吉姆·克莱默的疯狂金钱节目 3/27/26

前5000美元，那就投标普吧。

First 5,000, that's gonna be S and P.

标普500。

S and P 500.

等他再大一点，看到自己喜欢的公司时，我们可以让他参与股市，但我们总是从标普500开始。

Now maybe when when he gets a little bit older and he sees some company he likes, we can get him involved with the stock market, but we always start the S and P 500.

接下来是来自田纳西州的威廉提问：英伟达已向CoreWeave、Nebius、英特尔、Coherent和Lumentum等公司投资了数十亿美元。

Next, have William from Tennessee who asked, NVIDIA has invested billions in companies like CoreWeave, Nebius, Intel, Coherent, and Lumentum.

这对英伟达股票的投资者有何影响？

What how does this affect investors in NVIDIA stock?

我们是否也在间接投资这些作为英伟达投资对象的公司？

Are we also indirectly investing in those companies who are NVIDIA holdings?

这对我们的意义是什么？

How does this work for us?

好的。

Okay.

这是一个非常重要的问题。

This is a really important question.

首先，我知道英伟达的股价在下跌。

First of all, I know NVIDIA is going down.

我明白，我不是傻子。

I like, I'm not not an idiot.

我的意思是，你看股价在下跌。

I mean, you look at the stocks going down.

他们确实开了一场非常成功的会议，而当一场出色的会议之后股价却下跌了，这说明该股票属于当前表现不佳的板块，也就是科技板块。

They did have a great meeting, and when you you have a great meeting and stock goes down after, it means the stock is part of a cohort that's hurting right now, and that's technology.

我认为你不能每天都去看英伟达的股价。

I think you can't take a look at Nvidia every day.

我知道，正如我一直在说的，我认为它最终会回升的。

I know that if you feel like I as I've been saying, look, I I do think it's gonna come in.

你可以卖出一部分，然后稍后再买回来。

You you can sell some, and you can buy it back later.

我觉得这对大多数人来说太复杂了。

I think that's too tricky for most.

英伟达所进行的投资，是构建一个愿意使用英伟达产品的生态系统的一部分。

The investments that Nvidia makes are part of creating an ecosystem that wants to use Nvidia.

因为英伟达试图做到的是，成为软件开发领域最重要、人工智能领域最重要的公司，而它正成功地实现这一点。

Because what NVIDIA is trying to do is make it so it's the most important stock, most important company when it comes to writing software, most important company when it comes to artificial intelligence, and it's succeeding in doing that.

我认为人们必须认识到，是的，目前它并不被看好。

And I think that people have to recognize that, yes, at this moment, it's not in favor.

谷歌也不被看好。

Google's not in favor.

Meta也不被看好。

Meta's not in favor.

这不过是周期性的波动。

It just it's cyclical.

它会回来的。

It will come back.

但问题是，现在人们说，我想要立刻得到。

But the problem is right now, people say, I want it now.

我现在就告诉你，你得不到，因为战争还在继续。

And I'm gonna tell you right now, you're not gonna get that because the war is still on.

再次感谢我们所有的俱乐部成员。

Thanks again to all our club members.

我真的很希望你们加入俱乐部，但这就是我们真正做的事情，而且每天都如此。

I really want you to join the club, but this is the kind of stuff we really do do, and it's every day.

谢谢。

Thank you.

这些钱每天都回流回来。

That money's back every day.

接下来，酒精行业是否正在失去吸引力？

Coming up, is the alcohol sector losing its buzz?

克拉默正在分析，现在是否是投资杰克丹尼母公司布朗福曼的时机，尤其是在其可能与保乐力加合并之前。

Cramer is breaking down whether now is the time to buy into Jack Daniel's parent company, Brown Forman, ahead of its potential merger with Perno Ricard.

下一个。

Next.

是什么让你有信心去做一件以前没人做过的事情？

What made you confident that you could do something that hadn't been done before?

我毫不畏惧失败。

I have no fear of failure.

开拓女性，改变游戏规则。

Trailblazing women changing the game.

其中之一

One of

我最喜爱的建议之一：想想你的老板的老板需要什么。

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

领导力可以以许多不同的形式呈现。

Leadership can look in many, many different forms.

归根结底，就是相信自己。

It really does come down to just trusting yourself.

人生短暂，

Life is short,

你必须志存高远，才能成就大事。

you just gotta think big to accomplish big things.

朱莉娅·布斯坦主持CNBC《变革者与权力人物》。

Julia Boorstin hosts CNBC Change makers and power players.

新节目每周二在您收听播客的平台上线。

New episodes every Tuesday wherever you get your podcasts.

在荒野中迷失多年后，现在是不是该重新考虑酒类公司了？

After spending years lost in the wilderness, is it finally time to give the liquor companies another look?

以布朗福曼公司为例。

Take Brown Forman, please.

不。

No.

开玩笑的。

Just kidding.

布朗福曼是杰克丹尼等众多品牌的母公司。

Brown Forman is the parent company of Jack Daniel's among many other brands.

据传它可能将被法国酒业巨头贝尔纳·里卡尔收购，消息传出后，其股价昨日上涨近10%，今日又上涨了5.8%。

It shot up nearly 10% yesterday and another 5.8 today on news that it might be selling itself to Bernard Ricard.

那是法国的酒业巨头。

That's the French alcohol giant.

并购被看作是赚钱的绝佳方式。

Takeovers heard a terrific way to make money.

更重要的是，它们表明收购方真心相信该行业中有值得付出代价的东西。

And more important, they show that the acquirer genuinely believes that something in the industry is worth paying for.

在酒业领域，这可是个实实在在的信号，因为布朗福曼的股价已从2020年的高点下跌了73%，直到本月早些时候触底。

That's a real statement when it comes to liquor business, where Brown Forman has seen its stock fall 73% from its 2020 highs to its low earlier this month.

