this economy and they continue to compute. long walmart. >> karen? >> i like r & r block. >> i bought some vix calls to make you money. i'm here to level the playing field for all investors. there is always a bull market somewhere. i promise to help you find it. "mad money" starts now! hey, i'm cramer. welcome to "mad money." welcome to cramerica. another people want to make friends, i'm just trying to make you a little money. my job not just to entertain you, i'm going to teach you how this market works. call me. 1-800-743-cnbc. what is froth? i know you told you, beer is

frothy. what does it mean to have a market frothy? must we always avoid a market that is frothy. one that has gotten too hot? maybe one that's gooth gotten too extended? maybe this is a question to ask on the reversal day. chiefly i should add because of fears that the bull market has gotten out of hand. the dow closing 42 points. nasdaq declining 0.18%. first, if you want to understand the concept of fraud, you definitely have come to the right place. over the years, i have seen and been n involved in serious fraud. in 1999, it marked the end of a short-term plateau to march 9th, 2000, when the nasdaq went from 2,689 to 5,046. though we're nowhere near that, still. think about that ramally. think about that move. compare that with this current rally that everyone is so

fretful about. suddenly, on november 23rd, 2012, where the inflexion began the nasdaq stood at 2,441. if we just want to use an apple comparison in clinical fashion. in 1999, in early 2000, the nasdaq advanced 500 points per month. whereas this time it's moved up about 200 points per month in a very similar time frame. by that tally, which think is a legitimate one, this market is nowhere as frothy. in the dot-com era were companies that had little to no earnings whatsoever or if profitable, they were selling at an astronomical 60, 70, 80, 90, even 100 times earnings. now the composite earnings is 17 times earnings, which is inexpensive historically, particularly against interest rates that don't give you much juice and leaders of stocks like

google. that sells at 19 times earnings, cheaper than color clorox, cheaper than col guite and cisco, which -- colgate and cisco reported a great quarter last night. google didn't exist back then but to continue this match judgment i remember cisco selling at 60-80% earnings. microsoft during that period traveled from 43 to 33. this tooimts gone from 24 to 34, whoa, really scary. in the 2009 years, cisco soared to y. it when from the 18 to 23. cisco the peaks were worth $556 billion and 616 billion and 516 billion respectively. cisco is the largest company. even after tear 2013 run, they're worth $127 billion and doctor 284 billion.

microsoft is a lot bigger than sis colorado even while i can easily argue they are much better companies with slightly better balance sheets, these comparesons represent that this market simply isn't frothy. sure, it could be a prelude to froth, but these aren't reckless valuations, particularly when you throw in that microsoft and cisco deal around 2.8%, which even after taxes is twice as good a return as what you get from the fen-year treasury. if you factor in the tax differential. remember the dividends are taxed much more favorably from difsd tan bond, cisco and microsoft were brimming with cash. leak to many others in the nasdaq, they can easily take the dividends much higher. lets be more definitive. yes among the cheapest, we now would be flabbergasted with those valuations. we'd be, sell, sell, sell, every minute.

needless to sell, nasdaq's leader only sells at 10 times earning, which represent, frankly, deep value. not just during the dot-com era but this one, too. so by the most obvious of definition, the earlier froth vs. now the comparison, facttuous. how about the s&p 500? you say the nasdaq, let's talk about the s&p. that's brigger, that's broader. here, the 1999 period simply isn't of value. s&p was actually the place to be. instead, we got to go back to the period leading up to it didn't get killed, we got to go up to the great crash of 1987, another period i'm quite familiar with. using this plateau where the rally started to peak from december 30th to 1986, to august 24th of 1987, the s&p ran from 242 to 336. this time the peak, the plateau to peak traveled from presuming today water the peak. we traveled from 1,353 on

november 15th of last year to 1,650 now. okay. that's a 40% run-up back then versus about half of that now. more important, the s&p went to 29 times earnings in 87. it's at 16 times earnings now. that's apples to apples. again, comparison shows we simply aren't off the rails, okay. we're just not this and we're not headed for this. that's what happened if the market peaked in '87. when we contrast between periods, the '87 plastoff and the nasdaq 1999 to 2000 run to the stratosphere with what's happening right now, the only word that comes to mind about that comparison is ludicrous. so what is the big deal? why are people so taut here right now in in? google, for example, has soared of late.

