The Best One Yet - 📈 Jim Cramer: Why You Should Never Buy "Normal" Stocks

Episode Date: November 26, 2025

Jim Cramer’s new advice ain’t what your parents told you — in fact, he says your mom’s "safe" stocks are a trap.Jim Cramer, the host of Mad Money and the "Sultan of Stocks" joins us to break down exactly how you should be investing right now.But this isn't the yelling guy you see on TV or the "Inverse Cramer" meme you see on TikTok. This is Jim in "Teacher Mode." We got him to drop the persona and reveal how he turned a job covering the Ted Bundy murders into a Harvard Law degree and a career at Goldman Sachs.This guy has a total TBOY vibe, he reveals his insane 3:45 AM routine, and he finally explains why "S&P 500 & Chill" shouldn't be your only strategy.Oh, and he literally named his dog "Nvidia"... back in 2017. True story.(plus, we pitched him our stock picks too)But there's so much more. In this interview, Jim tells us all about:• The "Normal Stock" Trap: Why Banks, Airlines, and Ford are actually dangerous investments (and what to buy instead).• The 50/50 Rule: Why putting 100% of your money in index funds is a mistake for our generation.• The "Edge": How he found Nvidia at $2.00 by listening to an Audi executive — and how you can find an edge in your daily life.NEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today’s top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

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. And careful, because he has a lot of greed. Today, we're standing up with Jim Kramer, 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 him, Jim Kramer 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 Invidia. True story. And that was five years before you even knew what AI stood for. 2017, stocked at two bucks.

But he is not just the most recognizable face on financial TV. He is a New York Times best-selling off. We read his new book, we called his agent, and we said we got to. to get him on the show. So Jim is going to reveal today 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 that. 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. I am honored. And today's interview with Jim is the best one yet. You're going to want to go long on this one. So I'm going to... Thank you.

It was terrific and I want a copy. I can transcribe it, but that's... We got you. Everything you said, I have to show my wife because she thinks, do you have a show? This will reveal that I have a show. This is true. 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. I'm going to pay you a compliment. One of the reasons why I wanted to come on the show, at 7 o'clock, every night, which at the end of the show, I get a phone call. It's flash, pop. And he would say, Jamesie, that was the best one yet. No, every night. You're dad. Every night.

James E, 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 yet. 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 going to be with us. And now it's just like it's killing me that. It's seven, nothing happens. Yeah. But anyway, the best one yet is a great title. So. And all the young people listen,

and all the older people don't know what they're doing. Thank you so much. Nick and I launched this startup when we were working at banks, and we did it in secret. We weren't 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. 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. Well, the franchise is unsaleable. Thank you.

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

That poem was a montage, and it is much appreciated. Thank you, Jim. Well, our audience does know you. Our audience loves you. We got more DMs related to this interview that 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 you know it's

funny a lot of people uh a lot of father daughter a lot of father son uh 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 uh but we found things to talk about stocks are great and mutual thing to talk about. To save space. Right? Yeah. And you know,

Transense politics. Elf is a very complicated story, right? It's a short, it's heavily shorter. Okay. And Tarangamine comes on and he tells a great story. And then the next thing, you know,

and China tariff is much as much is really high. Boom cosmetic sales. Yeah. And then, well, he got into this. You got rowing. Yes. And that was, but at the same time that happened, he had the shortfall.

So, I mean, Wall Street's complicated. Yeah. Well, this is what we love back. 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. 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? But Jim, you know, as Jack and I prepared for this interview, you know, it's funny we were thinking about it. It's not as good as you prepared for that analysis of Google versus OpenAI. I know. Now it's funny because I was going to use it today and I wasn't

going to credit you until after. And the reason I was do that because I thought it was so brilliant. And when people say it's brilliant, they 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 us is 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 Oh, the book, the book, is because we got to 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. Yeties, quick break for a couple of ads. Let's talk about why buying stocks. Specifically, you know, what we thought was kind of the biggest thing that jumped out into the, booked 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. Diversified, diversified, 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 that? 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-fish and the transfers weren't really up 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 chat to your perplexity.

You have the same things that these hot shots have. Yeah. 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 graybeards were right 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&P. Now, those people say no stock. I'm only now 50% of S&B. But what bothers me the

most is that it is, you know you have kids saying, and my daughter had an iPod, the baby, you know, 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 five. Apple. That's why you bought Apple at $5. Because your daughter asked for a second dollar. Because I said, oh my God, this is a, what a franchise. Yeah. What a franchise. What a franchise. And so that was your edge, that little anecdote for 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. Well, see, but that's, I'm not one of cursing your show, but that's, that's, that's, that's, yes. Because the stocks are wrong all the time. Yeah. I mean, constantly. And I think that I happen to, well, I'm warned about it like everybody else, but the fact is, he never told you to buy his stock. He told you by the S&P.

You would have crushed the S&P with his stock. No, but he has, but no one's thinking that's duplicitous, except for me. Because it bothers me tremendous. So you say put half of your money in the S&P 500. Yes. In the other half, do something else. But why not all your money in the S&P 500? 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, in Vibyne, is it still two bucks?

What a loser. I mean, honest of God, I mean, I'm a living, breathing reason to believe that it's not true that diversification is the only free lunch and I used to believe it. I used to come in with that rap and I realized I was hurting people. Jack and I have always said you can just buy the SPY. But there's a cool

and we should get it in 50%. 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, Jim, 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 Sotavocin notion is you don't know what you're doing because you didn't go to the right schools and you're not rich.

