WEBVTT - Jim Cramer on the Retail Trading Revolution 0:00:02.720 --> 0:00:14.040 Bloomberg Audio Studios, Podcasts, Radio News. 0:00:18.760 --> 0:00:22.759 Hello and welcome to another episode of the Odd Lots Podcast. 0:00:22.800 --> 0:00:25.120 I'm Joe Wisenthal and I'm Tracy Allaway. 0:00:25.520 --> 0:00:28.440 Tracy, something I think about the market these days is 0:00:28.480 --> 0:00:32.120 that in the media there is this incredible drumbeat of 0:00:32.280 --> 0:00:36.760 experts and ads that support the media, et cetera. All 0:00:36.800 --> 0:00:38.519 these experts that they say, don't try to beat the 0:00:38.560 --> 0:00:42.560 market index, index index, and actually induxing is great because 0:00:42.600 --> 0:00:46.159 like it's cheap and indexes of performed incredible returns. And 0:00:46.240 --> 0:00:49.519 now though for the last several years, it's like the 0:00:49.520 --> 0:00:54.160 public is becoming unshackled and doing the exact opposite of everything. 0:00:54.240 --> 0:00:57.480 And we see the most extreme form of you know, 0:00:57.600 --> 0:01:00.639 day trading and trading on Robin Hood individual named zero 0:01:00.760 --> 0:01:05.240 da memestocks options. It's like the public has revolted against 0:01:05.240 --> 0:01:07.800 this message that it's been inundated with for years. 0:01:07.800 --> 0:01:09.680 Well, you know what I think is really interesting is 0:01:09.880 --> 0:01:12.520 not only is retail sort of going out on its own, 0:01:12.640 --> 0:01:15.600 but Wall Street and the institutional investors are kind of 0:01:15.640 --> 0:01:19.080 copying what retail does, right, because retail was the first 0:01:19.160 --> 0:01:22.240 into something like zero day or one day options, and 0:01:22.319 --> 0:01:25.640 then it became institutionalized and you saw that big professional 0:01:25.720 --> 0:01:28.600 volume follow on. So it feels like retail is a 0:01:28.640 --> 0:01:31.119 really important part of the market now. And rather than 0:01:31.160 --> 0:01:33.760 retail trying to do what the experts do, it's kind 0:01:33.800 --> 0:01:36.679 of the experts trying to catch up. Yeah, catch up with. 0:01:36.640 --> 0:01:40.200 Retail, understand what retail is doing. And again, like I 0:01:40.240 --> 0:01:42.559 love an index fund, and I don't like having you're. 0:01:42.440 --> 0:01:44.600 An EMH guy. I'm just gonna remind. 0:01:44.360 --> 0:01:46.720 You i'd like an EMH guy. Yeah, I love it, 0:01:46.760 --> 0:01:49.280 But like I do feel like there's this huge tension 0:01:49.360 --> 0:01:51.800 and it only feels like it's accelerating because now there's 0:01:51.800 --> 0:01:53.720 more and more things to bet on, and there's crypto 0:01:53.760 --> 0:01:56.640 and pretty soon on your robin Hood app you're gonna 0:01:56.640 --> 0:01:59.560 be able to like bet on a prediction market on 0:01:59.600 --> 0:02:01.360 what the that is going to do. So we live 0:02:01.440 --> 0:02:05.080 in this world of trading against what all then is 0:02:05.240 --> 0:02:07.560 like myself sometimes. 0:02:06.800 --> 0:02:07.600 The four pros. 0:02:07.720 --> 0:02:11.800 Yeah, well, anyway, we really do have the perfect guest, 0:02:12.160 --> 0:02:16.400 someone I've wanted to speak to literally for years, someone 0:02:16.400 --> 0:02:19.720 who has long been preaching in public that the individual 0:02:19.840 --> 0:02:22.280 can pick stocks, that picking stocks is a good thing, 0:02:22.320 --> 0:02:25.239 that you don't have to accept the idea of just 0:02:25.320 --> 0:02:28.800 being boring and being average and getting the average return. 0:02:29.160 --> 0:02:31.360 We are going to be speaking with Jim Kramer. He 0:02:31.480 --> 0:02:34.080 is the host of Mad Money on some network called CNBC, 0:02:34.320 --> 0:02:35.920 never heard of it, and he is the author of 0:02:35.960 --> 0:02:38.120 a new book, How to Make Money in Any Market. 