if this was a 10:1 split. it's gone to north of 900. it seems spectacular. but is a 28% move really so outsized for the hottest large capitalization stock with accelerated ref few growth out there? i don't know. i don't think so. blus plus, let's call the technology stock, themselves, haven't done much of anything for the last six odd years. i like to use facts to make these compare comparisons. let's use the semi conductor endecks as a gauge. semi conductors are core cap. the stocks, peaked at 550 in july of 2007. it's at 464 right now. it still has a ways to travel back to where it was in 2007. now the stocks are so far from 2000's peak of 1337. it doesn't make sense to discuss the two in the same breadth. how about the other large area,

finance, most of the bank stocks i follow are nowhere near what they're traded in 2007. nowhere. but it doesn't matter. it doesn't keep people from seeing things that bubble over. i read things about letter c, citigroup has been the hot bank stock. wow, yes, like sizzling. well, whoopty to -- . that stock at 50 has to go up another 450 points to get to where it was in yester-year. overvalued? i don't think so. the regions i like are almost all valued at one-quarter of where they were back ten even as they are much stronger and better positioned. it make nos sense to me. so given given giving that valuation froth. what has people on edge here? my friends with "street signs," he's upset. i think it's an odd statistics and stocks that worry people. statistics like the fact that we have the post-stocks any time in the last 25 years or only 36 stocks of the s&p down the year

that an amazing number of stocks are trading well abefore their moving averages. it's stocks like tesla that have gone from 30-90 in barely more than six months that are rek reminiscent of 2000. netflix still isn't back to where it was in 2011. tesla, look, there are a lot of people betting against tesla. i'm sure many want to drive a tes louisiana it's become a classic short squeeze when many were looking for loss. you may say that profit is not real. it doesn't matter. there is no government investigation of it. it stands. perhaps, this is important, we have gotten used to so many stocks trading in ranges for so many years we simply are uncomfortable with the idea that at last they left the range behind. we're shocked when we hit at 66. wasn't it in the 40s and 50? how did we get to 111? boeing at 96, you kidding me? that's a 69 stock. we got so used to the

stockmarket doing nothing. that's right. doing nothing for so many years that we are, indeed, shocked when it does. yeah, we got so used to being beaten down t. bruisings were so brutal that we simply have a hard time getting used to the new idylic lives that we who are in the market enjoy right now. even as those things for years before they turned into the millennium, there are not many people around that remember those days. i thought today was actually constructive. i want more people to be able to get into it. i know that so-called parabolic moves, the ones that go like this do lead to crashes. the parabolic move in august of '87, parabolic move in 2000. hopefully, i've showed you that this market isn't anything like those precrash experiences like we've had. here's the bottom lean. we can run around predict the sky is about to fall any minute now. if we examine when the sky did fall, clinically examining them

as we just did, you know we are nowhere near those inflated and, yes, i admit, dangerous levels. lance in new york. lance. >> caller: hey, jim. i'm calling about corporate computer security. you know, the need to protect against cyberattacks by china and iran. that means demand for system security is going to grow expo then rnlly. you talked about pala alto last year. they have a firewall, but they're not making money yet. usually i don't care what the big firms say, morgan stanley raised their rating on the stock. >> yes, they do. >> caller: i would like this know what you think. >> that security area has burned me so many times that i am willing to pass up even at 30 or 40% move in palo alto networks. some area is so hot. it's hurt so many people. i'm sure they're better than all

of them. i don't care. when we compare the eras of froth, it is fair to say we are deep by every comparison metric i can come up with. i hope to see a cooldown. i think that's what we're having. if that's the case, you got to get in, not get out. "mad money" will be back. coming up, pipeline power they form the backbone of our do most ec infrastructure. their dividends? notorious by b-if g. -- b-i-g? tonight kramer is releasing his mvps. ♪ bonjour