And you never will be. That's what you never will be because frankly, the door is closed. That's how I feel. So you've said that a well-informed amateur can beat the pros. Absolutely. You've promised that. Absolutely. How much homework does a regular person have to do to beat the pro?

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 that was another one that not everybody really wanted to have. But I'm not going to, I can't recommend people to buy stocks individually unless they know how to do balance sheet and how to income income. The homework. How to read conference school. You can't give somebody a car until you teach them out. No, even that Lamborghini I see advertised there, although 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 you used to. Because everything's available at your fingertips, and you can actually just wait from quarter to court. And to our best, he's 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 key words. 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. That wasn't anywhere else. It was in the transcript. I got Gap on tonight, okay?

Did you know that they've got the best rewards program? No. People go at Christmastime and shop there and they, it's free. That's what they have. My daughters are, 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. They actually, the points culture. Dixon understands this, you know, understands the points culture. So the first steps to investing is you just, For an amateur or for a pro is that you're going to do the research. You've got to understand how to get into the balance sheet, read the transcripts.

Remember, if you can, you know, you got to default to the index funds. Okay. But then you're not willing to do the homework, then get the... And I really don't want you in the... But 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. Yes, I did.

300 of the S&P 500 are normal stocks. So don't invest in those. Well, because you have to have a buy and a sell. And, you know, somebody will come on TV and say the Fed's going to tighten. And you got to say, do I sell that way? So what's a normal stock? And why do you not want to buy them? I like secular growth.

And I'm going 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 in the economy. Invidia. 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 company, know the stock. But what I don't want you to do is buy a stock that on this day, you're going to bet the copper goes up and when copper goes up to sell it. Or if you think Starbucks is a coffee company, which it really isn't, and coffee prices go down and say,

I got to buy Starbucks and they go up and sell Starbucks. I don't want that. And I don't want trading because you're not good enough to trade, but you're good enough to invest. And the tax consequences are much better. So, Jim, in your book, you say put half of your money in the S&P 500 and select five stocks that you fall in love with the other half. But when you pick those five stocks, do not pick one of the 300 normal stocks in S&P 500. You just said normal is not secular growth.

What are some examples of normal stocks? Okay. But you don't want to buy. Okay. A group that I can do for my charitable trust is the banks. But don't do the banks. 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 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. He's from Missouri, okay?

That I could never recommend it. 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 media or you personally, okay? It's like, oh, my God, there it comes. I mean, you can't have that. So you ever notice the Doom guys?

Yeah. They're so good at Doom. Yeah. Aren't they? Dude's easy. What did they read? Yeah. Maybe it was like Po.

No. Telltale and I don't know. I hate the fact that people scare people out of stuff. One of the things we love is your bullishness. It's easy to find things that can go. Positive bullishness. Constructing. I like to be 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. But I'm constructive on Apple. But I, and I'm mentioning this because there's 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.

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 a pellet. Is this planet fitness? Can you believe that stock? P.O.N.T. That thing is a rocket ship. You're looking at Hampshire. You're looking at Hampshire.

You're looking at two guys who own Peloton stocks still. Oh, well, that was. And even when that guy Barry came on, no, McCaffrey, McCaffrey, he came in and guns blazing, and I thought he would have it. The previous guy, I was unfortunate, nice person. That's the way, you know, that means bad. 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 go down.

Don't buy consumer packaged goods because the growth's just not there anymore. Right. Don't buy home? Buy anything home. Don't buy Home Depot. No, I mean, Home Depot would be the one stock that it's down really, really low. I don't want to get people out of Home Depot here.

Don't buy airlines. No, my God, there's no problem. Like, the combined product. I mean, look, do I like United? It's a trading stock. I'm trying to, like, a trading stock is the equivalent of a normal stock. I don't want people to understand what a trading stock is other than the fact that if you buy United and they have a bad seat mileage,

where at the car or the stuff, the same thing in hotels, then you hear Wall Street Downgrade, and if you follow TV or whatever, or you read, you'll think, oh, I should sell. That just happens to be they have to have a couple of buys. This is the Wall Street fools you. It's for professionals. They have like eight buys, and they have these holds, and they have these cells.

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 it's about for you. So that's who we're trying to avoid, right? So let's talk about maybe who we want to hang out with in 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, you know, 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 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 get us an example of, first of all, what is total opportunity value and what are some examples? Well, I mean, okay, if you take a look at a company, let's use Netflix, okay? Netflix started out as you get a discit, 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. Yeah. 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 me, Reed Hastings, and I said, look, I wanted to watch a movie about Stalingrad. And I called it 3 a.m. And I got this customer.

Oh, we happened to have. All quiet on the West. Yeah. No, no. And they at the gates. 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 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 it's doing. So the total opportunity value was that every TV watching American subscribes for what was then 10 bucks a month. Right. And to go further, what they say is their enemies, the clock, okay, how many hours you have a day. Yeah. And I like that too.

And what it says to me, the opportunity value of this thing is almost limitless. Yeah. Yeah. And that's a great stop. So the total opportunity value is if everything goes right. If management is there, CEO doesn't have a conflict if regulatory issue.

Right. Think about what could go wrong. Think about what could go right. Right, right. And that's what kind of open my eyes. I really got excited. Let's take the package food. I can't think of what would go right.

I mean, if it's really tasty, the GOP-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. Yeah. And you look at the ingredients, so they're all up in price. And people can't afford to eat.

