📈 Jim Cramer: Why You Should Never Buy "Normal" Stocks

Summary

Podcast Summary: The Best One Yet

📈 Jim Cramer: Why You Should Never Buy "Normal" Stocks

Date: November 26, 2025
Hosts: Jack Crivici-Kramer & Nick Martell
Guest: Jim Cramer

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Overview

This high-energy, candid episode features Jim Cramer, famed host of CNBC’s Mad Money and renowned market commentator. The conversation centers around the myths the financial industry promotes to everyday investors, Cramer's “anti-normal stocks” thesis, and his actionable playbook for growing wealth—primarily by embracing index funds and carefully selecting a handful of exceptional, high-potential companies. With humor, anecdotes, and memorable moments, Cramer challenges conventional wisdom and passionately advocates for a more personalized approach to investing.

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Key Discussion Points and Insights

The Myth of Diversification and "Normal" Stocks

• Cramer’s Critique: The finance industry preaches “diversify, diversify, diversify,” arguing that beating the market is impossible for individuals. Cramer contends this is outdated, especially given today’s access to research tools and data (08:49, 09:16).
• Cramer's Thesis:
  • Put 50% into the S&P 500 (or another broad index fund).
  • The other 50% should go into five individually-selected stocks you deeply believe in after thorough research.
• Quote: “You have to have a buy and a sell. And somebody will come on TV and say, ‘The Fed’s going to tighten,’ and you got to do, I sell that one.” – Jim Cramer (14:51)

What Makes a Stock “Normal” (And Why to Avoid Them)

• Normal Stocks Defined: Companies heavily tied to economic cycles, commodity prices, or with limited growth—banks, airlines, consumer packaged goods, traditional automakers, etc. (16:20, 18:30)
• Secular Growth Over Cyclical Bets: Focus on companies that grow in all market conditions—secular, not cyclical.
• Cramer's Warning: Avoid banks (“historically wrecked so many people”), Home Depot, airlines, and most consumer packaged goods (16:20–19:00).
• Quote: “Normal is not secular growth... I don’t buy Home. Don’t buy Home Depot. Don’t buy airlines. No, it’s going to tank with everything.” – Jim Cramer (18:43)

Total Opportunity Value: Picking the Next Big Winners

• Key Concept: Invest in companies where the upside is massive if management executes—Netflix, Tesla, Robinhood, Reddit, etc. The “total opportunity value” considers the hypothetical if everything goes right (20:17, 22:16).
  • Example: Netflix's long transition from DVDs to streaming and now global entertainment.
• Quote: “What they say is their enemy’s the clock. How many hours you have a day? And I like that too. The opportunity value of this thing is almost limitless.” – Jim Cramer (22:01)

The Edge: Everyday Observations Trump Wall Street Eliteness

• Personal Diligence: Learn how to read earnings transcripts, balance sheets, and financials. Do quarterly homework the pros do (13:04).
• “Edge” Stories: Observing trends in everyday life (e.g., daughter’s preference for iPod colors leading to Apple investment).
• Quote: “You didn’t have to be an expert for that. Honestly, one of my dude Alex bought me Abercrombie jeans five years ago—that was my edge.” – Host 1 (possibly Jack) (42:28)

Buy and Hold, Don't Trade

• Cramer's Core: He’s “anti-trading.” Pick secular growth stocks, hold through volatility, and let the value compound (15:01, 15:59, 62:02).
• Tax and performance: Frequent trading leads to poor results and tax inefficiency.

When to Buy and How to Build a Position

• Pyramid In: Start small, add more if the price drops and your thesis strengthens (29:00).
• Consistent Index Contributions: DCA (dollar-cost average) into the S&P monthly—never try to time the market (30:29).

Emotional and Irrational Parts of Investing

• Acknowledge Emotional Decisions:* Buying for personal or sentimental reasons—e.g., Disney for a child's college fund—is okay, but recognize it as non-core (49:19).
• “There’s the part to get our sons excited—like my son owning a piece of Toy Story via Disney stock. This is the portion of our portfolios that are irrational. They’re emotional.” – Host 1 (49:19)

Lessons from an Entrepreneur

• Competition: Avoid highly competitive commoditized businesses in investing and entrepreneurship (45:18).
• Invest Where You're Interested: Only pick stocks if you’re genuinely interested in learning and following companies (62:55).

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Notable Quotes & Memorable Moments

The Sassy, Self-Effacing Cramer

• “My dog, it’s named Nvidia. True story. And that was five years before you even knew.” – Host 1 / possibly Jack, kicking off the show (00:18)
• "I just want people to remember—I'm for buying and holding, provided you do homework." – Jim Cramer (61:02)

The Philosophy in a Nutshell

• “Put half in the S&P, the other half in five stocks you love—but only after you do the work.” – Paraphrased from Cramer's repeated advice (10:59, 11:00, 29:34)
• “Never buy normal stocks." (14:37)
• “If you’re not interested, don’t do it. That’s why index funds exist!” – Jim Cramer (62:55)

Anecdotes

• Nvidia Origin Story: Cramer named his dog Nvidia after a trip where he realized the company's future potential—a detail that influenced listeners to gain life-changing wealth (33:23–38:09).
• Reddit for Community: Describes how Reddit provided his daughter with melanoma support and his wife's mezcal brand with targeted marketing (25:06–26:21).

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Timestamps for Important Segments

• Cramer’s Thesis on Diversification – 08:49 to 11:56
• Why Avoid “Normal” Stocks – 14:47 to 18:30
• Secular Growth & Total Opportunity Value – 20:17 to 24:07
• How to Build an Edge / Homework – 13:04 to 13:53, 41:01
• Examples: Robinhood, Reddit, Netflix – 24:45 to 28:20
• When to Enter Stocks (Position Sizing & DCA) – 29:00 to 30:51
• Emotional Investing & Portfolio Construction – 49:19 to 51:01
• Entrepreneurial Principles Applied to Investing – 44:04 to 45:18
• Cramer on Work Ethic & Daily Routine – 54:01 to 55:25
• Final Takeaways & Advice for Listeners – 62:41 to 66:12

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Quickfire Round Highlights (69:31–72:46)

• Best Restaurant in NYC: Corner Store (69:50)
• Best Business Leader: Tim Cook (70:13)
• Last Stock Purchased: Nike (71:19)
• Favorite Business Book: “One Up on Wall Street” by Peter Lynch (70:49)
• Seinfeld or Friends: Seinfeld (71:21)

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Final Core Takeaways

• Do the Homework: Only pick individual stocks if you're willing to study them deeply.
• Split Your Bets: Half to index funds, half to five high-opportunity stocks you truly understand and believe in.
• Avoid "Normal" Stocks: Seek innovative, secular growth companies with unlimited potential, not those tied to economic cycles or heavy competition.
• Be a Buy-and-Hold Investor: Trading hurts most investors; conviction and patience are key.
• Act on Your Observations: Use what you notice in daily life and research as your “edge.”
• Stay Humble and Iterative: Accept mistakes and shift your strategy if the facts change.
• Only Invest If You Like It: Otherwise, stick to index funds—there’s no shame in it.

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By the end, both hosts reflect that Cramer's approach meaningfully shifted their own stance from “just buy the S&P” to a more nuanced, homework-driven split—emphasizing curiosity, observation, and hands-on research as the path to beating the pros.

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Jim Cramer:
“You know, this was the best one yet.” (73:00)

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(End of summary. Listeners are encouraged to check out Cramer’s new book and, above all, to develop an investing style that fits their interests, energy, and curiosity.)

Transcript

[Host 1 (possibly Jack)]

Yetis, whip out your wallets and pop open your portfolio. Because today's interview is financial advice. The lawyers don't want us to say it, but we just did. Careful, because he has a lot of grief. Today we're standing up with Jim Cramer, America's biggest stock owning evangelist. The man who simplifies Wall street like it's Sesame street and breaks down the S&P 500 like it's the Indy 500. From Philadelphia to Goldman Sachs, he has interviewed every CEO from Apple to Zillow. Love him or love to challenge. Jim Cramer pulled off one market win that no one else had. He was the first to make finance fun and make millions of Americans care about companies they can't even pronounce. His dog, it's named Nvidia. True story. And that was five years before you even knew.

[Jim Cramer]

2017, stocked at 2 bucks. 2017.

[Host 1 (possibly Jack)]

He is not just the most recognizable face on financial tv, he is a New York Times best selling author. We read his new book, we called his agent and we said, we gotta get him on the show. So Jim is gonna reveal that what the finance industry tells you is wrong and why the best wealth advisor may actually be yourself. Plus, we'll share Jim's playbook to pick five stocks and fall in love with them, because that's how you make money in any market. And that's the title of his book, Besties. Please welcome the sultan of stocks, the baron of bullishness, the high priest of price targets, and the regent of rolled up sleeves. Although today's wearing a suit, Tim Kramer is The man from CNBC's Mad Money and the author of how to make Money in Any market.

[Jim Cramer]

I am.

[Host 1 (possibly Jack)]

Today's interview with Jim is the best one yet. You're gonna want to go long on.

[Jim Cramer]

This one, so I'm gonna first. Thank you. Just terrific. And I want a copy. I can transcribe it, but that's everything you said I have to show my wife because she thinks, do you have a show? This. This will reveal that I have a show. This is how honestly, what I try to do in life is more captured by that poem than almost anyone's been able to capture what I do. So I really appreciate it. Now I'm gonna pay you a compliment. One of the reasons why I wanted to come on the show at 7 o' clock every night, which the end of the show, I get a phone call, Pop. And he would say, jamesy, that was the best one yet.

[Host 1 (possibly Jack)]

No way.

[Jim Cramer]

Every night you were dad. Every night, Jamesy, that was the Best one yet. And now when I do my club meeting, which I have once a month, my daughter texts me and says, dad, that was the best one you had. Because she knows that. It made me so happy, you know, by the way, for a while, I got tired of it. Yeah. And then I realized, well, Pop's not always gonna be with us. And now it's just like. It's killing me that at 7, nothing happens.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

But anyway, the Best One yet is a great title. And all the young people listen and all the older people don't know what they're doing.

[Host 1 (possibly Jack)]

Jen, thank you so much. Nick and I launched this startup when we were working at banks, and we did it in secret. We're not sure our compliance would approve it. We even sent each other emails with white font, thinking that that would somehow protect us from oversight. We had our Series 7 licenses, but we thought that would get through. And after each edition, it was a newsletter back then. We would reply to the email in the morning and say, that was the best one yet. Yeah. That's how we came up with it. Now, 13, 14 years later, we have the show and we really feel like every episode is the best one yet.

[Jim Cramer]

Well, including Franchise is unsaleable.

[Host 1 (possibly Jack)]

Thank you.

[Jim Cramer]

And a lot of it is because the poem, what you do in the poem, which is that you genuine. Had genuine knowledge of what I've tried to do, and you paid homage. But for the more importantly people, if your audience doesn't know me now, they do. I mean, just plain and simple. It's a montage. That poem is a montage. And it is much appreciated.