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we talked about froth, we

talked about things going crazy. what stocks can you really count on in a in fact that despite my protestations many consider to be too bubbly. you can't feel at these levels for feeling like a total chump for paying up which is what will happen if it starts going down more than it did today. on down days like today where everyone is panicked. and i saw it in the last half hour. it seems like nobody wants to buy. i tell to you circle being towards big picture themes. you know these massive long-term trends won't be going away any time soon, certainly not in an afternoon. that lodge sick just as applicable in a roaring bum market which we still have even on a down day where the rally has become pretty relentless, right? or, of course, in a negative market. in a moment leak we have now, themes are por important. they tell which stocks we can rely on and fall back on the we finally get what many are talking about the long awaited

pullback that started this afternoon. that's why tonight i want to take a deeper look at up with of my top themes for 2013 t. north american energy revolution and the safest most consistent way to play it, which are the high yielding pipeline master limited partnerships, which are also known as mlps. now, if you are worried about froth and want to be far removed from it, these companies are the perfect antedote. many people i know, this is what they're buying right here instead of municipals or instead of bonds, which is why tonight i'm going through for you the entire sector to give you my mlp mvps. the pieces here at this point. everybody knows massive amounts of oil and gas in the united states, possibly soon, this delaware basin i'm watching because mark papa, the ceo of resources tells us it can pine the next thing. all of this means we are

producing more crude tan we were five years ago. but as much as i like some of the domestic oil prices like cramer, they may not actually be the best ways to play this theme, especially if you have a more conservative attitude as an investor. the reason? because when you buy an oil and gas producer, you are making a bet. that's a bet on a company woes fortunes are heavily tied to the direction of the underlying commodity prices. when i talk about the domestic energy ref lux, revolution, i'm not saying oil and gas will be more expense ittive. -- expensive. if big change here is we are extracting way, way higher volumes of this stuff from the ground. that is the revolution. and the most stable way to play that, the pipelines. the best of the pipeline mlps, i consider them leak the new jersey turnpike, they're toll road operators. very low prices they transport. they charge a fee based on the

volume. the por more oil and gas they move through the pipe, the more money they make. right now we're in a world where pipe is incredibly high demand. from where they are produced from where the well hetd is to where they are needed. it's often far away. we went to the balkan, the simple fact is we don't have enough pipeline capacity. oil producers in the bamkan, which remember was the biggest domestic oil find in the '60s, they're using railroads, trucks, barges to get their product down to where it can be refined, typically, the gulf of mexico. from there, it can be sold at global prices higher at the north american benchmark. remember, we can't export oil, according to congress. we can export gasoline.

they send it to the gulf and it can be exported. you may not like that that's what happens. the reason they are doing this they have to use train, barges and trucks is we don't have enough pipe to handle this new found oil. pipelines are the best, cheapest, most efficient. despite what you hear about the keystone pipeline, they're the safest operation. that gives them many years to build a capacity to meet all our new home grown demand. okay. now you've got the background. best of all, the pipeline mlps pay you bountiful-year-old bountiful yields. they are good to own. remember, rich people use these as alternatives to municipal bonds buus the actual rates of municipal bonds are great rates. my most valuable stock players

are kinder morgan energy partners simple kmp. one i don't talk about enough enterprise product part first, epd, a good company. great diversity of business. they handle everything from oil to natural gas, refined products and bulk goods. why don't we start with kinder morgan? it has a bountiful 8% yield and truly great management. rich kinder. by the way, you get off the desk with other people, they say rich kinder is the smartest guy in the company. this business he built from nothing is a giant toll road that owns 80,000 miles of pipe and roughly 180 terminals. kinder morning made really incredible acquisitions. they allowed the natural gas company which kinder believes if so much.

back in october, 2011, kmp atownsed it was aquiring el paso. gave them interstate assets. so far, this el paso acquisition has been brilliant. it really is incredible. the guy told us it was going to be brilliant. we undersold it. cross savings exceeding projections by a lot. that's why i feel so good about kinder morgan's acquisition of the stock we had been recommending, remember the old cpno. the copono deal gives them more access to gathering and processing industries intially plays in texas and oklahoma. kinder morgan reported april 17th. it was good the commentary was better. imagine talking about exceptional growth among all of our opportunities. how many companies other than google say that, setting more than 11 million in joant venture investments, which will fuel that growth, plus, this is incredible. no one talked about this.