And they're like next to you know, you're buying Conagra? Where then 8% yield? What's it at 8%? What does that mean to you? It means to me danger, danger Will Robinson. I don't want to throw you under Jack. But Jack, I know it was an emotional purchase, but you bought Ford stock. You know, what's hard?

Ford. Is there a total opportunity item? It's a warranty issue. It was an emotional investment by me. For many people. My daughter has a Bronco. I have a Maverick, and I'm thinking, yeah, but then I have, like, five recalls on the Maverick.

You'd call Ford a normal stock. Yeah, Ford's normal stock. There's no best case scenario. It's not something exciting and unlimited, like Netflix. No, Jim Barley knows it's a normal stock. Now, I will say that Mary Barra, by dinner of the buyback, and by just professionally, just cranking them out, has done a great job and has a higher multiple.

Ford's multiples is very low. Ford has a big one-tie issue. and when you give a warranty for when workers were being pre-COVID, and now it costs them so much money to honor the warranties. 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, their total opportunity value is robotics, right.

And robo-haired. Self-drive. Being the home robot of every American household, being the self-driving ride of every personal world. He intends to have a million the humanoid. I think he can do more than that. I think that he may solve the problem of power because in the last conference school,

he talked about, listen, we're going to get the batteries and we're going to be able to 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 drive. He's got to work that in.

So I just worked in the fashion. There you go. Am I okay in the fashion box? You're good. 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, Jack and I- Give me something.

All right. All right. Oh, Jesus. Oh, Jesus. No. Stop. Stop. No.

That's what my dog does that. Stop. Stop. No. I don't know. Your confidence. It's unbelievable great. It's unbelievable great.

And I'll tell you why. And I love Hoff. Okay. So my wife has this mess gal brand. both was for them, all right? She has it? Yes, number six. Oh, we've got to talk about your restaurant.

Six largest mescal brand in the world. She moved away up from 25. All right, absolutely. 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 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 with one ad, whatever. Reddit has a mascal section.

So you flood the zone. And it's so inexpensive. I told him, I told him off my saying, you got to start charging more. He goes, that is, well, that's a dumb thing. I said, well, I just as a stock. So your wife advertises her Mascal brand on the Reddit subreddit for Mascar.

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 of them. Well, my daughter had melanoma, and she didn't know who to talk to because we don't have melanoma, right? melanoma is cancer. It's not squamous cell and Bayesal Southern. Those are not

forms of cancer. And what she didn't know who to talk to, but they have a melanoma melancholy page. Wow. All the melanomies. No, they do. So she talked to all the melanomas. So she found community there. Yeah. Bing. And your wife's

mezcal. I didn't have to do that. I mean, your wife, so you were petting me. You're not disciplining me. We have to also, I mean, the other opposite side you're talking about with Reddit here is around AI, which is, you know, we said, it's not about SEO, search EO, it's about chat EO. I told him to charge a fortune. To open AI. Yes, to charge a fortune

because you have honest information. So here's my total... It's honest stuff. Here's my total opportunity value. Okay, hit me, hit me. On the consumer side, like what your wife and daughter do, it will be a bastion of realness. Okay. As AI floods. A bastion of real. As AI, I think they should change their name to real. We pitch steep up on that, by the way. 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-knit stuff, and that's where they can charge their D-to-B side. Absolutely. So that's my total opportunity. We want to know. It's great. I'm sorry. Protect us from these guys ripping off everybody. Perplexity rips off a lot of companies.

Yeah, yeah, yeah. Cloudflare is like the gate that prevents the AI chapbacks. Matthew, don't call me mad. Matthew, Princi. The other one Jack and I are chat about? And look, we're biased on this because we sold a company and worked there, but with Robin Hood. 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 at least twice as valuable as the competition. But they're half the value of Goldman right now. That's where we see. Why not? You could age out at Goldman. If you're not careful, they age out. Yeah.

But Robin Hood is just a, it's a continual funnel. And, I mean, my kids are they going to open an account at Goldman? They're robin hood people. And they can get their mortgage there. I guess, and Jack, the way you're saying it, the total opportunity value. Your retirement. Your retirement. You've got a great retirement to you.

Your credit card. And you start offering all these things from one place that was the only digitally native option in the problem. 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 that's an annuity. 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. You're not going to trade after Robin. So, Robinon's stock has 10xed in the last 18 months. Perfect. Are we too late? If you're on the sidelines, you want to buy Robin. You'll actually come down nicely, and I think the answer is you buy. You buy.

And what about in general beyond Robin Hood, Jim? What's your thought about when to get to 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 dropped? So what we do is we buy small and we build and pyramid stuff. Because I can't, I don't want ever to sit. I mean, I blew Corning, okay? Corning is for my child trust.

It was at 82, and I had gone to see them where they make this glass in Harrods, Hardsburg, 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 used to wide a scale, and 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.

So half your money in the S&P 500 and pick five stocks for other half. If you can, sure, and I like one to be speculative. And your homework. You can't deny 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. They'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 wrists, okay? Small-form nuclear reactor. Like you can put, like a gyp, you put them up like a doghouse. Are you kidding me? I mean, it's a nuclear power plant is we can have the president,

everybody who can do it. No one really is crazy to be able to have one in the next store, okay? And they wish that they never had one. China syndrome. 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? Okay. It's a faux concept. If you have, because remember, I'm talking about stock because S&P, I want every month because you never know which month is going to be good or bad. Screw that. You've got to be just like Peter Lynch, and you've got to be just like Ken Lango. And 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.