[Host 1 (possibly Jack)]

Thank you, Jim. Well, our audience does know you. Our audience loves you. We got more DMs related to this interview than any other interview we've ever done, with questions ranging from just tell Jim I say hi to my dad. Got me watching Jim five years ago, should I buy ELF stock or not? Elf.

[Jim Cramer]

Peace. You know, it's funny. A lot of people, a lot of father daughter, a lot of father son, and if I can do that, given the fact it was hard for me to connect with my father, we had to connect over sports because he was very conservative. And so we would just fight. But we found things to talk about. Stocks are a great neutral thing to talk about.

[Host 1 (possibly Jack)]

Yeah. It's a safe space, Right? Yeah. And politics.

[Jim Cramer]

ELF is a very common, complicated story. Right. It's a short. It's heavily shorted.

[Host 1 (possibly Jack)]

Okay.

[Jim Cramer]

And. And Tarang Amin comes on and he tells a great story, and then the next thing you know, and China Tariff is much. Is.

[Host 1 (possibly Jack)]

Is really high cosmetic sales.

[Jim Cramer]

Yeah. And then, well, he got into. He got rotary.

[Host 1 (possibly Jack)]

Yes.

[Jim Cramer]

And that was. And. But at the same time that that happened. Yeah. The shortfall. So, I mean, Wall Street's complicated. Yeah.

[Host 1 (possibly Jack)]

Well, this is what we love about you, Jim, is because we could have thrown any ticker symbol at you right now, and you could have given us the full synopsis and we were here for it.

[Jim Cramer]

But, well. But the rest of my life is a shambles because that's what I'm good at. I have the edge on the stocks. But could you please help me with the rest?

[Host 1 (possibly Jack)]

But, you know, as Jack and I prepared for this interview, you know, it's.

[Jim Cramer]

Funny, we were thinking about as you prepared for that analysis of Google versus Open versus Open. I know. Now it's funny because I was going to use it today and I wasn't going to credit you till after. And the reason I was doing that, because I thought it was so brilliant. And when people say it's brilliant, I said, well, I got it from you guys instead. I said, I got it from you guys. And then I told it. And these guys are like, yeah. I mean, really, if I had said that it came from John Malone. But no. And a lot of that is because of what I regard as this reluctance for the new guard to be recognized. And I think the new guard, one of the reasons why I wrote the book, you never supposed to say that, but you're supposed to say, oh, the book. The book is because we gotta change the notion of who should be buying stocks, because most of what happens in stocks is a Wall street fashion show. And if you're not involved in the Wall street fashion show, you really have no idea why you would be interested in buying a company like Spotify.

[Host 1 (possibly Jack)]

Yetis, quick break for a couple of ads. This show is brought to you by betterhelp.

[Jim Cramer]

Yetis.

[Host 1 (possibly Jack)]

You know what time of year it is? It ain't engagement season. It's postponement season. Not like postponing your wedding. We're just talking about postponing a social event. Y days getting shorter. Air is getting colder. You're taking a rain check. Winter is coming. It's the time of the year that people start to get disconnected from friends. Okay? But then when you do finally meet up with your buddy Timmy and your friends, it's exactly what you needed. And you think, why didn't I do this sooner? And for us, that's what starting therapy was like. That's right. Jack and I are in way better control of Our feelings. We know ourselves much better today than we did five years ago in our pre therapy era. Well over 5 million people worldwide have chosen BetterHelp to start therapy with over 30,000 therapists on that single platform. Jack, you can't be postpone those numbers this month. Don't wait to reach out. Whether you're checking in on a friend or reaching out to a therapist yourself. BetterHelp makes it easier to take that first step. And our listeners, you, you get 10% off your first [e-mail] tboy that's BetterHelp. H e l p.com t Boy, I recently got a booking request from somebody who said I'm a 75 year old professor from Michigan. Me and my academic pals are having a ski trip. I love your place. Lovely. So what'd you say back? You write back to the guy? I responded that I went to the of Michigan for two graduate degrees. Nick. It turns out he did too. In fact, we worked in the same econ department when I was a TA there. It's a match made in platform history.

[Jim Cramer]

Man.

[Host 1 (possibly Jack)]

This guy hasn't arrived yet. But I love these personal connections I've made as a host on Airbnb and Besties. We've told you that your place is probably perfect for someone else to stay at as well. We haven't told you about the wonderful human interactions you can have as an Airbnb host like mine with this 75 year old PhD who loves the Michigan Wolverines as much as I do. Yeah, it just feels good knowing that while you're making money, someone else is enjoying your place too. And you got a connection. Hosting on Airbnb can provide you with another income stream and another source of life satisfaction. Whether you're a Wolverine or a Buckeye. Besties. No joke. Jack's very satisfied. Your home might be worth more than you think. Find out how [e-mail] host well, let's talk about like why buying stocks specifically? You know what we thought was kind of the biggest thing that jumped out into the book to us, the biggest theme it is that the financial industry is lying to you. Nick and I have worked in finance. We learned in school that diversification is the only way to go. Diversify, diversify. No matter how hard you work to beat the market, it's a waste of time. It's not going to happen. Even the best hedge funds don't beat the market. So why try? What do you think about?

[Jim Cramer]

Okay. I am a believer that when I started out I had to Go to the New York Public Library to read really old transcripts and get what was called micro fees. And the transfers weren't really of the quarter because they didn't have that. We never knew what the prices were during the day. And there was no accessibility. There were no websites. All that's changed. And now you even have throw in chatgpt or perplexity. You have the same things that the. That these hotshots have.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

And yet we're still considered individuals, are still considered to be as stupid as they were without any tools. I think people justifiably the gray beards were right. When. It's when you could have looked at something and said, look, I like this, but I don't know how to look at Apple. But now there's so many different ways to be able to look at it that why should you be denied it? And what I did, instead of just trashing the whole notion of diversification, I say 50% should be s and P. Now those people say, no stock. I'm on that 50%, S&P. But what bothers me the most is that it is, you know, you have kids, say, and my daughter had an ipod, the initial stuff. And she asked me for a pink one after I bought a blue one. I said, how could you? Okay, what happened? Where'd you lose it? Where'd you lose it? She goes, dad, they're fashion accessories. And that's how I caught that stock at 5 Apple.

[Host 1 (possibly Jack)]

That's why you bought Apple at $5, because your daughter asked for a second dollar?

[Jim Cramer]

Yeah, well, because I said, oh my God, this is a. What a franchise. What a franchise.

[Host 1 (possibly Jack)]

And so that was your edge, that little anecdote from your daughter. We'll talk about your edge in a second. But the thesis we learned in school is that the prices in the stock market are correct.

[Jim Cramer]

Well, see, but that's. I'm not one of curse on your show. That's BS because the stocks are wrong all the time.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

I mean, constantly. And I think that I happen to love Warren Buffett like everybody else, but the fact is he never told you to buy his stock. He told you to buy the S and P. You would have crushed the S and P with his stock. No, but he has. No one's thinking that's duplicitous except for me, because it bothers me tremendously.

[Host 1 (possibly Jack)]

So you say, put half of your money in the s and P500.

[Jim Cramer]

Yes.

[Host 1 (possibly Jack)]

In the other half, do something else. But why not all your money in the s and P? 500.

[Jim Cramer]

Okay. Because I genuinely believe that people can observe and have curiosity and therefore can examine. And there are many, many people who have the power of observation who are denied by Wall street, the notion that they can examine and do the work. That was understandable when it was impossible, like when I was trying. But to say that nothing's changed and it's just as opaque as it was and it's just as. That's absurd. It's ridiculous. And is it perfect? Well, I mean. Nvidia. Wait, is it still two bucks? What a loser. I mean, honest to God, I mean, I'm a living, breathing reason to believe that it's not true that diversification is.

[Host 1 (possibly Jack)]

The only free lunch.

[Jim Cramer]

And I used to believe it. I used to come in with that rap and I realized I was hurting people.

[Host 1 (possibly Jack)]

Yeah, Jack and I have always said you can just buy the spy, but there's a cool and we should get it 50%.

[Jim Cramer]

I'm with that 50%. But I listen to you on Google. Okay, well what do I do when I listen to you on Google? I could say, yeah, but those clowns. Don't they know that Google's just one of 500 and we just put all real bad ones with that one and we do better, huh? You know, let's put some really bad food with some good food. It'll really be tastier that way, right? No, I mean, it doesn't work like that for any other thing other than this notion. The Soto Vocean notion is you don't know what you're doing because you didn't go to the right schools and you're not rich. You never will be.

[Host 1 (possibly Jack)]

That's the thing, you never will be.

[Jim Cramer]

Because frankly, the door is closed. That's how I feel.

[Host 1 (possibly Jack)]

Yeah. So you've said that a well informed amateur can beat the pros.

[Jim Cramer]

Absolutely.

[Host 1 (possibly Jack)]

You've promised that.

[Jim Cramer]

Absolutely.

[Host 1 (possibly Jack)]

How much homework does a regular person have to do to beat the pros?

[Jim Cramer]

I spent a lot of time talking about that in the chapter where I go into how to read a conference call, but I teach you how to read a balance sheet. Boy, that was another one that not everybody really wanted to have. But I'm not gonna wreck. I can't recommend people to buy stocks individually unless they know how to do.

[Host 1 (possibly Jack)]

Balance sheet, and it didn't work.

[Jim Cramer]

Income, the homework, how to read conference go.

[Host 1 (possibly Jack)]

You can't give somebody a car until you teach them how to know.

[Jim Cramer]

Even that Lamborghini I see advertised there, though my wife would disagree. But once you find how to do those Things. I believe that if you have the time and inclination, it doesn't take as long as it used to because everything's available at your fingertips. And you can actually just wait from quarter to quarter.

[Host 1 (possibly Jack)]

And to our besties listening right out there. You know, Jack and I do this when we're reporting. So Jack and I go into the transcripts of an earnings call. We will just Google. We will Google a, you know, elf beauty earnings call. We get the transcript, and Jack and I will read it and search for keywords. I mean, the reason we did that whole story on Abercrombie's resurgence, thanks to this $100 bridesmaid dress, is we discovered that in the transcript of the earnings call.

[Jim Cramer]

That wasn't anywhere else.

[Host 1 (possibly Jack)]

It was in the transcript.

[Jim Cramer]

I got Gap one tonight. Okay. Did you know that they've got the best rewards program and people go Christmas time and shop there and they. It's free. That's what they have, my daughter. It's free. You have points. No, it's free. You won't believe. You go there, you get all your presence. It's fantastic. And they actually. The points culture. Yeah. Dixon understands this, you know, understands the points culture.

[Host 1 (possibly Jack)]

So the first steps to investing, as you described, for an amateur or for a pro, is that you're going to do the research. You got to understand how to get into the balance sheet, how the income statement. Need the transcript.

