Mad Money w/ Jim Cramer 4/2/26

Summary

Mad Money w/ Jim Cramer - April 2, 2026 Episode Summary

Episode Overview

Jim Cramer's April 2, 2026 episode of Mad Money is intense and timely, focused on the tumultuous state of Wall Street amidst the ongoing Iran conflict and spiking oil prices. Cramer dissects market reactions to global events, highlights key sectors and stocks and hosts his famously interactive Lightning Round. Featuring deep dives on energy markets with a CEO guest, a fresh look at senior housing investments, and practical advice for individual investors, this episode delivers energy, candor, and actionable guidance—true to Cramer's signature style.

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Key Topics & Discussion Highlights

1. Market Reaction to Middle East Conflict & Oil Spike

Timestamps: 01:00 – 07:40

• Surprise Rally: Despite a sharp spike in oil (+11% today; up almost 100% year-to-date) due to a heating conflict with Iran, the Dow and Nasdaq finished flat or slightly up, defying historical patterns.
• Unpredictable Macro: Cramer discusses the market's resilience, referencing historical data:
  “If oil goes up 100% for the year, you have to expect a 20% decline in stocks... the correlation seems ironclad.” (05:08)
• Rumor-Driven Moves: Markets shot up on rumors that Iran might strike a deal with Oman regarding Strait of Hormuz traffic, despite no confirmation.
  "We sure took off on a rumor of a deal between Iran and anyone like Oman..." (03:48)
• Investor Sentiment:
  “Fog of war seems foggier than ever, except this session ended a little clearer and more positive than we ever thought.” (07:12)
• Outlook: Next week hinges on developments in Iran, particularly U.S. response, possible negotiations, and oil’s impact on inflation and earnings.

2. Stock-Specific Previews for the Upcoming Week

Timestamps: 06:15 – 07:40

• Levi’s (LEVI):
  Stock undervalued despite solid performance and a 3% yield—a “closet” stock undervalued by the market.
• Delta Airlines:
  CEO Ed Bastian instilled confidence, but persistent war jeopardizes future numbers.
• Constellation Brands (STZ):
  New CEO Nick Fink could rejuvenate the company, especially as beer and ready-to-drink cocktails may bounce back.
  Cramer: “If that’s true, Constellation is the one you want to be in. STZ might be worth even buying.” (07:28)

3. Inflation Watch – Core PCE & CPI Upcoming Releases

Timestamps: 07:41 – 09:00

• Core PCE Deflator & CPI:
  Major inflation gauges arrive Thursday (PCE) and Friday (CPI). Cramer questions if the indexes will reflect oil-driven price hikes from the Iran conflict.
• Pattern Broken: Historically, last trading days on war weeks returned -1.28%; today broke that losing streak due to optimism on conflict resolution rumors.

4. Portfolio Q&A: Navigating Uncertainty, Stock Picks & Allocation

Timestamps: 09:05 – 30:19

Key Viewer Calls & Advice

• Home Depot (HD):
  Cramer worried; stock at 52-week low due to mortgage rates and internal issues.
  “Now one of the most problematic positions in my portfolio along with Nike.” (09:33)
• Energy/Oil Exposure:
  Cramer likes Chevron over Exxon for forward-looking approaches but doesn’t want investors to sell Exxon. “If someone’s watching and listening and they don’t own one [oil stock], go for Chevron.” (23:11)
• Gold Miners:
  Recommends owning physical gold first, then gold miners; likes Agnico but open to hosting Newmont CEO for insights.
• Aerospace & Defense:
  Lockheed Martin and Boeing are his top picks; defense looks attractive in current climate.
• Asset Allocation for Seniors:
  Advises a balanced approach:
  • 50% S&P 500 index/ETF
  • 50% individual dividend stocks
    Warns retirees not to “bet against themselves” by going all-in on cash or bonds out of fear.
• Portfolio Size:
  Recommends 5 carefully chosen stocks plus S&P 500 exposure. More than 10 is hard to research.

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5. CEO Interview: Pierce Norton, President & CEO of 1Oak (ONEOK)

Timestamps: 12:52 – 20:34

• Natural Gas Infrastructure:
  1Oak operates ~60,000 miles of pipelines; critical for the coming surge in U.S. LNG exports due to global energy shake-ups.
• Business Model:
  Focus on volume, not price, but price increases will help slightly. Global demand for U.S. energy infrastructure is rising.
• Growth Outlook:
  Expecting LNG exports to reach 30 BCF/day by 2030; company positioned to service LNG and associated liquids. Norton: “The most expensive form of energy is the energy that does not show up.” (14:54)
• Upstream Activity:
  Bakken region poised for more drilling; global disruptions (Iran, Middle East) could supercharge U.S. oil and gas exports.
• Balance Sheet and Deals:
  Company actively reducing debt, seeking further growth deals, and aiming to increase dividends/share buybacks.
• National Security & Purpose:
  “It’s essential to our economy and... to national security.” (20:18)

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6. Spotlight: Senior Living & REITs (Janus Living, Ventas, Welltower)

Timestamps: 30:19 – 38:46

• IPO Focus – Janus Living:
  Pure play on senior housing, spun off from Health Peak. Growing footprint, mainly in Florida and Texas, and specializing in “life plan communities.”
  “It’s like a free-range nursing home. Because there’s so much flexibility, people tend to stay a lot longer.” (31:38)
• Comparison with Ventas & Welltower:
  Ventas has 80,000 units, Welltower over 100,000; Janus much smaller but higher growth potential.
• Pricing power:
  Senior living shortage looming due to demographics; Ventas’s 20+ years of success highlighted.
  “My fellow Baby Boomers, they’re getting old … That gives the existing senior housing place tremendous pricing power.” (32:48)
• Yield & Valuation:
  Janus offers a 2.5% yield, Ventas similar, Welltower lower but higher valuation.
• Conclusion:
  Ventas remains Cramer’s favorite for reliability, but Janus is an attractive new story for those seeking more growth.

