Mad Money w/ Jim Cramer 8/11/26

作为顾客，无论你通过哪种形式、哪个渠道购买，我们都会奖励你。

As a customer, we'll reward you regardless of which format and which channel you buy in.

我们的目标是把平价食品带给更多社区，并且希望在未来的几年里，把Restaurant Depot的商业模式推广到100多个，具体来说是125个以上的社区。

Our goal is to bring affordable food to more communities and we desire to bring that Restaurant Depot business model to 100 plus, 125 specifically plus additional communities over the coming years.

最后还有一件事，我知道这全靠上帝的恩典，这不是我的餐厅。

And one last thing, I know it's there by the grace of God, it's not my restaurant.

但是我们怎么尝试，至少怎么尝试在这些我们听说的食品安全事件之后确保食品安全呢？

But how do we try to how can we at least try to have food safety after these incidents that we've been hearing about?

我们如何改进？

How do we improve it?

我们能做什么？

What can we do?

是的。

Yeah.

真的很遗憾，你知道，现在发生了这两起事件。

It's really unfortunate that we've got, you know, the two situations that are happening right now.

我只想说，从Cisco的角度来看，我们对食品安全非常重视。

I just wanna say from a Cisco perspective, we take food safety incredibly seriously.

这是我们品牌的根本，我们销售的食品质量和安全。

It is our brand, quality of the food we sell, the safety of the food we sell.

我们有一套非常完善、强大、严格的食品安全计划。

We have a very good, robust, strong food safety program.

实际上，在相关供应商宣布召回之前，我们就已经执行了召回。

We actually executed a recall even before the supplier involved in this situation, communicated the recall.

我们有非常健全的客户沟通机制，Jim。

We have a very robust communication protocol to our customers, Jim.

我们会发短信、发邮件、打电话给你。

We'll text you, we'll email you, we'll call you.

我们甚至会打五次电话，确保能联系到客户，告知他们这类事件。

We actually call five times to make sure we can get through to the customer to inform them of these types of events.

在这方面，我们拥有非常优秀的供应商合作伙伴。

We've got great supplier partners in this space.

他们做得很好。

They do good work.

要追踪并找到根本原因，这在流行病学上是很困难的。

It is a difficult epidemiology to try to trace and track back to root cause.

一旦找到根本原因，就会立即采取行动，绝不含糊。

Just no interest, like whenever it's found root cause actions are taken immediately.

我们会把供应来源转移到其他地方。

We shift source of supply to alternative places.

吉姆，这就是一个例子，说明规模和体量很重要，因为我们在餐饮外食领域采购的新鲜农产品比任何人都多。

This is an example, Jim, where size and scale matter because we buy more fresh produce than anyone in the food away from home space.

我们可以迅速调整采购对象和采购地区，安全和质量绝对是最重要的，这关系到消费者和我们服务的餐厅运营商的信任。

We can quickly pivot from who we buy from, geography we buy from, the safety and quality is absolutely paramount in the trust within consumers and with the restaurant operators that we serve.

非常好。

Excellent.

那么关于你们的收购，什么时候会碰到反垄断的问题？

And then for the your acquisitions, at what point will antitrust get in the way?

我知道我们之前有美国食品那个情况。

I know we had that US food situation.

我觉得那会是个不错的组合，但我知道当时政府不是这么想的。

I thought it'd be a good combination, but I know that's not the way the government felt at the time.

但是，当人们会说，等一下。

But are you when what people would just say, wait a second.

这些家伙太强大了。

These guys are too powerful.

我需要帮助。

I need help.

这种情况什么时候会发生？

At what point could that occur?

是的。

Yeah.

这笔交易正在按我们预期的那样接受审查。

The the deal is in process of being reviewed as we expected.

已经收到了第二次请求。

It has received a second request.

我们的预期是这笔交易会在我们即将到来的第一季度完成。

Our expectation is the deal will close in our calendar upcoming calendar q one.

所以就是一月到三月那个时间段。

So think, you know, January through March timeframe.

政府审核这笔交易时看到的，会是我们看到的这些事实。

What the government's gonna see when they review the deal are the facts that we see.

它们是完全不同的渠道。

They're completely separate channels.

我们有现金自提的客户，他们选择去餐厅仓储店买东西省钱。

We have our cash and carry customer who's choosing to go to the restaurant depot store to buy their product to save money.

我们有以配送为主的客户，他们需要送货。

We have a delivery primary customer who wants delivery.

所以他们是不同的渠道。

So they're different channels.

事实上，法官在之前的案件里已经裁定它们是不同的渠道。

In fact, the judge has already ruled in a prior case that they are separate channels.

第二点是我们做出的承诺。

The second point is our commitment.

Cisco致力于保持低成本。

Cisco's commitment to keeping costs low.

我之前说过，我们不会在Restaurant Depot的门店涨价。

I've said before, we are not going to raise prices at Restaurant Depot locations.

这笔交易的整个目的就是把Restaurant Depot那种出色的商业模式带到数百个新的地点，这样既能提供价格实惠的商品，又能创造数千个就业机会。

The entire purpose of this deal is to bring that phenomenal Restaurant Depot business model to hundreds of additional locations, which creates affordability and creates thousands of jobs.

所以，我们正在为数百个新的社区提供价格实惠的食品，同时创造数千个工作岗位。

So we're bringing affordable food to hundreds of additional communities, creating thousands of jobs.

我们相信，政府在进行审查时会看到这些事实。

These are the facts that we believe the government will see when they do the review.

Jim，我们有信心这笔交易会获得批准。

And Jim, we're confident that the deal will get approved.

太好了。

Excellent.

谢谢你。

Thank you.

我知道一旦合并完成，数字会上升，服务质量可能也会提升。

I know that the numbers will go up when it happens and maybe the service will go up too.

不过我得说，两家公司都有各自的优势，而且都做得非常出色。

Although both have I have to say both established side views and both of them do a great job.

我想感谢Kevin Hurricane，他是Cisco的首席执行官兼董事长。

I wanna thank Kevin Hurricane, who's the CEO and chair of Cisco.

Kevin，很高兴你能来参加我们的节目。

Kevin, it's great to have you on the show.

非常感谢。

Thank you so much.

谢谢你，Jim。

Thank you, Jim.

祝你今天愉快。

Have a great day.

好的。

Okay.

天哪，钱又回到悬崖边了。

Man, money's back into the brink.

接下来，美国几十年的汉堡大战是否已分出胜负？

Coming up, has a victor emerged from America's decades long burger wars?

克拉默正在研究数据，找出答案。

Cramer's digging into the numbers to find out.

接下来。

Next.

是什么让你有信心去做一件从未有人做过的事？

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.

开拓女性正在改变游戏规则。

Trailblazing women changing the game.