So invest your access savings every month. Right. So what I do. Existently buy the same thing. Every, 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 speak where I'm, look, I'm very pro-index fun. 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. At least let me teach you how to use the racing for it. Now a quick word from our sponsor. Speaking of individual stocks, too. I mean, I believe we're sitting with a man who named his puppy in video. No, it was a, it was a deranged pit bull.

You know, it was one of these mutts. And you ripped somebody's face off once because the person tried to get into our house. But it happened to be the landlord. We were the renters. So, Jim, in 2009, it's the first time you ever. suggested people should buy NVIDIA. 2017, you were so... I doubled down because...

Convicted. Jensen called me out. It was a $4 stuff. Jensen called me out. Tell us how you got the edge to decide to invest in India. What are the signals that NVIDIA sent you that we can apply to others?

What's the edge? Here you, this is one where it's not fair. You'd have to listen to the show. Okay. And I'll say this is why, because Jensen was, Jensen won, the 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 that Audi's built on Nvidia. The edge is your information advantage. You were interviewing the Audi executive. You mentioned Nvidia chips had, we used to be for video games and now we're an out. Yeah, well, I kept saying, look, you keep saying the great technology, great technology, great

to, who! And he goes, invidia. That's an edge. That's gaming chips. So when the Audi CEO told you that his cars had. had Nvidia chips. Yes. That's when you said,

that's my edge. People don't know that except me. But best engineer, but then I share it. So then I go out. I go out, 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 speak to who? So speak to it. And have it make a painting. You're at Nvidia's headquarters. I'm in Video. Yeah, he goes, have it naked painting. I said, well, I don't get that.

He goes, well, think of an artist. Yeah. And I said, I like C-Zan. He goes, okay, challenge the machine. I said, okay, I'll take a C-Zan C-scape. You ordered it like throughout McDonald. Because he's like a, you know, he's a still-like guy. And Nvidia Chips made that art possible.

Instant. I said, but it's not possible. He goes, we can try it. We can do any picture. And everything came up. So then he goes, okay, what do you like to? Do you like plays? I said, I love Shakespeare and Henry the Fourth Part 2.

He goes, okay, I'll tell you what. I'll put you in the third row center Globe Theater. will watch it. And he does it. On the screen. His little gym, the third world. And then he says, listen, he takes me over and there's this car going in a video. And he said, this is two million times, but I can't figure

out black ice. Oh my God, this guy. So 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 P.S. Resistance. little robot dogs trying to pick up jello.

And he said, you know what you do. When they get it, you've got to give them a reward. Wait, these are robot dogs you gave a treat to. 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. What year is this, by the way? That was 2016. Okay. So then I go out again. and he says, okay, I want to do something really cool. So I walk in and there's me. It's just me.

He's made me. He's he 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, you know, a mayor of, Mayor of Easttown. Yeah, okay.

Well, anyway, here's the thing. That's a terrible Philadelphia accent. Now, I've lost it. She's a bridge. But Jensen spent. hours upon hours getting the Philadelphia accent right. Like water? Like water? Al? Al? Brutas? Yeah, not like blue. Ow.

Ooh, whew. Ah, Bredas, yes, absolutely. And he nailed me. So he made an AI clone of you that even had. It was better than me. It was like more me than me, okay? And then we went around and he showed me a lot, you know, some of the latest stuff,

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, and then 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 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 or not a fighter.

I said, I got it, I got it, I got it, I got it, I got it. I'm going on my show tonight. Yeah, I said, you got to tune in, tune in, tune in next week, tune in next week. The dog. So I start to show by saying, okay, and then I gave you all the things that just said. And I said, but no one's listening. You know what I was 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 Envidia. And so I've renamed him Invidia. So, okay, so fast forward. I did this thing for millionaires that we created. Yeah, just for Jensen. Jensen wanted to meet all the millionaires. Wait, can you clarify that?

So you have created millionaires. 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 & Noble signing. And he goes, look, it pulls me over him. 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 of your dog. I said, what? He goes, well, you named your dog in Vidia? and I figure only a guy who really believes would name his dog in Vidida.

So I'm not really quite sure about what Invidia does. I said, don't tell me that. That sounds like good. But I said, why are you still working? It goes, because it's my calling. But he had made a million dollars. And I was so thrilled for him. I'm really thrilled.

That's amazing. People stop me all the time. And my wife, I sign these bottles for my wife, this phosphoro. And I'm full service branding here. Like, you know, I'm NASCAR. I'm NASCAR. So everybody brings. I always tell people bring me your statement.

Yeah. And they show me the statement. And I just show my wife. You should sign those in video. Oh, it's so much fun. Look, it's fun to help people make fun. It's a wonderful story. The next time you've got a good stock, Jim,

I think this ups the ante, though. I mean, you've got to get a tattoo. I think that's the next thing. Oh, I thought about that. I thought about that. I think it's a great idea. But I just afraid, the only two stocks that I've said,

own it, don't trade it in my career of 20 years now in their money are Apple. and Nvidia. Like when people say, oh, he 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, people take shots of me. And look, I don't, well, I'm not going to say I don't mind it because I'm a human. Yeah.