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7. The Lightning Round: Fast-Paced Stock Takes

Timestamps: 39:03 – 42:05

• Trade Desk (TTD): Okay for a speculative buy at $22 despite competition from Amazon.
• Rock Gibraltar Holdings: Too boring, no yield, no growth—pass.
• SoFi (SOFI): Surprised at its drop to $15 but not a seller here.
• Oklo (OKLO): “Not a science project” but little profit prospect—avoid.
• Bread Financial: Interesting fintech; will research further.
• Petrobras (PBR): Too parabolic after sharp move—wait for pullback.

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8. Market Lesson: AI and the Winner-Take-All Dynamic

Timestamps: 43:07 – 46:29

• Internet History Parallel: Cramer relates the 1990s internet race (Yahoo, Excite, Lycos, AltaVista) to today’s AI platform scramble (ChatGPT, Gemini, Meta AI, Copilot, Perplexity).
• Key Insight:
  “Back then it was inconceivable that this would turn out to be winner take all and loser take none.”
  He cautions that most current AI players will likely not survive—one or two big winners will emerge, just as Google did in search.
• Investor Takeaway:
  Don’t assume the current breadth of players means lasting diversity; historically, market leadership rapidly consolidates.

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Notable Quotes & Moments

• On war and resilience:
  “Fog of war seems foggier than ever, except this session ended a little clearer and more positive than we ever thought.” (07:12)
• On oil’s historical impact:
  "If oil goes up 100% for the year, you have to expect a 20% decline in stocks…” (05:08)
• Portfolio advice for seniors:
  “Don’t bet against yourself. People live longer, which is fantastic, but they’re out of money. So they have to work every day of their life.” (28:45)
• On U.S. energy export opportunity:
  Norton: “The most expensive form of energy is the energy that does not show up.” (14:54)
• AI Winners & Losers:
  “Every one of those AI platforms needs to be thinking about what happened back then. You don’t want to be loser take none.” (44:34)

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Conclusion

This episode covers market unpredictability during geopolitical crises, emphasizes sticking to fundamentals, and provides actionable advice on navigating portfolios through war, inflation, and market rotation. Key interviews and the Lightning Round offer immediate stock perspectives, while Cramer’s closing lesson ties market history to today’s tech battles, urging investors to learn from the past.

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For full details and ticker calls, listen to the episode or revisit this comprehensive summary for quick recall and actionable insights.

Transcript

[Podcast Announcer]

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] Market Update podcast or find Schwab Market Update wherever you get your podcasts.

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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. Let me make friends. I'm just trying to make a little bit money. My job is not just to entertain, but to teach you. So call me at 107 for 3 CNBC tweet me Jim Cramer maybe we just need to wait for the war to end, but if you jump the gun and you did some buying ahead of the President's speech last night, you know you felt like you made a huge mistake when you came in this morning, saw the price of oil spiking. But then we hear a positive rumor about Iran possibly striking a deal with Oman to allow some traffic through the Strait of Hormuz and boom. The average is snapped right back. Dow finishing off just 61 points as the only advancing point 11 and the NASDAQ gaining point1.8%. Yep, oil is up over 11% today, yet the average is pretty much finished flat. That is an incredible unusual snapback that was highly unexpected and made us think that maybe the bear is taking a brief vacation. Any other day where we have oil pop like this and we should have been down perhaps 1.5% to 2%. It was stunning, surreal, and it seemed to foretell some good things at work. But we just don't know what they are right now, and I'm not going to try to pretend that we do, but maybe we should have seen something positive coming. This market never went as low as you would have expected this morning, given that the President talked last night about wars that lasted A long time. Much longer than the current conflict with Iran. After listening to how many days those wars lasted, I couldn't tell if the President was saying this one could last a lot longer and still be relatively short versus the comparison, or if he was saying, hey listen, I would have stressed you the two to three or two to three more weeks would be remarkably short and everything is in control for a smooth exit from the hostilities. Again, not clear. You have to admit that it was hard to tell why we weren't down a lot more today, given the President made it pretty clear that things are about to escalate. Wanted Send Oil up 100% for the year, which is not far from here. If it does, then history says that you have to expect a 20% decline in the stock, something JP Morgan's legendary Michael Sembla showed in a recent piece of research. The correlation seems that ironclad oil up 100%, stocks down 20%. But the positive close made you think that perhaps either we wouldn't get oil up to 100% or. Or that this market would break the pattern of an assured bear market. When oil rallies so strongly. Then again, we sure took off on a rumor of a deal between Iran and anyone like Oman, which has been a strategic partner of the United States. We never nailed the rumor down all day. So if you had to wonder if traders were thinking of something else, I don't know what it was. I don't know what else could be at work. I mean, is it possible, for example, that there's a point of pain where Iran would. Where they would really want to come to the table? If the US does bomb their infrastructure, power, roads and bridges, causing real chaos, what will happen? Will that force them to negotiate or would only make them more stubborn, Would stop the endless missile and drone attacks in the Gulf. At this point, I think most Americans accept that the Iranians are tougher and more resilient than we thought. Then again, our government has yet to unleash its full military power. Personally, I hope we don't have to get that far, but it's not up to me. I think it'd be a very important weekend for the war. And the stock market with its rally today, it seems to be able to say, you know what, we'll take whatever comes. I continue to focus on growth stocks because they'll still look good in a war induced slowdown. But I also recognize that the longer the war goes on, the worse the inflation will be. At a certain point, earnings reports will be constrained from both the demand side and the supply side, I don't think we're there yet. However, with every day this goes on and it becomes less and less likely that we're dealing with the kind of short war that won't do much damage to the economy. So with that in mind, let's take a look at our game plan for next week. Remember, it's a holiday shortage session. We're not, I mean we're not going to be here tomorrow. By the way, CBC will be covering the, the unemployment number tomorrow in the morning. But then we'll suspend regular coverage for Good Friday. Now Monday I expect we'll be digesting this weekend's war damage in Iran and everywhere else, especially our allies in the Gulf. We keep expecting that there'll be a moment when the Iranians have no more missiles and no more drones. President keeps talking about the Iranian navy and aircraft being decimated, but it's the endless drone and missile attacks that are the problem. They don't need a navy or an air force to shut down the strait. Frankly, sometimes it seems like that Iran seems as strong as it was when the war started. Even if you cut off the head of the snake, it seems to mean nothing. That's why this weekend could be so important. Maybe we get a one way war if the President leashes the firepower he said he would last night. And in this aftermath the US can dictate the terms. We definitely aren't there yet that I know. Maybe we make very little progress. Let's see what happens this weekend. We'll parse it all out for you on Monday. Some companies, they really struggle for respect. I think that's the case with Levi's which keeps delivering yet the stock stays at around 19 bucks as if they're doing nothing right. Which couldn't be further from the truth. Company reports next Tuesday after the close and I think that once again CEO Michelle Goss will put up more than respectable earnings. I just wonder if it'll matter. 3% yield good growth. I don't understand why someone doesn't just create an apparel closets around it. Wednesday for the market opens Delta reports and this airline Titan is truly distinguished itself. It's one of the most reliable earners in a very volatile group. It's excellent. CEO at Bastion help ignite an airline rally when he discussed his business with Phil LeBeau and spoke about persistent demand. Last night's speech by the President knocked the airlines down. As you'd expect, a war that goes on until the end of the month will hurt the numbers after the Close. We hear from a very special company, Constellation Brands. And I'm excited about the possibilities here. You see, the company has a new CEO, Nick Fink. Later Fortune Brands, Innovation, Fortune Brains Innovations, and previously of Jim Beam. And I think he can revitalize the business that it has the top beer in the country, Modelo. We all know that liquor's been challenged, right? GOP dash ones, people who care more about how they look in their 20s. But I'm beginning to believe that there's a subtle turn in beer and a definite turn in the ready to drink cocktail market. If that's true, Constellation is the one you want to be in stz, I think it might be worth even buying.

