer]

All right, that's Jason Liberty, Royal Caribbean Group President, CEO. And that's RC L. Very rarely, very rarely in the last three years as this stock been as low, as low from its 52 week high as it is right now. Their money's back at you.

[Greg]

Coming up, how is one company working to bridge the gap between our growing energy needs and where the energy markets are at today? Kramer sitting down with Enbridge fresh off its investor day next. The $150 billion pet industry is booming as people absolutely love their dogs. If you're looking for a solid investment, Dogtopia is the name to know. With 300 locations across North America, it's the largest, leading and fastest growing pet franchise offering a recurring revenue membership model. Dogtopia offers safe open play, dog daycare, boarding and spa services. Want a recession resistant franchise? Check out Dogtopia because every dog and dog parent deserve it.

[Jim Cramer]

Go to dogtopia.com to learn more.

[Greg]

How will you shape the future of industrials with confidence? Whether you need to define your strategy, optimize your supply chain or keep pace with data driven manufacturing, EY professionals understand industrials and the sectors they supply, bringing the insights that deliver real outcomes. With a full spectrum of services, EY helps strengthen your business from factory floor to product development and beyond. So when the global market shifts, your business is agile enough to adapt. EY shape the future with confidence.

[Jim Cramer]

All right, here's a query. What happens to Enbridge, the Canadian pipeline energy play that transports massive quantities of oil across the border. Now there's a 10% tariff for Canadian energy products. Over the past two and a half weeks, this stock, long my fate, has pulled back dramatically from its highs and it got hit again today. Now the delayed tariffs have finally arrived. This could be completely wrong, of course. The stock's been a great or longer term performer down here. It sports a 6.4% yield, a safe one. But somebody asked to pay for this 10% tariff. We have to wonder if it could impact the Canadian pipeline's giant volumes. Today the company held a very bullish investor day event here in New York City and they even rang the closing bell. But that wasn't enough to offset the damage from these tariffs generally going into effect. So is there a reason to stick with this one? Or might it be a Trump administration's crosshair problem. Let's go straight to the source of Greg Ye was the President CEO of Enrich to find out. Mr. Welcome back to Mad Money.

[Greg]

Great to be here, Jim. Thanks very much.

[Jim Cramer]

So Greg, I think the stock's fallen because of ignorance. I don't think there's anything that you do that isn't right for both countries and that I'd be surprised if the White House doesn't ultimately understand that.

[Greg]

Oh, I think they do. I think, look, the integration between Canada, the United States on the energy front is without parallel. Right. We ship just ran bridge ourselves some 4 million barrels into the United States. People have to remember that the refinery mining complexes in the United States, especially up in the Great Lakes area, require the heavy crude that we ship down and have reliably done for two for 75 years. So that's going to continue. We're not exposed to the commodity price nor the tariff side of things. I think you will continue to see the volumes grow even in the last several months as a buildup to this. People haven't ran away from that. We don't have enough pipeline capacity, Jim, to bring the oil down here that's needed and I think the White House recognizes that and I think, you know, once we get through some of these unpleasantries, it continues to be full steam ahead.

[Jim Cramer]

But it's important for people to understand 4 million a day. It isn't like you're sitting there and it's going to drop to 3 million because of a 10% tariff. That's just not going to occur.

[Greg]

No, that's not going to occur. And it's the same thing on the gas I like. Well, first of all, where would that production go? Secondly, you know, you'd shut down the refining complexes in the Great Lakes. Obviously we ship a lot of gas as well. So between the oil and the gas, I think you take a pretty painful hit to industrial growth. And let's not forget affordability. I mean the more barrels of oil that come down here and we pick up barrels of oil along the Bakken and places like that along the Rockies as well, ultimately getting down to the Gulf Coast. And we run the largest export facility for oil in North America that projects American power, American energy power without guns.

[Jim Cramer]

Now you have been a buyer of properties. Candidly you've taken a little more debt than I like, but you can tell me whether you're paying that down. But you've become a juggernaut when it comes to utilities in this country, which is great business.