我最喜欢的一条建议是，想想你老板的老板需要什么。

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

领导力的表现形式多种多样。

Leadership can look in many, many different forms.

归根结底，就是信任你自己。

It really does come down to just trusting yourself.

人生苦短，所以

Life is short, and

你得有远大的目标，才能做成大事。

you just gotta think big to accomplish big things.

朱莉娅·博森主持CNBC的《变革者》和《关键人物》节目。

Julia Borson hosts CNBC changemakers and power players.

每周二更新，欢迎在各大播客平台收听。

New episodes every Tuesday wherever you get your podcasts.

上周，我们听了麦当劳和汉堡王的母公司国际餐饮品牌公司的财报。

Last week, we heard from both McDonald's and Restaurant Brands International, the parent of Burger King.

显然，现代新闻正在卷土重来，因为汉堡王现在正绕着金拱门跑圈呢。

Apparently, modern news is making a comeback because Burger King's running circles around the golden arches right now.

麦当劳上周二早上率先发布了财报，数字相当平淡。

McDonald's kicked things off last Tuesday morning, delivering a fairly tepid set of numbers.

他们的全球同店销售额增长了1.3%，基本符合预期。

Their global same store sales were up 1.3%, basically in line.

美国同店销售额只增长了0.8%，令人失望。

US comps were only up a disappointing point 8%.

麦当劳的总营收增长了4%，达到71.71亿美元。

McDonald's saw its consolidated revenue rise 4% to $7 and tens 7,100,000,000.

这比预期略低。

That's a slight miss versus expectations.

他们的营业收入也完全符合预期，不过他们确实实现了每股收益6美分的微幅超预期，基于3.32美元的基数。

Their operating income was exactly in line too, although they did manage a very modest 6¢ earnings beat off a $3.32 basis.

首席执行官克里斯·金钦斯基把公司在美国市场的疲软归咎于执行不力。

CEO Chris Kimchinsky blamed the company's US weakness on poor execution.

他通过提升麦当劳食品的口感和质量，同时改革饮品平台、提高出餐效率，并推出新的营销策略，扭转了局面。

He has turned things around by improving the taste and quality of McDonald's food while overhauling their beverage platform, improving throughput, and coming up with new marketing.

至少他们知道问题所在，而且正在努力解决。

At least they know there's a problem, and they're trying to fix it.

这点我很欣赏。

I like that.

所以股价在财报公布后实际上还上涨了，我也不怪任何人买这只股票，因为在这个价位，市盈率只有21倍，股息率2.7%，比过去便宜多了。

That's why the stock actually rallied in response to the quarter, and I don't blame anyone for buying the stock because down here trades in 21 times earnings, 2.7% yield, stocks a lot cheaper than it used to be.

不过在我看来，这已经变成了一个需要拿出实际成绩来证明自己的故事，挺不寻常的。

Although from my perspective, it's become a a show me story unusual.

但周四早上，餐饮品牌国际的报告却完全是另一回事。

We heard something very different though from Restaurant Brands International when it reported on Thursday morning.

他们公布了3.8%的全球同店销售增长。

Now they posted a 3.8% comps wide same store sales growth.

华尔街只预期增长3%。

Wall Street was only looking for three.

他们的总收入符合预期，但营业收入好于预期，增长了7%。

Their total revenue was in line, but their operating income was better than expected, up 7%.

他们的每股收益超出预期3美分，按每股0.04美元计算。

They delivered a 3¢ earnings beat off of dollar $0.04 basis.

在我说好消息之前，先说一下汉堡王，餐饮品牌的问题在于它旗下除了汉堡王还有其他连锁品牌。

Now before I get to the good part, Burger King, the problem with restaurant brands is that it's a house of different chains besides Burger King.

确实有汉堡王，但还有蒂姆·霍顿斯、大力水手炸鸡和消防站三明治。

Sure, there is BK, but there's also Tim Hortons and Popeyes and Firehouse Subs.

其中一些其他品牌表现并不好。

Now some of these other brands are not doing that well.

比如蒂姆·霍顿斯，我记得那曾经是一家增长强劲的公司。

Tim Hortons, for example, I remember that was a great growth company.

美国和加拿大的同店销售额仅增长0.1%，而华尔街预期增长1.4%。

Mustard just point 1% same store sales growth for The US and Canada when Wall Street was looking for 1.4%.

这也不算多好。

Not that that's that great.

Popeyes更糟，美国和加拿大的同店销售额下降了5.1%。

Popeyes was worse with US and Canada comps down 5.1%.

以前它们独立的时候，我们经常有更好的表现。

We used to have more all the time when they're independent.

在它上市的时候，业绩一直都很稳定地增长。

Used to be so consistently positive in its publicly traded days.

Firehouse Subs，我不太清楚，美国和加拿大市场让人失望。

Firehouse subs, I don't know, disappointed in US and Canada.

公司的快餐部门，最后一个部门，抱歉，国际综合部门倒是表现不错。

The company's fast segment last segment, I'm sorry, international catchall actually did pretty well.

同店销售额增长了5.5%，超过了他们预期的4.3%的增长，但这并不重要。

Same store sales up up 5.5%, beating the 4.3% increase that they almost expected, but that doesn't matter.

尽管如此，是汉堡王拯救了整个局面。

Despite all that, it was Burger King that saved the story.

它现在火得很。

It's on fire.

美国和加拿大的同店销售额增长了8.6%，远超分析师预期的6.2%。

And at 8.6% same store sales growth in The US and Canada, trouncing the 6.2% number that the analysts were looking for.

汉堡王的总调整后营业收入增长了13%，达到两位数。

And total adjusted operating income for the Burger King say it was up double digit, up 13%.

他们现在真的把麦当劳甩在身后了。

They are truly running rings around McDonald's right now.

最终，其他餐饮品牌的疲软，尤其是提姆霍顿斯和派派斯，足以抵消汉堡王的强劲表现。

Ultimately, the weakness in the rest of restaurant brands, especially Tim Hortons and Popeyes was enough to cancel out the strength of Burger King.

这就是为什么股价在财报公布后下跌了2%。

That's why the stock tumbled 2% in response to the quarter.

但在汉堡连锁店方面，很明显麦当劳已经被远远抛在后面了。

But in terms of burger chains, it is clear that McDonald's has been left in the dust.

奥门肯定让他们抓狂了。

Omen must be driving them crazy.

而且顺便说一下，汉堡王今年刚刚超过了温迪，重新夺回了美国系统销售额第二的位置。

And Burger King just passed Wendy's this year, by the way, to regain the number two position by system wide US sales.

那汉堡王到底强在哪里呢？

So what is so strong about Burger King?

他们做对了什么？

What are they doing right?

嗯，我关注汉堡王的转型已经有一段时间了，自从执行主席帕特里克·多伊尔——之前是达美乐披萨的——在2022年11月加入餐饮品牌集团以来。

Well, I've been following the Burger King turnaround for a while now ever since executive chair Patrick Doyle, previously of Domino's Pizza, joined restaurant brands all the way back in November 2022 now.

