Jim Cramer on the Retail Trading Revolution

23:18I always had to have steak in your hand with that idiot. He was a half pit bull, half who knows what. But I do think that when you look at the number of NVIDIA millionaires, that also is empirical, not anecdotal. Now, there are people who want to say, Jim, I really do want to measure what you said about Bloom Energy last night versus what you say about Apple. And you know what I say? Knock yourself out. I mean, if it was really wrong, I would have been canceled. I mean, I'm like 20 years means either that I've fooled the whole damn world every night or maybe people like it and they learn. Maybe they learn.

23:54You mentioned you get up at 315. Yeah. I used to get up at 4 a.m. every day, and people still think I do, so they think I have this crazy work. I think I've been sleeping in a long time. No, but you – But you know a lot, and the only way to know a lot is to read a lot and to work a lot. Can you give us, like, a day – like, okay, you wake up at 3.15. Yeah, I have 3. Like, you read and work like crazy. Give us a little – the prep that goes into your show. Okay, here's a wild one. I start with the FT. Okay. Because the FT has one breaking news story every day, just one, but it's great, and today was the – And what time do you read it?

24:28You're up at 3.15. I do have to. I mean, I have a 4 o 'clock workout. That's an hour and a half. So I have a tight schedule for the first 45. I look at the future, cnbc.com, Bloomberg, New York Times, Wall Street Journal. I spend a little more time on the Wall Street Journal of the state because I feel like that they're a little more in tune with what the market's doing. And then I go and I start looking at my email, and the email is just a series of PDFs. How many emails do you get a day? 700. Wow. I look through the PDF. Yeah. And I look. You read all the sell side research. I read everything I think is relevant.

25:02Okay. And I'm looking for something to say. I have a memo that comes out, 10 things I'm looking at. I have to have that in at 730. So that's my overlord. And then after that, I have to do Squawk on the Street. And then I start again and I start writing the show. And I've been writing the show with my sister's kid since he was in high school. He's now with me for 20 years, Cliff Mason. And he's a genius. And he's, I mean, the guy can just, I think he has two PCs going all at once. And he's remarkable. And we have a really good time doing Mad Money. And wait, what time is this hour that you're working on the show?

25:36Oh, this is beginning at 10.05. And when are you reading like all the conference calls and earnings? Because you really, one of the things is you know details of the calls and earnings. During the day, I spend a huge amount of time. I mean, for instance, I'm in the halcyon moment here because the only thing I had to read this point was General Mills. And I'll read more of that because they talked about how the consumer is hurting. And if you're hurting maybe because Blue Buffalo actually was plus six. But if you look at some of their brands, proprietary brands, they can be knocked off. It's not like when Costco couldn't knock off Coca-Cola.

26:10There's stuff more fungible. There's more elastic. But I spend – I'm a couple hours a day on the book. And then after hours earnings. So then like Apple reports earnings and then you do the work. I have a great marriage. I put that out first because I wreck it every day. I finish the show at quarter of six. It's taped, live tape. I come home. I have a bite to eat. I mean, I had to go out to dinner this night. I hate that. And then I say goodnight to my wife. Wait, what time do you go to bed? I go to bed at 11. She goes to bed at like a normal time. So that's when I really wreck the marriage. That's not the plan.

26:48I don't set out to do that. Did that previously. Bad strategy. But I just find that I have to do that. And that's like during when you have that rush. Now earnings season no longer is a season because companies are poor. It feels like it goes on forever. Doesn't it? It's kind of perma. But when we have that week where J.P. Morgan starts and Wells does it, that weekend is just miserable. Fortunately, during the summer I garden. My weekends are just filled with this. I love gardening. We should talk gardening sometime. Are you vegetable or are you? Big gardener. Decorative flower gardening. Hey, you should join me.

27:20I need one. I used to have a vegetable patch, actually, but then I moved to a new place. I need to restart one. How do you choose your sound effects? Oh, okay. Hey, I had a radio show. This show, and you know where that radio show appeared? Bloomberg? One of the greatest radio networks in the world. Bloomberg. Oh. And the mayor ran it twice a day because he thought it was – a lot of it was educational. Mike loves radio. Oh. He really does. He was my biggest – look, I think if I say he was my biggest backer, that sounds like a joker. But he loved what I did. And the sound effects got people going.