这种下滑起初是逐步发生的，但随后在接下来的几年里加速了。

That slide happened gradually first, but then it's steepening over the next couple of years.

搞定。

Boom.

我注意到，目前共和党推动的减肥药物随处可见，它们不仅能减少食欲，还能降低对酒精的渴望。

I point over what's probably the GOP dash one weight loss drugs are everywhere now, they reduce cravings, not just for food, but also for booze.

年轻消费者把身体当作某种圣殿来对待，而不是像我过去那样把它当成酒馆。

Younger consumers treat their body as if it's some sort of temple, not a tavern like I did.

在24个州，合法大麻带来了新的竞争，消费者似乎不太愿意为那些长期支撑行业的高价烈酒品牌支付溢价。

There's newfound competition from legal cannabis in 24 states, and consumers seem reluctant to pay up for a higher priced liquor brands that have been carrying the industry for a long time.

高端化时代结束了。

Premiumization ended.

还存在供过于求的问题。

There's also an oversupply problem.

只有少数几家公司囤积了价值数十亿美元的陈年烈酒，这在威士忌品类中尤其严重，而威士忌正是布朗福曼公司的核心业务。

Just a handful of companies are sitting on one on billions of dollars worth of aged spirits, and that's probably particularly bad in the whiskey category, brown formants bread and butter.

二手橡木桶市场也表现糟糕，这给布朗福曼和其他威士忌生产商带来了另一重压力。

The market for used barrels has also been awful, representing another headwind for Brown Forman and other whiskey makers.

最近谷物价格上涨，更让他们雪上加霜。

Doesn't help that they also need to cope with higher grain prices recently.

当然，到这个时候，你必须想象大多数负面因素已经反映在股价中了。

Of course, at this point, you gotta imagine that most of the negatives are finally baked into the share price.

显然，布鲁诺·里卡尔就是这么想的，否则他们不会去谈判收购布朗福曼公司。

Clearly, that's what Bruno Ricard thinks, or else they wouldn't be negotiating to acquire Brown Forman.

这是一个意外的催化剂，它让我想用全新的视角审视整个行业。

This was an unexpected catalyst, and it makes me want to look at the whole industry with fresh eyes.

布鲁诺·里卡尔非常聪明，我对这个行业相当了解，他们确实非常出色。

Bruno Ricard is such a smart I I know this business pretty well, and they're they're brilliant.

我能说什么呢？

What can I tell you?

我们先从烈酒市场说起，2025年它又经历了一个疲软的年份。

Let's start with the border spirit space, which had another weak year in 2025.

美国烈酒总销售额下降了2.2%。

Total US spirit sales down 2.2%.

但尽管总销售额受到影响，这完全是由于价格下跌造成的。

But even though total sales got hit, that's all from lower pricing.

对我而言，销量实际上增长了1.9%。

Volumes were actually up 1.9% to me.

这是个好迹象，说明需求依然存在。

That's a good sign because it means that there's still some demand.

而且，烈酒一直在从啤酒和葡萄酒手中夺取市场份额。

Plus, spirits keep taking market share from beer and wine.

在烈酒品类中，威士忌的表现明显优于伏特加和曾经非常火爆的龙舌兰酒。

And within spirits, whiskey's finally been hold up a lot better than vodka and the once really hot tequila.

与此同时，预调鸡尾酒的表现极为出色。

At the same time, premixed cocktails have been doing incredibly well.

这被称为即饮品类。

This is what's known as the ready to drink category.

布朗公司在这个领域占据重要地位，其即饮业务在过去三个报告季度实现了8%的增长。

Brown forming a big presence there, and they're ready to drink business had 8% growth over the last three reported quarters.

他们在新推出的以El Jimador龙舌兰酒为基酒的混合产品上取得了显著成功。

They've seen real success with their new mixed product featuring El Jimador tequila.

顺便说一下，我认为这正是Pernod Ricard有意收购这家公司的部分原因。

By the way, think that's part of the reason why Pernod Ricard is interested in acquiring the company.

它的销量非常好。

It is selling so well.

现在，你需要了解的是。

Now here's what you need to know.

没有人说Brown Forman的情况一片大好。

No one say that things are going great for Brown Forman.

我不想给你这种印象。

I don't wanna give you that impression.

事实并非如此。

They're not.

但考虑到这是一家拥有强大品牌的企业，而杰克丹尼在过去五年里股价下跌了近70%，所以我们必须酌情评估。

But given the context of a stock with a great brand, Jack Daniels down nearly 70% over the past five and if yours we have to grade this one on a curve.

更重要的是，确实出现了一些改善的迹象。

More importantly, there are genuine signs of some improvement.

首先，布朗福曼公司并没有闭目塞听。

First, it's not like Brown Forman has its head in the sand.

去年年初，公司宣布了一系列战略举措以控制成本，并裁员12%。

At the beginning of last year, the company announced a series of strategic initiatives to get its costs under control, laid off 12% of its workforce.

今年春天，管理层重新调整了分销商关系，并持续对产品组合进行细微优化。

Management shook up their distributor relationships last spring, and they keep tweaking the portfolio around the edges.

他们以前并不做这些事。

They didn't used to do this stuff.

他们以前也不需要做这些事。

They didn't have to do this stuff.

而且听好了，在经历了一段令人沮丧的时期——布朗福曼在八个季度中有七个未能达到营收预期之后，公司的盈利状况正在逐步改善。

And listen, the company's own earnings have been getting incrementally better after a sickening period where Brown Forman missed revenue expectations in seven out of eight quarters.

他们确实没达到。

They missed.

公司已连续三个季度超出净销售额预期。

Company has beaten net sales expectations for three quarters in a row.

事实上，在连续八个季度同比下滑之后，布朗福曼在最近一个季度实现了正的净销售额增长，并且盈利也显著超出预期。

In fact, after eight consecutive quarters year over year declines, Brown Former reported positive net sales growth in its most recent quarter along with a healthy earnings beat.