汉堡王是多伊尔最先着手修复的业务之一，我们现在看到这些努力开始见效了。

Burger King was one of the first things Doyle sought to fix, and we are seeing the fruits of those efforts.

五月份的时候，汉堡王总裁汤姆·柯蒂斯上过我们的节目，他解释了这家连锁店开始好转的原因。

In May, we had Burger King president Tom Curtis on the show, and he explained what's starting to go right for the chain.

我很喜欢他上节目的表现。

I loved the way he was on.

那期节目挺精彩的。

It was pretty terrific.

基本上，他说公司只是在倾听顾客的意见。

Basically, he said the company was just listening to customers.

嗯，这倒是个说法。

Well, there's a theory.

这带来了菜单的改进，包括重新打造标志性的皇堡，还有门店翻新和对性价比的关注。

It led to menu improvements, including a revamp of the iconic Whopper as well as store refreshes and an eye on value.

现在你可以在他们的新广告活动中看到这种理念。

Now you can see that ethos in their new ad campaign.

好的。

Alright.

他们解雇了汉堡王的吉祥物，并宣布有新的国王，那就是你。

They fired the Burger King mascot and declared there's a new king, and it's you.

聪明。

Smart.

现在我们都是汉堡王了。

We're all the Burger King now.

这让我想起了多伊尔接管达美乐时，播放那些广告说他们的披萨很糟糕，所以要改变配方。

Reminded me of when Doyle took over Domino's and ran those ads about how their pizza was garbage, so they were changing the recipe.

顺便说一句，达美乐的新品看起来还挺不错的。

By the way, had new stuff at Domino's looking pretty good.

那次转型始于2010年，当时股价大约10美元，到2018年多伊尔退休时，股价已经涨到大约280美元。

That turnaround started in 2010 when the stock was around $10, and by the time Doyle were tired in 2018, it was trading at around $280.

那可是实实在在赚到了钱。

That's real money made.

但为了让你更清楚为什么汉堡王在赢，而麦当劳似乎停滞不前，我想为罗布·佩斯重点介绍一些信息。

But to give you a better idea of why Burger King's winning while McDonald's seems stuck, I wanna highlight some information for Rob Pace.

他在那家一百指数公司。

He's at the 100.

那是一家另类数据公司，直接向消费者询问他们计划买什么，以及他们会多买什么，而不是少买什么。

That's an alternative data firm that directly asks consumers what they plan to buy and what they're gonna buy more of, not less of.

你看，这是前瞻性的。

See, it's forward looking.

佩斯说，汉堡王的净购买意向全年都在改善，而麦当劳的净购买意向却一直低迷。

Pace said the net purchase intent for Burger King has been improving all year while the net purchase intent from McDonald's has languished.

是什么推动了这种变化？

What's driving the change?

好的。

Okay.

根据100X的数据，今年有几个业务驱动因素对汉堡王有利。

According to one hundred x, several business drivers have been moving in Burger King's favor this year.

最大的因素是口味，它已经大幅转向汉堡王，而且是非常积极的转变。

The biggest factor, taste, which has swung dramatically toward Burger King in a very positive way.

在较小程度上，

And to a lesser extent,

汉堡王

Burger King

在得来速速度、价格和订单准确性方面也正在拉开与麦当劳的差距。

is also pulling away from McDonald's in drive through speed, price, and order accuracy.

不过我还是觉得口味是最重要的。

I still like taste being the best though.

这就是为什么他们的同店销售增长那么出色，而麦当劳却说他们执行得不好。

And that's why they're putting up excellent same store sales growth while McDonald's says it hasn't been executing properly.

说到汉堡，上周我们得知Starboard Value，一家经营得最好的激进对冲基金之一，已经入股了Shake Shack。

Now speaking of burgers, last week we learned that Starboard Value, one of the best run activist hedge funds, has taken a stake in Shake Shack.

这正好发生在Shake Shack公布了一个喜忧参半的季度之后，不算太差，同店销售增长3.5%，好于预期，但收入不及预期，不过每股收益超出预期4美分，基于39美分的基数。

Now this was right after Shake Shack reported a mixed quarter, not a terrible one, better than expected same store sales up 3.5%, but weaker than expected revenue, as well as 4¢ earnings beat off of 39¢ basis.

在那样一个还算可以的财报之后，Starboard宣布持有该公司大量股份，实际上价值数亿美元。

And after that kind of just okay report, Starboard announced a big stake in the company, one worth several $100,000,000 in fact.

Starboard现在可能是Shake Shack最大的股东了。

Starboard may now be Shake Shack's largest shareholder.

这是一场豪赌。

It's a big bet.

Starboard的首席执行官Jeff Smith希望公司在美国增加特许经营，而不是只专注于直营店。

Jeff Smith, the CEO of Starboard wants the company to add franchising here in The United States rather than just focusing on company owned stores.

这个公告把市场对财报的负面反应一下子变成了非常正面的反应。

That announcement turned what was a negative reaction to the quarter into a very positive one.

上周三收盘时，股价涨了超过12%。

Stock ending last week last Wednesday was up over 12%.

谢谢，激进投资者。

Thank you, activist.

这确实引起了我的注意。

Now this certainly caught my attention.

可惜的是，Shake Shack的表现一直不太好。

Shake Shack's been a real underperformer sadly.

即使上周涨了一波，今年至今还是跌了将近12%。

Even after last week's run, it's still down almost 12% year to date.

但我非常尊重Starboard，他们在餐厅转型方面经验丰富。

But I have a lot of respect for Starboard, which has a ton of experience turning restaurants around.

Starboard十多年前就和Olive Garden的母公司Darden合作过。

Starboard's worked with Olive Garden parent, Darden, over a decade ago.

这真是传奇般的故事。

It's the stuff of ladjuds.

最近，他从2019年开始在Papa John's取得了非常成功的活动。

More recently, he had a very successful campaign with Papa John's starting in 2019.

就是这样。

That's it.

即使Starboard也不总是成功。

Even Starboard doesn't always succeed.

他们试图扭转Bloomin' Brands的局面。

They tried to turn around Bloomin' Brands.

那是Outback Steakhouse的母公司，你知道，几年前，现在仍然是个烂摊子。

That's the parent company of Outward Steakhouse, Outback Steakhouse, you know, a few years ago, and that's still a dog.

所以如果有人能给Shake Shack注入新的活力，我想就是这些人了。

So if anybody can breathe new life into Shake Shack, I think it's these guys.

他们有好主意。

They got good ideas.

那我对这些汉堡连锁店是什么看法呢？

So where do I come down on the burger chains?

好。

Okay.

事情是这样的。

Here's the deal.

