Mad Money w/ Jim Cramer 5/8/26

你把我想说的话都说出来了。

You took the words out of my mouth.

我们刚结束了一场黑客马拉松，又一场。

So we literally just wrapped up a hackathon, another one.

说实话，我们办过好多次了。

I mean, we we did a lot of these, in fact.

这次结束的时候，我就想，不如干脆把整个公司都改成常年搞黑客马拉松的模式吧。

At the end of this one, I said, maybe we should just switch our entire company to, like, a permanent hackathon mode.

这太有意思了，大家来这儿都特别兴奋。

This is so much fun, people are so excited to be here.

我们产品团队就有一百多人聚到了一起。

So we had over a 100 people just in our product team come together.

两天之内，他们做出了三十七个可以直接上线的产品。

They produced 37 shippable products in the span of two days.

我唯一要操心的就是信息太多，眼花缭乱，得赶紧决定哪个先来——因为每个点子都特别棒，都是小团队用心做出来的，他们就盼着能参与进来。

And like the only thing I had to deal with was this complete sensory overload where I was trying to decide what goes first because these were all great ideas, beautifully made by very small teams of people who were just excited to be there.

他们正在改变世界，而且速度比去年快了十倍。

They're changing the world and doing it 10 times faster than they did last year.

现在当一名软件工程师真是太棒了。

It's an amazing time to be a software engineer.

现在当一名产品经理也真是太棒了。

It's an amazing time to be a product manager.

这真的太有意思了。

It's just so much fun.

我一直想问你，要是当初没有信用卡这种东西，你是不是早就该行动了？

I always wanted to ask you, if there weren't such things as credit cards, you had been first.

人们一拿到信用卡，就知道这事儿能跟公司扯上关系，要么好好管钱，要么一辈子都陷在债务里爬不出来。

When people start and take a credit card knowing that, well, could work with a firm and try to be really good about your money, or you could end up being stopped the rest of your life paying debt.

我是说，要是公司先一步推出信用卡，我绝对不可能同意发卡。

I mean, I would never have let a credit card be issued if a firm had been first.

不会的。

No.

这就像一个A/B测试。

It's the sort of a b test.

可惜我们只能运行其中一边。

You can only can only run one side of it, unfortunately.

我们没法知道过去本来会怎样，或者未来会变成什么样。

We we don't get to find out what the the past would've looked like or the future would've looked like.

当然，我本人非常有偏向性，我也希望整个公司都一样有偏向性。

You know, obviously, I'm extremely biased, and the entire company, I I would hope, is extremely biased.

我们非常注重使命驱动。

We we're very mission driven.

我们相信，我们所做的事情对美国消费者的福祉至关重要。现在，不止在美国，我们在很多国家都已经开展业务，而且还会继续扩展。

We believe that what we're doing is profoundly important for the health of American consumer At this point, beyond America, we're, you know, we're we're alive in a bunch of countries and and going to more.

我觉得有对的方式，也有错的方式，我们对自己的经营方式从不道歉。

I do think there's the right and the wrong way, and, you know, we're not apologetic about how we conduct our business.

我们认为，关键是透明。

We think it's about transparency.

我们认为，关键是聪明地花钱，让每一分钱都花得值，不该多花的就别多花，别陷入自己都说不清、也还不起的债务里。

We think it's about being smart about using your money, stretching it, making sure that you get the most out of it you can, and not paying more than you must, and not finding yourself in debt that you can't explain or can't get out of.

这，就是驱动我们的动力。

It's, you know, it that is what motivates us.

每天我都会收到消费者和员工发来的邮件，说真没想到Affirm居然真的做成了。

And I every day, I get emails from our consumers and from our employees saying, it's amazing that Affirm exists.

我们能做成这件事，真是太好了。

It's it's so great that we started this thing.

你们合作的商家确实挺多的。

Oh, you do have a great panoply of of merchants.

我知道你们的违约率很低，但交易量还撑得住吗？

I know that your defaults are very low, but are the number of transactions holding up?

我老看到有人说，在这种经济环境下，大家买东西越来越少，活动也少了，不过你们看得最清楚。

I mean, I keep reading it that in this K economy, people are just buying less and doing less, but you've got a good view of things.

实际的交易流量有下降吗？

Are the actual traffic in transactions lower?

并不是这样。

It is not.

恰恰相反，眼下最引人注目的是，虽然大家普遍感到担忧——用‘担忧’这个词再合适不过了，但从宏观角度看，很多事情其实并不像表面看起来那么糟。我们每天醒来都会看到来自世界各地的新闻，很多并不让人安心。

If anything, the remarkable thing about this moment in time is that while the vibe is undoubtedly concerned is probably the right word, there's a lot of things macroeconomically that are We wake up to news from all sorts of parts of the world that are not necessarily heartwarming.

美国消费者的韧性超乎想象。

American consumer is unbelievably resilient.

本季度，每位用户的平均交易量又创下了新高，持续上升。

We printed another increase in transactions per average user this quarter going up again.

我查看的每一项数据都表明，美国消费者非常稳健。

Every metric I could look at suggested US consumer is resilient.

他们还在继续购物。

They're shopping.

他们按时支付账单。

They're paying their bills on time.

总的来说，他们的购物频率和去年此时、三个月前、六个月前相比，几乎没有变化。

They are, generally speaking, just as shopping first as they were this time last year, three months ago, six months ago, etcetera.

不同品类。

Different categories.

旅行开销稍微高一点，但我们把旅行和票务看作同一个品类。

Travel is a little more expensive, but we we think of travel and ticketing as a single category.

这个季度旅行和票务的销量大幅增长，我一直在想原因，后来才意识到，今年夏天有很多演唱会。

We saw a huge rise in travel and ticketing this quarter, and I was trying to figure out why, and I realized there's a lot of concerts coming up in the summer.

人们要花钱买票，票价不便宜，而我们正好帮他们买到心仪乐队的票，去看现场。

People are financing you know, tickets are not cheap, and we are there to help people get to their favorite band and, you know, watch them.

家居用品的销量也明显回升了，之前几个季度它一直是我们品类里拖后腿的，我觉得这本来就是有起有落的。

We saw a really nice rise in homewares, which for a few quarters was a laggard in our portfolio of categories, and I think it's kind of it ebbs and flows.