[Greg]

Yeah, we are the largest gas utility in North America now serving some 7 million customers in great jurisdictions. Right. So industrial heartland, Ohio, North Carolina. Think about data centers and just regular growth. Utah. Utah often seen as a growing area as well and of course Ontario. So yeah, we're the biggest player by far on the gas utility side and that's, that's an exciting area for us to be in.

[Jim Cramer]

Great. You marvel that people are willing to pay any amount for companies that have a so so nuclear presence when it's really going to be natural gas and therefore it's going to be you.

[Greg]

Well, I think the reality of natural gas has really come into vision. We've been big, big viewers of that for a long time. People have talked this, that, the other thing. But natural gas continues to prevail. Why Jim? Domestically produced, cheap, reliable and it again from the LNG perspective again projecting American energy superiority. And we're at the nexus of all.

[Jim Cramer]

Those plates people want to moat. I think you have an irreplaceable infrastructure which also makes me feel that it's perfectly interesting, perfectly right for people to say wait a second, it's a dividend aristocrat that's irreplaceable. Therefore that yield may be the best that I've seen of the major companies.

[Greg]

Yeah, absolutely. 30 years of increasing the dividend because of that moat. 19 years in a row of meeting financial guidance and we're going to continue to do at our investor today. Today we talked about $50 billion of growth opportunities ahead of us right through the end of the decade which is allows us to feel very confident from that 26 plus to the end of the decade. 5% growth, 5% growth, 5% cash flow growth. That gives us the opportunity to raise the dividend up to 5%.

[Jim Cramer]

Now I also think that you could you gave us some details on the planned investments of investing Investor day today, a little bit of a forward look at things. What should we be thinking about in terms of the next five years?

[Greg]

Well, again I think right now we're executing on something $27 billion of projects, 75% of that in natural gas. Back to your natural gas point. But the liquids business continues to grow too. We announced today an extra $2 billion of growth on the Canadian mainline system which again will help feed the industrial heartland here in in the United States and then beyond that $50 billion of opportunities. We're not going to get all those Jim. But whether it's data centers where the coal to gas conversion, whether it's exports on the United States of LNG and well, our moat will make sure. We get more than our fair share and that leads to more dividend opportunities.

[Jim Cramer]

People have to understand that if we're going to be able to grow the Permian the way that the President wants, we have to transport the natural gas. That also has come down to you.

[Greg]

Absolutely. So we've got a Permian super system on the oil side and now we've really built a Permian super system on the gas side too, which feeds LNG facilities. We serve every single LNG facility on the Gulf coast and we know that that gas is needed for so many different fronts right across America.

[Jim Cramer]

And where do you think the natural gas price would be if we didn't have your network?

[Greg]

Well, you live it right here in the Northeast. Right. Some of the most expensive prices for natural gas in the Northeast, New England, frankly, quite criminal what they have to pay for natural gas. There's one, only one reason for that. It's infrastructure. We're ready to go. Hopefully administration's ready to go. Hopefully the governor's up there are ready to go. I know the utilities are ready to go and we darn well know the consumers are ready.

[Jim Cramer]

All right, now one last question because we have to flesh out what the tariffs mean. Are you the toll collector who collects the money?

[Greg]

No, we will not be the toll collector because we don't take ownership of that property product going back and forth.

[Jim Cramer]

So you're just a toll road.

[Greg]

Yeah. You think about us as the Amazon delivery person. Right. Or that's exactly how we're structured. We'll pick up your product, we'll store your product, we'll deliver your product, but we don't make money on your product. That's up for you to sell. And then obviously the tariff will be paid on one end of the other end of that pipe.

[Jim Cramer]

Have a big. The alphabets and the Googles. The Amazons contacted you directly because they know that you have a way to be able to get natural gas right to them.