说到底就是。

Here's the bottom line.

我觉得麦当劳还是可以持有的，即使它现在变成了一个需要证明自己的故事。

I think McDonald's can still be owned even as it's become a show me story.

如果汉堡王是独立公司，你肯定会大力推荐它，但可惜它被埋在正在挣扎的餐饮品牌集团里。

If Burger King were independent company, you gotta be pounding the table on it, but unfortunately, it's buried within restaurant brands, which is struggling.

我觉得Patrick Doyle能扭转局面，尤其是现在股价只有预期收益的18倍。

I think Patrick Doyle can turn things around, especially now with the stock selling for 18 times forward earnings.

可能需要一点时间。

Could take a little bit.

至于Shake Shack，这家非常贵，但自从Starboard Values介入后，它比一周前更有吸引力了。

As for Shake Shack, this one's very expensive, but it's a lot more enticing than it was a week ago now that Starboard Values got involved.

我们连线伊利诺伊州的莫娜。

Let's go to Mona in Illinois.

莫娜。

Mona.

嗨，吉姆。

Hi, Jim.

你好吗？

How are you doing?

我很好，莫娜。

I am doing well, Mona.

你好吗？

How are you doing?

我非常好。

I'm very well.

谢谢。

Thank you.

所以今天我的问题是关于Netflix的。

So my question today is about Netflix.

我知道你给了我们很多关于Netflix的建议，但我的情况是这样的。

I know you've been giving us a lot of advice about Netflix, but here is my situation.

我在25年初卖了一部分，然后在25年晚些时候又买回来了。

I sold a part of it in early twenty five and then reentered later in '25.

所以现在，股价比我成本价低了15%。

So right now, the stock is trading at 15% below my cost basis.

那我应该继续持有，扛过去，还是应该再买一些？

So should I hold the stock for now and ride it out, or should I buy more?

好的。

Okay.

但我对此有严格的规定。

But I've got strict rules in this.

第一，我们不关心一只股票是从哪里来的。

One is that we do not care where a stock has come from.

我们在乎的是它要往哪里去。

We care it's going to.

第二，是市盈率下降了，还是盈利下降了？

And second, has the price to earnings multiple come down or the earnings come down?

目前来看，盈利还可以。

Right now, the earnings are okay.

现在的市盈率是20倍。

The price to price journeys mobile is at 20.

所以，对我而言，这只是奈飞的一个初始仓位。

So call me a beginning position in Netflix.

对你来说，也许你可以再买一点来摊低成本。

And for you, maybe you wanna buy a little more to average down.

好。

Okay.

我觉得持有汉堡王比较棘手，因为它的母公司是华尔街的Shake Shack。

I think Burger King is trickier to own because of its parent company, Wall Street Shake Shack.

我也不太确定。

I don't know.

故事听起来挺诱人的。

Kind of tasty story.

不过麦当劳依然是只值得深入研究的汉堡股，虽然我不会劝你赶紧冲进去买。

But McDonald's is still a burger stock you can sink your teeth into, although I'm not gonna tell you to run out and buy it.

还有更多公司值得关注，包括我和管道及暖通空调分销商福格森（Ferguson）的独家报道。

Much more may have money, including my exclusive with plumbing and HVAC distributor Ferguson.

英伟达那笔五千亿美元的巨额交易，是否为投资者开辟了一个全新的资产类别？这背后是算力机器人潜力的爆发。接下来进入今晚闪电问答环节，我会快速回答大家的提问。

Then has NVIDIA's $500,000,000,000 deal created a new asset class for investors on breaking down the potential of compute bots and all your calls rapid fire in tonight's edition of the Lightning Round.

所以请继续收看克拉默的节目。

So stay with Cramer.

昨天早上，我们看到了福格森交出的一份非常出色的季度财报。

Yesterday morning, we got an excellent quarter from Ferguson.

那是北美建筑产品的分销商，从供暖、通风、空调设备到水暖、管道、消防保护。

That's the North American distributor of building products from heating, ventilation, air conditioning equipment to waterworks, plumbing, fire protection.

他们公布的季度业绩好于预期，并上调了全年预测，股价因此上涨了3%。

They reported better than expected quarter, raised their full year forecast, setting the stock up 3%.

好的。

Okay.

今天回吐了一些涨幅，但今天是个小幅下跌的日子。

Gave back some big gains today, but today was a little down day.

对吧？

Right?

我认为这次回调是个礼物。

I think this pullback is a gift.

Ferguson从很多不同的领域赚大钱。

Ferguson's making big money from a lot of different centers.

数据中心，他们从半导体工厂、发电、制药制造、生物技术等各类设施获得大量业务。

Data center, they get a lot of business for semiconductor plants, power generation, pharmaceutical manufacturing, biotechnology, whatever structure.

这些大型资本项目都能让他们赚很多钱。

Any of these large capital projects allows them to make a lot of money.

他们一直在进行大量的小规模并购来扩大市场份额，这是有原因的。

There's a reason they've been making lots of smaller bolt on acquisitions to expand their market share.

最重要的是，他们的核心业务，商业和住宅建筑，我认为表现远超预期。

Most importantly, their core business, commercial and residential construction, I'm calling it much better than expected.

所以，让我们和凯文·墨菲一起仔细看看。

So let's take a closer look with Kevin Murphy.

他是Ferguson的总裁兼首席执行官，我们来了解更多。

He's the president and CEO of Ferguson to learn more.

墨菲先生，欢迎回到《疯狂金钱》。

Mister Murphy, welcome back to mad money.

吉姆，谢谢你邀请我。

Jim, thank you for having me.

很高兴再次和你在一起。

Great to be with you again.

我得跟你说，当我看到你的数据时，我特别担心。

Well, I've gotta tell you when I looked at your numbers, I was so worried.

我当时想，好吧。

I said, alright.

我知道住宅市场肯定会很糟糕。

I know that home is gonna be bad.

我知道商业地产可能会救场。

I know that commercial might save it.

但结果并不是那样。

It didn't turn out that way.

所以我得问你，你一半的业务是住宅。

So I've gotta ask you about half your business is home.

在大家都担心利率、房屋交易量又不大的情况下，为什么表现会好于预期？

How is it better than expected given the fact that everyone's worried about interest rates and there's not a lot of housing turnover?

我不明白。

I don't get it.

是的。

Yeah.

我们对同事们的出色表现非常满意，他们为客户提供了优质的服务。

We were really pleased with our associates fantastic performance servicing our customers.

你知道，我们在住宅和非住宅领域都看到了增长和超预期的表现，这让我们非常自豪。

You know, The growth and outperformance that we saw in both the residential space as well as the non residential space was something we're really proud of.

如果你看住宅方面，你说得对。

If you look at the residential side, you're right.