人们突然觉得，诶，对啊。

People decide, hey, you know what?

该把客厅换一换了。

It's time to refresh my living room.

所以总的来说，没有。

So generally speaking, no.

我们在财务状况和购物意愿上都没看到任何下滑。

We're not seeing any decline either in financial health or in interest in shopping.

那我们就先说到这儿，不过这真是太好了。

Well, we're gonna leave it at that, but that's terrific.

大家一定要读一读这些文件，明白这是一家不一样的金融公司。

And everyone should read the documents and understand this is a different kind of financial company.

明白吗？

Alright?

它根本不是一家传统意义上的金融公司。

It's not really a finance company.

它是一家帮人们买东西、还不让他们买得背上负担的公司。

It's a company that try to help people buy things and not get in trouble for buying them.

我真的挺欣赏这一点的。

And I really like that.

这是Affirm的首席执行官马克斯·列夫琴。

That's Max Levchin, CEO of Affirm.

谢谢你用这种方式来做，Max。

Thanks for doing it differently, Max.

你真是的。

You.

《疯狂金钱》节目。

Mad Money.

每次见到你都特别开心

It's always a pleasure to see

谢谢。

Thank you.

《疯狂金钱》马上回来。

Mad Money's back here.

再见。

Good bye.

接下来，百吉饼的最新季度数据显示，不只是顾客在按自己的方式行事。

Coming up, Burger King's latest quarter suggests it's not just the customers having it their way.

那这家公司是不是已经跃居快餐业榜首了？

So has the company flipped to the top of the fast food pile?

接下来，克拉默要深入采访公司的高层。

Cramer's digging in with the top brass next.

是什么让你有信心去完成一件从前没人做到过的事？

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

我从不害怕失败。

I have no fear of failure.

开拓进取的女性正在改变格局。

Trailblazing women changing the game.

其中之一是

One of

我最欣赏的一条建议是：想想你的上司的上司需要什么。

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

领导力可以有各种各样的表现形式。

Leadership can look in many, many different forms.

归根结底，还是要相信自己。

It really does come down to just trusting yourself.

人生苦短，

Life is short, and

要想成就大事，就得有大格局。

you just gotta think big to accomplish big things.

朱莉娅·博尔森主持 CNBC 的《变革者》和《权力人物》。

Julia Borson hosts CNBC Changemakers and Power Players.

每周二更新新一期，各大播客平台都能收听。

New episodes every Tuesday wherever you get your podcasts.

天哪。

Oh, boy.

这个季度快餐行业的业绩真不怎么样。

It's been a tough earning season for the fast food space.

我们听到了 Shake Shack 一些非常令人质疑的消息。

We've heard some incredibly disputing things from Shake Shack.

就连麦当劳似乎也被消费者疲软的状况拖累了。

Even McDonald's seems to be getting dragged down by the poor state of the consumer.

但本周早些时候，我们听到了汉堡王的母公司餐厅品牌国际的财报，他们上个季度的表现相当不错。

But when we heard from Restaurant Brands International earlier this week, that's the parent company of Burger King, Tim Hortons, they reported a pretty solid quarter.

更重要的是，他们告诉我们，汉堡王在美国市场的份额正在扩大，势头正猛。

More importantly, they told us that Burger King's American business is taking share and taking names.

我简直不敢相信。

I was astonished.

同店销售额增长了5.8%。

5.8% same store sales growth.

很多竞争对手的销售额都在两位数下滑。

A lot of guys have double digit declines.

汉堡王花了好几年时间努力翻身，优化门店运营，更新店面形象，推出更优质的菜单。

Burger King has spent years turn working to turn itself around, improving restaurant operations, modernizing the store, offering better menu items.

据管理层说，这并不是偶然现象。

And according to management, this is not an outlier.

这已经成了新常态。

It's the new normal.

别光听我说。

Do not take it from me.

我们来连线一下汤姆·柯蒂斯。

Let's check-in with Tom Curtis.

他是汉堡王的总裁。

He's the president of Burger King.

想更清楚地了解情况，看看现在进展如何，柯蒂斯先生，欢迎来到《疯狂金钱》。

To get a better read on things, how things are going, mister Curtis, welcome to Mad Money.

嗨，吉姆。

Hi, Jim.

很高兴能来，谢谢你的邀请。

Great to be here, and thanks for having me.

好的。

Alright.

汤姆，我特别喜欢汉堡王这些年的变化。

So Tom, I love the changes at Burger King.

我之所以知道这些，主要是因为帕特·多尔以前在多米诺比萨的时候就是我的老朋友。

I was aware of them mostly because Pat Doyle's an old friend from from Domino's.

我喜欢这些改动，包括你们对皇堡的升级。

But I like things even the things where you're elevating the Whopper.

我超爱皇堡。

I love the Whopper.

我真没想到它还能变得更好。

Didn't know it could be better.

你们做到了。

You did.

你们为什么要这么做？

Why did you bother to do that?

你们是怎么判断出该彻底更新的时候了？

How did you know that it was time for revamp?

最近我们一直在认真听顾客的意见。

Well, we've been listening to our guests a lot lately.

我这边，还有我们的团队，已经接了七千多通电话。

So I've taken over seven well, our team's taken over 7,000 calls.

我个人就接了1800通，总共收到的来电超过七万通。

I've personally taken 1,800 from the guests, and we've got over 70,000 incoming calls.

我们可以把这些反馈全部汇总起来。

We can aggregate all of that.

我们发现，大家真的很喜欢皇堡，但有时候觉得它被压得太扁，或者对配的面包不太满意。

And what we've learned is that people love the Whopper, but sometimes they think it gets smushed, and sometimes they didn't quite like the bun that it was presented on.

所以我们就很清楚该从哪里下手改进。

So we knew exactly where to go.

那你们是怎么知道顾客想要这种面包的呢？

Well, I mean, how did you know that people want that kind of bun?

我倒有点担心，会不会有人特别爱原来的皇堡，根本不想改呢？

I mean, I I would be afraid that there were people who loved the Whopper so much that they wouldn't want change.