[Greg]

Absolutely. We've signed long term contracts with Amazon already at and T, Toyota, some of that stuff. On the renewable side of things as well. They want it all. Energy demand is going up, natural gas demand is going up. And unless we use all these different sources, it's going to be very difficult to make sure we reach the greatness we want to get to.

[Jim Cramer]

If the Russians do anything that is untoward, the rest to NATO.

[Greg]

Yeah.

[Jim Cramer]

The only way that they can, these countries can really fight Russia would be if they had LNG from our country.

[Greg]

Yeah, absolutely. And you've seen that reality right the Germans probably maybe the worst geopolitical decision since World War II, relying on Russia for gas. Instead you can rely on America, you can rely on Canadian natural gas. Much safer, produce better and we're good allies. And so I expect that to continue and will continue to drive infrastructure growth on both sides.

[Jim Cramer]

Congratulations, Bell. Congratulations. Except just an exceptional analyst day. People need to understand that you are the backbone of our energy system in our country.

[Greg]

Appreciate it. Absolutely. We are. We look forward to keep doing it.

[Jim Cramer]

That's Greg Eeb was President CEO of Enbridge again for people at home. 30 years dividend aristocrat. Completely safe and can I just say, indispensable. Everybody's back in for the break.

[Greg]

Coming up with baseball in full swing and spring training kicking off a new season of baseball, Kramer's talking to the top brass of the largest online sports betting operator. Don't miss his one on one with FanDuel parent company Flutter next.

[Jim Cramer]

What do you do with the sports betting stocks now? They've pulled back from their highs. Take Flutter, the parent company of FanDuel, which also owns a bunch of sports and iGaming platforms in Europe, Canada. This stock's been a huge winner over the past few years, but like the rest of the industry, has pulled back hard in recent months largely because too many favorites won their games this NFL season. That's bad for sportsbooks because the public tends to pick the favorites, which is why Flutter had to cut its full year forecast back in January. Tonight though, the company reported its full fourth quarter earnings and the results were excellent. Full year guidance came in a little light, but I think management just trying to be cautious here. So strong quarter, conservative guide. But was there enough good news to get the stock going yet? Let's take a closer look with Peter Jackson, the CEO of Florida Entertainment. Learn more about the situation. Mr. Jackson, welcome to Money.

[Peter Jackson]

Hey, it's very nice to see you again.

[Greg]

How are you doing?

[Jim Cramer]

I've been a long time, Peter. Been a very long time. I've got to tell you. Congratulations. You are right now you're the champ. You've got the most market share and I'm trying to figure out whether it was a technology, was it the most interesting games ease in platform, was it cost of acquisition that worked out for you. What were the secrets to having the number one market share?

[Peter Jackson]

Well, let me give you a bit of background. I mean we're not just number one here in America with Fangil where we were delighted to actually claim the number one space in I Gaming as well as our leadership in in sports betting, we're also the number one operator internationally. You know, I'm not sure how many of your viewers are aware of that, but, you know, if you take our position in the uk, you know, we've got positions in Italy, Australia, in India, you know, Turkey, all around the world, we're growing and taking market share. And you asked why, why are we winning? We've got the best product, we've got the best pricing, and that's what's important for our customers.

[Jim Cramer]

Now, when you say best product, are we talking about ease of technology? A lot of people I know go and cut their teeth on FanDuel and then stay with FanDuel because they're a little scared about the whole process.

[Peter Jackson]

It's about, it is about ease of use. It's about being able to get that bet on quickly. But we're really famous for the parlay product. You know, we brought this product to America. It's something that we've used in other markets around the world. And people love following player narratives and being able to get your bet on, you know, in the, in the Super Bowl. Right. You know, you were, you were delighted with the outcome of the Eagles game, but what people are really wanting to watch is, was, was. Was whether Sir Khorne Barkley was going to score any of those touchdowns or not. How many yards are going to be passed in a game by a player? That's what is actually really exciting when you're watching sport on tv. And that's what we're brilliant at delivering anytime touchdowns.