利率压力、普遍的负担能力担忧、新建项目仍然是市场面临的挑战。

Interest rate pressure, general affordability concerns, new construction still a challenging side of the market.

但我们在投资的地方，特别是在发展我们的暖通空调业务方面，扩大网点，通过并购和有机增长，并确保投资于有才华的同事，从而在如今更偏重维修而非设备更换的市场中实现了11%的增长。

But where we were investing, where we were focused on growing our HVAC business in particular, expanding that location base, growing through M and A, growing through organic means and making sure that we're investing in talented associates to have 11% growth in what is a market that's more repair versus equipment replacement today.

我们对此非常满意。

We're really pleased with that.

那么，跟我们聊聊人们看到你们漂亮的展厅的情况吧。

Well, talk to us about people see your beautiful showrooms.

我在长岛的南安普顿看到了你们那个漂亮的展厅。

I see your gorgeous showroom in South Hampton in Long Island.

真是太棒了。

It's just incredible.

然后我就想，等等。

And I say to myself, wait a second.

家得宝也有这个，弗格森也有这个。

Home Depot's got that and Ferguson's got that.

那为什么大家还都去弗格森呢？

Why are people going to Ferguson so much?

到底发生了什么？

What's happened?

有什么变化？

What's changed?

你们成功的轨迹真的挺惊人的。

The arc of your success is really pretty amazing.

对。

Yeah.

吉姆，Ferguson家居业务确实是为那些想要完整体验装修过程的客户服务的。

The Ferguson home business, Jim, really does cater to that customer who wants a project experience.

我们把Ferguson Home的线上体验和线下豪华展厅里我们认为最顶级的咨询服务结合起来。

We couple an online experience through Ferguson Home on the digital side with what we believe is a best in class consultative experience inside of our luxurious showrooms.

很多客户，实际上大多数，都是从我们的线上项目工具开始他们的装修之旅，然后来到展厅，和我们一位才华横溢、经验丰富的展厅顾问进行一对一的咨询，这位顾问会根据他们的设计专长和风格偏好来提供建议。

And so many of our showrooms, the vast majority actually start their journey online through our project tool, and then they come in, and they've got a one on one consultation with one of our talented and expert showroom consultants who really caters to the design expertise and the style preference that they have.

然后最重要的是，我们希望全程管理这个项目，无论是简单的浴室翻新还是整个房屋的建造。

And then most importantly, we wanna project manage that through, whether it's simply a bathroom renovation or a whole home construction.

嗯，我得说，我觉得那真是一个很棒的模式。

Well, I've gotta tell you, I think that that's just a terrific model.

我确实需要谈谈这个大型资本项目，多年期的规划。

I do need to talk about this large capital project, multi year runway.

我知道人们会说，这就是为什么我应该拥有它。

I know people are gonna say, well, that's why I should own it.

我希望人们两个部分都能拥有。

I want people to own it for both pieces.

对吧？

Okay?

说实话，我很喜欢你们那种五五开的比例。

Frankly, because I I like the fact that you have that fifty fifty mixture.

但让我更感兴趣的是你们在预计六万亿美元支出的商业市场上的布局。

But I am drawn by what you're doing in the $6,000,000,000,000 projected spending commercial market.

给我们讲讲吧。

Give it to us.

对。

Yeah.

这种平衡确实对我们很有好处。

The the balance does serve us well.

它让我们更有韧性。

It makes us more resilient.

但如果你看看现在的顺风在哪里，确实就在那个大型资本建设项目区域，也就是非住宅类的。

But if you look at where today's tailwinds are, they really are in that large capital construction project area of nonresidential.

数据中心建设，是的，那占大头，但还不止这些。

Data center construction, yes, that's the majority of it, but it's more than that.

还有发电、供水和污水处理基础设施、制药和生物技术、芯片生产、普遍的制造业回流和制造。

It's power generation, water wastewater infrastructure, pharmaceutical and biotechnology, chip production, general onshoring and manufacturing.

这是一股很大的顺风，因为我们不仅参与场地的供水和污水处理，还参与给芯片降温的商业机械管道系统，以及为整个生产设施提供动力的工业管道阀门和配件，最后还有保护资产的消防系统。

That's been a great tailwind because we're involved in not only the water wastewater that leads up to the site, but the commercial mechanical piping systems that run cooling to chips, the industrial pipe valve and fittings that power that overall production facility, Then ultimately the fire suppression that takes care of protecting that asset.

这确实是很大的顺风。

That's been a great tailwind.

我们认为这股顺风会持续好几年。

We see that as a multi year tailwind.

实际上，你看我们的商业机械业务，本季度增长了15%，同期基数增长了20%；我们的工业业务，本季度增长了18%，同期基数增长了6%。

In fact, if you look at our commercial mechanical business, up 15% in the quarter on a 20% comp, Our industrial business, up 18% in the quarter on a 6% comp.

这些在非住宅这块业务上都是很好的表现，而且这股顺风是持久的。

These are good performance in what is a durable tailwind on the nonresidential side of our business.

嗯，你能……我觉得有一件事让我特别震惊，就是如果我要建一个数据中心，而且这不是我的核心业务——很多情况下都是这样——

Well, could you I think you I one of the things that just shocks me is I was saying if I let's say I had to build a data center and it wasn't necessarily my core business, which is the case in a lot of a lot of different situations.

我会被一个事实难住：一个数据中心里有5700套液冷组件、57000个阀门，还有12英里的铜管。

I would be stymied by the fact that there are 5,700 liquid cooling assemblies, 57,000 valves in 12 miles of copper pipe in a data center.

除了Ferguson，还有谁知道该怎么搞定这些？

Who the heck would know how to do that other than Ferguson?

那只是一个项目而已。

That's only one project.

真正重要的是，因为我们在贸易专业人才方面面临压力，这些劳动力负责安装和建造这些设施，我们正在虚拟设计中心等领域帮助他们，做数字孪生，确保我们预制管道系统，并以模块化施工的方式在现场交付。

What's really important about that is because we're having pressure on the trade professionals in terms of what that labor force is that does the installation and builds these facilities, We're helping them in areas like virtual design centers to do the digital twin, to make sure that we're doing the fabrication of the piping systems and delivering it from a modular construction perspective on-site.

我们的目标是确保我们帮助提高施工效率，同时在供应链紧张的世界里，确保我们能够按时完成这些项目中至关重要的紧凑工期。

Our goal is to make sure that we aid in construction productivity while at the same time making sure that in a supply chain pressured world that we can deliver on tight project timelines that are so important in these projects.

我想回到你刚才用的一个词，数字孪生。

I wanna go back to a term you used just now, digital twin.

NVIDIA的黄仁勋向我们展示了数字孪生的初步构想，他告诉我，变更订单可能导致成本飙升三分之一。

Jensen Huang at NVIDIA showed us the initial ideas for digital twin, and he told me that it's the change orders that cost could things jump a third in cost.