[Jim Cramer]

But remember, if you can, you know, you gotta default to the index funds.

[Host 1 (possibly Jack)]

Okay, but.

[Jim Cramer]

But then.

[Host 1 (possibly Jack)]

So if you're not willing to do the homework, then get the.

[Jim Cramer]

And I really don't want you in the business. But one of.

[Host 1 (possibly Jack)]

One of the coolest things we noticed in the book, and this was just like, a brilliant observation, is you said never buy normal stocks, and then you just, like, eliminated half the market.

[Jim Cramer]

Yes, I did. Yes.

[Host 1 (possibly Jack)]

I. 300 of the S&P 500 are normal stocks. So don't invest in those.

[Jim Cramer]

Well, because you have to have a buy and a sell. And. And somebody will come on TV and say, the Fed's going to tighten, and you got to do, I sell that one.

[Host 1 (possibly Jack)]

So what's a normal stock?

[Jim Cramer]

And why do you not like secular growth? And I'm willing to overpay for secular growth because historically, all the work I did say secular growth produces superior returns. And secular growth means growth, meaning I'm not hostage. Not hostage. The economy. Nvidia. And what I'm trying to do is make it so people don't trade. Because I'm really anti trading. I think trading is the Scourge of performance, because that's that buy high, sell low thing that people do. And I want you to be certain that you like the thing and maybe use the. Use the stock. The company, know the stock. But what I don't want you to do is buy a stock that on this day, Freeport Copper's down. And you can bet the copper goes up. And when copper goes up to sell it. Or that if you think Starbucks is a coffee company, which it really isn't, and coffee prices go down, you say, oh, I got to buy Starbucks. And they go up. I got to sell Starbucks. I don't want that. And I don't trading because you're not good enough to trade, but you're good enough to invest. And the tax consequences are much better.

[Host 1 (possibly Jack)]

So, Jim, in your book, you say put half of your money in the s and P500 and select five stocks that you fall in love with with the other half. But when you pick those five stocks, do not pick one of the 300 normal stocks. The S&P 500. You just said normal is not secular growth. What are some examples of normal stocks? Okay, you don't want to buy.

[Jim Cramer]

Okay. A group that I can do for my charitable trust is the banks.

[Host 1 (possibly Jack)]

But don't do the banks.

[Jim Cramer]

You can't, because the banks have historically wrecked so many people. It's too hard. They're very difficult to read. It's not just a balance sheet. There are many different metrics. So it's. It's beyond most people. And when the economy gets bad, they're the first to get thrown away. And I don't want people in those. Now, is that a crime? There's a bank stock that came public today from Missouri. Okay. That I could never recommend to people. It's probably great. It's probably great, but people feel, oh, God, I read that. There'll be some Ray Dalio. Come on. You say you're about to get hit by a meteor. You personally. Okay. It's like, oh, my God, here it comes. I mean, you can't have that. You ever notice the doom guys? They're so good at doom.

[Host 1 (possibly Jack)]

Yeah, aren't they? Doom's easy.

[Jim Cramer]

What did they read? Maybe it was like Poe Telltale. I hate the fact that people scare people out of.

[Host 1 (possibly Jack)]

One of the things we love is your bullishness. It's easy to find positive bullish construct.

[Jim Cramer]

Because I like to be more constructive. Because let's say, I love Tim Cook. I think he has a great job. If he were to retire, I'd have to rethink, you know, but I'm constructive on Apple. But I, and I mean I'm mentioning this because there are these stupid stories about his retirement. I think every company has to have a strategy for retirement. But I don't want to bless things permanently. I do think that there are companies that have this great growth that I do. I'm very bullish.

[Host 1 (possibly Jack)]

Well, on that side of normal stocks, I think the equivalent for us would be. We often tell our audience, you know, the three Fs of fads. You have to beware food, fashion and fitness. You know, Jack and I are Planet Fitness.

[Jim Cramer]

Can you believe that stock? That thing is a rocket ship.

[Host 1 (possibly Jack)]

You're looking at Hampshire. You're looking at two guys own peloton stock still.

[Jim Cramer]

So. Well, that was, I mean even when that guy Barry came over. No, but McCaffrey, McCaffrey he came in guns blazing and I thought he would have it. The previous guy, I was unfortunate, nice person. That's the way that means bad.

[Host 1 (possibly Jack)]

So I want to summarize a big chapter of your book which is don't buy normal stocks. You said don't buy banks because in bad economic times they go down. Don't buy consumer packaged goods because the growth just not there anymore.

[Jim Cramer]

I don't buy Home buy anything. Home.

[Host 1 (possibly Jack)]

Don't buy Home Depot.

[Jim Cramer]

I mean Home Depot is, would be the one stock that it's down really, really low. I don't want to get people out of Home Depot here.

[Host 1 (possibly Jack)]

But don't buy airlines. No, it's going to tank with everything.

[Jim Cramer]

I mean, look, do I like United? That's a trading stock. I'm trying to like a trading stock is equivalent of a normal stock I use. I don't want people to understand what a trading stock is other than the fact that, that if you buy United and they have a bad seat mileage, rev bar, all this stuff at same time hotels. Then you hear Wall street downgrade and if you follow TV or whatever or you read, you'll think oh I should, I should sell down. That just happens to be. They have to have a couple of buys. This is the, the Wall street fools you. Yeah, you know it's for, it's for professionals. You know they have like eight buys and they have these holds and sells and that's what they have to do when they meet with the teacher's pension fund from Ohio. But that's not for you. That's not what this is about for you.

[Host 1 (possibly Jack)]

So that's who we're trying to avoid.

[Jim Cramer]

Right?

[Host 1 (possibly Jack)]

Let's Talk about maybe who we want to hang out with, the stock market. So we're not going to buy the 300 normal stocks? No, we want one of the 200 remaining stocks. And I want to tell our audience, help you guide us towards them. You want the stocks that will have, as you call it, secular growth, which means growth in a good market or a bad market. But you also want a stock that you can paint an amazing picture about what they could become if everything goes right. This is a cool concept. There's a term for it. It's called the total opportunity value. It's your term. Can you give us an example of first of all, what is total opportunity value and what are some examples?

[Jim Cramer]

Well, I mean, okay, if you take a look at a company, let's use Netflix. Okay? Netflix started out as you get a diskette. Okay. And I could never envision what their vision was until I got streaming. And when I got streaming, I said, wait a second. They do all these incredibly cool long form. They don't do Chicago Fire, Chicago Police, Chicago Hospital. They actually do really thoughtful stuff. And I always say, people are more thoughtful than what's fed to them. And Netflix appealed to thoughtfulness. Well, that's a new concept. So then I go, and this is before AI, Before Love island too. Yeah. I go to meet Reed Hastings and I said, look, I wanted, I wanted to watch a movie about Stalingrad. And I called at 3am and I got this customer service.

[Host 1 (possibly Jack)]

Oh, we happen to have all quiet on the West.

[Jim Cramer]

Yeah. Yes, they had that. So I said, well, that's good. So I went to. Then I interviewed Reed Hastings says, yes, our customer service is great, but what we really do is we try to figure out what you like. So, for instance, let's say you like Scarface. Well, we have five movies for you. And we do recommending. I said, well, how do you do that? He goes, because we have a lot of people who've seen a lot of movies. And then you realize, wait a second, they get AI and everything they push to you is fantastic. And then they're getting sports and then they're getting really great games. And you say to yourself, this is a company that knows what, what it's doing.

[Host 1 (possibly Jack)]

So the total opportunity value was that every TV watching American subscribes for what was then 10 bucks a month.

[Jim Cramer]

Right. And to go further, what they say is their enemy's the clock. Okay. How many hours you have a day? And I like that too. And what it says to me, the opportunity value of this thing is almost limitless.

[Host 1 (possibly Jack)]

Yeah, yeah.

[Jim Cramer]

And that's a great stop.

[Host 1 (possibly Jack)]

So the total opportunity value is if everything goes right, management is there, CEO doesn't have a conflict. Regulatory. What could go wrong? Think about what could go right.

[Jim Cramer]

Right, right, right.

[Host 1 (possibly Jack)]

And that's what kind of opened my eyes. I really got mistakes.

[Jim Cramer]

Let's take the packaged food. I can't think of what would go right. I mean if it's really tasty, the GOP Dash 1s kill it. They're in every country. There's no more coming in. Like until we invade Mars. We're like dead with these things.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

And you look at the ingredients, they're all up in price. People can't afford to eat and they're like, next thing you know you're buying Conagra with an 8% yield. What's it, 8%? What does that mean to you? It means to me, danger, danger, Will Robinson.

[Host 1 (possibly Jack)]

I don't want to throw you under, Jack, but Jack, I know it was an emotional purchase, but you bought Ford stock.

[Jim Cramer]

You know Ford's hard. Ford is a total opportunity warranty issue.

[Host 1 (possibly Jack)]

It was an emotional investment by me for many people.

[Jim Cramer]

I had bought. My daughter has a Bronco, I have a Maverick. And I'm thinking, yeah, but then like I have like five recalls on the Maverick.

[Host 1 (possibly Jack)]

You'd call for it a normal stock.

[Jim Cramer]

Yeah, there's no I told you scenario.

[Host 1 (possibly Jack)]

It's not something exciting and unlimited like Jennifer Farley knows.

[Jim Cramer]

It's a normal stock. Now I will say that Mary Barra, by din of the buyback and by just professionally just cranking them out, has done a great job and has a higher multiple. Ford's multiple is very low. Ford has a big warranty issue. And you know, when you give a warranty for when, for when workers were being met pre Covid and now it costs them so much money to honor the warranties.

[Host 1 (possibly Jack)]

So I think what you'd say is Ford's total opportunity value is to do a little bit better than GM and a little bit better than Toyota. Tesla on the other hand, well, test. Their total opportunity value is robotics.

[Jim Cramer]

Right.

[Host 1 (possibly Jack)]

Robohead Drive being the home robot of every American household. Being the self driving ride of every.

[Jim Cramer]

Exactly. You know, he intends to have a million humanoids. I think he can do more than that. I think that he may solve the problem of power. Because in the last conference call he talked about, listen, we're going to get the batteries and we're going to be able to turn, you know, give energy to the data centers if we want to. I mean, I Obviously enjoy it. My wife always says, by this point you have to say, let me tell you about what a fascist is. But I really like the autonomous drivers. You got to work that in. So I just worked in the fashion.

[Host 1 (possibly Jack)]

There you go.

[Jim Cramer]

You check my. Ok. The fascist box.

[Host 1 (possibly Jack)]

You're good.

[Jim Cramer]

Yeah.

[Host 1 (possibly Jack)]

Jack and I think about this a lot too, with, you know, if we apply your total opportunity value to stocks where it just hasn't been realized yet. For example.

[Jim Cramer]

Jack, give me something.

[Host 1 (possibly Jack)]

All right, so, Jack, Reddit.