[Pierce Norton]

Ahead.

[Jim Cramer]

Thursday brings the core PC deflator, which has been the deferred index of inflation for Jay Powell's Federal Reserve. I don't know if it'll remain that way under incoming Fed chief Kevin Marsh, but we need to keep track of it for certain. Then on Friday, which is kind of a 1:2 punch on inflation here we get the Consumer Price Index. I wonder if either index will capture any of the price increases that we should expect thanks to the Iran induced oil shock. And they will be significant. So here's something to think about. Since the war started, the last trading day of each week has given you a minus 1.28% return. Today we broke that losing speech. I think we would have had a much worse session if not for fear of something good happening. That's right, good. Just the rumor of one Gulf country perhaps making a deal stopped the sellers cold even as the price of oil soared. So here's the bottom line. In a world where investors want the war to end quickly, it was surprising to see any sort of rally before the weekend. With oil spiking, the fog of war seems foggier than ever. Except this session is. It ended a little clearer and more positive than we ever thought after the President's bellicose speech. Last night was a very difficult today, difficult, difficult to fathom day, mostly because higher oil prices and lower stock prices were axiomatic until this truly amazing session. Michael in California. Michael.

[Caller]

Hey, Jim. Big booyah from California.

[Jim Cramer]

Good to have you on the show, Michael. How can I. How can I help you?

[Caller]

Hey, long time listener, second time caller. First I wanted to give a quick shout out to an old co worker, Louis, that put me on your show back in 2018.

[Jim Cramer]

Can't beat it. Absolutely.

[Caller]

Yeah. So with everything going on in the world, people, I feel like people are traveling less and putting more money into renovating their homes. The stock I'm calling about is the Home Depot.

[Jim Cramer]

Okay. We were very disappointed in the action. Home Depot today finished down 8. It hit its 52 week low. The company yields almost 3%. I turned to Jeff, Jeff Marks who works with me for my travel trust. I said maybe we should buy some but we're a little beaten down on it. We know in a bit didn't want to buy anymore. Right now we need to see mortgage rates lower and we don't have them yet. I'm not giving up on Home Depot but there are issues involving ice too that have really hurt them. But I do want to say that I regard it now as one of the most problematic positions in my portfolio along with Nike. Those are the two I'm most worried about. Look, the fog of war seems thicker than ever right now. But you know what? A lot of people weren't waiting for clarity. They took action today on their money tonight. The war around has thrown energy markets around the world into a tailspin. So how is a major pipeline operator like one of positioned for the growing demand for American energy? We know there's growing demand. I'm checking in with the CEO to find out. Then it's been another volatile week on Wall street. So tonight we're opening up the ph Hear directly from you, the premiers out there who might know you need help in navigating these turbulent times, especially on a day like today. And senior citizens might get some great discounts, but could you be getting a discount right now on the best stocks to play the growing market for senior housing? I'm revealing the companies and man, they are very strong. So stay with Kramer.

[Podcast Announcer]

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[Jim Cramer]

After President Trump's bellicose speech last night, the price of oil spiked. So did the price of natural gas outside the US as long as the streets are stay closed, the rest of the world will be starved for gas. And the best way to get it is to build more liquefied natural gas export infrastructure here in the United States. Which brings me to one pipeline play. With roughly 60,000 miles of infrastructure for moving natural gas, natural gas liquids, refined products, these guys have a deep backlog of projects coming online over the next few years. Could bolster the company's growth even as they expect 2026 to be more or less flat. But we have to see whether that's still the case. This company's paying a 4.85% yield. So is this stock worth buying in a world where American natural gas exports have become a lot more important? And there's so much to talk about here, let's check in with Pierce Norton, the second. He's the president and CEO of 1Oak to find out how things are going. Welcome to Man Money.