嘿。

Hey.

所以，就是这样。

So that.

对吧？

Right?

当你查看截至一月份的三个月最新数据时，这是一次全面的收入和利润超预期。

When you look at their latest numbers for the three month period that ended in January, this was a clean top and bottom line beat.

有机销售额增长了1%。

Organic sales grew 1%.

华尔街原本预期会下降5%。

Wall Street was looking for a 5% decline.

这个差距很不错。

Nice delta there.

净销售额增长了2%，达到16亿美元，超过了市场共识预期的10亿美元。

Net sales grew 2% to a dollars to 1,600,000,000.0, and that beat the 1,000,000,000 at consensus estimate.

利润增长了1%，达到每股58美分，比分析师预期高出11美分。

And earnings grew a percent, but they grew to 58¢ a share, 11¢ higher than what analysts expected.

当然，股市并未因这一远超预期的季度表现而给予任何正面反应。

Of course, the stock didn't get any credit for the much better than expected quarter.

事实上，布朗福曼的股价在财报发布后下跌了6.6%，之后又持续低迷了数周。

In fact, Brown Forman's stock dropped 6.6% in response, then it kept void for another few weeks afterwards.

我觉得这令人震惊，但主要原因在于管理层在财报中并未上调全年预测，尽管业绩良好，仍只是重申了之前的展望。

I I found that shocking, but that was mostly because management declined to raise its full year forecast with the report, merely reiterating the previous outlook despite the fact that they had good numbers.

经过多年的痛苦煎熬。

So after years The house of pain.

在

In the

痛苦时期之后，业务终于开始出现改善。

house of pain, the business is finally seeing some improvement.

与此同时，只要你能信任管理层实现业绩，该股票的价格已经变得相当便宜。

Meanwhile, the stock's gotten pretty darn cheap as long as you can trust management to make the numbers.

目前其股价仅低于今年预期收益的16倍。

It now sells for less than 16 times this year's earnings estimate.

是的。

Yeah.

这比2020年高点时的40倍市盈率大幅下降，现在又出现了来自帝亚吉欧的新催化剂来吸引关注。

It's down from 40 times earnings at its highs in 2020, and now there's this new catalyst to take over interest from Pernod Ricard.

我应该先说明，对于这种交易的可能性，确实存在一些令人怀疑的理由。

Now I should say upfront that there are reasons to be skeptical about potential for a deal like this.

布朗福曼公司采用双重股权结构，布朗家族控制着大部分投票权，过去他们一直对收购传闻持抵制态度。

Brown Forman's got a dual class share structure where the Brown family controls most of the voting power, and in the past, they've been resistant to takeover talk.

也许过去五年股价的低迷已经改变了他们的想法。

Me maybe the stocks under performance for the past five years has changed their mind.

《华尔街日报》昨天报道，正在考虑的交易方案包括相当大比例的股票组成部分。

The Wall Street Journal reported yesterday that the deal being considered includes a significant stock component.

因此，这个家族仍将作为客户实体的主要股东。

So this family would remain a large shareholder of the client entity.

我希望他们愿意出售，因为坦白说，我认为这个拟议的合并意义重大，它将创建一家业务更多元化、更能与市场领导者帝亚吉欧抗衡的公司，而后者目前看起来像个虚弱无助的巨人。

I hope they're willing to sell because frankly, think this proposed merger makes a ton of It would create a combined business that's more diverse and better positioned to take on the market leader that is Diageo, which right now feels like kind of a pitiful helpless giant.

此外，还可能产生大量的成本协同效应。

There could be lots of cost synergies too.

但在这段非常精彩的故事中，关键在于：

But here's the bottom line in this very exciting story.

百加得与布朗福尔曼潜在合并的消息，让人们开始怀疑这些烈酒公司是否真的有价值。

The news of a potential merger between Pernod Ricard and Brown Forman has been wondering if some of these liquor companies might actually be worth something.

布朗福尔曼的股价已从高点大幅下跌，而其核心业务终于再次开始超越预期数字。

A stock like Brown Forman has come down huge from its highs, and the underlying business has finally started beating the numbers again.

它们甚至在多年以来首次实现了销售额和利润的增长。

They're even posting sales and earnings growth for the first time in ages.

因此，尽管这个糟糕的市场让你想着去酒铺买一瓶杰克丹尼，甚至只是为了刷牙，但你或许更应该买一些生产这瓶酒的公司的股票。

So while this horrible market has you thinking about buying a bottle of Jack Daniel's at your liquor store, maybe even just to brush your teeth with, perhaps you should be picking up some shares of the company that made the bottle.

第一次，不，是第一次。

For the first time, no, first time.

我觉得百富勤可能值钱了，拜托。

I think that Brown Forman could be worth Come on.

来自路易斯安那的戴维。

David in Louisiana.

戴维。

David.

嘿。

Hey.

晚上好，吉姆。

Good evening, Jim.

这里是秋葵浓汤、红腰豆和米饭的故乡，还有相当不错的炸鸡。

Home of gumbo, red beans, and rice, and some pretty good fried chicken.

我还有一个关于必胜客的问题。

Got another question on Yum brands.

一个专注的品牌似乎在当前高油价的情况下遇到了一些麻烦。

A focused brand seem like they may be a little bit in trouble right now with this high gas prices.

我只是想知道，你是否认为在这个领域应该稍微放缓一下。

I'm just wondering if you might say to slow down a little bit here in this sector.

我认为百胜的股价已经跌到了非常有吸引力的水平。

I think that Yum has come down to a very attractive price.

1.53美元，从1.69美元下跌，市盈率23倍，增长强劲，轻资产模式。

$1.53, down from $1.69, 23 times earnings, excellent growth, asset light model.