[Jim Cramer]

We love that. And, boy, that was a good one because Saquon looked to be the guy and he was not in the game. But that's all right. He still played well. Now, let's talk about a case study and how to handle bad luck. I mean, I think people have to understand that if the, if the players win all the time, it really, it distorts your numbers. At the same time, it would almost be illogical to think that that can continue to happen. Right.

[Peter Jackson]

But margins move around. Right. There's always going to be a degree of volatility in sports. If we knew what was going to happen all the time, we wouldn't watch it and people wouldn't bet on it. Right. There comes times when the favorites win, and then there come times when the underdogs win. Win. You know, we've seen, you know, we saw many more favorites winning in the NFL in Q4 than we've seen historically. But if I look at what was happening in soccer in the uk you know, Man City had a terrible run and that meant that, you know, we, we made really good margin there. So the diversification, our business helps, but we wouldn't watch sport if it was predictable. And, you know, that's what's behind it for our business.

[Jim Cramer]

Well, speaking of predictable, how about this prediction? More markets? I see these markets develop. They're not in your wheelhouse necessarily, but. And they're also, by the way, they're kind of like zero sums, so to speak. But are they worth pursuing and can they encroach on your business?

[Peter Jackson]

We're monitoring the situation closely. I think we'll get some, you know, something out of the CTFC in the coming weeks as to the legality of these things. We have experience running, you know, exchanges.

[Jim Cramer]

Right.

[Peter Jackson]

You know, we run the betfair exchange, which is one of the biggest liquidity markets where people are betting peer to peer, globally. What I will tell you that is they don't have the richness of the products that we can bring to our customers. I look at what we did with your way at this, the super bowl, you know, we had, you know, 1 in 20 of our customers trialing out our new product. 90% of the bets that people were placing were on unique, unique bets that they couldn't have got onto otherwise. The richness of those player narratives, you can't get at that in the prediction markets. You're just choosing the winner of a competition. You know, it's not as exciting or engaging for live betting in a, in a contest for customers.

[Jim Cramer]

I have to ask this because we all bet in our family. We do this because it's fun. We bet against each other. Not a lot of money. Who creates these terrific situations where everyone talks about who thinks of the anytime touchdown, who realizes that there might be the longest pass and it's going to go to someone because they all seem to read our mind.

[Peter Jackson]

Well, look, you know, that's, that's what we are employed to do. We have a fantastic team of traders around the world who want to merchandise and bring those products and make it easy for you to get the bet on. Right. When you're watching the narrative of the game and the unexpected happening, you want to get the best on quickly. We want to make sure it's there on Fangue or, you know, with Sky Bet or with Sports Bet, you know, the brands who operate around the world so that customers can have entertainment and enjoy watching their sport and see whether they can get there, see whether their predictions work.

[Jim Cramer]

Well. One last question. I think that that most of us feel that it's now a two horse race in America. Is there any way you don't have to continue to spend for acquisition given the fact that you are the champ?

[Peter Jackson]

Look, we are the champ with the biggest in the market. We have $1 billion more revenue in 2024 than the next biggest operator. But we invest a lot of money in customer acquisition and in providing generosity to our customers. But in a very disciplined way. We're doing it based on our paybacks. Making sure that the customers we acquire are paying back within two years. In fact, we talked about 18 month paybacks at the back end of last year. So if we can find more ways to spend more money and acquire more customers so they can enjoy a fantastic products will be doing that.

[Jim Cramer]

Well, I got to hand it to you and I and we. You do make it exciting. There are you to have some great parlays. It's what people really focus on. I've got to go overseas to see what they're focused on otherwise. But you do have a. You do a fantastic job as Peter Jackson, CEO of Flutter. I'm so glad you came to show. It's great to see you again.

[Peter Jackson]

Nice to see you.

[Jim Cramer]

Very good. Money is back here for the break.

[Greg]

Coming up, lightning doesn't just strike twice in Cramerica.

[Jim Cramer]

Booyah.

[Greg]

Jimmy Chill.

[Jason Liberty]

Booyah.