[Jim Cramer]

Oh, my God. Okay. Oh, Jesus. No, stop, stop.

[Host 1 (possibly Jack)]

No, this is bad.

[Jim Cramer]

My dog does that. Stop, stop. No.

[Host 1 (possibly Jack)]

I don't know if you're Reddit.

[Jim Cramer]

It's unbelievably great. And I'll tell you why. And I love Hoffman. Okay, so my wife has this mescal branch. Helpful Sephora. All right.

[Host 1 (possibly Jack)]

She has it.

[Jim Cramer]

Yeah. She's number six.

[Host 1 (possibly Jack)]

We gotta talk about your restaurant.

[Jim Cramer]

Six. Largest mezcal brand in the world up to 25. All right. Okay. So what is the secret of getting the word out about something? Well, you need to find people who are qualified and targeted. So you can go put an ad on Amazon, but the people can't buy. They don't buy alcohol on Amazon. Or you could put something. Let's say you decide to put a Wall Street Journal in. Which one ad? Whatever. Reddit has a mescal section, so you flood the zone. And it's so inexpensive. I told. I told Hoffman, said you gotta start charging more. He goes, that is. Well, that's a dumb thing I said. Well, it just has a stock.

[Host 1 (possibly Jack)]

So your wife advertises her mescal brand on the Reddit subreddit for.

[Jim Cramer]

Okay, and how did I find it? Okay, my daughter and I will tell you right now, she's cured. So I don't want to be more. Well, my daughter had melanoma and she didn't know who to talk to because we don't have melanoma.

[Host 1 (possibly Jack)]

Right.

[Jim Cramer]

And melanoma is cancer. It's not squamish cell and basil soda. Those are not forms of cancer. And. What? She didn't know who to talk to. But they have a melanoma mellohomy. Page all the melanomies. No, they don't. So she talked to all the melanomies.

[Host 1 (possibly Jack)]

So she found Community there. Yeah.

[Jim Cramer]

Bing dang.

[Host 1 (possibly Jack)]

And your wife's mezcal.

[Jim Cramer]

I didn't have to do that. I mean your wife. So you were petting me. You're not.

[Host 1 (possibly Jack)]

You're not disciplining me. We have to. Also, I mean, the Other upside you're talking about with Reddit here is around AI, which is, you know, we've said it's not about SEO search IO, it's about chat IO.

[Jim Cramer]

I told him to charge a fortune.

[Host 1 (possibly Jack)]

Tell me. Yes.

[Jim Cramer]

And to charge a fortune because you have honest information.

[Host 1 (possibly Jack)]

So here's my total.

[Jim Cramer]

It's honest stuff.

[Host 1 (possibly Jack)]

Here's my total opportunity value.

[Jim Cramer]

Okay, hit me, hit me.

[Host 1 (possibly Jack)]

On the consumer side, like what your wife and daughter do. It will be, don't go bastion of realness.

[Jim Cramer]

Okay.

[Host 1 (possibly Jack)]

As AI Floods. Bastion of realness as AI. I think they should change their name to Real.

[Jim Cramer]

Well, this is.

[Host 1 (possibly Jack)]

We pitched deep Huffington on that. Now on the other side. So consumers are going to go there as a bastion of human interaction. On the other side, all the chatbots need to train on actually human stuff. And that's where they can charge their B2B side.

[Jim Cramer]

Absolutely. Now.

[Host 1 (possibly Jack)]

So that's my total opportunity.

[Jim Cramer]

We have clouds there to protect us from these guys ripping off everybody. Perplexity rips off a lot of companies. Yeah, yeah.

[Host 1 (possibly Jack)]

Cloudflare is like the gate that prevents the AI chap.

[Jim Cramer]

Call me Matt. Matthew. Matthew Principal.

[Host 1 (possibly Jack)]

The other one Jack and I chat about. And look, we're biased on this because we sold a company and worked there. But with Robinhood, I mean, Jack, you.

[Jim Cramer]

Know, I love Robinhood.

[Host 1 (possibly Jack)]

I mean Jack. And I think of it like this. Netflix worth twice as much as Disney. Right. Airbnb worth twice as much as Marriott. You have all these contexts of there being one digital disruptor who becomes. Becomes at least twice as valuable as the.

[Jim Cramer]

Look at Robin.

[Host 1 (possibly Jack)]

But they're half the value of Goldman right now. That's what's the total opportunity.

[Jim Cramer]

Why not? You could age out of Goldman if you're not careful. They age out. Yeah, but Robinhood is just. It's a continual funnel. And I mean, my kids, what are they going to open an account at Goldman? They're Robin Hood people, so don't.

[Host 1 (possibly Jack)]

They could get their mortgage there, I guess.

[Jim Cramer]

Oh, my God, Jack, the way you're.

[Host 1 (possibly Jack)]

Saying it, the total opportunity value, your.

[Jim Cramer]

Retirement, your retirement account, your credit card.

[Host 1 (possibly Jack)]

And you start offering all these things from one place. That was the only digitally native option in the.

[Jim Cramer]

And yet when it went from 14 to 140, all I ever heard about was it was overvalued. But then again, I go to my kids and they. That's an annuity. They're like, that's like Crest and Colgate. Like, no one's ever going to switch. If you started with Crest, you ain't Switching to Colgate. Right.

[Host 1 (possibly Jack)]

You're not going to eat trade after Robin Hood. So Robinhood stock has 10x in the last 18 months.

[Jim Cramer]

Perfect.

[Host 1 (possibly Jack)]

Are we too late? If you're on the sidelines, you want.

[Jim Cramer]

To buy, rob down nicely. And I think the answer is you buy, you buy.

[Host 1 (possibly Jack)]

What about in general? Beyond robbing the gym? What's your thought about when to get in the market? Like a lot of our listeners may own stocks or they may not. But the question is, should I wait until the stock price drops?

[Jim Cramer]

So what we do is we buy small and we build and pyramid stock. Because I can't. I don't want ever to. I mean, I blew Corning, okay? Corning is for myself, trust me. It was at 82 and I had gone to see them where they make this glass in Harrodsburg, Kentucky. Yeah. And you know what I did? I bought it and then I said I'm going to weigh 82 to 72. Well, you know, I should. I used too wide a scale. I should have bought some at 76. Not a bad basis. But I tell people build up as they go down because if you really got a good stock, it does get cheaper.

[Host 1 (possibly Jack)]

So half your money in the s and P500 and pick five stocks for the other half.

[Jim Cramer]

Well, I can, sure. And I like one to be speculative. And your homework, Buy these people because if they want to buy Oklo, who am I to say like Oklahoma was in 30. Okay. And then it turned out that Samoa, that's a nuclear power thing that'll never make any money. And then, you know, but never any money on the way. 30 to 140. I'm not a jerk. I don't want to keep people off. I want them to know the risks. Okay. Small form nuclear reactor, like you can put. Yeah, just like a jiffy. Put them up like a. Like a doghouse. Are you kidding me? I mean it's a nuclear power plan. Is we can have the president. Everybody would do it. No one really is crazy about having one in the next store, okay. And they wish that they never had one kind of syndrome.

[Host 1 (possibly Jack)]

Right now actually, as we're recording this, that company and others have dropped. We're experiencing a dip moment right now. And how do you feel about dips? The big question out there being should people be buying the dips?

[Jim Cramer]

Or is that it's a faux concept if you have. Because remember I'm talking about stock. Because S and P, I want every month because you never know which month is going to be good or bad. Screw that. You got to be just like Peter. Peter Lynch. You got to be just like Ken Langone Peter lynch was. You'll never be able to time it because you'll be out on one of the seven great days of the year.

[Host 1 (possibly Jack)]

Invest your excess savings.

[Jim Cramer]

So what?

[Host 1 (possibly Jack)]

I consistently buy the same thing.

[Jim Cramer]

The last day of the month is when I contribute and I pull forward. If there's a 10% correction, I pull forward that contribution. So I am. I speak where look, I'm very pro index fund. It's just that I believe if you're watching the show it's because you like individual stocks. So can I at least get you to do it right? I took a horse handicapping course and it was for people who said, listen, people are going to go to the racetrack and they're just going to lose money. Least let me teach you how to use the racing.

[Host 1 (possibly Jack)]

For now, a quick word from our sponsor sponsor zip recruiter yet is your Halloween costume. Took you six weeks to figure out Christmas gifts. It's like four months of research right there. Your birthday is in January. I'm, I'm looking already. It's going to take me a while. Good. But what if you could consistently find what you're looking for right away and save all that time? While you may never instantly find those things, if you're hiring, you can find quality candidates right away time and time again with ZipRecruiter. And today you can try it for free at ZipRecruiter.com tboy ZipRecruiter's powerful matching technology finds you the ideal candidate for that position asap. And they find it way faster than that sexy Shrek costume that you settled on at the last minute. Want to know right away how many qualified candidates are in your area? Look no further than ZipRecruiter. Four out of five employers who post on ZipRecruiter get a quality candidate within the first day. And right now you can try it out for free at ZipRecruiter.com T boy again that ZipRecruiter.com Tboyboy T boy ZipRecruiter. The smartest way to hire. Now a quick break. Switching topics to one of our favorite sponsors, vital proteins. Now, Jack, my mom does not use most of the products we promote. She's not building a website. She's not downloading a stock trading app. No, she's not. But she did call me this weekend and here's what she said. She said, I need to know the promo code for your collagen peptide sponsor because I Just bought more of it. It was Vital Proteins and their no sugar added collagen peptide products are delicious, especially the new 30 gram prote shake. Now, I don't know if my mom's into the taste or the health benefits or she's trying to get jacked, but she's got healthy hair, skin, nails and joints right now, dude, I'd say it's all of them, so. Yetis. Go to www.vitalproteins.com to learn more and where to buy. Get 20% off your next order by entering promo code T boy at checkout. Speaking of individual stocks too, I mean, I believe we're sitting with the man who named his puppy in the video.

[Jim Cramer]

No, it was a. It was a. It was a deranged pit bull. You know, it was one of the as much. And yeah, you rip somebody's face off once because the person, the person, the person tried to get into our house, but it happened to be the landlord.

[Host 1 (possibly Jack)]

We were the renters in 2009. It's the first time you ever suggested people should buy Nvidia. 2017. You were.

[Jim Cramer]

So I doubled down because convicted Jensen.

[Host 1 (possibly Jack)]

Jensen was a $4.

[Jim Cramer]

Jensen called me out.

[Host 1 (possibly Jack)]

Tell us how you got the edge. What did you decide to invest in Nvidia? What are the signals that Nvidia sent you that we could apply here?

[Jim Cramer]

You. This is one where it's not fair. You'd have to listen to the show. Okay. Okay. And I'll say this. Why? Because Jensen was Jensen Wallen's CEO, was beside himself that people weren't listening. So he knows that I'm a sucker for him and for his company and for gaming. And I knew that his chips were being used in all the great car companies. I had the edge to know that Audi's built on Nvidia.