[Pierce Norton]

Thank you, Jim. Glad to be here.

[Jim Cramer]

Okay, now there are two. There are two what Oaks. When you reported last year the oil price was much lower, natural gas pretty much the same. And now everything's elevated. I don't want to get too ahead of myself because I know that you are not a price story, so to speak. You're a volume story inventory. But at these prices, aren't all the producers anxious to bring more to the market? And can they do it without you?

[Pierce Norton]

Well, the answer is can they do it without us? And the answer is no. We're what we call the invisible transportation area because you can't see it. You mentioned that we had 60,000 miles of pipe. That's true. But we also have gathering and processing. We have natural gas liquids, we have natural gas pipelines. We've Got storage in both of those areas. We've got an LPG dock that we're doing. So we actually take the product from where it actually doesn't have a whole lot of value. We entirely and we actually increase the value and then we bring it to an area where there is significant value to the end users.

[Jim Cramer]

Now the previous quarter a lot of people felt, well, hold on, wait a second. Didn't give them the upside. But you certainly said, look, don't worry about it, 2027 is going to be terrific. But can you pull forward some of that because of what's happened in the world?

[Pierce Norton]

Well, the answer is yes. And the reason is because we do have a little bit of commodity exposure. So this actually this price increase is going to help us a little bit. But we're focused on the long term. So the long term I think the world is seeing what's happening today is that the most expensive form of energy is that the energy that does not show up. So I think there's going to be people that are actually going to look at this and they're going to relook at where they're sourcing their supply. So. So I think that's going to mean well for the LPG market, the LNG market and also the oil market. So let me give you an example on the LNG. LNG is going to be going to 30 BCF by 2030, right? That's an additional 12 BCF a day. That's going to come with a lot of liquids. We are poised to provide the services for that because we already have a lot of our assets already built and we're building even more.

[Jim Cramer]

All right, so explain to people who aren't that familiar what the liquids are and why they are in such demand.

[Pierce Norton]

Natural gas, when it comes out of the ground, it's in raw form. People see the natural gas and they think, oh, that's what you burn in your house. It's not. It actually has propane, isobutane, normal butane, pentanese, all of these different things in it. So all those have value. But we have to do what we do, which is to gather it, to process it and to transport it in order to create the true value.

[Jim Cramer]

And some of them have really spiked, right? I mean some of the prices in the last few weeks, I mean crazy,

[Pierce Norton]

they have really spiked with what's going on over in the Middle East.

[Jim Cramer]

So when you listen the president last night, you think about our situation. We know that we are continental self sufficient. Sometimes that gets confused with domestic self Sufficient. Is there, has there been a kind of lid on things because people just said, you know what, it's never really going to go up. And is there a little natural gas which would be good for our country, but maybe not be good for some of your clients?

[Pierce Norton]

Well, I think the, a lot of the areas that we're in, they're drilling for oil, right. So they actually drill in more for the oil, for the oil price and the natural gas price was something that they didn't pay a whole lot of attention to. But now that we're having the LNG market, you're going to have to have some extra prices on the LNG side that transfers back to the natural gas side and also will transfer back to the crude oil side. So there's a good chance that actually crude oil is actually going to continue to grow in this country.

[Jim Cramer]

Well, let's, let's talk about Bakken for instance. There were some people were disappointed with Bakken numbers, but even the price was down. I mean, I got to believe Bakken's going crazy. Now if I were there.

[Pierce Norton]

Well, there's still 5,000 wells to be drilled up there in the Bakken. Absolutely. It's huge. And we've got producers up there that are really poised and ready to do that. In fact, we've actually been talking to producers here recently that have told us that they actually are going to increase their drilling plan plans here in the near future.

[Jim Cramer]

That's great. Now last night the President said some things, sometimes the President's given to hyperbole where he talked about how we want you to buy our, come over here and buy our oil. In truth, we don't really have all that much spare oil. Do we have other people buy it?

[Pierce Norton]

We're about, we've moved about 4 million barrels of oil offshore and it's mainly our light sweet crude. And if you look at where that goes to, then the most of those people are getting their other oil that they need actually from the Middle East. So if that's constrained, there's a good opportunity for the United States to do that. That's going to mean more oil from the Bakken, more oil from the Cherokee in the mid continent area and more oil in the Permian Basin.

[Jim Cramer]

Well, that is a gigantic boom for the United States. So the President's basically outlining something because I don't, we don't have enough refining capacity for that kind of lighter crude.

[Pierce Norton]

Right.

[Jim Cramer]

I mean this could be a huge windfall for, for our producers and the foreigners will be paying it. So to Speak. I don't want to. I just remember during the Jimmy Carter days we had to worry about windfall profits. It's not like that. They've done the work and if they have to get it from us, why not? Right?

[Pierce Norton]

Absolutely. I think you're going to see our, you know, going into this we thought maybe that the crude oil would be flat for several years at three and a half million barrels a day. But we really can see maybe the 14 to maybe 15 million barrels a day and it's going to be driven by what's going on in the world. But also this, the additional need for natural gas to supply data centers and lng.

[Jim Cramer]

Now that is something you're very actively involved in. The data centers. Are you working directly with, with the hyperscalers? You work with companies that are. The electric companies that give them the electricity.

[Pierce Norton]

Short answers.

[Podcast Announcer]

Both.

[Jim Cramer]

Both.

[Pierce Norton]

Both. Absolutely both. We're also working with the developers and, but, but at the end of the day it's all about the, the quality of their credit and we're going to work with those credit rather equalities that actually ends up giving us an opportunity to do what we do best, I think which is capital allocation, which is continue to invest in our high return growth projects, raise our dividends, pay down our debt and, and possibly even buy back shares.