the other day, they issued a quiet statement. they said they'll be able to raids the distribution by more than they to the when they reported less than a month ago. so a few weeks go by, it looks like these are better than we thought. i started recommending the stock in april, 2007. since then, rich kinder's mlp has given us a 153% return with reinvested dividends. you know you have to do that. i think it's far from over, which is why my charitable trust at plus.com is owns the stock and looking to add on when the stocks started romming over today. when you like a stock, you want it to roll over so you can sink your teeth into it. what about enterprise partners. this has a 3.5% yield. it moves everything from oil to natural gas liquids and refined product. they have excellent track record of executinger their growth products and enterprise is currently working on roughly

$7.r5 billion. which is incredible. it gives the company a great deal of visible when it comes to future growth. they have been aggressive. it's the same as the eagleford. that's the saudi arabia area of this country. enterprise added $4 billion of assets in the last three years. the company has given you 35 consecutive payout increases. that's the longest history of consecutive growth of any mass distribution. if you are looking for an antedote in the rising market you need to look no further than the master limited partnerships. some of the ways to keep reading about among the pipe operators, i think kinder morgan energy partners kmp and epd, enterprise partners are the best of the best. stick with me. i will stick with more smaller specialized pipeline names which

will give you an alternative to a market many have grown increasingly fearful of. even though i believe we have not hit levels where it makes sense to abandon ship. stay with cramer. .

earlier today i had this debate with greenberg. we were talking about froth. if you are worried about this

market getting too frothy with the inisn't it stocks leading the way the teslas in the world, then tonight i have the perfect vaccine for your portfolio. you need to master mlps. that's why today i'm highlighting my favorite stocks. my mlp mvps to give you a menu, by the way, these two demonstrate there is still great value in the stockmarket. those who think it's one big poenz -- ponzi scheme, listen up. the more oil and gas we refine the more pipe we need to gather and transport the stock to where it's needed. in case you are tuning in, i highlighted my two favorite players, that's kinder morgan and enterprise product partners. mlps come in all shapes and sizes. and if the big boys don't appeal to you, maybe they're too

stayed, you want more upside, i will give you option, you have smaller levered to specific commodities, oil, natural gas, natural gas liquid, ethane, methane, so in the interest of giving you a complete look at the specter, i will give you three more mlp mvps, one for each area. let's say you want a pipeline operator focused on natural gas. perhaps because you believe like i do that it will become the surface fuel of the future in this nation. in my view, the most valuable player is mark west energy partners, mwe for you home gamers. we had the ceo on this show. it's got about a 5% yield. they have processing infractionation services. what does that mean in cramerica english? the company's gathering systems are small networks of pipelines that collect natural gas from the wells where it is produced to be taken to a larger pipeline. that gas processing

fractionation is where you remove the contaminants and you separate the natural gas liquids like ethane and propane. if you are a producer, you need somebody like mark west to bring your fwgas to market. you can't sit on it. you got to move it. the oil companies give it, send it to mark west pipe. mark west has a lot of exposure, we talked about the hainesville shal shale. they are the largest marcel lus shale in pennsylvania and west virginia. utica shale another big one. it's dominated by natural gas not oil to get mwe strength. unlike kinder morgan products, mark west is not simply a toll road. so it discuss have por risk more

risk. it also has more reward. they increased from 48 last year to 58%. they increased for a full year 2013. the risk will lessen. unfortunately the price of natural gas, to though, very lo. it's practically doubled from last year's lows. the thing i like about mark west is the move has become more fee-based and less commodities they handle. it will be looking a lot more like kinder morgan but will give you upside if failure gas starts flying. the reason we like them is they got these big distributions. they call them distributions. they got big ones. mark west is poised to grow 10% annually the next seven years. most stocks can't give you that kind of dividend boost and the bond competition, well, it doesn't give you any boosts at all, which is why i have been telling you over and over again,