[Host 1 (possibly Jack)]

The edge is your information advantage. You were interviewing the Audi executive. You mentioned Nvidia chip. Chips had. Used to be for video games. And now we're. Now.

[Jim Cramer]

Yeah. Well, I kept saying, look, you keep saying the great technology. Great technology. Great who? And he goes, Nvidia.

[Host 1 (possibly Jack)]

That's an edge. So when the Audi CEO told you that his cars had Nvidia chips.

[Jim Cramer]

Yes.

[Host 1 (possibly Jack)]

That's when you said, that's my edge.

[Jim Cramer]

Well, people don't know that in the world, but essentially. But then I share it. So then I go out, I go out there, okay. And he says to me, okay. And it's a big screen like this. He goes, I want you to paint a picture. I said, I'm not an artist. He goes, no, no, just speak to it. I said, speak to who? So speak to it and have it make a painting.

[Host 1 (possibly Jack)]

You were at Nvidia's headquarters.

[Jim Cramer]

I'm Nvidia, yeah. He goes, have it make a painting. I said, well, I don't get that. He goes, well, think of an artist. And I said, I like Cezanne. He goes, okay, challenge the machine. I said, okay, I'll take a Sezen Seascape.

[Host 1 (possibly Jack)]

You ordered it like you're at McDonald's.

[Jim Cramer]

Remember? He's like a. You know, he's a still life guy.

[Host 1 (possibly Jack)]

And Nvidia Chips made that art possible instant.

[Jim Cramer]

I said, well, that's not possible. He goes, we can try it. We do any picture. Everything came out. So then he goes, okay, what do you like to do? You like plays? I said, I love Shakespeare. Henry iv, Part ii. He goes, okay, I'll tell you what. I'll put you in the third row, center Globe Theater. We'll watch it.

[Host 1 (possibly Jack)]

And he does it on the screen.

[Jim Cramer]

Little gym in the third row. And then he says, listen, he takes me over and there's this car going in a video. And he said, this is 2 million times. But I can't figure out Black Ice. Oh, my God, this guy. And then we do the Stormtroopers where you couldn't tell which ones were real from Star wars and which ones weren't. And I'm like, this guy is crazy. And then he takes me to the PS De Resistance. Little robot dogs trying to pick up Jello. And he said, you know what you do when they get it? You gotta give them a reward.

[Host 1 (possibly Jack)]

Wait, these are robot dogs you gave a treat to?

[Jim Cramer]

Yeah, give them treat to. And I said, all right. Okay, stop, stop. I am going to tell everyone about this. Nothing. Nobody cares, okay? Nobody cares. It goes from three to two.

[Host 1 (possibly Jack)]

What year is this, by the way?

[Jim Cramer]

That was 2016.

[Host 1 (possibly Jack)]

Okay.

[Jim Cramer]

So then I go out again and he says, okay, I want to do something really cool. Yeah. So I walk in and there's me. It's just me. He's made me using tokens. It's me. And he. Then it says, hey, I'm Kramer now. I'm from Philadelphia. There's like. I don't know if you guys watch Task or Mayor. You know, Mayor of.

[Host 1 (possibly Jack)]

Mayor of Eastown.

[Jim Cramer]

Yeah. Okay. Well, anyway, here's the thing. That's a terrible Philadelphia accent. Now I've lost it to the British. But Jensen spent hours upon hours getting the Philadelphia accent. Like water. Like water, Al. Yeah. Not like Blue Owl burritos. Yes, absolutely. And he Nailed me. And then he showed me.

[Host 1 (possibly Jack)]

So he made an AI clone of you that even had.

[Jim Cramer]

It was better than me. It was, like, more me than me. Okay? And then we went around, and he showed me some of the latest and including, like, a robot that brought me coffee and brought me the right coffee, for heaven's sake, you know, not the bad coffee. And he said, what? What? And then he's. I. He said, what can I. I've got a box that can speak 27 languages. So you can imagine Wendy's. They have a lot of different people come and. And so I said. But he said, it means nothing to people. How do I get people to know about my stock? And he's a lover, not a fighter. I said, I got it. I got it, I got it. I got it. I got it. I got it. I got it.

[Host 1 (possibly Jack)]

I'm going on my show.

[Jim Cramer]

Yeah. And so I say, you got to tune in. Tune in. Tune in next week. Tune in next week.

[Host 1 (possibly Jack)]

The dog.

[Jim Cramer]

So I start the show by saying, okay, and then I gave you all the things I just said. And I said, but no one's listening. No one's listening. But I have a dog. And the dog's name is Everest. And he loves the name Everest. But you know what he really answers to? He answers to Nvidia. And so I've renamed him Nvidia. So, okay, so fast forward. I did this thing for millionaires that. Millionaires that we created. Yeah. Just for Jensen. Jensen wanted to meet all the millionaires.

[Host 1 (possibly Jack)]

Can you clarify that? So you have created millionaires?

[Jim Cramer]

Oh, no. We did a room of millionaires from the club. People who made a million dollars because of your recommendation. Yes. And a policeman stops me after I did this Barnes and Noble signing. And he goes, look. Pulls me over. I'm still in this. I'm still in the camp. Which says, okay, what did I do? What did I do? You know? And, like, I'm now, like, 140, and I'm still asking. And he says, I'm a millionaire because your dog. I said, what? He goes, well, you named your dog Nvidia. And I figure only a guy who really believes would name his dog Nvidia. So I'm not really quite sure about what Nvidia does. I said, don't tell me that. That's not so good. But I said, why are you still working? He goes, because it's my calling. But he had made a million dollars, and I was so thrilled for him. I'm really thrilled. People stop me all the time. And my wife's I sign these bottles for my wife, this phosphoro and I'm full service branding here. Like, you know, I'm nascar. So everybody brings. I always tell people bring me your statement. Yeah. And they show me the statement and.

[Host 1 (possibly Jack)]

I just told my wife, you should sign those Nvidia.

[Jim Cramer]

Oh, brokers. So much fun. Look, it's fun to help people make money.

[Host 1 (possibly Jack)]

It's a wonderful story. The next time you get a good stock picture. I think this ups the ante though. I mean you got to get a tattoo. I think that's the next thing.

[Jim Cramer]

Oh, I thought about that. I thought about that. I think it's a great idea. But I just am only two stocks that I've said own it, own it, don't trade it. In my career 19 of 20 years now and they have money are Apple and Nvidia. So like people say doesn't make any money. I said, look, okay, you're right. I have Apple and Nvidia for 20 years. I'm sorry. You know, the old days. Look, there's. Look, there are. People take shots of me and look, I don't. Well, I'm not gonna say I don't mind it because I'm a human.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

But I do feel that I've done a good job. How about that? And I did my best. And that's all you can do. And have I had. I sold the Google to move into Broadcom. I sold Google because I listened to the Justice Department and I said they're gonna smash it. And like I shouldn't listen to Justice. And then the judge reverses himself. Who would have thought he reversed himself? So I listened to the government.

[Host 1 (possibly Jack)]

I got it wrong to your whole point of holding.

[Jim Cramer]

It happens.

[Host 1 (possibly Jack)]

So Jim, let's challenge you for a sec.

[Jim Cramer]

Sure do.

[Host 1 (possibly Jack)]

So clearly people can get an edge by listening to your show.

[Jim Cramer]

Yes.

[Host 1 (possibly Jack)]

Hopefully by listening to our show too. Yeah. But I think the status quo finance industry says you can't get an edge. That's why you should buy a diversified index fund. How can people get an edge?

[Jim Cramer]

They have to have their eyes open. They have to have their eyes open and then marry it with looking at the website, looking at the balance sheet of which I tell you how to it do to. Because I think if you have your eyes open, you'll find something you believe in. And if the financials are okay, then you will end up making money. So really believe. And if you go back over 100 years, you'll see that it's just been historical that that'll work. That, that will work. Tobacco, unfortunately, is the best, the greatest performing of all time. Philip Morris. But you can see that that's evident. People get hooked on a product. What a great thing. I didn't, but what a great product. You get hooked on it and it's legal. And I'm just going to buy that stock. And it was. Turned out to be the greatest performer of all time. And I don't think that's hard to observe. I just think that the winners, I mean, you mentioned Airbnb. Now, I think that they're not managed as well as I'd like, but that is a great concept. We mentioned Reddit. Well, I found Reddit from my daughter, but then I got to Wall street bets and said, well, this is kind of cool. These are very involved people. And I like that. And each one of the ones that you mentioned, I can make the case for. Because. Because they have secular growth and they're run by smart people. And I just think, you know, this is what people do. They observe. And yet you want to tell them, no, you have to be in the S and P. I'm your overlord. I am telling you, you're in the S and P. Or not. What is this? It's Soviet Russia. It's Soviet. It's the Soviet Union.

[Host 1 (possibly Jack)]

I think there's something so satisfying about that, too. It's like your daughter's ipod moment when she asked for from the second iPod color. You're like, wait a second. That was easy. Apple's an accelerate. That was your edge. But you didn't have to be an expert for that. Honestly, one of my dude Alex bought me Abercrombie and Fitch jeans, like, five years ago.

[Jim Cramer]

That was my edge.

[Host 1 (possibly Jack)]

Yeah, that was your edge. Millennials coming back to Abercrombie.

[Jim Cramer]

Wait a second. Because then you go into Hollister. Okay, I did this at Shore Dells Mall, and I said, oh, my God, I'm killing this place with my age. And they had all these things that I, you know, my daughter was a suicide counselor at the time. She goes, dad, that's a really bad place because everybody. The pictures are all people looking good, but people. There are a lot of people who aspire to look good, and I'm not against anybody who aspires to look good, but it's very clear that they owned that market. They owned it. But I am a TJX guy, and that's a much better deal. Yeah.

[Host 1 (possibly Jack)]

T.J. maxx.

[Jim Cramer]

You bet. Oh, my God. T.J. maxx, home home Goods. My daughter's got a Potato chip at home. Goods called Folds. No, I'm not.

[Host 1 (possibly Jack)]

I mean, you should launch a CPG brand.

[Jim Cramer]

I think they're crunchy and you can have them and more. Well, she's a baker and she baked and baked and baked. And I just like, you know, she went to Walmart to get the flour because she needs the cheapest flour, and that's Walmart. But she always had this thing in mind and these chips. And she went to the fancy food show and she was really bummed out cause nobody bought it. But then HomeGoods called her and they negotiated really hard. You know, she loses like 13 cents per bag. No, just kidding. Makes money.

[Host 1 (possibly Jack)]

We did. You know, that is a funny area, Jim. Like, just to take a little personal side tour for a sec. You launched a popcorn company, Lesser Evil.

[Jim Cramer]

Oh, my God. But I got squashed. Okay, that was with me and Gene Hack. That was with me and Gene Hack.

[Host 1 (possibly Jack)]

That was you and Gene Hackman? You also got a restaurant?

[Jim Cramer]

Yeah, I had in the. But, yes.