[Jim Cramer]

So you have paid down a lot of debt in the last year. Your balance sheet is looking great. I'm actually hoping for more deals.

[Pierce Norton]

Well, that's exactly what we're looking for.

[Jim Cramer]

And one last thing, you mentioned 14, 15. How come people always told me we had already maxed out? You've had a better outlook than everybody.

[Pierce Norton]

Well, I don't know that I had a better Jim. I'm just saying that the world has changed and I think with this world change, I think you're going to see some differences.

[Jim Cramer]

The world has changed even since the last quarter's report. Amazing. And the company that. I think you take advantage of it more than anyone is your.

[Pierce Norton]

Well, one thing I would like to say, we have 6,000 employees and they know what their purpose is and they get up every day 247 and they actually get out there to make sure that we improve our quality of life. It's essential, it's essential to our economy and it's, it's, it's essential to national security.

[Jim Cramer]

Well said. Thank you so much for being on the show. That's Pierce dorn, presidency of 1Oak guys. If you check with how to make money in any market, my book Top Flight Idea, I suggest that you buy it. That money's back in.

[Podcast Announcer]

Coming up, as we continue to grapple with this difficult market, Cramer's opening the phone lines to hear your questions on navigating it. It's the voice of Cramerica.

[Jim Cramer]

Next, what made you confident that you could do something that hadn't been done before? I have no fear of failure.

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[Jim Cramer]

One of my favorite pieces of advice, think about what your boss's boss needs.

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[Jim Cramer]

We just wrapped up another wild week on Wall street with the major averages whipsawing in both directions as the market takes its cue from the war in Iran. Price of oil during this turbulent time, I got to tell you, we got to make sure that you're getting the right advice that you need on what to do with your portfolio. So during the toughest times, you know what we do? We open the phone lines to hear directly from our great viewers and so we can go to work together to be prepared for whatever might come next with this market. So let's talk first to Forrest in North Carolina Forest.

[Caller]

Hey, Jim, first of all, I'd like to thank you for your knowledge and insight into the stock market during the past 25 to 30 years.

[Jim Cramer]

You're very. Thank you.

[Caller]

Been watching CNBC since the early 90s and mad money since 2005 and I'm still watching.

[Jim Cramer]

It's your sensational. Thank you so much. Thank you.

[Caller]

So I mean, the information and the timely data that you and the network provides, it's enabled us as individual investors to manage our own portfolio. And it's been fun, it's been rewarding. I just want to thank you and everyone at CNBC for being there every day. Good job.

[Jim Cramer]

Well, thank you. You know, we try the main thing to do there is every day, every day, because the days are crazy. Think about where we were this morning. Think about where in the mid afternoon. Think about where we at the close, we could just say, hey, listen, it was a nothing day, but you know, it was everything day. Let's help. What do you got?

[Caller]

Every day I'm looking at ExxonMobil. I have a holding there. It's about 160. Where you see it going, where you see the price of oil going, what do you think? No scrapshoot.

[Jim Cramer]

Okay, well, look, I think you Know first of all Chevron I like more than Exxon. I think they're more forward looking. So I would not. I don't want you to cash out of Exxon for Chevron but I'm just telling everybody else that's the case. I think that I'm going to speak as a portfolio manager myself for for my chapters. I sold my oil and it was a mistake and it was clearly a mistake because we forget how important oil is to our country. We spoke to 1Oak today. Just shows you the value of it. I think you should have one. I've been trying to go back and forth with Jeff Marks about what to do. I would encourage you to stay in Exxon. If someone's watching and listening and they don't own one, go for Chevron. These are for the. These are known as E and P plays and I think you just own it. And take it from me as someone who wishes that he had not sold his one oil. It's really good to have one. To be up 34% year to date is great. I want to thank you for your kind words. Just hold on. And new people who are thinking wow, Jim really likes to own an oil. The oil that I like to own and is Chevron. Now let's talk to Michael in Florida.

[Caller]

Michael, Jimmy, hi. First let me say the new book is great. I've read you've published since 1984 when we graduated from the. From the same.

[Jim Cramer]

It is back that far. It is back that far. Thank you so much.

[Caller]

Yeah, it's indispensable. I have a question about the gold miners. Obviously that are parabolic moves this year. They've come down a lot. They bounced beautifully on Tuesday with with the market something like 10%. I know what your favorite. I know what your favorite is but there's one, the largest one which has a woman CEO. The first one in 104 years at Newmont and I think the only one in the industry. She's really interesting. And the favor I want to ask is would you consider having her on as tomorrow?

[Jim Cramer]

I have on tomorrow but do the show Saturday. I do the show. Come anytime she wants. I like Newmont. Do I know it as well as Agnico? No. Would I like to hear about why it's better than Agnico are really great? Absolutely. New mines has really been quiet other than in very very many years ago when I spoke to them and I do think that look a goal a high quality gold miner. I like Agnico just because I feel like that I've known them forever and they're so consistent but I would love to have and I'm not even Natasha to come on the show only a gold stock is is very important and I think that owning gold is incredibly important. So let's for those who listen to me again we're talking about for everybody not not just for Michael. I prefer to own the actual gold and then I prefer the own gold miners we get our gold from Costco. It's just been something we accumulate. Let's go to Scott in Wisconsin. Scott.

[Caller]

Hello Jim.

[Jim Cramer]

Scott, what's up?

[Caller]

The aerospace and defense stocks have been going down for the past three weeks. Aren't these the companies that make all the weapons that we're using in the war and what companies would you recommend that manufacture?