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 going to smash it. And I shouldn't have listened to justice. And then the judge reverses himself. Who would have thought he reversed himself? So I listened to the government. I got it, will. To your own point of holding. It happens more. Yeah. So Jim, to challenge you for a second. Sure, do. So clearly, people can get an edge by listening to your show. Yes. 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. How can people get an edge? 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 do. Because I think if you have your eyes open, you'll find something you believe in, and if the financials are okay, then you'll end up making money. I really believe that. And if you go back over 100 years, you'll see that it's just been historical,

that that will work. Tobacco, unfortunately, is the greatest performing of all time, to Philip Morris. But you can see that. That's evident. People get hooked on a product. What a great, 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

turned out the greatest form 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 what 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 Betts. And I 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 they have secular growth and they're run by smart people and I just think

this is what people do. They observe and yet you want to tell them no, you have to be in the S&P. I'm your overlord. I am telling you you're in the S&P or not. What is it? It's Soviet Russia. It's the Soviet Union. I think there's something so satisfying

about that too. It's like your daughter's iPod moment when she asked for the second iPod. It was like, wait a second. Apple's an acceleration. That was 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. That was my edge. Yeah, that was your edge.

Well, wait a second. Well, wait a second. Well, wait a second. Because then you go into Hollister, okay? I did this as Shortel's Mall. And I said, oh, my God, I'm killing this place with my age. And they had only 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.

Right. But people, there are a lot of people who aspire to look good, and I'm not against anybody aspires to look good, but it's very clear that they owned that market. They owned it. But I am a T.J.X guy, and that's a much better deal. Yeah. J. Max. You bet.

Oh, my God. T.J. Max, home goods. My daughter's got a potato chip at home goods called Folds. Oh, you can't? No, I'm not kidding. I mean, you should launch a CPG brand at this point. I think I should. They're crunchy, and you can have them, and it works.

Well, she's a baker, and she baked and baked and baking. I always 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 because nobody bought her. But then HomeGoods called her, and then negotiated really hard. You know, she loses like 13 cents per bag.

No, just kidding. She makes money. We did, you know, that is a funny area, Jim. Just to take a little personal side tour for a second, you launched a popcorn company, lesser even. Oh, my God, but I got crushed. That was with me and Gene Hapley. You have a restaurant.

That was with me and Gene Hapkin. You also got a restaurant. Yeah, I had one in Brooklyn. Not a lot of known restaurants if you sell liquor in this country. It's 1934. It's called the Tidehouse Rules after Prohibition. Siegham's was wiping out all the other bars because they didn't no cost. And so we had to sell Bar Sam Miguel, which I loved.

But my wife said, well, that's because you sat at the high top, which is this. And you had Mescal and she had to go work her ass off serving tables. What a great deal I have, right? Well, your wife has the Mezcal brand. So what have you learned? I love companies. No one talks about entrepreneur gym. I love companies.

You're an entrepreneur. 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 says, on the fourth floor. And he's got his bag.

And he says, I didn't take it. And so I take his darn bag. I think it all day up. And I got my hand out like this. And he, like, doesn't even slip me in anything. I said, I got to get out of this. So I do the technology. I find that there's.

this thing, surge pricing hotels tonight, we're closer to the Newark Airport, that every hour the price goes down, we were filled every single light. I crushed it. Anything you've learned as an entrepreneur that applies to investing? 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 sold the dot-hulu 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 artisan. Yes.

What's that? Well, they put caramel in it. You can't put anything in it. You can't 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 are stuck with it? I know for like 20 years. I mean, look, how many Manhattons can you have? Jim, I'm afraid I own a normal stock. Oh, no. Don't do that. I thought it was a secular stock. Oh, okay. 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 for the last 25 years? I just went over this with you, Johnson, the CFO, because they just sold it for my charitable trust they have to own 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 all realize that the real value is with live sports. I mean, ESPN, they pay a fortune. It needed the bundle that things are 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 you're on that last conference call, they believed,

that that was a good quarter. The stock was a $1.13. And the stock went, it lost $7 like that. Yeah. 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 versed. I know that TV, it feels very much like radio. It's very much like radio. So what you're doing is the future. I painted a picture in my head that Disney was a secular I know. Look, do 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. Yeah. But if you see it change up and you realize, you hear the things that'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 realized, wait a second, a pure play where they have product that's made all of it. You're watching some movie from Uruguay that obviously costs like, did you guys see Contra Take?

No. Not yet. Is this movie made next go? It's one of the... First of all, it's one hour and 37 minutes, which is all people will watch if they're 29. Yeah, yeah, yeah. That's true. Do you know that my daughters are 31 and 35?

And the first thing they ask is, Dad, how long is it? What do you mean? Well, I don't watch anything longer than an hour and 47 minutes. They said, it's two hours. It says, no. Like, we watched the movie Warfare, which is... really a great movie. That was actually the length of time of the battle.

And it was an hour and 29 minutes. It was like, boom, let's watch warfare. People watch different things, but Netflix is wise to even. Hey, how about the idea that Netflix knew that we all get okay with titles? I mean, it was subtitles. I mean, subtitles, it was like,

the umbrellas of Shoreborg. 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. So I made a mistake by buying it. No, you didn't make a mistake.

We made the mistake by not keeping up with what you guys. I want to give Jack some credit. You hedge that because you're also on Netflix. True. Yeah. Well, Netflix is amazing. You know what?

I actually, you love this. I got Disney for my son in his 529. I'm sorry. To show him. Hang on the suspect. It's a good lesson. I think he's going to do it.

So is hitting him. Let me show you. I hit my son. I want to show him that Toy Story, which he loves so much. he owns a piece of. Yeah. Okay.

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 son's excited. Like my son owning Jack, you know, Jack and I gift each other's kids stock every year. He gave mine Nike, my son.