而目前全球经济发展状况，并不会真正影响一家提供物超所值套餐的公司。

And right now, what's going on in the worldwide economy does not really impact a company that offers a nice value meal.

我们接下来听听来自俄亥俄州的科德尔的提问吧？

How about we go to Cordell in Ohio?

科德尔。

Cordell.

你好。

Hey.

晚上好，吉姆。

Good evening, Jim.

你最近怎么样？

How are you doing?

我很好，科德尔。

I'm doing well, Cordell.

你呢？

How about you?

我状态很棒。

I'm doing great.

我打电话是想聊聊一家零售公司，今年股价下跌了约20%，从历史高点算起几乎下跌了50%。

Calling in about a retail company that's currently down for the year about 20% and from its all time highs about almost 50%.

我知道很多公司都感受到了压力，尤其是战争带来的影响。

I know a lot of companies are feeling pressure, especially what's going on with the war.

我只是想知道，这家公司不久前刚进行过一次股票分割。

And I was just wondering, this company had a stock split not too long ago.

我知道在新冠疫情期间，它的表现相当不错。

And I know during COVID, it was pretty did pretty well.

我知道疫情结束后，它的表现也很不错。

And I know coming out of COVID, it did pretty well.

你对CMG有什么看法？

What's your thoughts on CMG?

老天，我得跟你说实话。

Man, I gotta tell you.

说实话，我以为它会维持在这个水平。

I thought candidly, it was gonna hold at this level.

现在是关键时期。

This is the this is the crunch time.

它现在是30美元。

It's at 30.

我认为它能做到。

I think it can do so.

但问题是。

But here's the problem.

它必须展现出优于预期的业绩，但迄今为止还做不到。

It's got to show some better than expected numbers and it hasn't been able to do that yet.

斯科特·博特赖特，你必须交出一个更好的季度报告。

Scott Boatwright, you must deliver a better quarter.

你只剩一个月了，4月29日。

You got one month left, April 29.

必须交出好成绩。

Gotta deliver.

非得不可。

Have to.

来自俄亥俄州的詹姆斯。

James in Ohio.

詹姆斯。

James.

吉姆，我是Broad and Alley的吉姆。

Jim, it's Jim from Broad and Alley, man.

我今天打电话是想聊聊Costco的事。

I was calling you today about Costco.

你知道，从一月份的低点来看，它似乎已经反弹了大部分，可能超过50%，但最近又回撤了一点。

You know, when from its low in January, it seems to have recovered most or maybe 50% or more from where it was, but then it's pulled back a bit.

考虑到我们目前所处的经济风暴，他们也知道公司换了新CEO。

Considering the economic maelstrom that we seem to be in, they know they do have a new CEO.

你觉得现在还有进一步回撤的可能吗？

Do you see any possibility for further pullbacks at this point?

没有。

No.

没有。

No.

没有。

No.

这个就是在当前环境下你应该买入的。

This this one is what you buy in this environment.

我们看到很多股票表现很差，除了化工股和石油股。

We see a lot of stocks doing quite badly except for the chemical stocks and the oil stocks.

我想把好市多和沃尔玛也列入其中，这两家公司是值得买入的，因为它们代表了非常艰难的经济环境。

And I wanna put Costco in there and Walmart as two stocks of companies that you buy because if those are representing a very difficult, economic environment.

人们认为我们之所以陷入这种状况，是因为战争，而好市多将成为大赢家。

That's what people think we've gotten because of the war, and Costco's gonna be a big winner.

在我们的旅行信托基金中，我们继续保持持仓，我现在对它的喜爱程度超过了很长时间以来的任何时候。

And, we stay long here for our travel trust, and I like it more now than than I have in a very long time.

好的。

Alright.

第一次，我真的认为布朗福曼公司的股票——记得它是杰克丹尼的拥有者——现在值得持有。

For the first time, I actually think the stock of Brown Forman, owns, remember Jack Daniels, could be worth owning here.

今晚我们还有更多内容要聊。

Now we've got so much more ahead tonight.

在我与达蒙·约翰·朗的访谈中，他是我最喜爱的嘉宾。

Good in my interview with Damon John Long, my fave guest.

随着人工智能威胁着蓝领和白领工作的未来，我正与一位长期倡导企业家精神和美国创新的人士一起展望未来。

As AI threatens the future of blue and white collar work, I'm looking through the future with someone who's been a champion of entrepreneurs and American innovation.

就是这一点。

There's that.

没有任何投资者的股票组合能做到100%准确。

No investor has a 100% track record of stocks included.

我正在复盘一些最近操作中出现的小失误。

I'm reviewing some of my latest moves that went a bit wrong.

我告诉你我从中吸取的教训。

I'm telling you what I learned.

今天我不得不每天听这个。

I have to hear it daily today.

你不能拍着胸脯说，为什么选好市多？

You can't pound your chest to say, why on Costco?

当然，还有快速问答环节。

And, of course, rapid fire calls.

今晚的特别版，闪电轮。

Tonight's edition, lightning round.

请继续关注我。

Stay with me.

在人工智能和经济不确定性重塑世界的时代，人们如何保持相关性并持续获胜？

How do people stay relevant and stay winning in a world that's being reshaped by artificial intelligence and economic uncertainty?

为了解答这个问题，我们邀请的是达蒙·约翰。

To answer that question, we're going to Damon John.

他是企业家、时尚设计师，也是畅销书作者——你认识他，因为他是FUBU的创始人兼首席执行官，更不用说我们所有人都喜爱的《创智赢家》原始鲨鱼之一，这实在太引人入胜了。

He's the entrepreneur, fashion designer, and best selling author of well, you know him as the founder and CEO of FUBU, not to mention what we all love him as, one of the original sharks from Shark Tank, which is so compelling.