[Jim Cramer]

Lockheed Martin. Jim take does a great job. The fact that the stock is down in the last few weeks is actually a terrific opportunity. I like that very much. I also like Boeing. Boeing I own for my chapel trust I feel bad that I don't know a gold stuff my natural for my travel trust I feel that I don't own an oil but we do own Boeing and I think that's just a terrific, terrific situation. A lot of things have changed in the world since February 28th. The idea of owning outright of military a defense stock they have not been that great until now. The president obviously wants a bigger defense budget. Lockheed gets more than I think Lockheed does a great job and take that does a terrific job job and that is the straightforward one to own and that's the one I would tell you to buy. Let's go to Carol in New York. Carol.

[Carol]

Oh I can I'm so glad to tell you directly you and Jeff outdid yourselves again last week's conference call. It was really great.

[Jim Cramer]

Thank you. Thank you. So what's, what are we doing now?

[Carol]

Okay, so I'm 74. I have some new money to invest. I have a two part question one about overall allocation and the other about where to put the new money in the timeframe. I may have overestimated rather than underestimated my longevity. So what should my allocation be and can a percentage of it still be in my individual club stocks? And for the second part about putting the new money to work should the equity still go into the S and P and what type of bond funds?

[Jim Cramer]

Okay, well we're always going to like the S and P. I want to talk to you about this notion of 74 and what you do a lot of people your age bet against yourself. Time to scale back. I hear it all the time. They get into cash, whatever, and then you don't then turn 90. You don't have enough money. And I want you to think that you will turn 90, that you will turn 95. I watched this. My father was 92 and had he decided that he wasn't going to invest anymore and take his money out like everyone told him to do and put it all in cash on the 80% bonds, he wouldn't have enough money. Money to live on. So we're going to bet with ourselves, not bet against ourselves. Now what I did and how to make money in any market was I put literally a group of stocks in that I felt people who were worried about just being, you know, in the matters and worried about being the Amazons. Well, you can be in the One Oaks and you be the enterprise product partners. In other words, you can, you can, you can switch. You can go from aggressive growth to more dividend oriented stocks, ones that have the pay consistent dividend. I'm in favor of that. What I'm not in fan. I also always love the S&P 50% S&P 50% individual stocks. I emphasize that throughout the book. I'm in favor of the indices. A lot of people feel, oh, Kramer's a gunner, only likes the stocks. Why can't the people only like indices ever agree that it's okay to own a stock? Why do they think why? Why Warren Buffett, you could own the index, you better own his stock. I think that the bias against individual stocks is sad and pathetic and is done by people who want everyone to be in a homogenized product. And they think they can check their brains at the door. Why didn't they go to the millionaires lunch that we held for Jensen? Why didn't they go to the millionaires lunch? Because they weren't millionaires. But Jensen made the millionaires millionaires. We had a lunch here because we told people to buy in video. It was not a fluke. We told people to buy Apple. Not a fluke. There are a lot of things that are not a fluke. I do get a little passionate about it. But I think you should stay in Carol from New York. Be aggressive. Don't bet against yourself. That way happens way too much. People live longer, which is fantastic, but they're out of money. So they have to work every day of their life. My father worked every day of his life. But why? He just loved it so darn much. He didn't know what else to do. Next up is Richard in Utah. Richard?

[Caller]

Oh, yeah. Mr. Kramer, I have a question. How many individual stocks should an investor hold in their portfolio?

[Jim Cramer]