所以我们改的时候必须特别细致。

Well, that's why we had to be really nuanced with the changes.

我们研究巨无霸的改动已经两年多了，最早的一些想法其实挺大的。

We'd been looking at changes to the Whopper for over two years, and some of the early ideas that we had were pretty sweeping.

但有一件事我们听得很清楚：大家真的很喜欢巨无霸。

But one thing that we heard loud and clear was that people love the Whopper.

只需要做几处小调整，包装其实是最重要的，能让它更好，又不改变原来的味道。

Just needed to be a couple of small changes, and packaging was frankly the biggest one of them that could make it actually better without changing the profile of the taste.

你们过去在家庭客群这块一直做得不够，但现在推出的新款金宝儿童餐，配上海绵宝宝的活动，主打家庭，效果不错吧？

Now you've also historically under indexed with families, but these new King Junior meals, SpongeBob featured, family oriented promotions, it's working, isn't it?

是的，这个效果很好。

Well, that's working.

而且你几分钟前提到的，也就是升级门店、改善用餐体验，这一点也很有效。

And also what's working is what you mentioned a few minutes earlier, which is upgrading the restaurants and improving the experience.

当你带家人去餐厅，其实你是把整个体验托付给了那支团队，还有他们所到的环境。

When you bring your family to a restaurant, you're really entrusting that experience to a team and to what kind of facility they're visiting.

所以体验必须得更好。

So it has to be a better experience.

这一点也很重要。

That's important as well.

但仅仅因为这些努力，我们的儿童餐销量已经比六个月前提升了40%。

But we're now up 40% on our kids meals from where we were six months ago just because of all these efforts.

而且目前大约60%的汉堡王门店已经完成了现代化改造，所以你还有更大的提升空间，对吧？

Well, also, you're but roughly 60% of the Burger Kings are are now modern, so you still got another lift coming, don't you?

这正是我们最兴奋的地方。

That's what we're most excited about.

我们觉得这场转型才刚刚开始。

We feel like we're in the early innings of this transformation.

如果现在看到的成果，只是我们目前所做工作的结果，那我们相信未来还有好几年的增长空间，品牌会持续壮大。

And if this is the result that we're seeing after the work that we've done, we feel like we have years of runway ahead of us where we're gonna continue to grow this brand.

我很欣赏帕特的做法，他担任执行董事长时，在上一次电话会议的结尾提到，行业内有些竞争对手的情况明显在恶化，市场份额也在流失。

I love the fact that that Pat, when he executive chairman, when he said at the end of of the last conference call, he said, there are others in the industry where things are really clearly getting worse and they are losing share.

我们的团队一心只想把事情做对，这正是百吉堡的关键所在。

Our teams are obsessed with being on the right side and that's about Burger King.

一个注重细节的人能这么说，真是很高的评价。

That's a high compliment from someone who does who has a great attention to detail.

所以，公司内部也注意到了这些变化。

So they're noticing it within the organization too.

对吧？

Correct?

当然。

Absolutely.

帕特里克·多尔利就坐在我办公室隔壁，我每天都能收到他主动或被动的建议，我都特别珍惜。

You know, Patrick Doyle sits right next to me in the office, so I get plenty of solicited and unsolicited advice, all of which I appreciate.

每天听他分享、接受他的指导，我们俩以前都在达美乐工作了多年，从那儿学到了不少东西。

But just listening to him, getting his counsel and advice every day, and we were both at Domino's for many years, and we learned a lot there.

现在我们把这些经验用在这里，显然已经产生了巨大的改变。

We're putting that learning to work here, and it's obviously starting to make a huge difference.

你说得对，确实要认真听顾客的意见。

Well, you're right about listening to guests.

那也是帕特特别看重的一点，我老提到他，都没怎么聊你，但他确实上过好几次这个节目。

That was another thing that Pat know that I'm talking too much about Pat and not you, but he Pat has been on the show a number of times.

我曾经在一家汉堡王给他打过电话。

But I called him from a from a Burger King.

我特别喜欢去汉堡王。

Love to go to Burger King.

那次是在德国的一家汉堡王。

From Burger King in Germany.

具体哪家店就不必说了。

I don't need to be more specific.

我当时觉得那儿的情况不太行，结果他第二天就告诉我问题解决了。

And I didn't like what I saw, and he said it was fixed the next day.

因为对他来说，顾客就是老板，顾客一开口，他立马重视。

I mean, because when he hears from a guest, a guest is his boss.

现在你们公司体现出来的态度，大概就是这样的。

That's kind of the attitude I see from your company now.

想想看，当你每天接到七万一千通来电时，这意味着什么。

And just think of what that means when you're getting 71,000 incoming calls.

这有多少机会能真正改善顾客的体验呢？

How many opportunities is that to actually change the experience for the guest?

当顾客亲眼看到这些改变真的发生了，他们会发自内心地爱上这个品牌，因为品牌真的在听，而且真的在行动。

And boy, when they actually see that change happen themselves, boy, it ignites an incredible love for the brand because the brand's listening, the brand's acting on their feedback.

当然，我把这个留到最后说——但你们的定价，没有标榜什么价值，却特别出色。

Now, of course, I saved this for last, but the pricing, the value without a value word, the pricing's rather extraordinary.

你们的定价远低于许多其他公司。

You're well under a lot of other organizations.

没错。

Yep.

比如我们在调整巨无霸的时候，就知道这会增加成本，实际上给加盟商带来了四千美元的额外利润压力。

When we contemplated these changes to the Whopper, for example, we knew that would add costs, and that was actually cost of $4,000 of additional pressure on the P and L for our franchisees.

他们都支持我们，一致决定不调整价格。

They all locked arms with us and agreed they were not gonna change the pricing.

现在的市场非常注重性价比。

It is a value oriented economy out there.

我们必须清楚这一点。

We have to be cognizant of that.

所以我们得在价值上站得住脚，核心产品还得有实惠的价格。

So we have to be there with value, and we have to be there with good prices on our core products.

在当前的经济环境下，这些都至关重要。

All of that is necessary right now in this economy.

昨晚德州牛排说，你我也都知道，他们是个出色的经营者，第一次真正看到了顾客换选的情况。

Now Texas Roadhouse said last night, you know, I'm sure you and I both know, great operator, that they saw for the first time actual substitution.