最近，他专注于通过他的CEO接入平台进行品牌建设和曝光，帮助高管们管理自己的品牌形象。

Lately, he's been focused on branding and visibility through his CEO access platform where he helps executives manage their brands.

有些人甚至根本不知道自己拥有品牌。

Some don't even know they have it.

他们最好清醒过来。

They better wake up to it.

让我们仔细看看，约翰先生。

Let's take a closer look, mister John.

欢迎回到《财富五月》。

Welcome back to May of Money.

谢谢。

Thank you.

一如既往，感谢你邀请我，兄弟。

Thanks for having me as always, brother.

好的。

Okay.

我们最近请到了我最喜欢的CEO之一。

So we recently had one of my fave CEOs on.

是的。

Yeah.

劳埃德·布兰克费恩，非常精明。

Lloyd Blankfein Street wise.

我甚至没读他的书，你知道，因为我已经读过了。

I didn't even read his book, you know, because I read it.

是的。

Yeah.

这里明明写着：羞愧啊，我和高盛。

It says right here, shame on me and Goldman.

我给其他首席执行官的建议是：创造机会展示你是谁以及你代表什么。

My advice to other CEOs, create opportunities to show who you are and what you stand for.

如果等到危机发生才这么做，效果并不好。

It's not very effective if you wait until there's a crisis to do that.

但他没告诉我们该怎么做。

But then he didn't tell us how to do it.

你得

You have

告诉我们。

to tell us.

嗯，是的。

Well, yes.

你必须从一开始就塑造自己的品牌形象。

You have to start branding yourself from the beginning.

首先，无论是CEO、创始人还是任何人，你都是一个品牌，无论你是否主动管理它。

So first of all, CEOs, founders, anybody, you are a brand whether you're in charge of it or not.

如果你不掌控自己的品牌，当你走进房间时，就等于把解读权交给了别人。

If you aren't in charge of your brand, when you walk into the room, you leave it up to us to interpret.

但作为CEO，人们并不总是想了解公司本身。

But as a CEO, people don't wanna know about the company all the time.

他们更想了解背后的人是谁。

They wanna know who's behind it.

如果你隐形了，你就变得脆弱。

And if you are invisible, you're vulnerable.

如果你容易被取代，你就岌岌可危。

And if you're vulnerable, you are replaceable.

就是这样，没得商量。

It's period since that's it.

对吧？

Right?

但咱们来想想这个，吉姆。

But let's think about this, Jim.

你肩负着更大的受托责任。

You have a bigger fiduciary duty.

如果那个在邮件室、有四万粉丝的小子打算挑战你呢？

What if the kid in the mail room with 40,000 followers decides to come after you?

如果你失去了这个位置，人们就会丢掉工作。

If you lose that position, people lose their jobs.

人们啊，你知道的，公司会垮掉，因为现在就是这种情况。

People, you know, the company goes down because that's where we're at today.

你必须能够打造自己的个人品牌，而且必须从一开始就这么做。

You have to be able to brand yourself, and you have to start doing it in the beginning.

想出两到五个能代表你的词语。

Come up with two to five words that you represent.

开始去

Start to

两到五个。

Two to five.

我的两到五个词是：我正在追寻。

My two to five words are I'm on a quest.

我的两到五个词是：早期发现。

My two to five words are early early detection.

你代表什么？

What do you represent?

耐克，just do it。

Nike, just do it.

愚者前偏见。

Fool before us bias.

白城堡，你渴望的是什么？

White Castle, what you crave?

TNT，我们懂戏剧电视。

TNT, we know drama TV.

这非常有趣。

It's very funny.

想出你的两到五个词，这就是你的叙事、你的北极星，然后你开始围绕这些词创作内容、公开信息。

Come up with your two to five words and that's your narrative, your North Pole, and you start creating content decisions, public, you know, information around those

等等。

Wait.

等。

To Wait.

看。

See.

有一些公关人员，是的。

There are these PR people Yeah.

他们会告诉你，躲在幕后。

And they're gonna say to you, stay behind the scenes.

这是团队的事。

It's the team.

对。

Yeah.

保持低调。

Take a low profile.

你打算怎么

What do you

回应他们呢？

say to them?

那么，你会请公关人员，再请舆论引导者，然后登上舞台吗？

Well, are you gonna have PR people, and then you're gonna have spin doctors, and then you're gonna get on stages?

我们合作的那些首席执行官们，就像超级英雄联盟。

The CEOs we work with, it's like the Super Friends.

我们有一大群人。

We have a bunch of people.

刚才我走在走廊上，突然发现了这个。

When I, you know, I I just found this walking down the, you know, the hallway just now.

当我登上这期封面时，下一次封面就得让别人来。

When I won this cover right here, I need somebody else to be on the cover the next time on the cover.

当我达沃斯发言时，当我在罗斯发言时，当我在米尔肯论坛发言时，谁来接替我讲话？

When I speak at Davos, when I speak at Roth, when I speak at Milken, who's gonna speak after me?

我把那些首席执行官们带到房间里。

I bring those CEOs in the room.

你不想坐在观众席上。

You don't wanna be in the audience.

你想要掌控你对话的对象，因为当你融资、上市时，你希望在走进房间之前，你的名字就已经在房间里了。

You wanna dictate who you're speaking to because when you're raising capital, when you're when you're going public, you want your name in the room before you walk into the room.

你希望别人主动邀请你进入房间。

You want people to ask for you to come into the room.

但如果你让别人来定义你是谁，会发生什么？

But what happens if you let others define who you are?

如果我只告诉你一件事，而你再告诉

If I just tell you one thing and you tell

别人，那就完全是另一个故事了。

it to somebody else, it's a whole another story.

对吧？

Right?

你必须掌控这一切。

You have to be in control of it.

我的意思是，要掌控这件事。

I mean, about it.

我们来这样想一想。

Let's let's think about like this.

看看汉堡王和麦当劳。

Well, look at Burger King and McDonald's.