0:02:38.240 --> 0:02:41.120 So Jim thrilled to have you on the Outlaws. 0:02:41.200 --> 0:02:43.480 First of all, that intro of what you're talking about 0:02:43.600 --> 0:02:45.560 justice is the fundament of what I'm talking about. But 0:02:45.600 --> 0:02:48.799 I want to spend a second talking about the person 0:02:48.880 --> 0:02:53.840 to my life, Joe, Joe, my wife, my wife, my wife, 0:02:54.600 --> 0:02:56.639 the book, door Bookstor And she goes, Okay, you got 0:02:56.639 --> 0:02:59.840 today's show, and you got Joe, and Joe is some 0:03:00.040 --> 0:03:02.800 one who's gonna get it going for you and wake 0:03:02.880 --> 0:03:04.720 up and he's going to probably know the book and 0:03:04.760 --> 0:03:07.160 he's going to know your stuff. And Tracy, I tell you, 0:03:07.200 --> 0:03:09.839 when you do these things are pretty soulless. So when 0:03:09.880 --> 0:03:12.800 you get something like you guys, I mean, I just laugh. 0:03:12.880 --> 0:03:15.640 And you know, my dad sold corrugated. That was his 0:03:15.800 --> 0:03:17.760 job when I was a HEADGS front manager. I just 0:03:17.800 --> 0:03:20.440 went exclusively with him. Let me reference to the last 0:03:20.440 --> 0:03:22.280 week's show. But I do want to talk about totally 0:03:22.400 --> 0:03:25.600 much really about what you're talking about. I wrote this book. 0:03:25.960 --> 0:03:28.360 Well, I just say the first line of the book 0:03:28.480 --> 0:03:32.320 is congratulations, you've just bought the most radical book about 0:03:32.360 --> 0:03:34.760 investing ever in classic creamer models. 0:03:34.800 --> 0:03:40.680 Sure, because understands. But it's true that everyone's been taught 0:03:40.720 --> 0:03:43.320 these days you can't pick stocks and you just have 0:03:43.400 --> 0:03:45.080 to be in the next one. Thank you word Buffett 0:03:45.080 --> 0:03:46.480 for that too, although his stock was the one you 0:03:46.520 --> 0:03:49.320 should have picked. And what bothers me is people are 0:03:49.360 --> 0:03:51.320 going to do it. And you talked about zero day 0:03:51.320 --> 0:03:53.000 and he's like that they're going to do it. If 0:03:53.000 --> 0:03:55.600 they're going to do it, why not help them. I mean, 0:03:55.600 --> 0:03:58.080 one of the premises of the book is is that 0:03:58.200 --> 0:04:02.119 I know that people want to speculate. So look, I say, 0:04:02.200 --> 0:04:04.520 own an index fund for half your money. You got 0:04:04.560 --> 0:04:07.680 to be saving constantly, and then take five slots. Try 0:04:07.680 --> 0:04:09.880 to find four really good stocks and a speculator. One 0:04:09.920 --> 0:04:11.680 you want to go to the nuclear power, you want 0:04:11.680 --> 0:04:16.000 to go through blue energy for hydrogen fuel cells. I'm 0:04:16.000 --> 0:04:18.000 not going to stop you, provided that you try to 0:04:18.080 --> 0:04:21.159 find the next fang. And I'm fortunate enough to create 0:04:21.200 --> 0:04:23.440 a fang because it was just something that seemed funny. 0:04:23.480 --> 0:04:25.280 But you know, I do that too. But what I'm 0:04:25.320 --> 0:04:27.120 trying to do is accept the fact people want to 0:04:27.160 --> 0:04:29.720 do this, do it right, and if they do it right, 0:04:29.760 --> 0:04:32.359 maybe they do it long term owned stocks. Like I 0:04:32.480 --> 0:04:35.200 use the term compounding. How do you compound if you're 0:04:35.200 --> 0:04:39.160 a day trader. You can't. You can't. So I mean, 0:04:39.200 --> 0:04:41.080 I look at this show, and this show is about 0:04:41.200 --> 0:04:44.120 trends and about long term trends. Like I find that 0:04:44.760 --> 0:04:47.440 most things that I read about are about trading, and 0:04:47.720 --> 0:04:50.880 you can't beat the machines trading, but you can beat 0:04:50.920 --> 0:04:54.000 them if you compound long term in really good stocks. 