if you want to save up, you can't do it in bonds, you should do it in mass limited partnerships. how about crude oil pipelines? there my most valuable player is a new company for this show. one i haven't talked about. my bad, plains all american pipeline. paa. this is a smaller pipeline, 3.95%. that's because the stock has been a rocketship. up 28% for the year. 43% the last 12 months. the reason for the move, plains all american has tremendous liquids rich assets, including the permean, balkbakken and plus the company has a high quality slate of organic growth products that should allow them to raise distribution 9 or 10% the next few years. while you get a lower yield, you get a company in the sweet spot of the pipeline space, last but not looes, my mlp mvp williams

partners, wpz, which gives you a hefty 6.6% yield, the highest of all the ones we covered. they are like mark west. they have a processing business, substantial exposure to marcelus, williams and mgls the propane, methane, ethane the majority facility in the gulf coast. they are used by chemical companies. many chemical companies are moving there. they plan to place $12 billion worth of organic growth products into service from this year through 2015. all right. this one has a higher yield than the others. you got to be aware it can be a difficult one. it's been hurt a lot. that was one we had to give up on. it's not so hot right now. which is why this stock can be more volatile. you are catching a god level, stock is down on its luck. if you are with stability and yield in a market that may seem more frothy by the day.

remember my mlp mvp, mark west plains all american and williams partners among the smaller players, these are going to be the five that i talk about for the rest of the 84. okay. these will be it. just remember, you should not own these stocks on your ira because of a bizarre ar cane tax rules that can punish you. keep them in your dischretienary "mad money" account. you will do just fine. even if you genuinely believe the sky is, indeed, falk. list go to dirk in louisiana, right in the heart of what we're talking about. dirk. >> caller: yeah, jim, i'm looking for exposure in the gulf of members colorado can i have your opinion on hos. >> i think it's okay. it's not where i'm going to send you. i'm going to send you to esv ensco, up today in a down they with my char it annual trust. they got the best modern rigs. i leak it more than transocean and sea drill.

ensko. that's the play. now we will go to the markets going down, mlps are the best way to play. amp and pmt are the best of the toll roads, mark west paa and williams part fer, wpp are the ones that have the most upside, with still a pretty good distribution. these are the ways to save in this rollingly expensive market. don't move, lightning round is next. coming up, massive mover, from fighting forest fires to conducting skyscrapers, these choppers hand him some serious pay loads, but after soaring over 200% this year alone, can erickson air crane still lift your portfolio to new heights? cramer is hopping in the cockpit with the ceo just ahead. .

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is over. are you ready, ski daddy? we will start with theresa in california. >> caller: hey, jim, it's great to talk to you from california here. >> excellent. >> caller: and i love, love, love, paying attention, doing studying. my question is about gilead. >> what you do you buy. if you want to buy 100 shares, buy tomorrow hope it comes n. robbie in hawaii. >> caller: aloha. from hawaii. thank you for all you do for us. >> that's shopping real estate investment trust. it's got a little hot. i like it. chuck in walk. chuck in washington. >> caller: resources. >> i said i screwed up on it. it's enough. they've had too many problems. they've had their chance. they blew it. let's go to scott in florida,

please. scott. >> caller: mr. cramer, i've done my homework on a stock chuys holdings incorporated, what grade are you going to give it? >> i'll be candid, i have not done my homework on that story, so i don't know the answer. i will have to do it. i cannot opine. steve in. ka. >> caller: yes, jim. hey, i was wondering. i've owned starbucks for a long time. i wonder if it has room to keep going up? >> yes, it does. i like a decline so i can get in. in store starbucks would go to 60. i would pull the tricker for the charitable trust. that is the end of the lightning round! . >> not long ago we got a calm

from naevens in new members do wanting to know about a company she bought on speculation erickson air crane. i had to do home to get back to her.