[Host 1 (possibly Jack)]

You had one in Brooklyn.

[Jim Cramer]

Not allowed to own restaurants if you sell liquor in this country. 1934, it's called the Tied House Rules. After prohibition, Seagram was wiping out all the other bars because at no cost. And so we had to sell Bar San Miguel, which I loved. But my wife said, well, that's because you sat at the high top, which is this. And you had Mezcal. And she had to go work her ass off serving tables. What a great deal I have. Right.

[Host 1 (possibly Jack)]

Well, your wife has the Mezcal brand. So what did have you learned?

[Jim Cramer]

I love companies. No one talks about Entrepreneur Gym. I love companies.

[Host 1 (possibly Jack)]

You're an entrepreneur.

[Jim Cramer]

I started an inn that was damn cool because Hotels tonight, I got it filled. I used to go at the desk. I had all the keys. And then, like this guy from Merck, he comes in and he's on the fourth floor and he's got his bag and he says, take it. And so I take his darn bag. I take it all the way up. And I got my hand out like this. And he, like, doesn't even slip me. I said, I gotta get Alice. So I do the technology. I find that there's this thing, surge pricing. Hotels, hotels, hotels. Tonight we're close enough to the Newark airport that every hour the price goes down. We were filled every single night. I crushed. I crushed it.

[Host 1 (possibly Jack)]

Anything you've learned as an entrepreneur that applies to investing?

[Jim Cramer]

Well, I don't want any competition. If there's competition, I'm in big trouble. That's why we Started with Mezcal because there's really not a lot of brands. But the tequila brands are interesting now because I don't know if you saw the Don Julio numbers because of this adulteration. No, the numbers are down like 40%. Yeah. So it's kind of a given opportunity for someone who does it, who uses adulteration. Yes.

[Host 1 (possibly Jack)]

What's that?

[Jim Cramer]

Well, they put caramel in it. You can't put anything in it. You can't, like, be. You gotta be pure agave. Spirits are still growing. It's the only one. The Browns are terrible. How about all those dumb people who bought all the barrels and they, like, are stuck with.

[Host 1 (possibly Jack)]

I know. For, like, 20 years.

[Jim Cramer]

I mean, look, how many Manhattans can you have, right? Jim?

[Host 1 (possibly Jack)]

I'm afraid I own a normal stock. I don't want to.

[Jim Cramer]

Oh, no, don't do that.

[Host 1 (possibly Jack)]

I thought it was a secular stock.

[Jim Cramer]

Oh, okay.

[Host 1 (possibly Jack)]

Yeah, it's. Give me a second to describe it. It's Disney. So Disney has theme parks. In good times, people go to theme parks. In bad times, they go to the movie theater where Disney dominates. In all times, they subscribe to Disney plus, Hulu or espn. Why has Disney been such a bad investment in the last 24 years?

[Jim Cramer]

Okay, couple reasons. I just went over this with you, John, since the cfo. Cause I just sold it for my charitable trust after owning it for three years. It has linear tv. So people hate linear. You know, Wall street hates linear tv. It pays a fortune for those sports rights because those companies will realize that the real value is with live sports. I mean, espn, they pay a fortune. It needed the bundle that things were going down. Go to Disney, it costs thousands of dollars. So we think if the economy turns down, we think that they're not going to be sold out. And frankly, with your. On that last conference call, they believe that that was a good quarter. The stocks of 113. And the stock went lost. Not lost. $7 like that.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

They're thinking that they're doing well now. I happen to like the people who run it very much. But having watched the stock of the company that I work for, Comcast, I don't do that anymore. Now it's going to be Versant. I know that tv, it feels very much like radio. Very much like radio.

[Host 1 (possibly Jack)]

So I painted a picture. I painted a picture in my head that Disney was a secular growth.

[Jim Cramer]

I know you think, okay, so did I see you get it wrong? I got it wrong. That's. Look, the flaw is that you can get it wrong, but if you see it Change up. And you realize, you hear the things. It's $20,000 for a week and all that stuff. And then you realize, you know what? They are spending a fortune to make very little. And then the critical thing was, when you saw Netflix and the stock didn't quit, you realize, wait a second. A pure play where they have. Where they have product that's made all of it. You're watching some movies in Uruguay that obviously costs. Like, did you guys see Kanto Taque?

[Host 1 (possibly Jack)]

No, not yet.

[Jim Cramer]

Is this movie made in Mexico? It's one of the absolute. First of all, it's one hour and 37 minutes, which is all people will watch if they're 29. Yeah, yeah, right. Do you know that my daughters are 31 and 35, and the first thing they ask is. He's like, dad, how long is it? What do you mean? I don't watch anything longer than an hour and 47 minutes.

[Host 1 (possibly Jack)]

Is.

[Jim Cramer]

It's two hours. No, like, we watched the movie Warfare, which was really a great movie. That was actually the length of time of the battle, and it was an hour and 29 minutes. It's like, boom, let's watch Warfare. People watch different things, but Netflix is wise to you. Hey, how about the idea that Netflix knew that we all get okay with titles? I mean, with subtitles. I mean, subtitles. That was a kiss of death. It was like the Umbrellas of Chorborg. And it's like, I don't want to watch that. But now it's like, put the titles on. Yeah, put the titles on. They knew. They knew. Let's have great, inexpensive content. And that was the secret.

[Host 1 (possibly Jack)]

So I made a mistake by buying it.

[Jim Cramer]

No, you didn't make a mistake. They made the mistake by not keeping up with what you guys.

[Host 1 (possibly Jack)]

I want to give Jack some credit. You hedged that because you also own Netflix. True. Yeah, well, Netflix is the place. You know what?

[Jim Cramer]

I actually.

[Host 1 (possibly Jack)]

You love this. I got at Disney for my son in his 529.

[Jim Cramer]

I'm sorry.

[Host 1 (possibly Jack)]

To show him. Hang on a second. It's a good lesson that I think is gonna like.

[Jim Cramer]

Dude. So's hitting him. Let me show you. I hit my son.

[Host 1 (possibly Jack)]

I want to show him that Toy Story which he loves so much. He owns a piece of. Yeah, okay. The Toy Story. A piece of Disney stock. This is the portion of our portfolios that are irrational. Yeah. They're emotional. There's the part to get our sons excited. Like my son owning Jack. You know, Jack and I gift each other's kids kids stock Every year he gave mine Nike. My son, okay?

[Jim Cramer]

So I think Nike right now is one of the great buys.

[Host 1 (possibly Jack)]

Max, are you listening?

[Jim Cramer]

I went to a. I didn't know about Elliot Hill, okay? I knew that the last guy was really nice. Yeah, yeah, nice.

[Host 1 (possibly Jack)]

That's Cody. It's an audio product. But it's a wink here. There's a wink.

[Jim Cramer]

But LA comes in, he's brought back, he's 30 year veteran, okay? And I said, what I need to say. Can we please have a sports guy at the helm? A guy who understands heart and soul. Nike. A guy who knows Prefontaine. Right? Stop. Free. So I invite him to a game. I said, why don't we see the. Why don't we see the Cowboys? Eagles want to go? Yeah. And he goes, really? I said, yeah, let's go. Well, damn it if he doesn't fly in to go see it. And I sit there and he goes. And I like to sit and watch the game. And he goes, do you mind if I sit and watch the game? I haven't been able to watch a game since I got this job. And I said, I said, where'd you go to school? He said, what? Tcu. I watched TCU and I watched the Cowboys. Well, wouldn't you know it? I'm with this guy and I'm saying he's going to do it. He's a sports guy. It's going to take a while. That's from him and it will. But he. And I think the Dayton in China is real. But I think Nike is the right stock right here, right now. $63.10.

[Host 1 (possibly Jack)]

You know what I like about your strategy?

[Jim Cramer]

You.

[Host 1 (possibly Jack)]

You have these little anecdotes and that's the beginning of your ed.

[Jim Cramer]

But that's what you do. Right? But you see, that's what you do. And what happens is people then say, this is what I want in the book. Oh, that's interesting to me.

[Host 1 (possibly Jack)]

Maybe Google is better than opening the seed of an idea.

[Jim Cramer]

Yes. Because you want people. This is a learning show, okay? And you do it in a way that is. I don't mean this to be incorrect, but bite sized. See, because that's the length. Remember, it's a short movie. Anything longer than. Let her watch it. This is a generation where it's either two minutes or an hour. Okay, yeah, it's two minutes or an hour. And I think that the two minutes you have to grab people. And you do. You'll do five, two minutes in a show where I can like write them down and I didn't. And that's what I started. It was 47 minutes. Was acceptable. Now linear. I accept. I mean, I'm wondering. I do it. I do a 10 minute everything you need to know broadcast.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

Streaming for club members. And I know it's more watched than. Because it's 10 minutes and I have a lightning round at the end. Does it depress me? No. It makes me change my game. You have to change your game.

[Host 1 (possibly Jack)]

You know, it's interesting to hear you talk about this because Jim, we've admired you for so long. Partially because you know, Jack and I have daily process product and we know how much goes into producing one daily Show. I mean we are. We just pour everything into one Daily Show.

[Jim Cramer]

Yes.

[Host 1 (possibly Jack)]

You've got two days because you're appearing here and then you appear.

[Jim Cramer]

I want people to remember that when they were at Brown and Middlebury, how many. What was the length of a paper that you had to do?

[Host 1 (possibly Jack)]

Five pages, double space.

[Jim Cramer]

And how long did it were you about to have?

[Host 1 (possibly Jack)]

Well, they told me it was due in two weeks.

[Jim Cramer]

Okay. I have to write 7,000 words a day. Yeah, 7,000 words. And I've written. I've done the first 800 and I did it about maybe I have to start thinking about buying the stock of an acquirer now that anyone's allowed to buy. Abbott's buying Exact Science and. And the other day Kimberly. Right. They're buying can view which I think the top problem blows over. And I think the title problems are we have to start thinking about Kimberly at 5% because it's down big off that if they walk away, if there's an overbid for. Can you. You're in great shape. These are the things I'm looking for, the anomalies because now that we have all these deals because there's no. They got rid of the antitrust division. Right. I mean the Pro Trust.

[Host 1 (possibly Jack)]

Jim, you're writing this analysis. 700 words to prepare. 7,000. 7,000 words a day to prepare. You know, just to share this with our audience. You have. Are operating at a. At a ultimate capacity.

[Jim Cramer]

See, I'm not looking at you. There's a Rails ad behind you and that's going to. To produce maybe 35 cents on Campbell's. And if they put some other brands together, it's 30. It's $30 and you get a 5% yield. Oh, now it's Sephora. Okay, but I'm sorry, that was. No, no, but I saw it.

[Host 1 (possibly Jack)]

No, you're looking for clues everywhere. But I'm just Curious almost from the craft side, from like two other guys.

[Jim Cramer]

Who produce a daily craft. Did you say craft?