0:04:54.200 --> 0:04:56.279 And I mentioned it's crazy, but I went over one 0:04:56.320 --> 0:04:58.039 hundred years. There was a study about over one hundred 0:04:58.080 --> 0:05:02.200 years and if you held vulcan materials rocks, you made 0:05:02.240 --> 0:05:04.760 a fortune. I don't really emphasize it. But if you 0:05:04.800 --> 0:05:07.520 held Philip Morrise, she made the most money and he's stuck. 0:05:07.960 --> 0:05:10.440 Philip Moore. Oh yeah. They have a whole episode on 0:05:11.000 --> 0:05:12.800 Danny de Vich. You broke that company up as one 0:05:12.839 --> 0:05:14.720 of the greatest breakups ever. But I don't like this talk. 0:05:14.800 --> 0:05:17.640 But I lost my father in law that cancer from smoking. 0:05:17.960 --> 0:05:19.800 Wanted a cigarette on his death. But you know that 0:05:19.880 --> 0:05:22.599 kind of nonsense. So I feel like that long term 0:05:22.640 --> 0:05:25.400 is good provided you do it right. And I let 0:05:25.400 --> 0:05:28.680 people pick stocks because they want to. And by the way, 0:05:28.920 --> 0:05:32.080 there have been six hundred thousand millionaires created by individual 0:05:32.160 --> 0:05:34.520 stocks in the last year, and I want the people 0:05:34.560 --> 0:05:36.080 who read it to be the next ones. 0:05:37.000 --> 0:05:39.479 I think it's fair to say, whatever you think about 0:05:39.720 --> 0:05:43.800 overall performance and the efficient market hypothesis, just putting your 0:05:43.800 --> 0:05:45.480 money in the s and P five hundred is kind 0:05:45.480 --> 0:05:46.359 of boring, right. 0:05:46.320 --> 0:05:49.920 Well, that's it. You see, people they want something, they're jonesing. 0:05:50.720 --> 0:05:52.880 I have to keep them from jonesing on the wrong 0:05:53.040 --> 0:05:55.960 thing because I don't even want jonesy. I actually want investing. 0:05:56.600 --> 0:05:57.880 I was the one to show the other day that 0:05:57.960 --> 0:06:00.440 guy said, why do you encourage day traders? I was 0:06:00.480 --> 0:06:03.280 a hedge fund manager for many, many years, and when 0:06:03.320 --> 0:06:05.320 I quit, I said, you know what, I have got 0:06:05.360 --> 0:06:08.760 to change this because people keep thinking they can come 0:06:08.800 --> 0:06:12.360 in standing start and buy Micron and you don't know 0:06:12.440 --> 0:06:15.679 anything about Micron. Do a standing start. Why not pick 0:06:15.760 --> 0:06:18.440 a great stock that's down because and it's got a 0:06:18.440 --> 0:06:20.400 good yield and you can own it for a long time. 0:06:20.480 --> 0:06:22.840 You see the big secular trend and if I can 0:06:22.920 --> 0:06:25.320 do that and get people to stop day trading. That's 0:06:25.360 --> 0:06:27.840 the win they can't do. You guys think that they 0:06:27.839 --> 0:06:32.080 can win day trading at home. No, No, it's correctly Okay, 0:06:32.160 --> 0:06:32.839 they can't. 0:06:33.360 --> 0:06:35.880 Look so your argument they can't win day trading, but 0:06:35.920 --> 0:06:38.440 they can win picking stocks and holding. 0:06:38.640 --> 0:06:40.520 Yeah. Well, I think that things have changed from when 0:06:40.520 --> 0:06:41.920 I got in the business. I used to go to 0:06:41.920 --> 0:06:46.400 the New York Commercial Library and read microfiche that was 0:06:46.440 --> 0:06:49.000 a couple of months old. Couldn't get any reports. It 0:06:49.040 --> 0:06:52.520 wasn't available. Now everything's available, and I do recommend look 0:06:52.640 --> 0:06:56.479 chat GPT perplexity. You can find out more than you get. 0:06:56.480 --> 0:06:59.760 I mean I was watched within five minutes. They have everything. Yeah. 0:07:00.120 --> 0:07:02.000 I just think that if someone wants to do it right, 0:07:02.360 --> 0:07:04.560 they can do it right. They got four slots away 0:07:04.560 --> 0:07:07.000 from the speculative. I show that one or two if 0:07:07.040 --> 0:07:09.880 they hit, can make up for all the losses. I 0:07:09.920 --> 0:07:11.960 accept the fact that they're going to have losses because 0:07:12.000 --> 0:07:15.840 nobody's that good. But in every kind of schematic I did, 0:07:16.200 --> 0:07:18.960 the index fund didn't do as well, and yet we 0:07:19.480 --> 0:07:21.960 revere the index fund good. We get one really good. Well, 0:07:22.000 --> 0:07:24.080 you have seven good ones in four ninety three bad. Well, 0:07:24.080 --> 0:07:25.400 that's what you and that's not my style. 