because this is the most interactive show on television, we are doing homework. we have erickson's ceo. it's a leading provider of aerial fleeting services from helicopters from timber harvesting, firefighting, precision construction. don't know what an air crane helicopter is? they had one in the movie "swordfish." where it carried a bus from downtown l.a. one of these air crane choppers can do the work of 50 tractors on the ground. not only is this business really cool and doing really well as we saw from last week's better than expected quarter, but the stock has been on a huge tear, ramying to date. 13 monthss ago at 28. erickson air-crane market cap about 200 million. in that time, it has the potential to be extremely

volatile. if you decide to buy it, choose limit orders, not market orders. so with that out of the way, let's check in with uno reeder, the president and ceo of erickson air crane. mr. reeder, welcome to "mad money", thank you so much. >> all right. thank you. >> this is something different i used to do. it started looking at your company. i said, this company is one of the most fascinating companies. this is it. i'm going to give you the floor to describe what you guys really do as opposed to ask you how a quarter is going. this is a story that people really might be interested in. >> sure. sure. i'm glad to do it. i love to talk about the company. i love to talk about the helicopter and i would sort of tee it up as small southern oregon company that was found about 40 years ago from the founder jack erickson. he used a few of these helicopters in the logging business back then, made them work. made them extremely productive and he liked them so much he continued to evolve them to the

point where we are today, now, 20 of these helicopters flying all around the world. we're the leading provider of all of these services, including as you mentioned, firefighting as well as infrastructure, construction. so we're talking power lean building. all around the world, all around the globe as well as in oil and gas. that's very reevenlt we're excited about that. that's what drew up the numbers you saw to the last quarter here as well. so it's an exciting business. it's an exciting company and it's real. this is -- >> not only do you have these, you manufacture them. >> we do. >> you are an american manufacturer of precision instruments. >> we are. exactly. so we are to this air crane as boeing is to the 747. we can design it. we can improve it. we can then test it, certify it and build it and we do that. we do that for ourselves as well as for other customers. >> now, you have been a domestic company. you are expanding rapidly.

you got a big south american egs exposure. >> we do. we do. we are very excited about that. in south america, the oil and gas business is booming. >> yes. >> we are onshore oil and gas is the way we think about that market for us. we actually have two air cranes there that fly 265 days a year, year-round kind of events. it's nice because it is a year-round kind of business and we're excited about that. it's very profitable. we have big commerce down there. like repsol. we're excited about that. what we're exciting about is growing that. there is more demand. >> some people told me, it's a sequestration issue. they have a big defense business. >> we have a big defense business with our most recent acquisition. we bake le 2xed the company on may 2nd. with that, we had the hun opportunity to buy evergreen helicopter.

we fly these big helicopters, but we're missing this medium lift market and we're missing this light lift market and with that acquisition, we get those and we do get defense work that we have none of today as in our current business. so we're excited about the diversity that that brings. >> you are not worried about pulling out of afghanistan or sales being hurt or anything like that? >> no, sequestration doesn't affect the kind of business we have over there. the reason is, these are a central services. these are essential services. these are services that provide, if you think about it, provide the food, the medical supplies, the cargo for the troops, for the special forces that are over there and, you know, you can't cut that. you obviously have to continue that. and then the ongoing support for reconstruction. >> now, you have spent a lot of money. you do have a big debt position now because you decided to expand the company rather quickly. this stock is very liquid. typically, i would not say this

to most executives. it would probably actually do better if you do a second ago get more coverage, issue that stock, get that balance sheet better. is that something down the line erickson crane should do? >> we are completely opened to it. first, i'd like to point out we do have a good balance sheet. we're comfortable with the level of debt we have. >> 400 million. >> when you compare to us our peer, we are not out of line, at all. >> that's very true. have you the comparisons on your sheets. >> that's right. we enjoy a comfortable position in that. we're fine for the time being. in the future, we could go out for another offering. that might make sense. we can do that on our time line when we are ready to do it. when the priceing is right, et cetera. >> i know we see yours in the east, people putting, you put towers up. in that's in part because it's hard to access towers, right? a lot of your stuff is environmentally safe? >> yeah, that's exactly right.

we just completed a three-year job for san diego gas and electric where the helicopter, you are referring to, sunburn bird helicopter was used to construct the power loins, the towers that are needed to connect, renewable energy from the desert, solar energy in this case from the desert to the city of san diego and, first of all, obviously, the renewable part we're sect associated with. but there is snow disrupt zone in the desert because of, you know, lots of different environmental concerns. so we were only allowed a 20-foot diameter, you know, placement for these towers and nothing could be trucked in. you know. >> so are you the solution, environmental alternative in this situation. >> we are, including timber harvesting. >> you have one exciting story, by the way, the document, the presentations are really clear if you are interested in this company. you should go look at i. this is the president of erickson ac. you can see why i was fascinated

by it. maybe you should be too. thank you. >> thank you very much. . [ lisa ] my son is my world.