Okay, so I think Nike right now is one of the great buys. Max, you listen? I went to a, I didn't know about Elliot Hill. Okay, I knew that the last guy was really nice. Yeah. Nice. Nice. That's it.

That's code. audio product, but it's a wink here. He's a winked. But, um, let's say, LA comes in. He's brought back. He's 30-year veteran, okay? And I said, what I need to see, can we please have a sports guy at the home, a guy who understands, heart and soul Nike, a guy who knows Preetfonteen, like, you know, stop free. So, I invite him to a game. I said, why don't me see the Cowboys, Eagles, want to go? Yeah. And he goes, really? I said, yeah, let's go. Well, damn it, he doesn't fly in to go see it. And I sit there and he goes, and I like to sit and watch a 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 did you go to school? He says, what, TCU? I watch TCU and I watch the Calvarez. Well, wouldn't you know it, I'm with this guy. 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. And I think the Dayton and China is real. But I think Nike is the right stock right here, right. Now, $60, $0.10. You know what I like about your strategy? You have these little anecdotes, and that's the beginning of your end. But that's what you do.

Right. But you see, that's what you do. No, you do the anecdotes, and what happens is people then say, this is what I want in the book. Oh, that's interesting to me. Maybe Google is better than opening. That's the seed of an idea, right? 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, Kantar-Takei. It's a short movie. Anything longer than never watch it. This is a generation where it's either two minutes or an hour. Okay?

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 that's what, you know, when I started, it was 47 minutes was acceptable. Now linear, I accept.

I mean, I'm wondering, I do a 10-minute, everything you need to know, broadcast streaming for club members. And I know it's more watched than my show because it's 10 minutes and I have a lightning around the end. Does it depress me? No, it makes me change my game. You have to change your game. 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 a daily product. And we know how much goes into producing one daily show.

I mean, we just pour everything into one daily show. You've got like 30 daily shows. Because you're appearing here and they're appearing there. 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? Five pages, double space. And how long did it take, were you allowed to have?

Well, they told me it was due in two weeks. 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 how, maybe you have to start thinking about buying the stock of an acquire. Now that anyone's allowed to buy, Abbott's buying exact science. And the other day, Kimberly, right?

They're buying Kenview, which I think the town problem blows over, and I think the Tylenough problems are. We have to start thinking about Kimberly at 5 percent, because it's down big off that. If they walk away or if there's an overbid for Kenview, you're in great shape. These are the things I'm looking for, the anomalies of because now that we have all these deals because they got rid of the antitrust division, right? I mean, the pro-trust.

Effective. They get the pro-trust. Jim, you're writing this analysis, 700 words a day to prepare. 7,000. 7,000 words a day to prepare. Just to share this with our audience, you are operating at an ultimate capacity.

You are the top of your craft. There's a Rios ad behind you, and that's going to produce maybe 35 cents on Campbell's. And if they put some other brands together, it's $30. It's $30. It's a $5. Oh, now it's a $4.

Okay, but it's true. I'm sorry. No, no, no. I was real. But I saw it. No, you're looking for clues everywhere. But I'm just curious, almost from the craft side, from like two other guys who produce a daily media side. Yeah, because you're crap. Gene Hackman used that word.

It's the first time I heard it. He said, you have a great craft. Well, you do. You do have a great craft. You produce two shows, a newsletter, an investing club. You run a bunch of businesses. What's the key to organizing a professional life like this? I mean, to not sleep.

To not sleep. And do you, like, literally, like, how much sleep? I mean, I went to bed last night at 12. I had to read the Nvidia conference called 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 it damn. And Nvidia's great. But I got, and then I realized I got it at 4 o'clock the dogs got on my head.

So I said, I'd just get up again. And I realized I had to read TjX. I had to read. I wanted to be ready for Walmart by reading Target. And I had to read lows. And that's what I do. I read. And then I process.

And I don't do chat GPT lows because chat GP is dumb as wood a lot. I mean, chat GPT steered me wrong about the other day. oh my God, it can get things wrong so badly. Yeah. And so what I try to do is do my own synthesis. And to do that, if you do a lot of them, you're in good shape. I'm not Ted Williams. But what happens is, I'm in shape.

Yeah. And I'm in shape. And that's the craft. And what time do you wake up every morning? I get between quarter of four and four. Breakfast? No breakfast? No breakfast?

I get up at three because my trainer comes. And breakfast, no breakfast? Just call carb, half a bagel. Gotcha. You have to have a carb. Jim, as we start to kind of wind down. Oh, you guys are pressed for coming up. No, no, no.

We're winding up, maybe. Who is it? Who's behind? Oh, the big shot. Oh, you got the big shot. Okay, good. Who the opener? Was that the chief strategist of the Goldman behind me? Okay, let's hear what he has to say.

Well, I think I'm worried about private credit. I think that I'm very worried about blew out. Who? Who? Jim, you know, what are the other cool thing? that your book is we got to learn about you a little bit more. I mean, you're from a family in Philadelphia. Yeah.

You end up working at Goldman Sachs. Yeah, that was a trip. Your first job after school, Jack and I were shocked by this, was covering murders. Well, I was covering newspapers. It's covering Florida State, Florida A&M, but I was on the campus of Florida State. Yeah.

That's where Ted Bundy broke into Kyle Mega. So murders weren't your beat. No, and I'd seen him at Big Daddy's. that week. You knew because he was always hot as hell there, and yet he was wearing a fisherman's sweater. And he said, wow, that guy's strange.