0:07:26.480 --> 0:07:28.640 It is true. I am kind of partial to the 0:07:28.720 --> 0:07:31.240 argument that because so much of the debate and the 0:07:31.280 --> 0:07:34.440 story is online now that the guy who's like day 0:07:34.480 --> 0:07:38.040 trading from his basement probably has a very good finger 0:07:38.160 --> 0:07:41.040 on the pulse of the market and possibly better than 0:07:41.080 --> 0:07:42.000 some of the professionals. 0:07:42.040 --> 0:07:45.440 Stundus, then you're you're more revusrat that I am. Yeah. 0:07:45.440 --> 0:07:49.480 I think you saw it during the memes stock era. Yeah, exactly. 0:07:50.200 --> 0:07:53.960 Is it weird to go from a professional hedge fund guy, 0:07:54.000 --> 0:07:56.560 a legit hedge fund guy, to the sort of poster 0:07:56.640 --> 0:07:58.480 boy for retail day traders. 0:07:58.600 --> 0:08:02.480 Yes, but I was hedge fund manager. Everything was to 0:08:02.520 --> 0:08:05.080 try to figure out the patterns and now the machines 0:08:05.120 --> 0:08:08.880 do because that was pre machine and now I'm kind 0:08:08.880 --> 0:08:12.280 of a spokesman for the individual investor who is completely 0:08:12.320 --> 0:08:15.200 not the professional. And that's because the show may have 0:08:15.200 --> 0:08:17.920 Money's pron for twenty years. It's a six o'clock show, 0:08:17.960 --> 0:08:21.760 and what happens it's all about what the individual's trying 0:08:21.760 --> 0:08:23.440 to do and what I'm trying to explain. Let's give 0:08:23.480 --> 0:08:26.600 you example tonight, give you a little preview. I'm gonna 0:08:26.600 --> 0:08:28.800 talk about the multiple and why I went talk about 0:08:28.800 --> 0:08:33.079 the multiple because that's the secret sauce. And yet people 0:08:33.080 --> 0:08:36.520 don't understand I'm and I invoke my mom in the book. 0:08:36.640 --> 0:08:39.280 My mom is a person who you meant we were 0:08:39.320 --> 0:08:42.040 talking about injured knew it. My mom is someone who 0:08:42.040 --> 0:08:44.560 says Pepsi's was at one hundred and forty right now 0:08:44.840 --> 0:08:47.640 Coca Cola is sixty seven. I've got to buy coke. 0:08:47.800 --> 0:08:51.440 It should never be as cheap as pepsi. Coke should 0:08:51.440 --> 0:08:53.560 be double And like I would say, Mom, no, that 0:08:53.640 --> 0:08:57.000 has artifice. Is the price sar which is Jimmy, listen 0:08:57.040 --> 0:09:00.720 to me. It's ridiculous to Pepsi's a one forty period, 0:09:00.800 --> 0:09:03.040 end of story. And she didn't know that it was 0:09:03.040 --> 0:09:05.960 a ratio. And she would call in at nine point 0:09:05.960 --> 0:09:08.200 thirty when I was a goldman and buy I want 0:09:08.240 --> 0:09:11.440 to buy three shares of Giant Food. And that was 0:09:11.480 --> 0:09:14.360 not the why I was a goldman, just not to 0:09:14.400 --> 0:09:18.280 do the three Sure, But I am incredibly cognizant in 0:09:18.280 --> 0:09:20.280 the book that people don't know how to read a baluantie. 0:09:20.280 --> 0:09:23.680 So I actually take the risk of twenty pages about 0:09:23.679 --> 0:09:25.559 how to read a balance sheet. I take it now 0:09:25.600 --> 0:09:29.120 when I did the book, they were like, whoa hey, 0:09:29.280 --> 0:09:31.280 and I said, no, no, I got to go there. 