[Host 1 (possibly Jack)]

Yeah, because you're craft.

[Jim Cramer]

Hackman used that word. It's the first time I heard it. He said you have a great craft.

[Host 1 (possibly Jack)]

Well, you do. You're a craftsman. You produce two shows, a newsletter, an investing club. You run business. What's the key to organizing a professional life like this? I mean, to not sleep.

[Jim Cramer]

To not sleep.

[Host 1 (possibly Jack)]

And do you like, literally, like how much sleep?

[Jim Cramer]

I mean, I went to bed last night at 12. I had to read the Nvidia conference call twice because it was really a tour de force. And I knew that the Bears would try to force it down. I don't give a damn. Nvidia's great. But I got. And then I realized I got at 4 o', clock, the dogs got on my head. So I said, just get up again. And I realized I had to read tjx, had to read. I wanted to be ready for Walmart by reading Target. And I had to read Lowe's. And that's what I do. I read and then I process. And I don't do ChatGPT Lowe's because ChatGPT is dumb as wood a lot. I mean, ChatGPT steered me wrong about the other. It's. Oh my God, it can get things wrong so badly. And so what I try to do is do my own synthesis. And to do that, if you do a lot of them, then you're in good shape. I'm not Ted Williams, but what happens is I'm in shape. Yeah, you're in shape. And that's the craft.

[Host 1 (possibly Jack)]

And what time do you wake up every morning?

[Jim Cramer]

I get between quarter of four and four breakfast. Tuesdays and Fridays I get up at three. Cause my trainer comes and breakfast. No breakfast, just carb a half a bagel. Gotcha. You have to have a carb, Jim.

[Host 1 (possibly Jack)]

As we start to kind of wind.

[Jim Cramer]

Down, you know, maybe winding up, we wind it up behind. Oh, the big shot. Oh, you got the big shot. Okay, good.

[Host 1 (possibly Jack)]

Who's the opener?

[Jim Cramer]

Was that the chief strategist of Goldman behind me? Okay, let's hear what he has to say. Well, I think I am worried about private credit. I think that I'm very worried about Blue Al.

[Host 1 (possibly Jack)]

You know, the other cool thing about your book is we got to learn about you a little bit more. I mean, you're from a family in Philadelphia.

[Jim Cramer]

Yeah. Yes.

[Host 1 (possibly Jack)]

You end up working at Goldman Sachs.

[Jim Cramer]

Yeah, that was a trip.

[Host 1 (possibly Jack)]

Your first job after school. Jack and I were shocked by this Was covering murders.

[Jim Cramer]

Well, newspapers covered in Florida State, Florida A and M. But I was on the campus of Florida. Of Florida State. Yeah. That's where Ted Bundy broke into Kyle Mega.

[Host 1 (possibly Jack)]

And so murders weren't your beat. No.

[Jim Cramer]

And I happened to him at Big Daddy's that week. You knew because he, he is always hot as hell there. And yet he was wearing a fisherman's sweater. And you said, wow, that guy's strange. Not that obviously he was cool looking. He was a murder. He's a horrible person. But that. I then realized I had a talent for that. So I wrote the LA Herald examiner. And I said, look, I want to be big time. I was making the same thing in la. I said, nick in Tallahassee. But they said, said. I said, listen, you want all. You have these big shots you're hiring. None of them are willing to get their hands dirty. I'm willing to get my hands dirty. So they put me on the crime beat and I was on the front page every day, which is a chick magnet. You allowed to say that?

[Host 1 (possibly Jack)]

Yeah, yeah, we can say that.

[Jim Cramer]

You are going to happen, right? The president said you can say chick bag. He's changed the rules, man. God. Well, anyway, that's not necessarily there there. But yes. And then I went out there and I covered. Everybody died violently. For a year of my life I lived in my car because I got broken into. And I used to have to park at the airport because my horrible editor said, hey, maybe a plane crashes, you'll be first on the scene. It's really hard to sleep in an airport.

[Host 1 (possibly Jack)]

So then how did you end up. How do you end up at Goldman Sachs after being a crime beat reporter?

[Jim Cramer]

Well, I, I got this. I went back. I was an American lawyer. Helped. I got there soon after it started.

[Host 1 (possibly Jack)]

And I was American Lawyer.

[Jim Cramer]

Yeah, it's a trade publication. And I was on the beat of M and A. And I say, well, wait a second, I see every single oil company is being taken over. Let's just go buy a field, bet on autos. And I started making some money and I had this great home run of that golf Chevron spot in golf. And I had this great antitrust professional when I got to law school. And he said, he said, you spend and every day you're reading the paper, I'm trying to teach. And I said, look, I'll tell you what. One day I'll come to you and I'll explain to you why I'm in your class. So years winding down, I said, professor Rita, I got to Know something? Is the Justice Department going to let Standard Oil by Golf, Chevron by Golf. And he goes, it's a layup. I'm going to put everything I have on this. He goes, go ahead. Put everything I had. And it paid for law school.

[Host 1 (possibly Jack)]

Wow. You get through Harvard Law School with that?

[Jim Cramer]

Yeah. Law school is a joke. It was. I mean, it was like, you know, again, because of Trump, I can say what I did most of the time.

[Host 1 (possibly Jack)]

Yeah, but do you. I mean, so do you use anything from law school today in this?

[Jim Cramer]

Yeah, I mean, there's things that make it rig. You did learn rigor. And I had corporate finance, and I corporate tax, so it was really great. But I also took law in the Banana. Most of my classes were low on the banana.

[Host 1 (possibly Jack)]

Is that a building on campus?

[Jim Cramer]

No. Means stupid class.

[Host 1 (possibly Jack)]

Well, as a Philadelphia guy, the other thing we were curious about was, you know, you've talked about your great investments on this show. You've also spent a lot of time with the Philadelphia Eagles.

[Jim Cramer]

Yes. Well, first of all, you think you've.

[Host 1 (possibly Jack)]

Gotten a return on that investment?

[Jim Cramer]

Well, no, but I started as a vet, as a ice cream vendor at the Vet.

[Host 1 (possibly Jack)]

That was your first job.

[Jim Cramer]

And said, hey, ice cream here. I got vanilla and chocolate. And that's where I learned to call people skip and chief and stuff, because that's what they called me. And what I realized very quickly was this a 700 level. If you paid off all the other vendors not to sell there, you could have the whole franchise. So I. Everybody not to come up the 700 level. And I was just waiting in line. But there was this pitcher by the picture.

[Host 1 (possibly Jack)]

It was like a real estate play. With your first entrepreneurial move, it was.

[Jim Cramer]

The pitcher, Steve Carl. And he could do. He could. He could actually finish a game in the time it takes to watch counter dake. 1 hour and 27 minutes. And if you were long ice cream in the seventh inning, you're a dead man. You're dead man. Oh, yeah.

[Host 1 (possibly Jack)]

You never sell it.

[Jim Cramer]

It's like, because you have to buy the ice cream.

[Host 1 (possibly Jack)]

Oh, it's a perishable, too.

[Jim Cramer]

Yeah, Perishable. Whoa, man. Let's go there, huh? Let's go. Perishable. Costco's got a good purse when that stock's that big.

[Host 1 (possibly Jack)]

Wow. So we respect a lot of what you've done. This book was amazing. We really do recommend it.

[Jim Cramer]

We really loved reading it. Thank you. You actually read it, which is a big Reddit, which is absolutely. Puts you head and shoulders above everybody else.

[Host 1 (possibly Jack)]

Jim. I Wanted to ask you, you know, some on Reddit. I don't need the notes.

[Jim Cramer]

Let me just clean up some on.

[Host 1 (possibly Jack)]

Reddit, you know, consider you a symbol of traditional finance.

[Jim Cramer]

Oh, I love. Yeah, that's me. Yeah. Rebel Without a Cause. I'm one of traditional finance. Why? Because I wear Brioni? Yeah, I wear Brioni because you wish, you know, it's great for sleeping.

[Host 1 (possibly Jack)]

What do you wish people who don't like you knew about you or what would you say to them about your investing style?

[Jim Cramer]

I think that they should. There was when this book started, book tour started. The first guy interviewed me said, why are you trading people to death? I said, well, I don't believe in trading. He said, well, why are you telling people to buy this, buy that, buy this, buy that? And I said, well, I don't do that. I think what people should realize is that I'm for buying and holding, provided that you do homework. And I don't think people really think of me as that. But that's what my book's about. That's me. I want you to buy and hold, provide as long as. And I tell you, what would it mean for the fundamentals to go bad. And that's who I am. But I would say more important, I think what I want people to think of me as a decent dad, because I think that that's what we want to be. Want to be decent dads. Decent dad. Where, by the way, if you read Confessions of a Street Act, I wasn't initially. I mean, I had a big hit in Alcoa when CeCe was coming out. And that was a mistake. I shouldn't have been trading Alcoa that day. But it was, you know, that was me. I got a call, Jim, there's a big block of Alcoa. I think it's right. And I take it. And it's like, oh, okay.

[Host 1 (possibly Jack)]

The day your daughter was born and.

[Jim Cramer]

My wife was saying, and the baby, let me finish this trade. That's not great. Or when I told an employee, because a guy said, listen, I gotta go. I gotta go see my kids play. And I said, intel reports once, once. And you gotta. The kid's gonna be in a million plays. And these were things that told you, no, you're not a good dad. So I had to change. And the fact that I was able to was I am most grateful that I was able to for myself, that I was able to pull out so that my kids started respecting me. And, you know, so that's the journey that I'm Proud of.

[Host 1 (possibly Jack)]

That is something to be proud of. And Jim, what's. What would you say is we like to ask all of our guests, and Jack and I like to do this with every single story too, is whip up the takeaways. What is your 4. What is your core final takeaway on investing for our audience of yetis and besties?

[Jim Cramer]

If you're not interested in it, don't do it. Cool people. People will. That's why index funds were created. And I want people to invest, but I don't want them to do it if they don't like it or interested in. And that means the vast majority of people are not. Don't want to know, don't want to do what I say. But if you do want to do what I say, I will teach you with this book. And that's what the book's about. It's about my dad buying national video off a tip. A company that made vacuum tubes for TV and Solid State came out and he lost everything. It's about my mom who said that I got to buy a $20 stock because it's cheaper than a $50 stock. And that's what book is about.

[Host 1 (possibly Jack)]

Love that, Jim. We also should say that your book changed our thinking on certain things. Our default response to so many people would be like, buy the spy. And like, now we have a more nuance perspective. Maybe half.

[Jim Cramer]

Yeah.

[Host 1 (possibly Jack)]

Is the fpy, but the other half is what you're interested in. Is what you're interested in, what you have an edge on and what you're willing to do quarterly homework on.

[Jim Cramer]

Exactly.

[Host 1 (possibly Jack)]

And it has hyperscale opportunity.