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13 f filings because it doesn't help our viewers, our readers, whoever is looking at it. this visionary memo i see continues. this cottage looking at filings causes investors who aren't sophisticated enough about the process to make serious mistakes and act on them. because this memo doesn't push back 100%, he adds, no exception, warren buffet's fund is not a hedge fund. we will also, if we made it through the case, cover fund that stooem seem to be struggling or in distress. after this, we're simply going to deemphasize tease matters. at a certain point, we got to conclude, it is nothing more than that. that's a harsh mem morks i'm a harsh guy, honestly, though, the obsession has gotten absurd. i remember pulling out my old hedge fun, i remember, i fired that guy. you still got to put it in the document. gee, i got rid of that position

after this filing was document i had no choice, the government says i got to include i. face it, these 13-f filings are so late, who knows? i'm sure money managers would back that stock at the time of the form. what do i think makes the story here then? i think you can call a manager who bought or sold a significant position and that manager articulates to you why he purchased or dumped it? that's a great story. provided the person hasn't changed his or her mind in the interim and the next filing will be different. following that, covering this stuff is totally misleading. apple is bad. does he sell because he doesn't like debt? did he sell because he wants itv to get the sell? because he wanted no exposure to the tech market. maybe he wanted a bigger dividend? honestly, do we have any idea why he sold it? no. i spent time to cover what makes sense. i do it because one of the things that makes me worthless is i believe the perspective i brichlt i particularly like to

highlight when something you are hearing is irrelevant or confusing so you are disabused of the notion. for instance, my rick on-risk off. it means nothing whatsoever and represents the jargon that illuminates nothing. is it risk on color ox? risk an bonds? it's too stupid for words and i have a conviction to tell you risk on-risk off emperror had no clothesment i'm not scared to tell you the truth or kurate. i want to help people, not confuse them. so i got to help people to deemphasize these worthless nonstories unless there is context and not naked speculation. as every web story i read, constantly. this is what this means. hey, look at it this way. one less thing to cover that's up helpful. with the idea that there is actually something helpful out there. it's worth finding in order to give people to understand the money management process and not

be confused by it. stay with cramer. . will indiana governor mike pence run for president? watch my interview. and the irs still needs a special council to clean it up and we have a live bear on our show up next on "kudlow." . hey, so uh... what's going on here? do you want the long or short answer? long i guess. chevy is having a big...huge, in fact...event. the-great-deals-on-our-most- fuel-efficient-lineup-ever- for-just-a-very-short-time-so- you-better-hurry-extravaganza! so what's the short answer? awesome. [ male announcer ] the chevy memorial day sale. now, combine current offers for a total cash allowance of $2,500 on a 2013 chevy malibu. offer ends june 3rd!

riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see...solitary. just a man and his thoughts. and a smartphone... with an e-trade app. ♪ nobody knows... [ male announcer ] e-trade. investing unleashed.

sea, a con man convinces people to the millions when it's bought by mr. softee, microsoft.

there is no millionaire. so where is the $31 million he took from investors? tonight, do not miss an all new "american grode." i'm jim cramer. i will see you tomorrow! [ music playing ] good evening. i'm larry kudlow and this is "the kudlow report." as the new york times slammed obama ma today for his political woes and questionable vision, the president, himself, held a news conference where he rejected calls for an irs special council, which i think is a huge mistake. meanwhile, another top irs official has stepped down. cnbc correspondent john harwood joins us now with the details. good evening, john. >> good evening, larry, the president again was trying to get past this scandal yesterday by firing the acting irs commissioner stephen mill early. today it was by rejecting calls for a special count sim. he justified that at a n