0:09:31.320 --> 0:09:33.880 If I'm telling people to own individual stocks, I have 0:09:34.040 --> 0:09:36.280 to help them with chat GPT and how to analyze 0:09:36.320 --> 0:09:38.640 balance sheet and how to actually go line by line, 0:09:38.679 --> 0:09:40.839 because I don't want to be irresponsible and say what 0:09:40.880 --> 0:09:42.760 you ought to do is say, you know what, Coca 0:09:42.800 --> 0:09:45.440 cola is pretty good here You've got to understand why. 0:09:46.000 --> 0:09:47.439 And that's a big part of the book. 0:09:47.679 --> 0:09:51.400 You mentioned a Memestucks as someone who has spent a 0:09:51.559 --> 0:09:56.120 career advocating this for this idea that the individual can 0:09:56.200 --> 0:09:59.240 trade like now in twenty twenty five, Like, what do 0:09:59.240 --> 0:10:02.199 you think about that specific time? I mean, arguably it's 0:10:02.200 --> 0:10:05.000 like multiplied since then, But have you ever do you 0:10:05.040 --> 0:10:07.520 ever stop and think like, do you ever think this 0:10:07.520 --> 0:10:09.320 has gotten out of hand? Do you ever think this 0:10:09.400 --> 0:10:13.600 is a monster that has gone beyond where it's like? 0:10:13.640 --> 0:10:16.840 Do you ever have misgivings about the degree of public participation? 0:10:17.800 --> 0:10:20.400 I had a moment where I had had some serious 0:10:20.440 --> 0:10:24.079 back surgery, so I was out heavily medicated for three days, 0:10:24.120 --> 0:10:26.679 and when I started this game during GameStop may Well, 0:10:26.679 --> 0:10:29.640 GameStop was about one hundred but when I started, and when 0:10:29.679 --> 0:10:33.040 I came to basically and stopped using the whatever kind 0:10:33.040 --> 0:10:35.480 of heroin that they give you these days. It was 0:10:35.600 --> 0:10:40.080 a Thursday and GameStop had quadrupled. I had a Catherine. 0:10:40.160 --> 0:10:41.600 Did you think you were hallucinating? 0:10:42.040 --> 0:10:45.120 Well? I had, yes, yes, I thought that maybe something 0:10:45.160 --> 0:10:48.200 in the midnight guy slipped something. But I had Catherine 0:10:48.360 --> 0:10:51.080 me and I couldn't reach the TV. It must drive 0:10:51.160 --> 0:10:53.640 me crazy. I finally just pulled the Catherine out, which 0:10:53.679 --> 0:10:55.800 is really not a good experience. You really like to 0:10:55.800 --> 0:10:57.439 be more of a pro. And I called in to 0:10:57.559 --> 0:10:59.960 Karl and David, Carl Continua and David Paper and said, 0:11:00.040 --> 0:11:03.840 it's just ridiculous. Everybody has to sell. After that, it 0:11:04.040 --> 0:11:07.800 was twenty four to seven Bodyguard because I destroyed the 0:11:07.880 --> 0:11:11.120 chain letter. Game Stop shouldn't have been a four hundred. 0:11:11.120 --> 0:11:12.800 We all know that it is an industry that game 0:11:12.840 --> 0:11:16.160 Stop is still fighting, and they've got you know, they've 0:11:16.240 --> 0:11:18.120 raised a lot of money by doing that at the 0:11:18.160 --> 0:11:19.120 money sales, the. 0:11:19.120 --> 0:11:20.400 Death threats and stuff like that. 0:11:20.640 --> 0:11:22.280 Oh, I've had a lot of debt, right, I'm sure 0:11:22.280 --> 0:11:23.400 I was supposed to. 0:11:23.800 --> 0:11:26.200 Maybe over maybe we'll talk a little bit about both 0:11:26.240 --> 0:11:28.079 of us need to learn a little bit more about 0:11:28.120 --> 0:11:29.319 how to handle public. 0:11:29.960 --> 0:11:34.679 But yeah, well you've always been you've been straight, and 0:11:34.720 --> 0:11:38.640 we know that you're fearless. And fearless means when you're 0:11:38.679 --> 0:11:41.240 with your guards, they say, listen, you gotta stop being fuels. 0:11:41.240 --> 0:11:43.760 So I owned a restaurant. Yeah, and one of the 0:11:43.760 --> 0:11:45.520 guards said, look, here's what we're going to do. First, 0:11:45.880 --> 0:11:48.400 you're never going to your own restaurant. That's the most VISI. 0:11:48.520 --> 0:11:50.720 I said, I own the restaurant. I like to go 0:11:50.760 --> 0:11:52.960 in Tuesdays and Wednesday. Said okay, you got to vary 0:11:53.040 --> 0:11:55.120 the day and you got to go and no time 0:11:55.200 --> 0:11:57.760 after after seven. I said, well, it doesn't open until seven. 