顾客直接说：牛肉我吃不起了。

People just said, I can't afford beef.

我改吃鸡肉和猪肉了。

I'm switching to chicken and pork.

你有没有注意到，整个连锁体系里有人转向其他地方了？

Have you seen anybody move over your this would be your whole chain.

可能这个问题不太合适，但你有没有看到需求下滑的情况？

It may not be fair to to ask you, but have you seen demand destruction?

没有。

No.

因为只要你能提供优质的牛肉产品，比如出色的皇堡，又不涨价，你在汉堡市场里的吸引力反而会更强。

Because once again, if you're able to offer quality beef product, a great Whopper, and you don't take price, you actually become more attractive in the burger universe.

因为别的地方的汉堡要么越来越小，要么越来越贵，而我们保持稳定，这对顾客来说很有吸引力。

Because as burgers are getting either smaller or more expensive elsewhere, we're holding serve, and that's attractive to guests.

这就是为什么你看到了第一季度的情况，而且整个季度的需求还在持续加速，我们希望这种势头能延续到接下来的季度。

And that's why you see what you saw in quarter one, and that's why you'll see that's why there was even acceleration throughout the quarter, and we're hopeful that that sticks for quarters to come.

你觉得牛肉价格有下降的可能吗？

Now do you think there's any hope that beef comes down?

你们可能感受不到，因为你们没遇到需求萎缩，但大家都说，除非牛群规模扩大，否则现在根本没辙。

You guys would not see it necessarily because you don't have the demand destruction, but you everyone keeps telling me until the herd gets bigger, we're just stuck.

我一直觉得，可能是由于他们从海外进口牛肉，或者因为大家觉得牛肉太贵而转向其他选择，价格总归会降下来，但牛肉确实是所有大宗商品里最顽固的。

I've always felt that either maybe because they bring in beef from overseas or because people just get away from beef because it's too expensive, that it can come down, but it has been the stickiest of every single commodity.

牛肉价格高的时候确实最难受，但我得说，这种情形我们已经见过很多次了，跨越了几十年。

Well, it's always most painful when the prices are high for beef, but I will tell you that we've seen this over many, many decades.

从高点到低点，大约是一个十四年的周期。

It's about a fourteen year cycle from peak to trough.

我们知道现在正处于高点。

We know we're at the peak.

现在的问题是，什么时候才会开始回落？

I think the question now is when does it turn?

什么时候价格才会真正下降？下降的速度又会有多快？

When does it start to come down, and how fast is that deceleration in prices of beef?

但愿能尽快发生吧。

Well, let's hope it happens.

牛肉对很多美国人来说还是日常主食，而且我们本来就需要蛋白质。

A lot of Americans is still a staple, and and we need protein as it is.

汤姆，真的非常感谢你。

Well, Tom, I wanna thank you.

阿门。

Amen.

确实如此。

Yeah.

和你聊天太棒了。

It was great to talk to you.

对了，你跟帕特里克说声好，还有那个团队里的其他股票，我挺喜欢的，只是表现没那么好。

And I, you know, tell Patrick when he said hi, and I love what the the all the other stocks in the group, they haven't done that well.

谢谢你为股东创造了收益。

So thanks for making money for shareholders.

好的。

Alright.

谢谢你，吉姆。

Thank you, Jim.

当然。

Absolutely.

能在这里真是太好了。

Love being here.

哦，太棒了。

Oh, it's great.

那是汤姆·柯蒂斯，汉堡王的总裁。

That's Tom Curtis, Burger King president.

广告后回来，继续《疯狂金钱》。

Mad Money's back after the break.

接下来，Element Solutions是否掌握了持续2026年高速增长的秘诀？

Coming up, has Element Solutions got the right formula to continue its explosive start to 2026?

克拉默接下来将采访这位首席执行官。

Cramer's inquiring with the CEO next.

三月前后，我专门研究过一家叫Element Solutions的公司。

Near the March, I had do some homework on a name called Element Solutions.

我全力推荐这只股票。

I gave the stock my enthusiastic endorsement.

真的觉得它特别出色。

Really felt it was terrific.

这是一家化工公司，只要伊朗封锁波斯湾，或者有其他很多原因，就能赚大钱。

It's the kind of chemical company that can make fortunes as long as Iran's blockading the entire Persian Gulf or many other reasons.

六周后，股价迅速上涨了34%。

Six weeks later, elements up a quick 34%.

这预测太准了。

What a call.

上周，他们公布的业绩远超预期，还上调了季度指引。

Last week, these guys reported a terrific beat and raised quarter.

即使股价今年迄今已经涨了7373%，目前市盈率仍不到今年预期收益的24倍。

And even after this incredible run with stock up 7373% year to date, it's still trading just under 24 times this year's earnings estimates.

它还能继续涨吗？

Can it keep climbing?

我们请本·格利克利奇来详细聊聊。

Let's take a closer look with Ben Glicklitch.

他是Element Solutions的首席执行官，我们来听听他的看法。

He's the CEO of Element Solutions to find out.

格利克利奇先生，欢迎来到《疯狂金钱》。

Mister Glicklitch, welcome Mad Money.

很高兴能来参加。

Great to be here.

谢谢你的邀请。

Thanks for having me.

说实话，我们之前对你们公司并不了解。

Well, know, we didn't know about your company.

我们只知道马丁·弗兰克林和他之前的公司。

We knew about sir Martin Franklin and the predecessor.

你们整合的这一系列化工产品，真让人印象深刻。

The collection of chemicals you have put together is rather amazing.

你原本是银行背景出身的。

Now you have a bit bit of a banker by background.

那你之前有没有预见到这些变化？

Tell us, did you see these things coming?

因为你们正好处在风口上。

Because you're in the sweet spot.

是的。

Yeah.

我们手头有一批非常出色的资产。

We've got a great collection of assets.

这个投资组合最初是从平台型特种产品开始搭建的。

We built this portfolio starting back with platform specialty product.

后来我们把公司一分为二，卖掉了农化业务，专心做电子材料和工业解决方案。

We split that company in half, sold our ag chem businesses, and have been really focusing on electronics materials and industrial solutions.