27:55And it was drive time. And he was so supportive. And I love him. I mean, look, once you leave, he's not as supportive. But what can I say? I mean, this is Bloomberg. We should try to reintroduce sound effects on radio. The mayor loved it because he wanted people to listen. You know, bull bear, those easy sounds to imagine, incorrect, a buzzer, but a guillotine for they had to cut the numbers and that kind of thing. We only have one, which is the monopsony klaxon, which isn't exactly that catchy. Do we even use it or do we just say we're going to use it? Producers, insert the monopsony klaxon. Very proud.

28:36A proud fellow. It's great to be substantive and great to be able to explain and educate. And no one said education doesn't work for the numbers. Do you think of yourself more as an educator versus a stock picker? Yes. This is really – like let's say last night's show. I tried to explain that what matters today with the Fed is what – will the curve change? Will interest rates start going up on the long end or down? Long and down is the big win. Long and up is what happened last year. We had the stutter step and then we had the December crash when Powell just said, listen, we're done. That's going to be the judge.

29:17But I had to use all sorts of analogies because the curve, you can't ever mention the curve. Like, did you ever read Sidney Homer? We can mention the curve. You can, but you ever read Inside the Yield Curve by Sidney Homer? Tracy's read a lot of Homer. It's five months. No, you have. I have, actually. No, no, no. I knew you were talking about Sidney Homer. Tracy's read Sidney Homer. I love that book. Also, most of it - That's a 550-page book about it. But most of it is charts. That's what people don't understand. It goes by really fast. It's all charts. Hey, she's a hitter. Yeah, yeah. But I listen to you.

29:46You're kind of, you know, you're a hitter. The show's a hitter. What can I say? I like the show. It's okay to say I like the show. Yeah. No, we are going to use this on sizzle reels and promotional material for years to come. Well, I see these people that I've worked with here. Phil Don. Yeah, yeah. And these are the cream of the crop. I mean, I was at the street. Everybody who was good I actually encouraged them to come here Because they start the street And the idea is to move up And you want to go to a place where people can be thoughtful And look I'm not saying this To suck up I'm saying I worked here And that's what the essence was Be thoughtful Many great street alum have come through Okay I was going to say When we were going over what we wanted to talk about And I was going to bring this up And then you're like nah don't bring up what we're going to talk about It's a complete surprise were you a college age spartacist or trotskyite like tell us about you mentioned it once i think in a video but then the video i can't find it online you've also tweeted about your uncle vlad about a hundred times with whom you do bear a passing resemblance give us like what's the real story i used to be stopped by as uncle vlad all the time yeah okay mine was spartacist because And who were they?

31:00Were they Trotskyites or what? Yes. The workers united should never be defeated because we're about the workers owning the means of production. So therefore, we should own the company. And now Trotsky obviously gravely misunderstood, including the ice pick. The ice pick very bad. Yeah, that was a suboptimal day, the ice pick. But I just think that that made a lot of sense. And I went that way. Just when you were at Harvard? Yeah. Okay. We had a pretty big following. There were not that many Leninists. I mean, Trotsky was a pretty good writer. Yeah. And Lenin, he wrote What Is To Be Done. His version, there were two What Is To Be Dones.

31:38And that's a good read. But Trotsky really was a very thoughtful guy and also a great army general. And people forget that. His train must have been so sad. The train. The train, man. Only the money train, the Armenian money train in S.H.I.E.L.D. and that train really worked. Yeah. Well, I guess the fugitive train crash was a good train crash. Anyway, keep going. I like Union Pacific here. I like talking about trans-consider. Seamless. I like U and P. Well, I just was - You can't help it. I was a laborer. Talk to us about - Because you've also talked about you once did a wildcat strike. I ran a wildcat strike at the Phillies where I felt that we should have - Look, we're doing all the work here.

32:16I talk to these guys. We're doing all the work here. And yet everyone else, the overlords - By the way, can I just tell you? You had to do a kickback. When you're selling ice cream, hey, ice cream, vanilla, and chocolate. Because one third of your money went back to the guy. So you didn't get strawberry ice cream because you can't sell strawberry. Nobody wants strawberry. That was the big threat. Hey, listen, shut up, Kramer. You're going to get strawberry. But I had a seventh level concession that I paid everybody. I paid everybody not to come up to seventh level. So I owned it. But we had Steve Carlton then a long time ago, probably.