0:11:58.160 --> 0:12:01.120 We have to be a little more cogniz especially in 0:12:01.120 --> 0:12:03.160 this year, this horrible ear that we're seeing. 0:12:03.360 --> 0:12:05.680 Joe, do you still dream of owning a restaurant? Didn't 0:12:05.679 --> 0:12:06.319 you talk about. 0:12:06.160 --> 0:12:10.360 Doing Okay, I gotta tell you. If you can have 0:12:10.520 --> 0:12:14.120 a mixture of alcohol, yeah, you know, you can make money. 0:12:14.280 --> 0:12:14.640 Yeah. 0:12:14.760 --> 0:12:15.959 Yeah, we made money. 0:12:15.760 --> 0:12:16.480 Just on the alcohol. 0:12:16.600 --> 0:12:19.240 You also a business, which we should. 0:12:18.800 --> 0:12:21.240 That's why we had to switch because we saw the 0:12:21.280 --> 0:12:24.960 people buying mescal like man, so we pivoted. Wow, you 0:12:25.000 --> 0:12:30.800 really fought well. Of course, you. You're knowed, the knowledgeable chase. 0:12:31.000 --> 0:12:33.560 I've not worked with you, I've listened to you, and 0:12:33.600 --> 0:12:36.839 you're completely enjoyable and terrific. And this is a show. 0:12:36.960 --> 0:12:40.360 I was telling Joe beforehand, what a cool thing. We 0:12:40.400 --> 0:12:43.720 haven't taken seven commercials yet. Do you realize that we. 0:12:43.720 --> 0:12:45.400 Might have once listened be published? 0:13:02.720 --> 0:13:02.920 Wait? 0:13:02.960 --> 0:13:04.360 Okay, sirious question. 0:13:04.679 --> 0:13:06.680 We've been serious the whole way, right, haven't we? 0:13:06.840 --> 0:13:11.720 Sure you touched on the information? The plethora of information 0:13:11.840 --> 0:13:15.360 sort of leveling the field for professionals and retail. And 0:13:15.400 --> 0:13:18.680 then earlier this week we had Trump suggesting that public 0:13:18.720 --> 0:13:23.280 companies should report every six months instead of quarterly. Oh 0:13:23.320 --> 0:13:25.360 what would that do for the retail investor? And there 0:13:25.440 --> 0:13:28.640 is also this trend towards more private markets, more companies 0:13:28.640 --> 0:13:31.439 that are not ipoing, less information available. 0:13:31.480 --> 0:13:33.679 Well, this has been a great soul searching moment because 0:13:33.720 --> 0:13:38.360 having run a public company the street the quarterly follows 0:13:38.400 --> 0:13:40.800 cost this a fortune. We didn't have that much. It 0:13:40.840 --> 0:13:43.640 was like our whole profit went to the auditors and 0:13:43.679 --> 0:13:45.640 they were real paying the butte because we didn't know 0:13:45.840 --> 0:13:47.600 how to do it. And the CFO at a huddle, 0:13:47.600 --> 0:13:50.600 we lose that person for twenty days. But as an investor, 0:13:50.679 --> 0:13:53.199 I want all the information possible. So I kind of 0:13:53.200 --> 0:13:55.920 feel like, look, you can give us two reports, but 0:13:55.960 --> 0:13:58.120 you've got to give us support that would make us 0:13:58.559 --> 0:14:02.480 in the non secit make us understand why we should 0:14:02.520 --> 0:14:05.319 be paying X for you. Again, the price Durnings motable, 0:14:05.360 --> 0:14:07.480 because that's that's what people need to be able to 0:14:07.480 --> 0:14:10.160 make decisions. This was a harder one than I thought 0:14:10.240 --> 0:14:13.520 because the president really does speak to a lot of 0:14:13.559 --> 0:14:16.120 CEOs and this is what they talk about. 0:14:16.160 --> 0:14:17.680 Yeah, I'm sure they complain about it. 0:14:17.720 --> 0:14:20.400 Oh yeah, because look, one of the things that I 0:14:20.880 --> 0:14:24.200 hated about the being a public company is the conference call. 0:14:24.800 --> 0:14:26.520 What are we going to say? Do we do well? 0:14:26.640 --> 0:14:29.240 What are you going to predict? Are the Martins going up? Martin? 0:14:29.240 --> 0:14:31.480 I mean, and I just we can't give a forecast. No, 0:14:31.520 --> 0:14:33.080 if we don't do forecast, then they won't like us. 0:14:33.400 --> 0:14:35.240 But if we do the forecast, we'll miss the forecast. 