我们来听听

Let's listen

听听汉堡王和麦当劳。

to Burger what you King and McDonald's.

你知道，麦当劳的首席执行官最初可能只是想尝试一些他认为会成功的东西。

You know, the the McDonald's CEO, he started off probably trying to do something that he thought would work.

结果稍微有点适得其反，但你知道吗？

It backfired a little against him, but you know what?

他没有一支合适的团队来告诉他：现在我们需要以不同的方式切入，围绕原本可能被视为负面的东西制定策略。

He didn't have the right team to say, now we're gonna need to lean into it in different ways and build a strategy over what could have been seen negative.

但汉堡王的首席执行官抓住了这一点。

But the Burger King CEO took that.

他做了自己的版本，结果现在他们说：我们要开除国王。

He went and did a a kinda his version of it, and now they said, we're firing the king.

我就是国王。

I'm the king.

我会继续为所有新的国王接电话。

I'm gonna keep picking up the phone for all the new kings.

现在我们知道是谁了。

Now we know who it is.

汉堡王现在看起来像是CEO在给其他人提供机会。

Burger King now looks like we're giving other people opportunities by the CEO.

所以告诉我。

So tell me

我的意思是，你经常谈论这么多东西，而我在这档节目中非常关心的一件事是蓝领与白领的区别。

about I mean, you've got so much that you often talk about, And one of the things that I care tremendously about on this show is blue collar versus white collar.

是的。

Yeah.

这是你比其他人更擅长理解的另一件事。

This is another thing that you have figured out better than others.

很多人以为上了大学，就能拿到九万美元的年薪，然后顺利毕业。

A lot of people think you go to college, $90,000 a year, you get out.

哎呀。

Oops.

说错话题了。

Wrong subject.

我们该怎样告诉这些人呢？

What do we tell these people?

听好了。

Listen.

今天毕业的大学生中，有一半人将来退休时从事的工作，如今还不存在。

Fifty percent of the kids graduating today will retire with a job title that doesn't exist today.

背负着巨额债务，而你却要为一份可能根本不会有、或者根本不会从事的工作还债。

There's a massive amount of debt, and now all of a sudden, you're paying off debt for a job that you don't necessarily or not gonna have.

技工行业有五十种不同的工种。

The trades have 50 separate trades.

我们需要越来越多的能源。

We need more and more energy.

我们需要更多的人成为水管工、电工。

We need people to be plumbers, electricians.

现在有些家庭可能会说：你希望我的孩子长大后当水管工？

Now some family's gonna say, well, you want my child to grow up to be a plumber?

这确实是个问题。

And that's a problem.

对吧？

Right?

这是个问题吗？

Is it a problem?

你知道，婴儿潮一代正在离世，而他们的孩子并不想接手生意。

You know, the baby boomers are are are passing away their biz the kids don't wanna take it over.

我有个朋友，他收购了三四百家汽车维修店。

And a buddy of mine, he rolled up, I don't know, three or 400 body shops.

他的公司价值大约35亿美元。

His company's about 3,500,000,000.0.

你可以整合一千家维修店，没问题。

You can roll up a thousand plummet Okay.

等一下。

Now wait a second.

他们需要你来做这件事。

They need you to do this.

我来告诉你为什么。

I'll tell you why.

因为每个人都了解自己的店铺。

Because everybody knows their own shop.

没人有大格局。

No one thinks big.

这也是问题的一部分。

That's part of the problem.

你有远大的想法。

You think big.

你怎么让这些人像你一样有远大的想法？

How do you get these people to think big like you?

你知道吗，我认为这是一个问题。

You know, that is a problem, I think.

我认为，以今天的科技，我们可以做以前从未做过的事情。

I think, but with technology today, we can do things that we've never done before.

是的。

Yeah.

人工智能正在创建聊天机器人和其他各种东西，我们可以把同样的精力投入到这些数字设备上，并且有远大的想法。

The way that AI is creating the bots and all these other things, we can we can we can take the same amount of effort on those digital devices, and we can think big.

但你知道，这可能真的跟看《疯狂金钱》这类节目有关。

But, you know, it's really probably about watching stuff like Mad Money.

你知道，当我几乎破产的时候，我待在家里六个月，我一直跟你说这件事。

You know, when I when I almost went bankrupt, I I stayed home for six months, and I keep telling you this.

我每天一播出就看《疯狂金钱》。

I watched Mad Money every single day it was on.

我向你保证。

I swear to you.

于是我开始思考

And I started to think

变大，我开始有大格局的思考。

big, I started to think big.

我给你举个例子。

Give you an example.

有多少房地产经纪人？

How many real estate brokers are there?

有一百万人。

A million of them.

只有一个芭芭拉·科克兰，因为她懂得如何打造自己的品牌。

There's only one Barbara Corcoran because she understood how to brand herself.

有多少服装设计师？

How many clothing designers are there?

有数百万之多。

There's millions of them.

只有一个达蒙·约翰，他知道如何打造自己的品牌。

There's one Damon John know how I knew how to brand myself.

你知道吗？

And you know what?

有多少房地产开发商？

How many real estate developers are there?

数以百万计。

Millions of them.

但你猜怎么着？

But guess what?

有一个人在八十年代起步，如今却坐上了美国总统的位置，因为他懂得如何打造自己的品牌。

There was one person that started in the eighties, and now he's sitting as the president of United States because he knew how to brand himself.

所以，这些首席执行官们可以选择目光短浅，也可以选择志存高远，但所需要付出的能量是一样的。

So every one of these CEOs can think small or they can think big, and it's the same amount of energy.

但与此同时，

But at the

他们仍然必须起身拼搏，不是吗？

same time, they still have to rise and grind, don't

对吧？

they?

当然了，100%。

Oh, 100%.

不，不是这样的。

The the no.