现在的投资组合非常棒。

The portfolio is excellent.

它的定位非常理想。

It's really well positioned.

我们做了很多工作来优化它，现在终于看到回报了。

We've done a bunch of work to improve it, and we're reaping the benefit of that today.

明白了。

Okay.

那你能不能说说你们现在都在投资哪些领域？因为看起来当大家都在说这些股票涨得不错的时候，你们正好处在核心位置。

So tell me some of the areas that that you're investing in, because it seems like you've got the right when people think about all these stocks are going right, you're right in the mix of it.

是的。

Yeah.

我们正受益于人工智能基础设施的建设。

So so we're benefiting from the AI build out Right.

数据中心的需求在持续上升。

Data center intensity

你能不能再详细解释一下？因为很多人对这个还不太清楚。

Well, explain that a little more people because people don't Yeah.

你们离得很近，大家特别想了解。

You're close to it, and they would love to know.

当然。

Absolutely.

我们投资组合的70%都是电子材料，覆盖了电子硬件中电子可能涉及的所有环节。

So 70% of our portfolio is electronics, and our portfolio speaks to all the places an electron goes in electronics hardware.

这是全球规模最大的电子材料企业之一，同时也是最聚焦、最完整的投资组合。

So it's one of the biggest electronics materials businesses in the world, and it's also the most cogent portfolio.

我们的业务和客户生产布局紧密相邻。

So what we do sits next to each other in terms of our customers' manufacturing footprints.

我们能为市场提供一套全面且卓越的解决方案。

We can bring to the market a really broad based, exceptional set of solutions.

没错。

Right.

这是一个亟需创新的市场。

And it's a market that is demanding innovation.

对吧？

Right?

数据中心和高性能计算的技术要求和性能需求正在发生巨大变化。

The technical requirements, the performance requirements for data center and high performance computing, they're changing radically.

我们是他们的思想伙伴，也是解决方案提供方。

And we're a thought partner and a solutions provider to them.

你说到思想伙伴，是指半导体公司，还是台积电或者兰姆研究这类企业？

Now when you say thought partner, would it be to the semiconductor companies, or the Taiwan semis or the Lam Researchers?

你们在产业链里处于哪个环节？

Where are you in the food Everything

我们卖的产品是耗材，会留在芯片或电路板上。

we sell is consumable and stays on the chip or the circuit board.

明白了。

Okay.

业务重心主要在印刷电路板和电子组装领域。

The business skews towards printed circuit boards and electronics assembly.

我们向半导体晶圆厂、封装厂以及OSAT企业销售产品，大部分业务集中在印刷电路板市场，这个市场正变得越来越重要。过去，创新和质量主要集中在半导体前端，但随着摩尔定律逐渐失效，创新正转向封装领域。近年来，电路板市场的价值和销量增长已经超过了MSI，并且预计还会继续领先。

So we sell into semiconductor fabs, we sell into semiconductor assemblies, assemblers, and OSATs, most of the business is in the printed circuit board market, which is becoming increasingly important, which is to say that historically innovation and quality was perceived to be really in that front end semiconductor But with Moore's Law breaking down, innovation is moving into packaging, the circuit board market value and volume growth has out stripped MSI for the past several years and is expected to continue to.

人们得明白，这种情况非常罕见。

Well, people have to understand, it's very unusual to see the following.

比如，封装业务的有机增长率达到12%。

For instance, assembly is 12% organic growth.

电路板业务的有机增长率达到17%。

Circuitry is 17% organic growth.

半导体业务的有机增长率达到18%。

Semiconductor, 18% organic growth.

再加上能源领域，也有15%的增长。

These and then you have energy, 15%.

在一家公司里，有这么多化学品业务同时以这么快的速度增长，这确实很不寻常。

This is highly unusual to have that many chemicals under one roof that are growing at that pace.

是的。

Yeah.

我们在产品组合和团队建设上非常幸运，那些在业务一线的人真正为急需支持的供应链创造了价值。

We're we're very fortunate with the portfolio construction, with the people in the business who are delivering real value to a supply chain that needs it.

如今数据中心的高性能计算正在带动整个电子生态系统的发展，我们也从中受益。

What's happening in high performance computing in the data center market, it's lifting up the whole electronics ecosystem today, and we're benefiting from that.

你看得清楚，是因为你手上有订单。

See, I think that you see it because you've got the orders.

我花大量时间向别人解释，现在发生的一切都是真实的。

I spend a huge amount of time trying to explain to people that this is all real what's happening.

我知道大家看到美光股价涨了100%，就说这只是空头挤压。

I know we see Micron up a 100 and people say, oh, it's all in short squeeze.

真正的市场需求是实实在在的。

The actual demand is real.

你们所生产的产品，需求也是真实存在的。

And the need for what you make is real.

这不是靠人为炒作，也不是堆在仓库里没人要的库存。

It's not like you're drumming them up or sitting in some inventory somewhere.

只要一生产出来，马上就没了。

As soon as soon as you put something on, it goes.

没错，完全如此。

Oh, absolutely.

产能不足是目前最大的问题。

I mean, capacity constraint is the biggest issue that's

整个产业链。

food chain.

整个产业链都是这样。

Throughout the food chain.

今年早些时候我去了一趟亚洲，那些工厂里的生产节奏简直忙得不可开交。

I was in Asia earlier this year, and the the level of activity on the ground at these factories, it's frenzied.

以前从没见过这种场面。

It's unlike anything we'd seen before.

我们现在卖的产品，其实都是早在一年多前就决定投资生产的。

And what we're selling today is linked to investment decisions that were made over a year ago.

如果你关注过去年的情况，就会发现数据中心投资的增长势头一直在加速，所以我们看到的是持久且长期的需求。

If you know, if you followed last year, the ramp and the increase in data center investment only, you know, grew over the course of the year, and so we see durable long term demand here.

这家公司一直以来都在不断前进。

Now the company's always been on the move.

你是不是一直在观察各种机会，想着要不要进入某个领域，或者退出当前的某个行业？

Are you looking at things all the time saying this could be, maybe I wanna add this, maybe I don't wanna be in this part of the economy right now, doing that kind of stuff?