0:14:35.320 --> 0:14:39.600 And these kind of silly discussions, they're really silly, and 0:14:39.760 --> 0:14:42.160 I think that they I think they're a shame because 0:14:42.160 --> 0:14:43.800 they suld take a lot of time and they're very 0:14:44.080 --> 0:14:44.800 very misleading. 0:14:45.480 --> 0:14:48.160 You said there's something in your book speaking you read. 0:14:48.040 --> 0:14:50.800 The damn book. Good about it. I read a good 0:14:52.000 --> 0:14:53.680 one reason my wife. My wife said, I bet you 0:14:53.800 --> 0:14:55.000 read it. I bet you read it. 0:14:55.200 --> 0:14:57.640 This is something I wondered about in April when the 0:14:57.680 --> 0:14:59.600 stock market plunged after Liberation. 0:15:00.120 --> 0:15:01.160 Yeah, even they came back. 0:15:01.280 --> 0:15:04.440 But you talked about the fact that like politicians by 0:15:04.520 --> 0:15:08.000 and large, actually Trump is a little different than most politicians, 0:15:08.120 --> 0:15:11.120 but they don't typically run on the stock market, and 0:15:11.160 --> 0:15:14.480 they also like don't run about like the shareholder as 0:15:14.520 --> 0:15:18.080 a class of society that deserves to be represented, right, 0:15:18.200 --> 0:15:19.920 as you mentioned in your book, like Joe Biden was 0:15:19.960 --> 0:15:21.320 sort of proud of the fact that he didn't have 0:15:21.400 --> 0:15:24.520 much money. You never really hear, well, what about the 0:15:24.560 --> 0:15:27.720 shareholder class? Okay, as an individual? And I'm curious why 0:15:27.760 --> 0:15:30.240 you think that, especially now that so many people are 0:15:30.240 --> 0:15:32.800 into stocks. It's so much part of pop culture, et cetera. 0:15:33.200 --> 0:15:36.080 Why don't people talk about the shareholder class. 0:15:36.440 --> 0:15:38.760 I saw Decresso on the floor yesterday, and you know, 0:15:38.800 --> 0:15:41.080 I used to go around the country with him talking 0:15:41.120 --> 0:15:44.720 about the shareholder class and ownership. We just talked about ownership. 0:15:44.720 --> 0:15:46.600 That was kind of pre the idea that everything had 0:15:46.600 --> 0:15:48.680 to be traded. When I was a goldman we talked 0:15:48.720 --> 0:15:52.160 about ownership, and ownership means compounding, and compounding is a 0:15:52.200 --> 0:15:54.880 very boring word, but it is what makes you the 0:15:54.920 --> 0:15:58.680 biggest money. And I think we have to encourage ownership now. 0:15:58.720 --> 0:16:01.160 In terms of President Trump, I was at judge on 0:16:01.200 --> 0:16:03.520 The Apprentice for a very long time, and before that 0:16:03.600 --> 0:16:06.160 he had been on Mad Money multiple times, and he 0:16:06.240 --> 0:16:09.200 always said, look, I don't do stocks. Give me some stocks. 0:16:09.480 --> 0:16:12.560 I want on some stocks. And that's a totally fraud situation. 0:16:12.640 --> 0:16:15.120 You don't want to offer him, you know, alcola. So 0:16:15.200 --> 0:16:18.760 I always just said listening utilities, and he said, good, good, 0:16:18.800 --> 0:16:21.840 this is what I wanted you because utilities. Frankly, you're 0:16:21.880 --> 0:16:24.360 not blowing your head off with ae with marcollucture power. 0:16:24.680 --> 0:16:28.480 But he didn't pride himself in not knowing stocks. He 0:16:28.520 --> 0:16:31.920 wished he had more time to learn stocks. I think 0:16:31.960 --> 0:16:35.080 that he this time around when I spoke to him, 0:16:35.280 --> 0:16:38.320 he's not really into the stock market as a barometer 0:16:38.560 --> 0:16:40.920 of his success anymore. In the old days, when I 0:16:40.960 --> 0:16:43.440 spoke to him as president first go around, he thought 0:16:43.440 --> 0:16:45.800 that the tal you liked the down when the Esva 0:16:45.880 --> 0:16:49.200 the Dal determined it was the great if he didn't 0:16:49.200 --> 0:16:50.920 be if the dal didn't go up, then he wasn't 0:16:50.920 --> 0:16:53.080 a good president. So it was the great determinant. And 0:16:53.360 --> 0:16:56.240 I always tell him, please don't do that. It's too hard. 0:16:56.280 --> 0:17:00.360 You're not really one for one with it. Like yes, 0:17:00.400 --> 0:17:03.160 he liked that. It was like the Nielsen's and I 0:17:03.240 --> 0:17:05.160 have to tell you that doing the Prendice was quite 0:17:05.359 --> 0:17:06.120 quite enjoyable. 