Not that, you know, obviously he was cool looking. He was a murder. to a horrible person, but that I then realized I had a talent for that. So I wrote the L.A. Herald Examiner, and I said, look, I want to be big time. I was making the same

thing in L.A. so he could in Tallahassee. But they said, I said, listen, you You went, 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 front page every day, which is a chick magnet. You're allowed to say that? Yeah, we can say that.

You are. You need that happen, right? The president said, you can say chick mag. He's changing rules, man. God. Well, I don't know. That's not, you know, there. But yes.

And then I went out there and I covered everybody die 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 would be first on the scene. It's really hard to sleep at an airport. So then how do you end up at Goldman Sachs after being a crime beat report?

Well, I got to, I went back, I was an American lawyer. I got there soon as it started. American lawyer? Yeah, it's a trade publication. And I was on the beat of M&A. And I said, well, wait a second. I see every single oil company is being taken over.

Let's just go buy a field bet on oil. And I started making some money. And I had this great home run of the Chevronstein Gulf, and I had this great antitrust professor when I got to law school. And he said, you spend 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 notice. is the Justice Department could have led Standard Oil by Gulf, Chevron, by golf. And he goes, it's a layup. I said, I'm going to put everything I have on this. He goes, go ahead, put everything I had, and it paid for law school. Wow.

You get through Harvard Law School at that. 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. Yeah. But do you, I mean, so do you use anything from law school today in this? Do I use it?

Yeah, I mean, there's things that make it rig. You didn't learn rigor, and I had corporate finance, and I had corporate tax. Those were the kids. But I also took law in the banana. Most of my classes were law in the banana. Is that a building on campus? No, it means stupid classes. 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. Yes, but first of all... You've gotten a return on that investment? Well, no, but I started as a ice cream vendor at the vet. That was your first job? And said, hey, ice cream here, I got vanilla and chocolate. And that's why 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 is a 700 level. If you paid off all the other vendors not to sell there, you could have the whole franchise. No way. Everybody not to come up to 700 level. And I was just waiting in line. But there was this picture by the Steve. The first day play was your first non-for-real move.

There was a pitcher Steve Carlton, and he could actually finish a game in the time it takes to watch, Concordake, one hour and 27 minutes, and if you were long ice cream in a seventh inning, you're dead man. You're dead man. You can never sell it. It's like, because you have to buy the ice cream. Oh, it's a perishable, too. Yeah, yeah. Perishable.

Whoa. Man, let's go there. Let's go perishable. Costco and that stocks are big. Wow. So we respect a lot of what you've done. This book was amazing. We really do recommend.

We really loved reading it. Thank you. You actually read it, which is a big, Reddit, which is absolutely put you head and shoulders above everybody else. Jim, I wanted to ask you, you know,

some on Reddit. Oh, no, don't know. I'm not going to know. I don't need the notes. Let me just clean up. Some on Reddit, you know, consider you a symbol of traditional finance.

Oh, I love that. Like, yeah, that's me. Yeah, I'm a rebel without a cause. I'm a traditional finance. Why? Because I wear a briooni? Yeah. I wear a bionni because you can sleep in a bionni.

It's great for sleep. What do you wish people who don't like you, knew about you? Or what would you say to them about your investing style? I think that they shouldn't. When this book started, book tour started, the first guy interviewed me, he 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, by that, buy this, by 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. 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. I want to be decent dads. decent dad, where, by the way, and if you read confessions of a street act, I wasn't initially. I mean, I had a big hit in Alcoa when Cici 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. It's like, oh, okay. And your daughter was born. And like, you know, my wife was saying, Jim, the baby is, let me finish this trade. That's not great. Or when I told an employee, because a guy said, listen, I got to go. I got to go see my kids play. And I said, Intel reports once, once, and you got to get,

the kid's going to 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, it 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. And Jim, 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 to is whip up the

takeaways. What is your core final takeaway on investing for our audience of Yeti's and besties? If you're not interested in it, don't do it. Cool. 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 it. 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've got to buy a $20 stock because it's cheaper than a $50 stock. And that's what the book is about. 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 nuanced perspective. Maybe half is the FPY. But the other half is what you're interested in.

Is what you're interested in, what we have an edge on, and what you're willing to do quarterly homework on every three months. Exactly. And it has hyperscale opportunity. 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 through the work. Or they say, hey, it was interesting to me and no harm, no fault. 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. Yeah. And I'm always happy to talk about that, but that's, that no one doesn't make any money for people.

Yeah. I mean, yes, you can buy into it. I mean, I realize 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 had all the cleaning supplies. You know, Cisco, it turns out to be a very regular company. But I like to observe it all times.

Yeah. And most people are not observant. But they might listen to your show and say, oh, okay, I. Yes. Yes. And yes, yes means they can go do 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. Yeah.

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 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. Five-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. If it's getting banned, that's a good brand. I mean, that's what it's like they tell you these things, and you're listening. But you're not acting.

We never watch ABCNB. We watch Netflix. Oh, just a second. Buy me $5,000. Because that's what it is. It's like you observe. Don't just observe, but then act. Act.

Right. And sometimes it's bad. Like I, my daughter, when they changed the jack on Apple, remember they can't change the... I talked to... I don't go to... I talked to Tim Cook. I said, listen, you got to 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, it's said, you know, because you realize geez, what you said, it's going to... Yeah, Tim's getting on the phone, too, he's going, guys, change to jack again. But one of the great thing, you know, Tim watches

a lot, he watches the shows that I watch, so it's He showed me the morning show when it first came out. And he was a big narcos guy. He was a big narcos guy. But has he watched? Conflicts! No, no, and I watched that.