是的，我们的模式是追求运营卓越和审慎的资本配置，这能产生大量现金流，而我们的客户始终在寻找新的、有吸引力的价值主张。

Yeah, so the model is operational excellence and prudent Businesses capital generate a lot of capital, and our customers are always looking for new, interesting value propositions.

因此，我们的重点是把业务运营好，聪明而审慎地把现金流投入到客户真正需要的领域。

So our focus is running our businesses well, deploying their cash flow smart, prudently behind our businesses into things our customers are asking us for.

我们一直在关注市场动向，过去几年也做了几笔非常明智的补充型收购，涵盖新技术和新地区。

So we are always looking, and we've made some really smart tuck in acquisitions, both technologies and new geographies over the past several years.

我们会继续这么做。

We'll continue to do that.

我关注很多公司，记得以前化工企业还是最后一批守着低增长、老派保守模式的公司，年增速1%就心满意足了，但你们显然不满足于任何领域只做个位数的增长。

Yeah, I follow a lot of companies, and I remember when the chemical companies were really the last bastion of old, you know, stodgy, old 1% growth and really satisfied them, you're obviously not content to do low single digit of anything.

对吧？

Right?

不对。

No.

完全不是。

Absolutely not.

我们很幸运。

We're fortunate.

其中一部分是刻意为之。

Some of this was deliberate.

有一部分是运气，对吧？

Some of it was luck, right?

我们有幸布局在这些绝佳的市场，这背后有战略考量，也有运气成分；关键是我们得在大多数日子里把业务做得更好，这方面我们一直做得还不错，而且——

Deliberate portfolio construction luck to be in these really great markets, and it's up to us to make these businesses better more days than not, and we've been doing a decent job of that so And

我们早就认识这家公司，因为马丁·弗兰克林已经操盘三十年了，但你们当初是直接打电话找他，才开始合作的吗？

we know the company from Sir Martin Franklin, who's a burial for, I mean, thirty years, And, but did you just cold call him to get started with Martin?

我就这样坐上了这个位置。

That's how I ended up in the seat.

我主动去找他，因为我很佩服他打造的事业。

I sought him out because I admired what he built.

当然。

Sure.

他说他要创办一家化工公司，让我去帮他一起建起来。

And he said, I'm starting a chemicals company, come help me build it.

那是十二年前的事了，现在我们就在这里。

And that was twelve years ago and here we are today.

他刚退休，但对我们的影响很大，希望他一切都好，我们想请你转告他，我们向他问好。

Now he just retired, but he was a great influence, and he's doing great I hope, because we want him to tell us how please tell him we said hi.

是的，当然。

Yeah, absolutely.

他在上周的年度会议上正式卸任了董事会职务。

So he stepped off the board as of the annual meeting, which was last week.

他只是因为还兼任了太多其他董事会的职务，当然。

He just because he was on so many other boards Sure.

而且他对咱们现在做的事很满意，

And he's happy with what we're doing and

慢跑跑得挺稳的，

comfortable marathon runs,

他真是停不下来。

that He's he's unstoppable.

确实如此。

Well, he really is.

我知道，是他让我明白了他所做工作的意义和他秉持的信念，真的非同寻常。

And I know that he convinced me about his the kind of work he does and the ethic he has, and it's really extraordinary.

我早该意识到Element Solutions是个平台，你们打造的这家公司太了不起了。

And I should have recognized Element Solutions for platform because what a company you've built.

谢谢。

Thank you.

当然了。

Absolutely.

那是本·格利克利希。

That's Ben Gliklich.

他是Element Solutions的首席执行官。

He's the CEO of Element Solutions.

你瞧。

Now look.

朋友们，这是ESI。

Guys, it's ESI.

在我们提到之前，你可能根本没听过这家公司。

You probably hadn't heard it before than we mentioned it.

但正是这类公司在这个新经济中真正赚到了钱，而且这是实实在在的经济。

But these are the kinds of companies that are really making money in this new economy, and it's a real economy.

广告后，《疯狂金钱》继续为您带来精彩内容。

Mad Money's back after the break.

接下来，大家有问题要问。

Coming up, you've got questions.

克雷默来一一解答。

Cramer's got the answers.

准备好迎接一场快速激烈的问答环节了么？

Get charged up for a fast fire lightning round Next.

石头？

Rock?

那闪电问答环节就结束了。

Then the lighting round is over.

你准备好了吗？

Are you ready?

滑雪，掷骰子。

Ski, dice.

闪电问答环节怎么样了，克雷默和巴迪？

How are the Lightning Round, Cramer and Buddy?

咱们先听一下弗雷德的来电。

Let's start with Fred in for Fred.

嗨，吉姆。

Hey, Jim.

这位是来自阳光之州的弗雷德。

This is Fred from the Sunshine State.

我特别喜欢这个节目。

Love the show.

我想要聊的股票是Digi PowerX。

The stock I'm calling about is Digi PowerX.

天哪。

Oh, man.

这股票一路涨得可真够猛的。

That thing has just been straight up.

我对这个可不感兴趣。

I I I'm not there for that.

那些一路狂涨的股票，根本赚不到钱。

The ones that are straight up, they're not making money.

我觉得别碰。

I say pass.

我们来听一下来自新罕布什尔州的尼尔。

Let's go to Neil in New Hampshire.

尼尔。

Neil.

你好。

Hey.

谢谢你，吉姆，接我的电话。

Thanks, Jim, for taking my call.

当然。

Of course.

我持有这只股票已经五年了。

I've held this stock for five years.

我是继续持有，还是换成别的股票，比如钢铁动态？

Do I hold or switch Steel Dynamics or something else?

钢铁动态是一家很棒的公司。

Steel Dynamics is a great company.

你干嘛不干脆一直拿着呢？

Why would you do anything other than Bye bye bye.

好的。

Okay.

我们接下来连线纽约的约瑟夫。

Let's go to Joseph in New New York.

约瑟夫。

Joseph.

你好。

Hey.

吉姆，你最近怎么样？

How are you doing, Jim?

我是来自纽约的约瑟夫。

This is Joseph from New York NYC.

很高兴有你。

It's good to have you.

约瑟夫，欢迎来到节目。

Good to have you on the show, Joseph.