32:46But he used to pitch games in an hour and a half. I was always long a huge amount of ice cream in July. It was just dreadful. So I let the Wildcats strike. And it was very good. They called me in. They said, you're fired. I said, well, you can't do that. Well, you're not going to get any ice cream tonight. You can come all you want to this, but you're not getting ice cream. And that was it. And that was bad. So when did you see the light, though, from, you know. Okay, actually, really great question. The light was when I helped strike J.P. Stevens. Now, J.P. Stevens was a terrific towel company, linen company, with J.P.

33:24Stevens being this great Princeton alum and we knew where he lived and we targeted the management and really thought we had it going and we were crushing it. And I was like coming up from the South to help work on it. And then they closed the company rather than deal with us. They closed it. And that was when I had a change of heart because I said, wait a second. I just helped take away the livelihood, the healthcare, the dinner for thousands of workers by trying to get them more money. And I really had to rethink it. And I just said, well, maybe the Spartacus thing, more focus on the matter at hand, which is covering homicide.

34:04But I really felt awful about what we did. We closed the company. That was not the intent. Wait, there is this tension, though, between like workers having jobs and shares actually going up, right? Like you have companies that the easy way to boost your share price is to cut costs, which means laying off workers. How do you square that? Well, I think that you guys did a piece. I think it was you, Joe, about how you've been thinking a lot about the billionaires, thinking a lot about that. And I think that the way I square that is that if I go back to President Reagan, he was disgusted by how much the CEOs made and the difference and how the CEOs never had to pay the price and the workers had to pay the price.

34:48And this is what you're talking about, Reagan. And funny that Elizabeth Warren reminded me about this when I saw her. I just think that it's a travesty. I met with President Clinton over a plan which said, look, I think that workers should get shares if they're laid off because typically a stock goes up if they're laid off. And what he did was he gave me a can of Coke, Diet Coke, said this is the greatest idea in the world. We're going to run with it. And nothing ever happened. Which president was that? President Clinton. Oh, Clinton. Well, they all said it didn't matter which president. Nobody ever did what I said.

35:19President Biden was hilarious. We meet him on that train. He said, honestly, I am the poorest of the hundred. Why do I need your information? I said, you don't need it at all. I mean, I'm not going to take him to minus five. I do think that President Clinton was very smart about the market, understood that laid off workers were the tender to get a stock higher. He was really smart about the market. President Bush, number two, not that smart. Wait, will you rank presidential knowledge of markets? Okay, well, first, I would take Andrew Johnson because he was an insider trade. No, I don't know. I mean, did you read any of these books about Jay Gould?

35:56No. And what he did with Grant? Oh, my God. He found out where they were on the gold standard. There were many, many stories about presidents, I think, helping by mistake. So I would have to give those guys a few of those. As a – what do you think about – there is this sort of – particularly in New York City, this very energetic, nascent leftism. They wouldn't characterize themselves as communists. I don't think Zoran is going around calling himself a trust guy. I don't think he is. No, he's not. I wish he were. What do you make of this? Are we at a revolutionary moment? Are the conditions of past revolutions present here in the United States?

36:41No, they're not because we have great job growth and the revolutions have typically been preceded by famine. OK, well, then how serious like when you you know, what do you what do you think about the DSA and so forth? Like because I think you've said, you know, like do you consider them to be dangerous radicals or are they like a sort of different shade of liberal Democrats? I think different set of liberal Democrats. I mean, I remember Occupy Wall Street and I used to go to whatever and see what's going on, interview people. and they didn't know that where they were politically because they were so confused and we all in the media kind of felt that they were communists or leftists and wanted to tear down wall street they just i mean they were just sleeping in a cold on a cold stone and trying to say listen we're unhappy and their ethos was zero i think that this the mayoral race i mean look i i care about defunding police versus police because i care about public safety sure and i saw what happened in San Francisco.