I think that when you do more than 10, you run up about the problem that you can't do all the research. And you're kind of like a mutual fund in. In how to make money. Any market. What I suggest is having five and then having S&P505. You can keep track of one. I'm a speculative. I deliberately try to be as conservative as possible and picking individual stocks because I recognize that you could sink your whole portfolio on stocks. I don't want that to happen. But picking five is. You can keep track of. We try to do it with. Look, I have to tell you with what we do with what Jeff Marks and I do with the club. We try to buy and give you the right information analysis for 30 stocks so that you can pick the five or six or seven that you want that you're most comfortable with. That's the way I felt at this stage in my career. I could do the most for you. And I reiterate that that is exactly what so many others should do. But no, they want your money and they want your fees. I don't want any of that. I just want you to do well. Thanks to all your callers for these great questions. Much more me at Moneyhead, including my breakdown of Janus Living and Ventas. Both companies are ways to play the growing market for senior housing. But is there a better buy right now between the two companies? I'm sharing where I come down on this then the rise of the Internet created winners and losers across the tech landscape. So is the history repeating itself with the ad revolution? I'll break down what I'm seeing. Of course, all your calls. Rapid Friday nights is of the lightning round, so stay with frame. So two weeks ago we got this nice little IPO that's done surprisingly well in the face of a choppy market. I'm talking about Janus Living. It's a real estate investment trust that owns senior housing properties which came public after being spun off by Health Peak Properties. That's a broader health care reach. Molly did Janus Living price at the high end of its proposed range, but the deal was upsized by 5 billion shares. And on its first day of trading March 20, the stock opened up 18%. Since then, it's basically been trading sideways, which I consider a win given how volatile the average have been right since then. But maybe that shouldn't come as a surprise. Even though the IPO market's been Disappointing so far this year. The senior living place have long been winners in our market. Regular viewers know that I am a huge fan of Ventas, run by the indomitable Deb Cafaro. Since the beginning of 2000, her first full year as CEO, the stocks up more than 2,100% and including dividends, is giving you a total return north of 9200% over the past three years. Benthouse has given you 112% return. Total return. Who said you can't make a lot of money in the stocks? And it doesn't all have to be in the hyperscalers. And Ventos is the number two player in the senior living space. The big dog, Welltower. Another meet just give you a 2000. I'm sorry, a 202% total return over the past three years. So it's no wonder there was a lot of demand for Janus Living after Welltower and after Ventas. The fact of the matter is, my fellow baby boomers, they're getting old. In the United States, the number of people who are 80 or older is expected to increase by 28% over the next five years. At the same time, we've been building hardly any new senior housing. There were so many problems for a while. That gives the existing senior housing place tremendous pricing power, which one of the reasons that I've been recommending Ventos for ages. So what does Janus Living bring to the table? First and foremost, it is a pure play. Now, look, I love Ventas. Everybody knows that. But it doesn't get about 60% of its earnings from senior housing. They've also got a bunch of outpatient medical properties and research facilities. Welltower is 85% senior housing housing. Janus is 100% because was created when Health Peak decided to spin off its senior living business. Plus, they're not just a landlord. Their entire portfolio is company operated. That said, Janice Living is a much smaller player than Ventas or welltower, with just two 10,422 units across 34 senior housing communities as of the end of last year. That's pretty small by comparison. Ventas has 80,000 units. Well, Tower's got well over 100,000 thousand units. But the properties Janus owns are located in popular retirement markets. Florida and Texas make up 69% of their footprint. Philadelphia makes up 9%. Look, I'm biased. Philly's a great retirement city. I set my dad as an example, but he never really stopped working, even when he was about to die. Actually was working the day before. Now, 15 of Janus Living's 34 senior housing communities are what they call quote, life plan communities, end quote. Which is like an old folks campus that offers a continuum of care, everything from independent living to assisted living to basically hospitalization. It's like a free range nursing home. Because there's so much flexibility, people tend to stay a lot longer than they do in traditional senior housing. Put it all together and I think Janice has a good story, even though there are some complications I'm going to share with you. This company may have been spun off by Health Peak last month, but Health Peak retains control of the business and will continue to manage it. So while you can now participate in the economics of Janus, it's still a Health Peaks baby. That's not necessarily a bad thing as these guys don't tend to unload their stakes anytime soon. As a result, not many shares trade, which is one reason why the stock's been able to hold up in a very tough market. The numbers are tricky though because there's been a lot of dealmaking related party transactions. But I can tell you that Janus is plenty profitable with nice growth, including same local, I'm sorry, same location, net operating income growth, one of the key metrics, although it's a mouthful for real estate investment trust because it means they're getting more earnings out of their existing properties. The balance, she's pretty solid too. So about the valuation, okay, there's no analyst coverage of Janus yet, so we don't have any 2026 estimates for the company. But looking at last year's numbers, Janice had adjusted funds from operations, the real estate investment trust equivalent of earnings of about $170 million. And with a market capitalization of 6.3 billion, it's trading at roughly 37 times last year's numbers. Now that struck me as high. But when you look at Ventas and Welltower, they traded 30 times last year's numbers and 46 times last year's numbers, respectively. Janice is right in the middle of the range. Pretty reasonable. If we look at 2026 numbers using the consensus estimates for Ventas Welltower, they're trading 26 times and 37 times funds from operations. Clearly, investors are willing to pay a higher multiple to own something in the senior living space. We'll have to see how the estimates shake out for Janice. But I got to ask, pretty encouraging. I have with the dividend, it looks like Janice we're paying 57 cents a share. That works out to be nearly 2.5% yield on par with Ventas and roughly 100 basis points above Welltower. In the end, the senior housing market is on fire right now. Baby boomers are getting older, yet there's been very little new building as debt collection far off. And Ventas always share with us. Which means that within a few years we're likely to see a senior housing shortage. Hence the strength of Ventas and Welltower and the success of the Janus Living ipo. But which one should you invest in? I can't dismiss the fact that Welltower has been the big winner here in recent years. They've been aggressive in their acquisitions that work very, very well for them so far. But at this point, Welltower is the most expensive stock in the group with the lowest dividend yield. I can't blame anyone for wanting to stick with Ventas. What's the phrase? Dance with the one who brought you? Well, Ventas is the one that brought us a nearly 20% average annual gain for over two and a half decades. So the chiefs of the bunch, the best yield 2.5%. I love this great company that Deb Cafaro has built and it's an attractive today as it's been at any point over the the past couple of decades may be the most attractive. But the bottom line, Deb. Hold your ears, Janice. Living does look pretty darn good too. It's much smaller than the others, so it has the potential for much faster growth too. I also like that it's a real pure play on senior housing. The markets they operate on look real solid as does the strategy with those life plan communities. Since this is a newer story, Janice is technically riskier. It's more of a leap of faith at this point. But it's leap of faith that I'd be very comfortable making. That money's back into the brick.

[Podcast Announcer]

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

[Jim Cramer]

It is time for the weight round. C member back for rolls that might stand. Very good playing it sound. And then the lightning round is over. Are you ready? Ski dead to learn crazy. Let's start with Sam in Pennsylvania.

[Caller]

Sam, Jim, listen, I got an interesting one. So I was looking at the trade desk. I saw that the Insider buying him 150 million and this is still a profitable company that's growing at 22%. So I'm curious what you think about an opportunity in trade desk.

[Jim Cramer]

Okay, so they do have real competition and the competition is Amazon. And I know, I think it's very interesting that you talk about the insider Buying, but we got to see a couple of quarters that have something going for it if you want to take a shot at it at $22, I'm willing to bless that. Though $22 is very low. Let's go to Chris in New York. Chris. Hey, Jim, how you doing?

[Caller]

First time?

[Jim Cramer]

I'm doing fine.

[Caller]

All right, real quick.

[Jim Cramer]

I know you're busy, man.

[Caller]

Real quick.

[Jim Cramer]

Oh, no, I got time.

[Carol]

You know I got time.

[Jim Cramer]

Good.

[Caller]

All right. All right. Rocck Gibraltar Holdings.

[Jim Cramer]

Yeah, I mean, boring company, but there's nothing that with boring. The problem is, is that if I'm going to be bored, I want to have a yield. If I'm going to be bored, I want to have some growth, I'm going to be bored. I want an up stock. You don't have any of those right there. Let's go to Scott, Minnesota. Scott.

[Caller]

Hi, Jim, third time caller club member and longtime viewer.

[Jim Cramer]

Thank you for everything.

[Caller]

You and your great staff.