对。

Yeah.

是的。

Yeah.

很高兴认识你，吉姆。

Nice nice to meet you, Jim.

幸会。

Pleasure.

我刚才在聊ASML。

I was talking about ASML.

天哪。

Jeez.

你知道，我……我不确定。

You know, I I no.

这现在真是个大问题。

This is a this is a great great problem right now.

自从财报表现亮眼以来，这只股票就一路飙升，但大家都没搞懂原因。

That stock's been straight up ever since it had a great quarter, and people didn't understand.

我，乔，觉得今天涨了75块之后，咱们还是盼着能有个回调，再进场。

I, Joe, am gonna say after the $75 move today, let's just hope for a down day and get in.

我不想要追高买入。

I don't want a top ticket.

我担心的就是这个，不过我觉得你挑了个好标的。

That's what I fear, but I think you got a great one.

我们连线一下来自伊利诺伊的科勒。

Let's go to Cole in Illinois.

科尔。

Cole.

你好，吉姆。

Hi, Jim.

谢谢你帮我们。

Thanks for helping us out.

我儿子科尔有个问题想问你。

My son Cole has a question for you.

当然可以。

Sure.

让他接进来吧。

Let's put him on.

您好，克拉默先生。

Hey, mister Cramer.

对，科尔。

Yeah, Cole.

我一年前读过一篇摩根士丹利关于这只股票的报告。

I read a Morgan Stanley article on the stock a year ago.

我做了自己的研究之后就买了这只股票。

I bought the stock after doing my own research.

我想问问你，我是该长期持有，还是现在就卖掉？

I was wondering if you think I should hold it long term or sell.

就是索克斯能源这家公司。

For Sox Bloom Energy.

听好了，科勒。

Listen to me, Cole.

你应该买进。

You should buy it.

明白吗？

Okay?

让你爸先帮你垫一下钱，或者想别的办法。

You get your dad to front you or something.

我不确定。

I don't know.

我来帮你垫付。

I'll front you.

你真想参与这家Bloom Energy吗？

You wanna be in this Bloom Energy.

这是不依赖燃烧的电力。

This is this is noncombustible power.

你知道这种技术有多难找吗？

You know how hard it is to find that?

所有数据中心都在抢着要这个。

All the data centers are going crazy for it.

小孩子都能用。

Kids could.

他一直都在这个领域里。

He stays in the picture.

科尔留下。

Cole stays.

给他送一些。

Send him some.

好的。

Alright.

给他送一些。

Send him some.

给他送一些。

Send him some.

今天是全国冰淇淋日。

It's national ice cream day.

给他送点冰淇淋吧。

Send him some ice cream.

没关系。

That's alright.

爱荷华州的比尔。

Bill in Iowa.

比尔。

Bill.

嘿，吉米。

Hey, Jimmy c.

你最近怎么样？

How are you?

我挺好的。

I'm doing well.

老兄，最近咋样？

What's up, partner?

嘿。

Hey.

第一次打电话，但已经是老听众了。

First time caller, a long time listener.

吉米，谢谢你帮这位小投资者赚了一笔，太棒了。

Jimmy, thank you for helping this small investor make some bank, baby.

太棒了。

Love it.

最近怎么样？

What's going on?

好吧。

Okay.

吉姆，科宁玻璃占了太多风头，现在看看安费诺，股票代码是AP。

Jim, with Corning Glass sucking up all the oxygen in the in the room is Amphenol, ticker symbol, a p

我挺喜欢安费诺的。

h I like Amphenol.

我挺喜欢安费诺的。

I like Amphenol.

我觉得你挑了个不错的标的。

I think you've got a good one.

天啊，这东西居然真跌了点。

It's actually come down a little for heaven's sake.

我还以为它永远都不会下来呢。

I thought it was never gonna come in.

各位，这就是闪电环节的全部内容了。

And that, ladies and gentlemen, is conclusion of the lightning round.

闪电环节由嘉信理财赞助。

The lightning round is sponsored by Charles Schwab.

在我们结束又一个忙碌的一周之前，克拉默还有一些最后的想法。

Coming up as we wrap up another busy week, Cramer has some final thoughts.

别错过他接下来的即兴点评。

Don't miss his no huddle next.

吉姆·克拉默。

Jim Cramer.

我是第一次打电话来的，是个开心的俱乐部会员。

I'm a first time caller, a happy club member.

谢谢你为普通投资者挺身而出，做他们的代言人。

I wanna thank you for being the people's champion of investing.

谢谢你帮我实现了百万富翁的梦想。

Thank you for helping me become a millionaire.

总有人把现在的市场和2000年互联网泡沫破裂前的阶段相提并论。

People keep comparing this market to the later stages of the .com era before things fell apart in 2000.

但我亲身经历过那个时期。

But I lived through that period.

我在那个时期一直做交易。

I traded through that period.

根本没法比。

No comparison.

那时候，大家靠抢购每一家上市的互联网公司股票，然后迅速抛售就赚了大钱。

Back then, people got rich quick by buying every .com that came public and then flipping them.

卖，卖，卖。

Sell sell sell.

根本没持有它们。

Not owning them.

那股热潮是从1998年持续到1999年的。

This came work from the 1998 through the 1999.

干嘛要倒手卖出？

Why flip them?

为什么不长期持有呢？

Why not invest in them?

因为这些公司，如果真能称得上是公司的话，大多都严重亏损。

Because most of these companies, if you can even call them that, were deeply unprofitable.

真正算得上是正经企业的寥寥无几。

Very few were real businesses.

现在，大赢家是内存和数据存储类股票。

These days, the big winners are the memory and data storage stocks.

美光科技在过去十二个月里就涨了777%。

Micron's up 777% over the past twelve months alone.

Santa上涨了4162%。

Santa's up 4162%.

西部数据上涨了984%。

Western Digital's gained 984%.

希捷在同一时期飙升了712%。

Seagate jumps 712% over the same period.

但这些是真正生产实际产品的公司。

But these are real companies that make real things.

现在，它们简直是在印钱，因为需求旺盛，供应却严重不足。

And right now, they're practically just printing money simply because there's so much demand and so little supply.