37:40Zoran has changed. I mean, he has changed his mind about that. He has worked. That's why I don't think that we're going to be San Francisco. I also think, by the way, we went to trains on time. We went public safety. I don't think that that's it. I don't think they're in play. I just really don't. Now, I'm a New Jersey citizen. I happen to love the governor of New Jersey. He was my boss at Goldman Sachs. But look, I just want everyone to be able to recognize that the town has made a great comeback. And there's just so many great places and I hate to see anything devolved in the San Francisco which is getting better but was a nightmare to the point where I stopped going I used to do four times a year of my show but it was I saw a guy pull a knife I was in front I was behind him at Walgreens get all the money and then the cops arrested him outside and they released him and I said what are you doing he says well we are you a hunter I saw him a fisherman he said well we do the same thing and we catch them released.

38:32Okay.

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40:41It's not easy to stand out from the crowd. Simplify how you stock up to get ahead. Go to amazonbusiness.com for support. Jim, I got to tell you, we just got a message saying Mike Bloomberg wants to say hi to you after we record the show. I don't believe that. No, seriously. We're going to bring you down. Oh, my God. I want a selfie. It's ridiculous. Even though you left the company, he wants to see you. I left the company, but it wasn't my idea. I didn't want to leave the company to be very specific. But he became mayor. And look, I always worshiped him. What can I say? And I won't even talk about the myriad charities that he really did fund because that's not why I did it.

41:19And I always admired that more than anything. He never wanted anyone to know. In New York, it's so predominantly you go into a building and the guy's got his name on it. Well, that is not Mayor Bloomberg. Mayor Bloomberg was – I remember giving an award for what we did at the Brooklyn Bridge. I don't know if you guys have been to Brooklyn Bridge Park, but this city's been redone. And a lot of it is that Mr. Mayor. He's Mr. Mayor. Back to finance for a second. were you ever tempted to recommend the inverse kramer etf okay so that guy got crushed it was just annihilated had you recommended it they would have had to short themselves right oh my god right what a cool idea yeah i didn't want it it was one of those things this is yeah you go through and your wife says i don't want you to acknowledge him i said well the guy's a total joker she's i don't want you to acknowledge him and a lot of times what happens is you do go back to your home and you ask your wife what can do or your partner what's right because everyone has got an agenda at work but my wife's agenda is me and so I always knew that she was just like a good lawyer there's you know attorney client privilege there's there's way spousal privilege yeah that must be feel so good I'm looking at the ticker now they closed it it did terrible and then they liquidated it in February 2020 yeah how do you look you know I don't we don't get a fraction of it but we get a little bit do you have you ever like for your mental health like public abuse or publics like what do you how did you ever like do you have any tips okay sure i mean there was sometimes people make fun of my voice in the apple notes comment cnbc told me to be on john stewart and i didn't know the show and i didn't know that he would i didn't know he would be unfair and i didn't expect they were telling me basically that he would it would be convivial so i didn't come with my a game i came with my f game and it was mortifying and terrible.

43:10And every time I looked out, I mean, I always tell people look at me as now there's a whole generation of people. He apologized for it later, right? Yeah, he did. 16 years now. And I meet younger people and they've never heard of it. But those people never realized that the New York Giants were a good football team. It kind of happens like that. Yeah. My most important tip is to say they're not thinking of it when they talk to you. In other words, you're thinking of it, but give yourself a break. Most of them are not. I mean, She goes, the whole time she was thinking about justice. I know she was thinking about justice.

43:41No, you're not a mind reader. Take people to face value. He was a very mean person. And that's a word that my daughter used in fifth grade. But I don't know how else to define someone who wants to take your livelihood away. And he wanted my livelihood taken away. And I didn't want it taken away. And to take away someone's livelihood, as I mentioned with J.P. Stevens, is a terrible thing. And I didn't deserve it. But that's, you know, it's like the movie Unforgiven. It deserves, got nothing to do with it. Speaking of the financial crisis, though, you did have a series of like memeable moments, let's just say, in 2007, 2008, including the rant about Bear Stearns.

44:17It's the most incredible. Yeah, it's famous. It stands up so well. Well, there's a nice article in the FT about it when the actual, not the minutes, but the actual transcript came out about how they laughed at me. Yeah. And they actually mentioned this. Yeah, we laughed at him. He said, oh, Kramer, he's really funny. It was about speaking to a lot of people who were saying, you got to get on the case here. You guys are just oblivious. You're acting as if it's a regular market. And my friend Aaron Burnett was going on about a regular thing, and I just had to interrupt. And I said, look, they know nothing.