[Jim Cramer]

Love it. Thank you. Thank you.

[Caller]

Buy, sell or hold. So five.

[Jim Cramer]

I saw it at 15 today. I said how the heck could it be that low? I remember was it 30 people liked it at 15. How am I going to run? Cut and run. It's good. I did not like it that price, but other people did. Let's go to Romeo in New Jersey. Romeo, Hi J.

[Caller]

It's Romeo again. This time I'm calling in about Oaklo.

[Jim Cramer]

Yeah, see, I think Oklahoma, while not a science project, not a science project, has very little prospects for making any money anytime in the future that we think is important for a stock. Let's go to Steve in North Carolina. Steve, Holy cow, am I on the

[Caller]

air with Jim Cramer, the king of making investing, education, underpainting.

[Jim Cramer]

Thank you. Thank you. Now let's help to make money, too. What's up?

[Caller]

Well, I have an interesting stock. I think they seem to be doing extremely well. It's Bread Financial.

[Jim Cramer]

Interesting company. Very interesting company. I want to spend some time because we typically do not get fintechs that I like on this show. So what I want to do is I want to huddle up Ben Stodo and talk about why this one is better than the others. Let's go to Larry in Illinois. Larry, Booyah.

[Caller]

Jim, calling from the proud state of Illinois, home of Fighting the Line. I, I was calling you about pbr.

[Jim Cramer]

This stock has had quite a run. It's a parabolic move. I wish I could have recommended it earlier. I can't recommend a parabolic move. It's just too straight up. We have to wait for a pullback. And that, ladies and gentlemen, conclusion of the Lightning Round.

[Podcast Announcer]

The Lightning Round round is sponsored by Charles Schwab. Coming up, wondering how to pick winners in this market. Kramer is giving lessons from his own past to help you figure it out.

[Jim Cramer]

Next.

[Podcast Announcer]

Monday, kick off the trading day with Squawk on the street live from post nine at the nyse.

[Jim Cramer]

You know you have disputes, David, you have disputes. You don't just sit there and say tell me. Well, we'll see what happens with Global Star back to back. And they do have the. They do.

[Podcast Announcer]

It all starts at 9am Eastern.

[Jim Cramer]

Booyah.

[Caller]

Jim Cramer, I'm a first time caller,

[Jim Cramer]

a happy club member. I want to thank you for being

[Caller]

the people's champion of investing. Thank you for helping me become a millionaire.

[Jim Cramer]

Let's talk some Internet history. It was a real wild west 30 years ago back when I started the street dot com. It's so many sites, so many portals. I had to affiliate with somebody, right? I affiliated with everybody I met with Alta Vista, Infoseek, Excite, Lycos. But I took a pass on all four. I tried to do some work with Microsoft's joint venture with NBC called msnbc. Finally I decided to spread myself thin partner with America Online, abc, Go and Yahoo. Which gave me some pretty powerful partners. Why do we pick these three? We wanted scale. My guess was that these three would have more than the others. Not for a second though did I think that those I didn't pick would go under and just in a couple of years. Now I look like a genius. For about a half dozen years. Years. I wasn't a genius though. I had no idea that some outfit named Google would more or less wipe out these partner sites and dominate everything on the web was literally a winner take all, loser take none situation for almost all the companies mentioned. If you had an online publication and you didn't have a relationship with Google, you were toast. Now those of you under 40 probably never even heard of most of those companies. But back then they were all very very powerful. I try and run my hedge fund and the street.com the the same time. So I was desperate to figure out who was wasting my time. We had a partnership with the New York Times joint newsroom. We were legit. We had tremendous information from our investors, all of whom were extremely strong. I was very much in the thick of things. Yet there was no way to tell whether we should throw in our lot with info speaker altavista. They were so huge. Mark Allan was one of many. They and Yahoo sort us out so that made it a little easier. But I went home every night at 11pm worried that I'd hit my wagon to losers, not winners. I bring this up because right now at this very moment, people all over the world are trying to figure out the winners and losers from AI. They're trying to figure out who's like OS or Yahoo or Merkel online. They want to determine who will turn out to be Google ruling the rooster who'll be out of this and going nowhere. In retrospect it seems obvious, but it wasn't obvious back then at all. I was thrilled to get a meeting with Infoseek and forever grateful for my time with the machines. Zoom with an axe. Cut to now. We got ChatGPT and Croc. There's Gemini, met at AI co copilot Claude Perplexity. They all seem like they'll be in the mix, right? Etched in stone. Winners. I can tell you though, one of those is going to be a miracle online. Another could be Infoseek, meaning no future. There might be a Yahoo, meaning it'll survive but lose its relevance. And another is going to be a Gorn, like Lycos, maybe like last time. There will be only one Google. Back then though, it was inconceivable that this would turn out to be winner take all and losers take none. It was even more inconceivable that other than Yahoo, they pretty much all disappear. Every one of those AI platforms needs to be thinking about what happened back then. You don't want to be lose or take. Not sure they all have money, but so did the Internet plays during the dot com year. People throw money at them, didn't save them. Maybe there'll be more than one winner this time. But I do know that not all these AI players are going to make it because sooner or later a handful of will break away from the pack and leave the rest of the industry in the dust. But it might come at a huge price as the equipment and the infrastructure cost fortunes. Maybe though, if you don't pay up, you will be the next Lycos, the next Infoseek, the next loser. Yes, with a capital L. I like to say there's always more market somewhere. I'm sorry that Just be right here. Made money Andrew Pamer and I'll see you Monday.

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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 Men are struggling

[Dr. Guy Winch]

with their mental health at some of the highest rates we've ever seen, but most aren't getting the support they need. And that needs to change. I'm Dr. Guy Winch, your host for season three of the Visibility Gap, presented by Cigna Healthcare. This season, we're focusing on men's mental health, bringing together real small stories and expert 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.