你实际上必须付出更多努力，因为你还得兼顾日常工作，同时要打造个人品牌，并掌控全局。

You actually have to rise and grind a little bit more because you gotta do your day job, and you gotta brand yourself, and be in charge of it.

再说一遍，不是说‘这个团队来搞定’。

Again, not say, this team does it.

这个团队来做。

This team does it.

你和团队一起做。

You do it with the teams.

你觉得

Do you think

有没有人会说，你知道吗？

there are people who just say, you know what?

我想保持乐观，但现在不是乐观的时候。

I'd like to be optimistic, but it's not the right time to be optimistic.

他们是傻瓜。

They're idiots.

我想保持乐观，但现在不是时候。

I wanna be optimistic, but it's not the right time.

你打算怎么办？

What what are you gonna do?

就只是悲观吗？

Just be pessimistic?

不。

No.

那些人都是傻瓜。

Those are idiots.

没错。

Exactly.

你是最棒的。

You are the best.

你就是阳光本身。

You are just sunshine.

这是鲨鱼集团的首席执行官达蒙·约翰，他自豪地也带来了他的女儿，

That's Damon John, CEO of the Shark Group, who proudly also brought his daughter,

行动。

action.

我想让她

I wanted her

看看这个令人惊叹的地方，它是

to see this amazing place that is one of

我们所生活的这个伟大国家的基石之一。

the foundations of this great country we live in.

这个国家比地球上任何其他地方都要好。

This country is better than any other place on the on the planet.

我们可能并不总是和睦相处，但我们之间的共同点

We may not all get along, but we have more in

远多于分歧。

common than we have apart.

太好了。

Excellent.

劣质资金又回来了。

Bad money's back.

接下来，克拉默接听观众来电，机会无限。

Coming up, Cramer takes your calls, and the sky's the limit.

这是一场快速如闪电的抢答环节。

It's a fast fire lightning round.

下一个。

Next.

然后闪电抢答环节就结束了。

And then the lightning round is over.

你准备好了吗？

Are you ready?

还有佛罗里达·刘易斯。

And Florida Lewis.

嗨，吉姆。

Hey, Jim.

谢谢你今晚邀请我上节目。

Thanks for having me on the show tonight.

很高兴你能来参加节目，刘易斯。

I am thrilled that you're on the show Lewis.

谢谢。

Thank you.

全美各地正在建设的这些数据中心会产生大量热量，因此需要复杂的冷却解决方案。

All these data centers that are being constructed across the country generate a lot of heat and require complex schooling solutions because of it.

我想知道，像开利全球这样的公司如何融入这一领域。

I'm wondering how you think a company like Carrier Global fits into that.

不，如果你真想这么做，那应该是Verdiv。

No you're not gonna if you want to do that that's Verdiv.

Verdiv才是我了解的那家公司。

Verdiv is still the one I know.

你看，开利根本不行。

Look Carrier just doesn't.

开利没有足够的实力。

Carrier doesn't have the horses.

我们来听听来自佛罗里达的多琳。

Let's go to Doreen in Florida.

多琳。

Doreen.

你好。

Hi.

我是长期听众，这是第一次打电话。

I'm a longtime listener, first time caller.

我持有少量IBRX，即Immunity Bio的股票。

I have a small position in IBRX, Immunity Bio.

我买了这只股票。

I got it.

纯粹的免疫疗法投机股，纯粹的投机。

Pure spec immunotherapies, pure spec.

我会建议你持有它，前提是你没有持有其他投机股，因为这家公司正在亏损大量资金。

I would encourage you to own it provided you don't own any other spec because that company is losing a lot of money.

我们连线宾夕法尼亚的布莱恩。

Let's go to Brian in Pennsylvania.

布莱恩。

Brian.

吉米，你们来自米德尔敦吗？

Who are from Middletown, Jimmy?

天哪。

Oh, man.

你最近怎么样？

How you doing?

嘿，我在一月份时以为自己在打折时买到了一只好股票，那时私人信贷问题还没爆发。

Hey, I thought I was buying a good stock at a discount in January before the private credit issues exploding.

现在是该加仓，还是资本一金融公司要遭清算了？

Is it time to add to or are the long knives out for Capital One Financial?

哦，你知道的，资本一金融公司几乎没涉及你刚才提到的那些问题。

Oh, you know, Capital One has almost no exposure to what you just mentioned.

事实上，它的市盈率是9倍。

As a matter of fact, it's at 9x earnings.

杰夫和我今天在俱乐部会议上谈到了这一点，我们认为，尽管图表表现很差，但现在是一个不错的入场时机。

Jeff and I talked about it today at the club meeting and we think that even though the chart is horrible, it is a good level to start.

如果你还没有持有任何股票，我们会继续持有我们的股票。

If you don't own any stock, we're going to continue to own ours.

我们连线新泽西的吉姆。

Let's go to Jim in New Jersey.

吉姆。

Jim.

嘿，这是繁荣教皇吗？

Hey, is this the pope of prosperity?

你最近怎么样？

How you doing?

听好了。

Listen.

我有个问题要问你。

I have a question for you.

是的。

Yeah.

我有个问题。

I have a question.

随着能源复兴的兴起，所有资源都转向了国家财富等等。

With the energy renaissance going on and everything being redirected into wealth for the nation and all that.

大约一年前，你谈到了Venture Global的IPO，现在他们已经公开宣传，并且表现相当不错，这是一家能源公司。

About a year ago, you talked about an IPO, Venture Global, and now they're advertised, and they're doing quite well, and they're, an energy company.

这里是否有持久性？

Is there longevity here?

你怎么看？

What do you think?

是的。

Yeah.

它正在突破。

It's breaking out.

我觉得它还能涨得更高。

I think you can go much higher.

很可能涨到25。

Probably goes to 25.

这正是在这种环境下你需要的股票。

This is precisely the kind of stock that you need in this environment.