44:48They know nothing. And I was speaking about Ben Bernanke, who really, I think, did know nothing during that period. And I was widely cascaded. I had to go on the Today Show the next day where Matt Lauer, whatever, said you were off your meds. I want to hear more about this. Now, see, when you say that someone's off their meds, that presumes that you were on your meds. And again, I mean, look, am I used to being demeaned? Does it bother me? It doesn't bother me like it used to. But I do say that that rant holds up, and I'm proud of it. Yeah. And then I did that other thing where I went, if you have any, on the Today Show, if you need your money anytime in the next five years, and the market fell 40 % after this, you should take it out now because I didn't want people.

45:34By the way, it took five years to get the market back to where it was. I was worried about people on a fixed income, fixed income meaning they own General Mills and they own Chevron. And I just felt like it was just really the wrong time. And then the next day they had me back. And Curry asked me, look, you said this thing on the show. do you want to take it back? And I said, no. I mean, sometimes when you yell fire in a crowded theater, there's a fire. I want to get out as many people as I can. And these were moments that at the time, you'll really appreciate this show. When I did these, subsequently, I was so ridiculed that I would say to myself, why the hell did I ever do it?

46:11And I knew it was right, but no, I had such angst, even though I was right, I was attacked by so many people. But now, Now, of course, it's a dish best taste. How long are you going to do this for? Like, 315. Like, I don't, again, I don't work nearly as much. Because of sanity? No, but I, like, feel like my health, I have, even the years where I got up super early all the time, like, they took control. Remember you used to, I remember because you talk about that all the time. Yeah. God, I love it so much. I do. And I was doing something last night at dinner, and I really wanted to get home because I wanted to formulate a thesis on DRAMs.

46:49Well, there you go. But I am so fixated on this, and I find the puzzle so difficult and fabulous, the NVIDIA puzzle, the puzzle this morning we have about what's going to happen. I have to – I'll write my top right after the Fed, and this is such an exciting day. You get 12 of these. So I don't know. And look, it's a great question because I don't know how long you can do it, and I do want to see the world. I don't take as much vacation. I mean I'm off for six weeks. I take four. But it's because I love it. It is because I love it. It's not a sickness. It really isn't. So how has your research process changed over the years?

47:29Because, again, you've been in the game for decades. So I go out to dinner with Jensen Wong and he says, I know you spend all your time reading these reports. I just urge you to chat GBTV Advanced and get the concise version and then see if it's one you want to do. And that has changed my life because there'll be 10. And it turns out that Pulte Home was important, not because of Bill Pulte, he's not involved. And Stanley Black & Decker was important, and Best Buy was that important. And then the others, I read the concise version, and I could move on with my life. And that was a great break for me because it allowed me during the real earnings season to have 15 reports and just say, okay, I'm only going to do Cat and Proctor.

48:07Yeah. I think Tracy and I have both found like there are a lot of things that Chachy PD still isn't good for. But there is no question in my mind that for a research process, whether it's finding the right document, whether it's just it's very. Have you tried perplexity finance? I use perplexity maybe 10 times this morning. It's shorter, quicker. George Kurtz from you. I think it's impressive. Yeah, it is very impressive. I wanted Apple to buy them. I was pushing that jump forever. I mean, I was talking about that with with Tim Cook on Friday. I really think that they need something. But because of the Google decision, the Judge Meta decision, it's possible someone could pay them.

48:42We talk about China a lot on the show. Are they Stakhanovite? Wow. No, I got that. I was reading through your old tweet. I had never heard that. Well, no, the 8th Army is. The 8th Army is famously Stakhanovite. What is this? I only saw that because I was reading through all your old tweets. What is the Stakhanovite movement and what does it have to do with contemporary China? He was the guy who won the award for shoveling the most coal for steel, and Stalin loved him. Stalin is obsessed with steel. Yes. I always wondered why that is. Yes, they always were. Every plan. The five year for China was the same.

49:15There are long a lot of steel there. China's wrecked the steel market. The president's dead right on the transshipments. My old buddy, Peter Navarro, is dead right on the transshipments. It's wild that he's my old buddy, but he's my old buddy. And he went to jail. Bad. Not Yale. Jail, because he went to Tufts. But I do think that when you look at China, sometimes I'm very harsh about them. And that's because my father worked for St. Regis and Climax Union Camp. He worked for a champion. He worked for paper company. He sold gift wrap and corrugated. And every single time he did well at one of these, they closed it.