如果能在动工前就消除变更单，那能省下很多钱。

If you could eliminate the change orders before the building, then you'd save a lot of money.

你们现在是在为那些大客户做这个吗？

Are you doing that for some of these giant customers?

是的。

Yeah.

多年前，我们就在这些项目上大力投入，提前与超大规模客户、业主和总承包商接触，确保能解决他们的供应链问题。

Years ago, we really invested in early engagement on these projects with hyperscalers, with owners, with general contractors to make sure that we could solve their supply chain problems.

此外，我们还有专业的承包商和机械承包商，我们在扩充他们劳动力的同时，确保有建模师，并准备好与这些客户进行虚拟设计，让项目进展更顺利。

But in addition, with our specialized contractors, our mechanical contractors, we're augmenting their labor force while making sure that we have modelers and that we're ready to engage in virtual design with these customers to make that project go more smoothly.

所以说，这就是我们服务内容的一部分。

So yes, that's part of what the service offering is.

这不是每个项目都会用到，但确实已经提供给客户使用了。

And it's not on every job, it's certainly out there for our customers to utilize.

说到最后一个问题，凯文，我准备这个采访的时候就在想，天哪，我们可能对美联储关注得太多了。

You know, as a last question I have to tell you, Kevin, when I was doing my work for this, I said, boy, maybe we just focus too much on the Federal Reserve.

如果你愿意的话，你真的可以创业，比很多人在家里想的更能掌控自己的命运。

If you want to, you can really make businesses and be a little more in control of your destiny than a lot of people at home may think.

但你怎么有信心事情会是这样呢？

But how do you have the confidence that it's gonna be like that?

因为你显然有这种信心。

Because you sure got it.

对。

Yeah.

我们想确保，无论是在住宅还是非住宅领域，我们是否在提高建筑生产力。

We we wanna make sure that, again, on the residential side and nonresidential side, are we adding construction productivity?

我们认为在这个技术工人短缺的世界里，我们需要让更多的技术工人进入劳动力市场。

We think this trade starved world where we need to add more trade professionals into the labor force.

我们要确保他们能按时按预算完成项目。

We're gonna make sure that they can get their project done on time and on budget.

如果我们能让我们的承包商客户更成功，比如水管工、暖通空调技术员、机械承包商、公用事业承包商、消防承包商，如果我们能让他们的生意更好，我们就能获得市场份额，并获得良好的利润。

And if we can make our contractor customer more successful, the plumber, the HVAC technician, the mechanical contractor, the utility contractor, the fire suppression contractor, if we can make their business better, we're gonna gain share, and we're gonna provide good margin.

好的。

Alright.

我也想祝贺你，我觉得这确实值得祝贺，因为这是一件非常重大的事情。

I also wanna congratulate you and I think it is worth congratulations because it is a very big deal.

加入标普五百，你肯定特别激动吧。

Joining the S and P five hundred, you got to be thrilled.

是的，我们确实很激动。

Yeah, we are thrilled.

这真的是对我们员工在美国建设和维护方面所做贡献的巨大认可。

It really is a great recognition for the impact that our associates make on the construction and the maintenance of America.

对我们来说，这也是我们旅程的一个完美收官，我们最初在伦敦证券交易所上市，是富时一百的成员，然后把业务迁回美国，总部设在美国，在纽约证券交易所上市，现在又成为标普五百的一部分。

And so for us, it was also a great capstone to a journey that really had us coming as a FTSE one hundred on the London Stock Exchange and moving the business back home to America, headquartered in America, traded on the New York Stock Exchange, and now part of the S and P five hundred.

那是重要的一天

It was a big day

对我们来说。

for us.

没人能比你说得更好。

Nobody can say it better than you can.

凯文·墨菲，Ferguson公司总裁，F-E-R-G。

Kevin Murphy, presidency of Ferguson, f e r g.

嘿。

Hey.

也许这就是投资美国的方式。

Maybe it's the way to play America.

谢谢你，凯文。

Thank you, Kevin.

谢谢你，吉姆。

Thank you, Jim.

很高兴和你在一起。

Great to be with you.

是的。

Yeah.

广告之后，我们继续聊钱的话题。

Money's back after the break.

接下来要出场的是华尔街反应最快的人，我们想请大家一起来考考他。

Coming up, he's the fastest mind on Wall Street, so we're putting him to the test with your help.

接下来，让我们进入快问快答环节。

Bring on the lightning round next.

结束。

Out.

然后闪电快答环节就结束了。

And then the lightning round is over.

准备好了吗？

Are you ready?

我们先从新泽西的沃尔特开始。

Let's start with Walter in New Jersey.

沃尔特。

Walter.

我不知道。

I don't know.

吉姆，我打电话来是想说我们州有最好的番茄和

Jim I'm calling for me state with the best tomatoes and

最好的玉米。

the best corn.

你说得对。

You bet.

我完全同意。

I totally agree with that.

百分百的泽西番茄投资者，就是这样。

100% Jersey Tomato investor is what's going on.

我的问题是，如果我在大约两年前只是为了收益而买入，现在该怎么办。

My question to you is to land if I only got bought about two years ago strictly for the yield.

它一直在下跌，不断下跌。

It's done nothing but go down and down.

我觉得他们上次财报没做好。

I think they missed on the last reporting.

所有指标都没达标。

They missed on everything.

股价跌了8%。

It's down 8%.

我有三个问题想问。

My question is threefold.

现在这只股票便宜吗？

Is the stock cheap here?

而且，既然分红还没被暂停，那它安全吗？

How and and as the is the dividend safe if it hasn't already been suspended?

你对它的长期前景怎么看？

And what's your long term outlook on it?

好的。

Okay.

你得从那种差玉米升级到银皇后玉米了。

You've had to step up from that bad corn to silver queen corn.

你知道那意味着什么。

You know what that means.

你得去通用汽车了。

You got to go to the General Motors.

我现在甚至不觉得斯特兰蒂斯值得投资，但通用汽车可以。

I don't even think of Stellantis as being investable right now but GM.

哇。

Wow.

行动吧。

Make the move.

明天就行动。

Make it tomorrow.

银皇后。

Silver queen.

咱们来看看这件球衣的名字，顺便也连线一下伊利诺伊州的雪莉。

Let's go to that's the name of the jersey and also possibly let's go to Sherry in Illinois.

雪莉。

Sherry.

太棒了，吉姆。

Booyah, Jim.

我爱你。哦，谢谢你，雪莉。

I love you Oh, thank you, Sherry.

怎么回事？

What's going on?

谢谢。

Thank you.

我想知道他现在房子那边情况怎么样？

I was wondering what's standing on his house right now?

买、卖还是持有？

Buy, sell, or hold?

哎呀，天哪。

Oh, man.