0:17:06.680 --> 0:17:08.919 Wait tell us stories. I want to hear the behind 0:17:08.960 --> 0:17:09.719 the scenes gossip. 0:17:09.880 --> 0:17:12.760 Well, I mean, what would happen is is that you 0:17:12.880 --> 0:17:15.600 had to monitor tasks. I'm not going to mention they 0:17:15.640 --> 0:17:18.480 would have a task. I'm not going to mention individual 0:17:18.600 --> 0:17:21.000 names because I've had a non disclosure, but i will 0:17:21.000 --> 0:17:23.840 tell you there's some people who do the task and 0:17:23.880 --> 0:17:26.199 some people who want you to do the task like me. 0:17:26.640 --> 0:17:28.399 And I was like, no, I'm just a judge. But 0:17:28.760 --> 0:17:31.199 we would go through it and I would have to 0:17:31.320 --> 0:17:34.080 out the person who did nothing or out the person 0:17:34.080 --> 0:17:36.320 who said they were doing something. And you know, maybe 0:17:36.359 --> 0:17:38.639 the two people were doing it and one was doing 0:17:38.680 --> 0:17:41.640 nothing or didn't show. There were some of those instances, 0:17:42.000 --> 0:17:47.960 but in the end they used my verdict, I'd say 0:17:48.040 --> 0:17:50.560 maybe half the time. And I wish they'd used it 0:17:50.600 --> 0:17:52.280 more because I spent a used amount of time looking 0:17:52.320 --> 0:17:55.680 at it. But the president had a he had views, 0:17:55.720 --> 0:18:00.560 he had strong views, and they views did conflict with mine. Often. 0:18:01.640 --> 0:18:04.960 Here's a question. It's sort of a media naval gazing question, 0:18:05.240 --> 0:18:07.879 but also a serious one. So you've been doing the 0:18:07.880 --> 0:18:11.960 show for twenty years, which is phenomenal. I heard also 0:18:12.000 --> 0:18:13.920 that you get up at three am every day to 0:18:13.960 --> 0:18:15.640 go to the gym and then do the show, which 0:18:15.680 --> 0:18:18.800 is well three fifteen, three fifteen or the extra fifteen minutes. 0:18:19.000 --> 0:18:21.240 I always, because I'm a competitive guy, I always said 0:18:21.320 --> 0:18:23.880 I get up earliest so that I beat everybody else. 0:18:23.920 --> 0:18:25.320 But that's losing its charm. 0:18:25.359 --> 0:18:28.800 Frankly, how do you benchmark your own performances? 0:18:29.280 --> 0:18:32.119 How do I bench because I know I doing two 0:18:32.240 --> 0:18:34.639 fifty initially, I'm sorry? How do I bench bark my 0:18:34.680 --> 0:18:35.320 own performance? 0:18:35.680 --> 0:18:38.520 Your own performance when it comes to stockpicking? Because frankly, 0:18:38.840 --> 0:18:42.280 like twenty years of content, multiple stock picks, I don't 0:18:42.280 --> 0:18:44.200 even know how you keep track of all of them, 0:18:44.240 --> 0:18:47.240 Like I can't remember the episodes we did two weeks ago. 0:18:47.640 --> 0:18:49.560 Well, okay, I mean I have a charitable chest, so 0:18:49.560 --> 0:18:52.040 you can look at it. You can't really compound if 0:18:52.080 --> 0:18:53.600 you sell, you have to give the profits a way 0:18:53.600 --> 0:18:56.000 in the difference of given way. But it's all pretty public. 0:18:56.040 --> 0:18:59.640 But I would gauge me by what I talk about endlessly. 0:19:00.080 --> 0:19:03.359 And now this is not people think that's anecdotal for 0:19:03.440 --> 0:19:06.960 twenty years. It's empirical. If you talk about Apple thirty 0:19:06.960 --> 0:19:10.200 two times a week and you talk about Newcore one 0:19:10.320 --> 0:19:13.680