49:52And they closed it because the Chinese targeted the gift wrap industry. If you go to Costco, all you have is Chinese gift wrap. So my father, at the age of 73, realized that's it. They wiped us out. He called a company that does from China who had American rap and said, listen, I want to work for the Chinese. And what he did was he would sketch logos, restaurants, and suggest that they use doggy bags that have their own name. And he had a drawstring doggy bag that the Chinese made for two bucks. He sold it for. And he then had the run of his lifetime from 73 to 92. He worked until the month he died.

50:27He actually had a good last month. And what's incredible is the Chinese treated him like kings. And when he died, they gave me the proceeds for three straight years. And they were the best bosses in the world. They had no idea. You call China the greatest capitalist nation of all time. It is. They just crush it. God, you really read me close. Is the headline of this episode going to be Jim Cramer on communism? No, it is very funny because I do think they're the biggest threat. I mean, what they're doing in video. Well, I do want NVIDIA to be the platform. But I haven't been to China, so I'm secondarily.

50:58My son went to China to Camel Surf, and he broke his – well, he hurt his shoulder, and they were going to operate immediately. And I said, look, I got to speak to the head of the hospital. No, no, no, no. My wife flew him over for Shanghai. I came back. But the Chinese are a conundrum for us because they work harder than we do, but we may have them here. I know the exports were really – the export numbers are really good for them away from us. But I think we had to take some action because there's too many fentanyl towns. I got a fentanyl town right next to me. And I can tell you it was a great town when I was growing up.

51:28And now it's a town where I can't believe it. I can't believe what happened. But the mills closed. You know, the mills, the mills, the mills. I mean, now you can't bring back the Pyrex mill. There's good peeps by George Packer in the Atlantic about that. But I know we're really rambling here. I shouldn't ramble anymore. Let me ask one cliche question. Lots of talk. I like the show. Lots of talk about market valuations at the moment. Froth in the market. We're recording this, I should have said, on Fed Day, September 17th. Do you see froth? Do you see a bubble brewing? Yeah, there's two markets, and that's one of the reasons why I wrote the book, because there's this market where that is a musical chair market.

52:04I make fun of it. It's a Palantir market, and I accept the fact that you want to speculate, go do Palantir, because Karp is one of the greatest. His ontology work is incredible. It's better than Scientology, ontology. But I want people to stop. Let it be one of your holdings, but don't do all, because it will be crushed. And when it happens, I do believe it. And when it happens, you'll lose everything. And then I would, anything I tried to do would be wrong. It's like when I was in college, I used to go to the racetrack. And then there was a guy, Andy Beyer, who was a professor, he was teaching a course.

52:38He said, listen, if you're going to go speculate at the racetrack, at least know how to do it. And I never forgot that. And if you're going to speculate, I will show you how to do it. But I really want compounding. And I want compounding because what we know that that really is. Einstein did not call it the eighth one of the world. But we know that that is a much better way to make money. Much better. I have one last question. It's very closely related to this. But one of the things. Why are you wearing a button down? Why aren't you wearing a French collar? That's my kind of question. It was not wrinkly.

53:06All right. It was not wrinkly. Yeah. We're going to have Kramer on today. No, I like that. You don't have to press that because it has some sort of weird. It's a uniclo. Did you buy that in Temu? No, no. I got a uniclo. All right. I'm pretty sure that was an insult, Joe. No, no, no, no. Because I would never do that. I'm very messy. Because I would have said Shein if I went in. So I bought my wife some lingerie on Shein. Thank God we use, you know, match light. Don't have to put gasoline on the phone. You know, one last question. It occurs to me that, like, one thing I've thought many, I got interested in the market in the late 90s.

53:39At any given moment in a boom or a bubble, there are moments that feel like the top. And then a year later, you're like, oh, that was nothing. That was just this, oh, you know, it's like a few, a couple of years ago. They're like, some C3 AI is like booming. Oh my God, that's jumping crazy. I knew Tom. Right. And so there's nothing there. Things like that. Or like, you know, this meme stock went up. Dogecoin is railing. We must be in a bubble. Okay, this is a great question. But all these things feel like a top in the moment. And then you realize they were just little hills on the way to a much bigger mountain.