你可能不信，但正因为这场我一直在跟你们说的第四次工业革命，这些公司说不定都被严重低估了。

Believe it or not, but they may all be undervalued because of this fourth industrial revolution that I keep trying to get, keep trying to tell you about.

我现在特别羡慕那些只持有这些存储股的人，就像当年我特别嫉妒那些把钱投进新上市的互联网公司、一开盘就涨五成甚至一倍的人一样。

Now look, I am tremendously jealous of people who own nothing but these storage stocks, just as I was insanely jealous of those who plowed their money to the newly minted .com IPOs, give you a 50 or a 100% pop right out of the gate.

你当然可以靠卖货赚得盆满钵满，但你始终得靠真本事卖货才行。

You could ring the register to make fortress, but you always did have to ring the register.

最初的那些游戏是唯一的游戏，转瞬即逝。

The initial games were the only games, ephemeral.

你当时赚钱的大部分垃圾股，其实只值它们最初交易价的一小部分。

Most of the junk you were making money in was were truly worth just a fraction of where it started trading.

你得赶在TheStreet.com上市时以19美元买进，那天开盘就立刻抛掉。

You had to get a new offering for thestreet.com at $19, the company I started, then flip it in the sixties the day it opened.

开盘价卖一部分，几个小时后再把剩下的清仓，到收盘时大概能赚到四十五美元左右。

You'd sell some at the opening price and then dump the rest a couple hours later, get maybe couple, let's say, $45 by the end of the day.

来得快的钱。

Quick payday.

但如果你硬撑着不卖，就会眼睁睁看着股价一路跌到2美元。

But if you stuck around, you'd watch the stock drift down to $2.

我早就提醒大家，趁TheStreet.com涨到那么高的时候赶紧出手。

I warned people to sell thestreet.com at those insanely high levels.

我简直不敢相信它能涨到那个地步。

I couldn't believe it was up there.

但因为我创办了这家公司，我决定硬撑下去，眼睁睁看着利润蒸发。

But because I'd founded the company, I decided to tough it out and watch my gains evaporate.

我能怎么说呢？

What can I say?

船沉的时候，船长不是得跟船一起沉吗？

The cabin's supposed to go down with a ship, right?

现在情况完全不一样了。

Now it's a very different situation.

这次的纪律不是卖，而是拿着不动。

Discipline this time isn't to sell, it's to hold.

为什么？

Why?

因为美光、希捷和桑德斯这些股票的估值都低得离谱。

Because stocks like Micron, Seagate, and Sanders traded incredibly low price journeys ratios.

这周早些时候我跟你们说过，有些股票涨得飞快，是因为它们非涨到那个位置不可。

Earlier this week, told you that some stocks are galloping higher because they have to go where they have to go.

这听起来像是在循环论证。

It sounded like circular reasoning.

我明白你的意思。

I understand that.

但我们一直看到这种情况发生。

We keep seeing it happen though.

美光今天又涨了15%，到了746美元。

Micron rallied another 15% today to 746.

为什么？

Why?

746？

746?

为什么？

Why?

因为它要冲向1000。

Because it's going to 1,000.

它得先突破七百、八百、九百，才能到那个目标。

It needs to go through the 7 hundreds and 8 hundreds and 9 hundreds to get there.

就算涨到一千美元，按盈利算还是便宜得离谱。

Even after the $1,000 that would still be pretty darn cheap on an earnings basis.

美光能持续上涨，是因为数据中心公司对芯片的需求无穷无尽，而供应根本跟不上。

Micron can keep running because there's endless demand for chips from the data center companies and not enough supply.

所以价格只会越涨越高。

So pricing just gets better and better and better.

现在这股票的市盈率才六倍左右。

Right now the stock sells from just six times earnings.

再看山德士，也是同样的情况。

Same exercise with Sandoz.

实际上，就算已经涨了这么多，它可能比迈克·邦德还便宜。

In fact, could be even cheaper than Mike Bond despite already rallying a lot harder.

那你打算怎么办？

So what do you do?

跟以前炒互联网IPO的时候不一样，你现在得挑几个有潜力的赌注，然后坚持持有。

Unlike the old days when we were flipping the .com IPOs, you gotta pick some of these moonshots and stick with them.

我花了无数个小时研究这些公司，我们为旅行信托基金买了一些我认为最值得入手的。

I spent hours and hours and hours analyzing these and we bought some for the some of the best I think for the travel trust.

只要你手头有现金，投资组合也足够分散，我就支持你入手这些热门股——哪怕你错过了前期涨幅，哪怕你刚在周一进场也没关系。

As long as you have some cash on the sidelines and your portfolio has some diversification, you have my blessing to buy these red hot stocks even if you missed them, even if you missed a lot, even if you're just getting in on Monday.

如果你手里只有内存股，而别人推出了更好的技术，那你肯定会亏得惨不忍睹。

If you have nothing but the memory plays and someone comes up with a better mousetrap, well, you're gonna lose a lot of money.

所以，必须在不同公司之间分散投资。

Hence, the need to diversify among the players.

但我接触过的业内人士里，没人听说有谁在试图解决内存短缺的问题。

But of all the people I've talked to in the business, nobody knows of anyone who's even trying to tackle a memory shortage.

因此，这些股票还在持续上涨。

So these stocks keep running and running.

现在入手还不晚，因为它们的市盈率实在低得离谱。

And it's not too late to buy them here because the Price Journeys multiples are simply too low.

如果你不明白这些东西是啥，就去读这本书。

If you don't understand what they are, get the book.

明白吗？

Okay?

关于价格轨迹倍数的内容，书里有大约五十页。

Price Journeys multiples are about 50 pages in the book.

你知道吗？

And you know what?

这些机会都是实实在在的，而且远没到头呢。

These things are for real, and they still haven't gone to where they're going to go.

挑一两个，或者三个就行，别全买，拜托了，然后就坚定持有。

So pick one or two or three, just not all of them, please, and strap yourself to the mask.

这趟旅程够刺激，以后还会更刺激，但绝对值得你上车。

It's been a wild ride, and it's gonna stay that way, but it is one worth taking.

和往常一样，我是比尔·马尔凯特，夏日承诺人。

Like I as always, Bill Market Summer, Promise Man.