时间挺长的，但那个季度真是厉害，真是厉害。

That's a long but what a quarter what a quarter they had.

你知道吗，我一直和本·斯托托在讨论。

And you know what I've been going over with Ben Stotto.

他是我的研究主管。

He's my research director.

我们一直在说，嘿，听着，这到底是怎么回事。

We were saying hey listen what's the hell.

怎么会这么好。

How could that be so good.

答案就是，那个季度表现太猛了。

And the answer is that quarter was a monster.

我们接听亚利桑那州迈克尔打来的电话。

Let's go to Michael in Arizona.

迈克尔。

Michael.

你好，吉姆。

Hello Jim.

谢谢你接我的电话。

Thanks for taking my call.

上周五我买入了最大的液化天然气生产商和出口商的股票。

Last Friday I made a purchase of the largest producer and exporter of liquid natural gas.

他们基础设施很好，现金流也很强。

They've got a great infrastructure, strong cash generation.

他们最近刚上调了业绩指引。

Their guidance was just recently raised.

他们正在增加产量。

They're increasing production.

他们有长期合同，能保证稳定性，而且还有一些回购。不过缺点是，他们不赚钱。

They've got long term contracts that provide stability, and it's some buybacks that they're the negatives, though, they don't make money.

他们大约有250亿美元的债务。

They're approximately 25,000,000,000 in debt.

他们非常资本密集，所以持续扩张需要大量资金。

They're very capital intensive, so their continued expansion requires a lot of capital.

而且他们有，而且没有，没关系。

And they have and and no concern Okay.

什么，股票是什么？

What what's the stock?

股票是什么？

What's the stock?

国际需求。

International demand.

好的。

Okay.

那太好了。

That's terrific.

那股票是什么？

What's the stock?

Cheniere。

Cheniere.

Cheniere。

Cheniere.

Cheniere？

Cheniere?

哦，是液化天然气那种吗？

Oh, the LNG kind?

你为什么不卖呢？

Why don't you sell why

你为什么不这样做呢？

don't you do why don't

你选那种高级合伙人类型的，它具备很多你想要的优点。

you go by the CPP kind, which is the senior partners that has a lot of the good qualities that you want.

就是这个开关。

That's the switch.

你明天搞定它。

You make it tomorrow.

咱们去德州的里德那儿看看。

Let's go to Reed in Texas.

里德。

Reed.

嘿，克莱默。

Hey, Cramer.

谢谢你接听我的电话。

Thanks for taking my call.

没问题。

No problemo.

有什么事吗？

What's going on?

对。

Yeah.

我对一只股票很好奇，它一直在跌，但看起来要回升了。

I'm curious about a stock that's been down but looks to be coming back.

你觉得我该开始建仓Tractor Supply吗？

Do you think I should start a position in Tractor Supply?

听着，我真不明白那只股票为什么跌到18倍市盈率。

Look, I have no idea why that stock came down 18 times earnings.

只是人们肯定把它描述成房地产股。

It just people must describe it as a housing play.

其实不是。

It's not.

而且我觉得现在可能是开始建仓的时候了。

And I just think it is probably time to start a position.

别一下子买太多，因为季度业绩不是很好。

Don't go too big at once because the quarters have not been that good.

各位，闪电轮到此结束。

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

闪电轮由嘉信理财赞助。

The lightning round is sponsored by Charles Schwab.

接下来，计算债券真的会成为现实吗？

Coming up, could a compute bond really become a thing?

克莱默将分析它们是否值得投资。

Cramer's weighing in on whether they'd be worth the paper they're printed on.

接下来。

Next.

年纪大没什么好处。

There are very few benefits to being old.

我去特立尼达钓大海鲢时，入境签证要填出生年份，我花了半天才滚动到1955年。

When I went to Trinidad to fish for Tarpon, the sea long gated weekend, took me forever just to scroll down to 1955 with the Trinidad entry visa of my birth year.

但过去是有价值的。

But the past has value.

就像我在八十年代在高盛工作的那段时光，很久以前了。

Like my time spent at Goldman Sachs in the nineteen eighties, long ago.

我在那家八月投资银行期间记得的一件事，是1985年关于汽车证券化的一个演示。

One thing I recall from my stay at the August Investment Bank was a presentation in 1985 about auto securitization.

那时候，高盛决定，非常新颖，把汽车贷款打包成债券，然后卖给富人和机构。

Back then, Goldman decided, incredibly novel, to bundle auto loans into bonds, then sell them to wealthy individuals and institutions.

我是最早听到这个演示的人之一，那是在一次全员债务会议上。

I was one of the first to hear the presentation in an all hands down debt meeting.

我当时持怀疑态度，说汽车贬值太快，还有

I was skeptical talking about how quickly autos depreciate, how there

汽车贷款违约很多，还有

are plenty of defaults in auto loans, how

收车的人可能会毁掉这些债券。

the repo man could destroy the bonds.

你可以说我是个怀疑论者。

Call me a skeptic.

但我错了。

But I was wrong.

他们最后把那些技术都卖出去了。

They ended up selling the tech out of them.

那时候真是盲目信仰的时代，盲目信仰对客户和公司都有好处，因为他们最终提供的收益率比国债高，风险也不大，大家都很满意，无论是客户、买家还是高盛的人，尤其是我。

Well, those were the days of blind faith, where blind faith rewarded for both the client and the firm, because they ended up offering a nicer yield than treasuries without a lot of risk, and everyone was happy, both the client and buyer and the people at Goldman Sachs, especially me.

今天我们了解到，机构有可能发行计算债券。

Today, we're learning about the possibility of institutions offering compute bonds.

这次是把计算能力当作数据中心资产类别来交易，就像那些汽车贷款证券化一样。

This time trading compute as a data center asset class, not unlike those securitizations in auto loans.

英伟达的CEO黄仁勋在谈论数据中心的可行性，以及这些装满服务器的仓库里芯片的长期价值。

There's Jensen Huang, CEO of NVIDIA, talking about the viability of the data center and long lasting value of the chips in these warehouses full of servers.

然后有一系列金融巨头出来说，这整个事情是多么合理。

Then you had a series of titans of finance talk about how logical the whole thing is.

然后高盛的CEO大卫·所罗门也插话，推波助澜。

Then David Solomon, the CEO of Goldman Sachs, piped up and pushed him too.

你没听到的，或者至少是我消化之后才听到的，是这些会像住房贷款或汽车贷款支持的证券一样，成为证券化产品。

What you didn't hear, or at least I didn't hear until I digested it, was that these would be securitizations just like securities backed by home loans or auto loans.

因此，高盛的戴维·所罗门强烈支持，他能看到其中的逻辑，就像我在高盛时汽车贷款支持证券的逻辑一样。

Hence, the strong endorsement of Goldman's David Solomon, who can see the logic just like the logic of auto loan backed securities when I was at Goldman.