54:08So you've got to, there's a simple solution. you take out over time your cost basis and then you play with house's money and then i'm okay because i'm a first you know harm guy a hypocritical oath and i can tell people listen if you want to do that for your one slot be my guest but as it goes up you got to take your cost out and then i don't care where it goes it's fantastic but you are so right that's what happens look some people feel that google was that nvidia i mean i worked enough for nvidia to know that People were going Google a bubble in 2005, 2006. Well, I mean, look, I recommended Google at 88, and I was investigated by the CNBC general counsel for why I used 88.

54:50It's so big. And I said, because I didn't use 300. 300 was way low. Didn't you get out of the dot-com bubble early as well? Yes, I did. I was short. I went 100 % short of dot-com. What are your tips for spotting the bubble? How did you? Because I was the biggest shareholder on the street.com. And we had gone from 63 to 2. So I had kind of a premonition. I mean, when it was 63, the New York Observer said that I was 300. He drew a picture of me as a pig and said the$360 million man. By the time it came out, I was 260. And then a year later, I was 2.6. As a Trotsky, the pig cartoon must have hurt.

55:29I was overweight then. Yeah. Jim, we could talk for a long time. Thank you so much for coming on the Oddly. I wanted to be on your show. We wanted to have you for a very long time. We had a lot of fun. Yes, and I know that I got the exception because of my book to be on. Oh, yeah. I told you that I was writing the book, and I demanded my word to come back because I always wanted to be on your show because you're just a thoughtful guy. And when you were the stalwart, you were the first guy I read. Thank you. Do you know that? No, I didn't have that. I would get up and read the stalwart. Amazing.

55:56High praise. Because it was the best. Thank you so much. Absolutely. Thank you, guys. I really appreciate it.

56:15Tracy, one thing I will say about Jim, and I've always felt this. I've only met him a handful of times before, but one thing I'll say is, like, that public persona is not an act. No. The Mad Money vibe is, that is Jim. No, I can believe it. He has a lot of energy. Yes. I feel like he's chaotic neutral, maybe, in D &D parlance. I just can't, like, I couldn't sustain getting up at four, and that was just for a few years. And the fact that he's still up at 315, and he goes to sleep at 1030. Well, the fact that he goes to sleep at 11. Yeah, that's four hours of sleep every night. Yeah. And that was a fascinating discussion.

56:52And I think one thing you can say is that in some respects, Jim's been vindicated by, you know, the rise of retail trading. Totally. Everyone takes it more seriously now. That wasn't the case in like the 90s or the early 2000s. It's really changed. No, it really is striking. I mean, it does seem like, you know, he talked about needing to get a bodyguard during GameStop. So it's clear that to some element there is a part of the retail investor world, which has metastasized into something sinister when people are making threats because you don't like the stock. It's really interesting that people are just like any sort of negativity is so fought back against online when it comes to stocks these days.

57:36It's really striking. But also, you know, obviously, when and then other things such as the they know nothing rant or the liquidation, which I hadn't even realized until you mentioned it, of the SGEM ETF. Yeah. Some good wins under his belt. Man, I really wish he had recommended that. I know. Just to see what would happen. Just to see the inception of, OK, how do you think? I don't even know if an ETF can short itself, but I guess we would find out. I don't know how you would go about that. But no, I'm glad we finally made that happen. And I read about half of his book, and it's a very fun read.

58:08I'm looking forward to it. Yeah. Shall we leave it there? Let's leave it there. This has been another episode of the Odd Lots podcast. I'm Tracy Alloway. You can follow me at Tracy Alloway. And I'm Joe Weisenthal. You can follow me at The Stalwart. Follow our guest, Jim Kramer. He's at Jim Kramer. Follow our producers, Carmen Rodriguez, at CarmenArmond, and Dashiell Bennett at Dashbot, and Kale Brooks at Kale Brooks. For more OddLots content, go to Bloomberg.com slash OddLots. We have a daily newsletter on all of our episodes, and you can chat about all of these topics 24-7 in our Discord, discord.gg slash OddLots.

58:41And if you enjoy OddLots, if you like it, when we have Jim Cramer on, then please leave us a positive review on your favorite podcast platform. And remember, if you are a Bloomberg subscriber, you can listen to all of our episodes absolutely ad-free. All you need to do is find the Bloomberg channel on Apple Podcasts and follow the instructions there. Thanks for listening.

59:24Thank you.

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