[Jim Cramer]

Your show has information about stocks. I regard it as the best way to get started is your show because your show is compelling and interesting. So a person who thinks they're not interested in stocks can listen and say, you know what that is. That sounds interesting to me. And then they can go do the work or they say, hey, it was interesting to me. And no harm, no foul. Yeah. But we need to have people like you, and we have you who get people interested in business in a different way. Like you asked me about the entrepreneurs.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

And I'm always happy to talk about that, but that's that no one doesn't make any money for people. Yeah, I'm always. I mean, yes, you can buy Intuit, man. I realized very quickly, you don't need an account. Just use Intuit. You can use QuickBooks, you know, those kind of things. And therefore, that's a great reason to own Intuit or Echo. Lab. Even though they didn't treat me well. They. They had all the cleaning supplies. And, you know, you. You know, Cisco, it turns out to be very regular company, but I like to observe at all times. Yeah. And most people are not observant, but they might listen to your show and say, oh, okay, yes, yes, yes. Means they got an idea and look at a conference call and say, you know what? Maybe I can do this. I don't want her to hear, it's not that hard, because it is hard. But maybe I can do this because I agree with them. I like what they said, and let me own a stock. Let me own a stock. And I cater to people who will say, let me own a stock. Or, I think I can do this because the returns for the ones that were so obvious. Dad, they won't let me use Google for my homework. Just a second. 5,50,000 Google, right? I mean, hey, dad, they are taking away my Instagram. I don't know if I can handle that. Wait a second.

[Host 1 (possibly Jack)]

If it's getting banned, that's a good brand.

[Jim Cramer]

I mean, that's what it's like. They tell you these things and you're listening, but you're not acting. Yeah, we never watch ABCNB. We watch Netflix. Oh, just a second. Buy me $5,000. Cause that's what it is. It's like you observe.

[Host 1 (possibly Jack)]

Don't just observe, but then act, act right.

[Jim Cramer]

And sometimes it's bad. Like my daughter, when they changed the jack on Apple. Remember? They keep changing the Jack. I talked to. I talked to Tim Cook. I said, listen, you gotta stop changing the jack. What an informed viewpoint you have. I said, no, my daughter said it. I said, oh, even better. I mean, it's like, oh, God. You know, because you realize, geez. What you said.

[Host 1 (possibly Jack)]

Tim's getting on the phone too. He's going, guys, Jin's a Jack again.

[Jim Cramer]

But one of the great things, you know, Tim watches a lot. He watches the shows that I watch. So it's. It's in. You know, he showed me the morning show when it first came out, and he was big narcos guy. I was big narcos guy.

[Host 1 (possibly Jack)]

But has he watched.

[Jim Cramer]

No, no. And I watched it. You know, I got that one, the Netflix conference call. Remember? You guys, I'm kidding.

[Host 1 (possibly Jack)]

They mentioned the call. No Jack. I always say, if you want the gold, don't go digging in the desert. You'll look in the conference called transcripts.

[Jim Cramer]

Okay? Treasure Sierra Madre is your book there. And a great movie. Treasure Sierra Madre. Treasure Sierra, Treasure Sierra, that's. Yes, that's Federale.

[Host 1 (possibly Jack)]

Well, I'm starting to get a sense.

[Jim Cramer]

We don't know. We know. They both. They cribbed it.

[Host 1 (possibly Jack)]

And Warner Brothers is about to be acquired. I'm starting to feel like Jim's next entrepreneurial venture is a movie studio.

[Jim Cramer]

Is it. Is it. Is it Netflix?

[Host 1 (possibly Jack)]

Is it Comcast?

[Jim Cramer]

Well, Comcast doesn't have Comcast. Okay, so this good example.

[Host 1 (possibly Jack)]

Yes.

[Jim Cramer]

Comcast has a 5 multiple. Is that cheap? Well, then you got to say, well, hold it. Maybe the market's making a judgment that it's not cheap. Markets say it's a wasting asset because its multiple is so low. Once Peter Lynch. Listen to Peter Lynch. We were talking about Bethlehem Steel at my trading desk, and he said, that sells at 2 times earnings. That's the kiss of death.

[Host 1 (possibly Jack)]

Just let me just bring on some context quickly.

[Jim Cramer]

That's.

[Host 1 (possibly Jack)]

This is. This is the power of M. This is your M word, the power of the multiple. This is a key tactic you use for whether to buy a stock.

[Jim Cramer]

Right. Because I really want people to understand why one stock is cheaper than another.

[Host 1 (possibly Jack)]

Yeah.

[Jim Cramer]

And Bethlehem Steel was selling at 2 times earnings, which Peter lynch said. Said meant that the earnings would be nil. And the company went bankrupt two years later. It's really good call. It's exciting to see. It's exciting. You can do this. I mean, look, you watch espn, right? And they're talking about the lineup, and they're talking about who's heard and whether the line changes because Lane Johnson's out. I like that, too. But we're doing that, and we're not gambling. What we're doing is saying, look, there are these companies. Do the homework. Now, I have no problem with the fort with a. Anytime. Touchdown. Dallas Goddard. I have no problem doing that for five bucks. But I do think that when you're investing, you want to do the index fund, and then you want to be what you find, what you're compelled, Compelled by. And I think that for most part, if people sit back and think and they don't buy Campbell's, they buy something that's. They. They've been to Bloomingdale's and they see it's gotten better when the Stock was at 10. And then they see, oh, Tony Spring, new CEO from Bloomingdale's. Oh, closing the bad Macy's. Oh, he's building more bloomies. Wow. Transformation. 12 goes to 20. Transformation. I like the information. Hey, what did you do, man?

[Host 1 (possibly Jack)]

Oh, actually, that's a little surprise.

[Jim Cramer]

That's a Bye bye Bye.

[Host 1 (possibly Jack)]

We want to hit you with some rapid fire. Yes, we do.

[Jim Cramer]

Hit me. Hit me again. Like you know, casino. Hey, I'm real good at cars. I went with Gino to the casino and I sat at the end and my greatest compliment was that they made me leave.

[Host 1 (possibly Jack)]

What's the best restaurant in New York City?

[Jim Cramer]

Best way is. Oh, corner store.

[Host 1 (possibly Jack)]

The corner corner store with the, with the burgers that go through the conveyor belt.

[Jim Cramer]

No, no, no.

[Host 1 (possibly Jack)]

The new one downtown.

[Jim Cramer]

Yeah, the one downtown is really, that's trendy. Very cool.

[Host 1 (possibly Jack)]

Really.

[Jim Cramer]

Yeah, I know, but I took my, I took my wife there for her unknown burden birthday. After a certain age unknown birthday.

[Host 1 (possibly Jack)]

I see. I was thinking corner bistro, Good burger. Best business leader.

[Jim Cramer]

Best Tim Cook.

[Host 1 (possibly Jack)]

Best new stock in your portfolio.

[Jim Cramer]

Well, the one, the last one we bought was Nike. I like Nike. I like Corning to thank you for gifting that one. Nike's gift is a gift stock.

[Host 1 (possibly Jack)]

It's gift stack.

[Jim Cramer]

Yeah.

[Host 1 (possibly Jack)]

On sale.

[Jim Cramer]

Yeah, well, I think so. It's down hit 50% below where it was when it was not as good a company. Jim, they have to be cool. They're starting getting some cool. You go on sneakers back to CO. There's some $2,000 sneaks now.

[Host 1 (possibly Jack)]

Yeah, we saw that jacket that impress the puffer Italian Olympics.

[Jim Cramer]

Yeah.

[Host 1 (possibly Jack)]

What's the best business book you've ever read?

[Jim Cramer]

It's still one up on Wall street by Peter Lynch. Even after all this best show you.

[Host 1 (possibly Jack)]

Consume that isn't a Jim Kramer shot.

[Jim Cramer]

You. I watch series. See, I don't watch, you know, I, the last one was task that I like, but I'm a, I, I diplomat. I, I, I watch the series. I don't have a, I don't have a. Yeah, I don't watch a tv. There's no TV shows that I watch. I only watch streaming. I don't have cable. That's fair.

[Host 1 (possibly Jack)]

Seinfeld or Friends.

[Jim Cramer]

Oh, Seinfeld still. You know, my wife watched Friends last week. She watched one on the airplane and I said, oh God, just turn this off. Yeah, I put on, you know, but I was trying to get it to put on. What's the one that. It's with the guy who wrote all the Seinfelds.

[Host 1 (possibly Jack)]

Oh, yeah.

[Jim Cramer]

Cooper. I said put on curb and she said no, no, this is gentle. She likes gentle.

[Host 1 (possibly Jack)]

Yeah, yeah, thanks.

[Jim Cramer]

She likes always sunny in Philadelphia.

[Host 1 (possibly Jack)]

Yeah. Which is aggressive. Seinfeld.

[Jim Cramer]

Yes, yes.

[Host 1 (possibly Jack)]

And, and finally, if Jim Cramer were a stock, what would your three or four letter symbol? Okay.

[Jim Cramer]

Do you know that Goldman asked me that.

[Host 1 (possibly Jack)]

You're kidding. That was an interview question.

[Jim Cramer]

In my interview, when you wait, 30 years ago, 40 years ago, they asked me.

[Host 1 (possibly Jack)]

What was your answer?

[Jim Cramer]

I said, I'm Exxon. I'm the biggest and I'm the best.

[Host 1 (possibly Jack)]

Exxon.

[Jim Cramer]

Exxon at that point. So Exxon on the biggest nom.

[Host 1 (possibly Jack)]

Okay, but what if it was. What if it was like. What if it was like, Jim Cramer.

[Jim Cramer]

Kramer. There was. There was Remark Industries, which is a furniture company, and that's Kramer backwards.

[Host 1 (possibly Jack)]

Yeah, I know that. Yeah, we got a Kramer right here.

[Jim Cramer]

That is so cool. Okay, I. I would. If. If there were stock. I'm gonna have to say that I. I'm Nvidia.

[Host 1 (possibly Jack)]

Well, no, no, no. I think your stock is. Oh, I V U. Yeah.

[Jim Cramer]

H O L D. Oh, I like this. Buy hold.

[Host 1 (possibly Jack)]

Mm.

[Jim Cramer]

Yeah, I like that.

[Host 1 (possibly Jack)]

I think that's your ticker.

[Jim Cramer]

I like that.

[Host 1 (possibly Jack)]

And on that note, Jim, we'd love you to smash our Cha ching button the double.

[Jim Cramer]

Great way to end. Gentlemen, thank you so much. Thank you for everything you do.

[Host 1 (possibly Jack)]

Thank you for everything.

[Jim Cramer]

You know what? I think this was like, Jamesy, this was.

[Host 1 (possibly Jack)]

This was the best one yet. Yeah. Couldn't have put a better jib. Thank you so much. If you like the best one yet, you can listen ad free right now by joining Wondery plus and the Wondery app or on Apple Podcasts. Prime members can listen ad free on Amazon Music. And before you go, tell us a little bit about yourself by filling out a short [e-mail] survey. We want to get to know you.