[Jim Cramer]

Booyah. Booyah. Thanks for taking my call.

[Greg]

It strikes every day. Kramer is back in a flash with your questions.

[Jason Liberty]

Next.

[Jim Cramer]

It is time to the line of cat. The stock said Bye bye bye stock. Watch this. Not much difference. Don't think you plan to sound. And then the lightning round is over. Are you ready? Ski tag to the light round. Crazy round. I'm going to start with Brandon in Texas. Brandon.

[Jason Liberty]

Booyah.

[Jim Cramer]

JC looking to see buys from gsk. Well, look, GSK is a very inexpensive Stock with a 4% yield with a lot of things going for it. I'm going to say yes to that. Let's go to Vince in New Jersey. Vince. Hey Jim, how are you? I'm doing fine, Vince. How about you?

[Greg]

I'm doing well.

[Jim Cramer]

I'm giving you a call about Zeta. Zeta? Zeta. I do not know. I am stumped by Zeta. I know Bubby and Zeta, but I don't know Zeta. Let's go to Rich in Connecticut. Rich? Jim, I thought you would never answer the phone. No, no, that's untrue. I like to. I was. I was just. I was just picking on you. Everybody else got a call like let's go forward. Let's go forward. I got a Job. It's killing me. It's killing me that that thing isn't moving. It's not doing what I thought it should. So that's why I'm saying pivot to Agnico Eagle. That's the one I like. Agnico Eagle. Let's go to Krishna in Pennsylvania. Krishna. Professor Kramer, thank you for taking the call. Of course.

[Jason Liberty]

Great.

[Jim Cramer]

Straight up, Pennsylvania. Go Eagle. Excellent. Thanks for teaching us how to invest. Not only how to invest, but be a disciplined investor. Yes. My.

[Peter Jackson]

My ticker today is rgx.

[Jim Cramer]

Buy, sell or Hold. This thing just does nothing but go down and it loses a ton of money. I can't possibly recommend putting any money into that thing. Let's go to Pete. New York Pete. Hey, Jim, I'm calling about a restaurant stock. It's an iconic brand. They have over 200 locations. Anytime I'm there, I'm always on a waiting list. The place is always packed. The last few earnings were pretty positive. I'm talking about Cheesecake Factory. You got a winner in Cheesecake Factory. You're absolutely right. And by the way, they do have a menu that doesn't have a lot. You know, they've got stuff that is not incredibly fattening, too. I think that you got a good stock to buy with Cheesecake. Let's go to Steve in New Jersey. Steve. Hey, Jim.

[Peter Jackson]

How's it going today?

[Jim Cramer]

Oh, it's good. How about you, Steve? Doing okay. What I have today is the Aircraft Management Leasing Company. It pays a 27 cents a share dividend and they also just implemented a new $1 billion share buyback forward PE 8.54. Jim, what's your opinion of Arrowcap Holdings? It's a winner. I think you should buy it. I really like it. I love management. Let's go to Evan in New York. Evan.

[Jason Liberty]

Hey, what's going on? How are you?

[Jim Cramer]

I'm doing fine. Evan, what are you up to?

[Jason Liberty]

Thinking about BlackBerry.

[Jim Cramer]

BlackBerry is a dice roll. I mean, like, you know, it's like 4, 3, 2, 1. I don't know what it's going to do. This one is just a total spec, nothing more than that. Let's go to Paul, North Carolina. Paul.

[Jason Liberty]

Mr. Kramer, thanks for taking my call.

[Jim Cramer]

Of course.

[Jason Liberty]

Up.

[Jim Cramer]

I bought Eaton shortly after the club and we watched it make a 100 point run. But since November 22, those 100 points have slipped away. It's unbelievable. Paul, it is unbelievable. That quarter was not that bad. I can't believe what's happened to the stock. I was talking with Jeff Marks Today we think it should be bought and bought right now. And that, ladies and gentlemen, the conclusion of the Lightning Round.