要咬牙在它跌到5.06美元后买入，确实很难。

It's tough to bite the bullet and say to buy it after it's been all the way down to $5.06.

但你知道吗，我们并不关心它从哪里来。

But you know what, we don't care where it's coming from.

我们关心的是它将去向何方。

We care where it's going to.

答案是，这只股票还会继续上涨。

And the answer is that stock is going higher.

我们连线宾夕法尼亚的马可。

Let's go to Marco in Pennsylvania.

马可。

Marco.

我是吉姆。

Who are Jim.

谢谢您接听电话。

Thank you for taking the call.

当然。

Of course.

你最近怎么样？

How are you doing.

我很好。

I am doing well.

我打电话是因为有一只股票，我相信它将在2026年腾飞，由行业巨头马克·伯托利尼和约书亚·库什纳等人领衔。

I'm giving you a call because there is a stock that I believe is ready to take off in 2026 It is led by a titan of the industry, Mark Bertolini, and Joshua Kushner and those Oscar help.

是的

Yeah.

真糟糕。

That sucks.

这里彻底出问题了。

It's really broken down here.

我认为这其实是个机会，长期以来一直在帮助大团队，现在规模已经缩小到11了。

I think it's really an opportunity kind of helping the big teams for a long time and now it's come down to 11.

我会在这里开始买入，先买一半，如果达到目标再在九月买另一半，否则就继续持有。

I would start buying it here by some by half year and then by half at nine if it gets there otherwise just on it.

这很好，真是个好主意。

That's good really good idea.

我们转到得克萨斯州的萨米。

Let's go to Sammy in Texas.

萨米。

Sammy.

嘿，吉姆，你好。

Hey hello there Jim.

来自德克萨斯州休斯顿的问候。

Hi from Houston Texas.

我只是想向你们台后所有的工作人员表示感谢。

I just want to tell you that I want to thank you behind the scenes crew to everybody.

太棒了。

Fabulous.

你们的导演、摄像师、技术导演、音频团队。

Your director, your camera people, the TD, the audio guys.

我的意思是，他们为你们打造这档精彩的节目付出了巨大的努力。

I mean, they do a great job of helping you put this wonderful show together.

所以这真是

So that would be It's

这已经是一个漫长的四周了。

been a long four weeks.

你让我离开时觉得，也许我确实做了一些好事，之前我还觉得自己该受惩罚。

You just made me be able to leave here thinking that maybe I did some good after thinking wow punish me.

那你继续说吧。

So go ahead.

不，不，你做得很好。

No no you do good.

有时候我会忽略你的建议，这是我的错。

Sometimes I ignore your things which is my fault.

嘿，我去年买了一只股票。

Hey I have a stock that I bought last year.

它之前表现还不错，但大约六周前开始下跌了。

It was doing okay and it started dropping about six weeks ago.

你当时评论过，说它基本上要完蛋了。

You commented on it and said basically, it was going to pot.

所以我想知道这只股票还有没有希望，未来是否还有转机。

So I wanted to see if there's any hope for the stock and see if it has any future.

校园AI。

Campus AI.

我喜欢这只股票，但问题是它是一只高市盈率股票，而当前的抛售潮部分由油价和利率驱动。

I like this stock, but the problem is it's a high multiple stock in a in a in a sell off that is driven in part by oil and part by interest rates.

它还会继续下跌。

It will keep going lower.

这是一只不错的投机股。

It's a decent spec.

我会保留一部分，但不会全部保留。

I would hold on to some but not all.

女士们，闪电轮到此结束。

And that ladies and the of the lightning round.

闪电轮由嘉信理财赞助。

The lightning round is sponsored by Charles Schwab.

今天我们举行了直觉投资俱乐部的会议。

We had a visceral investing club meeting today.

我的意思是，真正的情感爆发。

I mean, a real soul surge.

你想看看人们激烈争论、自我反思、自我决断的全过程吗？

You wanna see guys going at it, self reminiscent, self determination, the works?

去看看这次会议的回放吧，因为市场的焦虑情绪完全暴露无遗。

Go look at the replay of this meeting because the angst of this market was on full display.

我们像往常一样审查了投资组合。

We reviewed the portfolios we always do.

我们深入分析了大量正在暴跌的股票，包括一些我们并不想卖出的最爱标的。

We went deep, especially on the many stocks that are in free fall, including some of our faves that we didn't want to sell.

这值回俱乐部门票的全部价格。

It was worth the whole price of a club ticket.

你一定要看看。

You gotta watch it.

会议结束时，我们会回答俱乐部成员的问题，这些问题总是切中要害、意味深长。

At the end of the meeting, we take questions from club members, and they're always poignant, meaningful, on point.

我想讨论我们最后收到的一个问题，来自Sri的问题，他问：'在慈善信托中，你认为最近哪个错误对散户投资者来说最有启示意义？你们因为这个错误调整了哪些流程？'

I wanna discuss the last question we took, one from Sri, who asked, and I quote, what recent mistake in the charitable trust do you think offers the most important lesson for retail investors, and how have you adjusted your process because of it?

结束引述，真聪明。

End quote, smart.

看到这个问题时，我认真思考了很久。

I thought hard when I saw this one.

显然，在这样的市场环境下，你最好的选择就是只持有石油股。

Obviously, when you have a market like this, the best thing you can do is just own nothing but oil stocks.

我抵制了这个重大错误，甚至卖得太早了。

I resisted that big mistake, even sold one way too soon.

但这并不是Tree想了解的，她也没有想到，我差点就买了洛克希德·马丁，因为它的CEO是伟大的吉姆·克莱默，我从美国电塔公司时期就认识他了。

But that's not what Tree's looking for, nor did she think about that I almost bought Lockheed Martin because it's run by the great Jim Cramer, whom I've known from American Tower days.

它本可以属于我的？

Could have been mine?

我放弃了。

I punted.