会有人立刻明白，因为他们所在的机构总是想以尽可能小的风险获得良好的回报。

There'll be people who get it right away because they work for institutions that are always trying to get a good return with as little risk as possible.

相信我，如果投资者不想要一点风险，就不会有住房贷款或汽车贷款支持的票据。

Believe me, there would be no notes backed by home loans or auto loans if investors didn't want a little risk.

通过美国国债很容易获得无风险的稳定回报，因为国债有美国政府的完全信用和信用背书。

Very easy to get a solid return with no risk via US treasuries, which are backed by the full faith and credit of the US government.

信不信由你，那仍然有价值。

Believe it or not, that's still worth something.

现在你可能想知道，这些纸片会不会有黄仁勋和英伟达的完全信用和信用背书？

Now you may be wondering, will these pieces of paper be backed by the full faith and credit of Jensen Huang and Nvidia?

这很有趣，但不会。

It's very funny, but no.

但基于汽车贷款或住房贷款的证券也不是这样。不过这里有一个结构在起作用。

But neither are the securities based on auto loans or home There's a construct at work here though.

有一种信念是，这些资产不会快速贬值，甚至根本不会贬值。

There's a belief that the assets don't depreciate quickly if at all.

所以这些票据会是有价值的，这是你思考票据时必须始终牢记的。

So the paper will be money good, which is how you must always think about paper.

这对债券等固定收益证券来说没问题。

That's fine for fixed income securities like bonds.

我可以告诉你，我是个信徒。

I can tell you, I'm a believer.

作为数据中心核心的NVIDIA芯片几乎没有显示出任何贬值。

The NVIDIA chips that are at the core of the data center haven't shown much depreciation at all.

CoreWeave明天会告诉你这一点。

CoreWeave will tell you that tomorrow.

旧型号的保值情况比汽车好，汽车一离开停车场就贬值了。

Older models have held up better than cars, which are worth less than the the moment they leave the lot.

对吧？

Right?

不过，至少我不确定最初谁会买这些。

Now I'm not sure who will buy these originally at least.

也许拉里觉得，贝莱德作为全球最大的资产管理公司，管理的资产最多。

Maybe Larry thinks firm BlackRock biggest asset gathered, biggest they have the most assets under one roof in the world.

他们在开发基础设施债券方面一直很在行。

They've been very deft at developing infrastructure bonds.

也许他们会推出数据中心债券。

Maybe they'll offer data center bonds.

也许高盛的戴维·所罗门会去找他的私人财富管理团队，让他们推销这些债券，就像我在高盛时他们推销汽车贷款债券那样。

Maybe David Solomon at Goldman will go to his private wealth management people and tell him to sell this paper, just like Goldman did with auto backed bonds when I was there.

从公司当年在汽车贷款债券上的成功来看，我觉得你们应该试试。

Judging by the success the firm had with the auto loan backed bonds, I I think you should try it.

我鼓励这么做。

I encourage it.

会有怀疑的人，但我鼓励这么做，因为我的专长就是推销这个。

There'll be skeptic I encourage it because my chops are selling it.

会有怀疑者说这些东西根本不值钱，因为他们认为这些会快速贬值。

There'll be skeptics who say these things aren't worth much at all because they think that this stuff's gonna rapidly depreciate.

还记得抵押贷款支持债券在大衰退期间是如何搞垮经济的吗？

Remember how mortgage backed bonds help blow up the economy during the great recession?

但是，天哪，那些由多个数据中心支持的机构，肯定会希望整个数据中心有一个双向市场。

But, man, the institutions that are backed by many a data center would love to have a two way market in the data centers as a whole.

我不知道事情会不会这么发展，但看起来很有可能。

I don't know if that's how it'll go, but it sure seems likely.

一开始，如果英伟达自己拿下几百亿的债券，我也不会感到意外，一边扩充他们的现金计划，一边展示他们的忠诚。

At the beginning, it wouldn't shock me if NVIDIA itself took down bonds by the tens of billions, augmenting their cash program while demonstrating their fidelity.

我知道那是我会做的。

I know that's what I do.

如果出现亏损，英伟达会自己吸收。

If there are losses, NVIDIA would absorb them.

但话说回来，我觉得不会有损失。

But then again, I don't think there will be.

相反，我认为黄仁勋和他的伙伴们发明了一种全新的资产类别，就像黄金、房地产、房主贷款和汽车贷款一样。

Instead, I think Jensen Huang and his confederates have invented a whole new asset class like gold, like real estate, like homeowners, like auto loans.

哦，让我再说一点。

Oh, and let me just say one thing.

我觉得这太棒了。

I think it's brilliant.

我相信这些票据会吸引那些想要额外收益的人。

I believe these notes will entice people who want a little extra yield.

而且有很多资金经理喜欢追逐收益，不管你觉得这是不是个好主意。

And there are a lot of money managers who love to chase yield, whether you think that's a idea or not.

如果我还回到高盛，我敢打赌我会再次大力推销它们，因为这是好的投资，自然对公司也有好处。

And if I were back at Goldman, I bet I would once again sell the heck out of them because it's a good investment and naturally also good for the firm.

我喜欢说，总有一个牛市在某个地方。

I like to say there's always a bull market somewhere.

我保证你能找到一份普通人的收入。

I promise you to find just be a regular man money.

我是德鲁·克莱默。

I'm Drew Cramer.

明天见。

I'll see you tomorrow.

吉姆·克莱默在本播客中表达的所有观点仅代表克莱默个人意见，不代表CNBC或其母公司及关联公司的观点，这些观点可能已在电视、广播、互联网或其他媒体上发布过。

All opinions expressed by Jim Cramer on this podcast are solely Cramer's opinions and do not reflect the opinions CNBC or its parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet, or another medium.

你不应将克莱默表达的任何观点视为对特定投资或特定策略的具体诱导，而应仅视为他个人意见的表达。

You should not treat any opinion expressed by Cramer as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of his opinion.

克莱默的观点基于他认为可靠的信息，但CNBC及其关联公司和子公司不保证其完整性或准确性，也不应依赖这些观点。

Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such.

如需查看完整的《疯狂金钱》免责声明，请访问cnbc.com/madmoney免责声明。

To view the full Mad Money disclaimer, please visit cnbc.com/madmoney disclaimer.

是什么让你有信心去做一件以前没人做过的事？

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

我一点都不怕失败。

I have no fear of failure.

开创性的女性正在改变游戏规则。

Trailblazing women changing the game.

我最喜欢的一条建议是，

One of

想想你老板的老板需要什么。

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

领导力的形式可以有很多很多种。

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.

人生短暂，要想成就大事，就得敢想大。

Life is short, and you just gotta think big to accomplish big things.

Julia Boorstin主持CNBC的变革者和权力人物节目。

Julia Boorstin hosts CNBC changemakers and power players.