[Greg]

The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

Now that Trump's tariffs on Canada, Mexico and China have gone into effect, the big question is who pays and who do they pay it to? See, no manufacturing or import has any idea what to do now. Do they pay FedEx or JB Hunt? Do they pay the collectors at the border? Do they have to pay on everything they import? Is it the honor system? The wallet's been so chaotic, we have no idea. Nothing's been thought out by the White House, which continues to act like the Walmart house because they seem to be determined to bring us every day, lower prices to the stock market. The lack of specifics is driving everyone crazy. Like you put yourself in the shoes of the people who run Constellation Brands. Stz which reports Corona Modelo Pacific Difficult Some America's best selling beers. First, Modelo Especial. It's a premium beer with a premium price. Second, you can't make a Mexican beer in Milwaukee, Wisconsin. At the largest liquor store I know, Modelo especial sells for $29.99 a case. Coors Light goes for $23.99. The relatively new alcohol brand sells for just $13.99. Alvo has come in under the price of all beers because their management recognized that beer prices have soared since COVID and they see this an opportunity. Liquor companies have raised prices relentlessly even as GOP Dash 1's tamper. Craving cannabis gives you a better buzz without being hammered and then no hangover the next day. Now Constellation Brands looks to be caught with its pants down on this one, not expecting to be hit by the tariffs. Oh, although the stock's been such a terrible performance, barely got dinged today. You can say at these levels, disappointment is in the stock. But consider what this company has to do. A 25% tariff on a $30 case of beer is nearly eight bucks. Constellation can either eat the $8 tariff or raise its price to almost 40 bucks. Now, this is an exquisite Hobson's choice. They either have to accept a big cut to sales from a higher price or take a huge hit to the gross margins. Both will breed downgrades galore to the stock. Even at these low levels, they have to be asking themselves, would anyone pay nearly $40 for a case of model especial versus 24 bucks for domestic coarse lighter 14 for the Outlaw. I think you wouldn't. I think you'd walk. I expect outlaw and core sales to go up. So the logical move is the Constellation needs to at least eat some of the tariff and accept weaker margins. But then again, you can't be sure that this company won't be able to get some exemption. Who wants to raise the price of beer, which would be a huge positive for the stock? It's all so muddy that you just can't tell what will happen. But the one thing that is certain is that Constellation will lose huge share to the brewers that do their manufacturing in America. And that's what President Trump wants. He wants more beer to be made in America. He doesn't want special pleading from Constellation. He doesn't seem to care at all that you can't make Mexican beer in the us. I'm sure he just says tough luck. All over the country, companies are trying to figure out right now what percentage of their manufacturing is really from Mexico or Canada or China for that matter. Then they're supposed to figure out what percentage needs to be taxed 25%. They want to know who collects the money. Most important, they're trying to figure out who has to pay. Once they pay the tariff, they sell it to a retailer. Does the retail have to pay? Does the consumer have to pay? Or do they all have to eat the whole thing because nobody will accept higher prices? At this point, we don't know, which is why so many stocks are going down. Eventually we'll figure this out. Then we can buy stocks with certainty once the estimates are cut. My suggestion is patience. Wait for the price target cuts. Wait for the downgrades. They're coming. Pick small like we're doing for the Travel Trust. But to sell now that the tariffs have arrived, I'm afraid it's too late to sell. That's already occurred. Alex said, as always, bull markets on my pounds just for you. Right here made money. I'm Drew Kramer. I'll see you tomorrow.

[Greg]

All opinions expressed by Jim Cramer on this podcast are solely Kramer's opinions and do not reflect the opinions of cnbc, NBC Universal, or their 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 Jim Cramer 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 Explore the world's hidden wonders on the Atlas Obscura podcast. A village in India where everyone's name is a song. A boiling river in the Amazon. A spacecraft cemetery in the middle of the ocean. Every day, the Atlas Obscura podcast will blow your mind in 15 minutes. You can find it on the SiriusXM app Pandora or wherever you get get your podcasts and don't forget to follow the show so you never miss an episode.