You know, I got that one? The Netflix conference call. Remember you guys? You're kidding, they mentioned the call? No. Jack and I would say, if you want the gold, don't go digging in the desert. You'll look in the conference called transcripts.

Okay, Treasurer's here, Madreys, you booked there in a great movie. Treasure Seer Montreys here. Treasier Montreysier. treasures here. That's, yes, that's federalics. Well, I'm starting to get a sense. We don't know, we know, but they bribed it and they cribbed it.

Warner Brothers is about to be acquired. I'm starting to feel like Jim's next entrepreneurial venture as a movie studio. Is it is it, is it Netflix? As a Comcast. Well, Comcast doesn't have Comcast, okay, so this is a good example. Yes. Comcast has a five multiple. Is that cheap?

Well, then you've got to say, well, hold it. The market's making a judgment that it's not cheap. It's Markets saying it's a wasting ass because it's multiple is so low. Once Peter Lynch, we listened to Peter Lynch, we were talking about Bethlehem Steel at my trading desk, and he said, that sells it two times earnings. That's the kiss of debt. Oh, let me just bring on some context quickly.

This is the power of M. This is your, the M word. It's the power of M. The multiple. This is a key tactic you use for whether to buy a stock. Right, because I really want people to understand. why one stock is cheaper than another. And Bethlehem Steel was selling it two times earnings,

which Peter Lynch said meant that the earnings would be nil. And the company went bankrupt two years later. It's really good call. It's exciting. See, it's exciting. It is. I mean, look, you watch ESPN, right? And they're talking about the lineup.

And they're talking about who's, you know, 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 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're compelled by. And I think that for most part, if people sit back and think and they don't buy Campbells, They buy something that's, they've been to Bloomingdale's, and they see it's gotten better. Yeah. When the stock was at 10. And then they see, oh, Tony Spring, new CEO from Bloomingdale's. Oh, the clothes in the bad Macy's. Oh, he's building more bloomies.

Wow. Transformation, 12 goes to 20. Transformation. Hey, what did you do, man? Oh, well, actually, that's a little surprise for you. That's a bye, bye, bye, bye. No, we want to hit you with some rapid fire. Yes, we do.

Hit me. Hit me again. Like, you know, the casino. Hey, I'm real good at cars. I went with Gina to the casino, and I sat at the end. And my greatest compliment was that they made me leave. What's the best restaurant in New York City? Best restaurant is, oh, corner store.

The corner store. Would the burgers that go through the conveyor belt? No, no. The new one downtown? Yeah, the one downtown. Yeah. Oh, that's trendy. It's cool.

Yeah, I know. But I took my wife there for her unknown birthday. Very cool. I get to a certain age, it's unknown birthday. I was thinking corner bistri. Ah, good burger. Best business leader. Best business.

Tim Cook. Best new stock in your portfolio. Well, the one, the last one we bought was Nike. And I like Nike. I like Corning to. Thank you for gifting that one. You're on discount. Look, Nike is a gift stock.

It's a gift stock. Yeah. On sale. Yeah. Well, I think so. It's down 50% below where it was when it was not as good at come. They have to be cool. They're starting getting some cool. You go on

sneak grabs. Back to cool. There's some $2,000 sneaks now. Yeah. Yeah. I saw that jacket that influenced the puffer. Yeah. Yeah. What's the best business book you've ever read? It's still one up on Wall Street by Peter Limbscham. After all this. Best show you consume that isn't a Jim Kramer show.

I've watched series. See, I don't watch, you know, the last one was tasked that I like, but I'm a diplomat. I watch the series is I don't have a I don't have a TV show 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 signfeld or friends oh signfeld still yeah my wife watched friends last week she watched one and you're on an airplane and I said oh god just turn this off yeah put on um you know I put a but I

was trying to get it to to put on what's the one that it's with the guy who wrote all the Seinfelds um oh Curb. Yeah, the Cooper. I said, put on curb. And she said, no, no, this is gentle.

She likes gentle. Yeah, yeah, yeah. She likes always sunny and Philadelphia. Yeah. Which is aggressive Seinfeld. Yes. Yes. And finally, if Jim Kramer were a stock, what would your three or a letter pick?

The first symbol. Okay, do you know that Goldman asked me that? You're kidding. That was an interview question. In my interview? When you, wait. 30 years ago? 40 years ago, they asked me.

What was your answer? I said, I'm exon. I'm the biggest. the best. Exxon? Exxon at that point. I'm Exxon. I'm the biggest nom.

Okay, but what if it was like, what if it was like Jim Kramer? I mean, like Kramer, there was Remark Industries, which is a furniture company, and that's Kramer's backwards. Yeah. We got a Kramer right here.

That is so cool. Okay. I would, if there were stock, I'm going to have to say that I'm in video. Well, no, no, no. I think your stock is, I, V-U-Y. H-O-L-D.

Ooh, I like this. Buy-Hole. Yeah. I like that. I think that's your ticker. I like that. And on that note, Jim, we'd love you to smash our Cheching button.

The double. Great way to end. Gentlemen, thank you so much. Thank you for everything you do. Thank you for everything you do. You know what I think this was? Like, Jamesie, this was the best one yet. Yeah.

Couldn't put it better, Jim. Awesome. Awesome. Thank you so much.