yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. my mission is simple. 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 at 1-800-743-cnbc. what is froth? i know i told you, beer is frothy.

what does it mean for a market to be frothy? must we always avoid a market that is frothy? one that has gotten too hot? maybe one that's gotten too extended? maybe this is a question to ask on a reversal day like today, that pulled back, 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 froth, you definitely have come to the right place. over the years, i have seen and been involved in serious froth. 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 rally. think about that move. compare that with this current rally that everyone is so

fretful about. began with a short term plateau and then suddenly, on november 23rd, 2012, where the inflexion began the nasdaq stood at 2,441. if we just want to use an apples to apples 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 i think is a legitimate one, this market is nowhere as frothy. in the dot-com era the stocks that led the charge 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 average is 17 times earnings, which is inexpensive historically, particularly against interest rates that don't give you much juice and leaders are stocks

like google. people are worried about google because that sells at 19 times earnings, cheaper than clorox, cheaper than colgate and cisco, which -- colgate and cisco reported a great quarter last night. google didn't exist back then but to continue this matchup i remember cisco selling at 60-80 times earnings. microsoft during that period traveled from 43 to 33. this time it's gone from 27 to 34, whoa, really scary. in the 2000 years, cisco soared to 80 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 their 2013 runs, they're worth $127 billion and

$284 billion. microsoft is a lot bigger than cisco. even while i can easily argue they are much better companies with slightly better balance sheets, these comparisons 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 ten-year treasury. if you factor in the tax differential, remember the dividends are taxed much more favorably than income from bonds, cisco and microsoft were brimming with cash. like 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 say, nasdaq's leader apple only sells at 10 times earning, which represents, frankly, deep value. not just during the dot-com era but this one, too. so by the most obvious of definitions, the ultimate era of froth vs. now the comparison, fatuous. how about the s&p 500? you say the nasdaq, let's talk about the s&p. that's bigger, that's broader. here, the 1999 to 2000 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 -- 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 of 1986 to august 24th of 1987, the s&p ran from 242 to 336. this time the peak, the plateau

to peak, we've 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 that we simply aren't off the rails, okay. we're just not this and we're not headed for this. that's what happened after the market peaked in '87. when we contrast extreme 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 then what is the big deal? why are people so taut here right now?

individual stocks are speaking loudly. 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 outsize for the hottest large capitalization stock with accelerated revenue growth out there? i don't know. i don't think so. plus, let's recall the technology stocks themselves haven't done much of anything for the last six odd years. i like to use facts to make these comparisons. let's use the philadelphia semiconductor index as a gauge. semi conductors are core cap. the socks 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 socks is so far from 2000's peak of 1337 that it doesn't make sense to discuss the two in the same breath.

how about the other large area, finance? most of the bank stocks i follow are nowhere near where they 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, i mean like sizzling. well, whoopty doo. that stock at 50 has to go up another 450 points to get to where it was in yesteryear. overvalued? i don't think so. the regionals i like are almost all valued at one-quarter of where they were back then even as they are much stronger and better positioned. it make no sense to me. so given that valuation froth, what has people on edge here? my friend on "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 are down this year that an amazing number of stocks are trading well above their moving averages. it's stocks like tesla that have gone from 30-90 in barely more than six months that are 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 tesla. 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 66. wasn't it in the 40s and 50s? how did we get to 111? boeing at 96, you kidding me?

that's a $69 stock. we got so used to the stock market 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. the bruisings were so brutal that we simply have a hard time getting used to the new idyllic lives that we who are in the market enjoy right now. even as those things were halcyon 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 we've had. here's the bottom lean. we can run around predicting the sky is about to fall any minute now. if we simply examine when the

sky did fall, clinically examining them as we just did, you now 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 hackers and foreign players like china and iran. that means demand for system security is going to grow exponentially. you talked about palo alto networks last year. they have a firewall, but they're not making money yet. usually i don't care what the big firms say, but morgan stanley raised their rating on the stock. >> yes, they do. >> caller: i would like to know what you think. >> that security area has burned me so many times that i am willing to pass up even a 30% or 40% move in palo alto networks.

sometimes an area is too 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 and far from those levels 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 domestic energy infrastructure. their dividends? notoriously big. tonight cramer is revealing his mvps. [ music playing ]

we talked about froth, we talked about things going crazy. what stocks can you really count

on in a market that despite my protestations many consider to be too bubbly? what can you buy at these levels without 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 logic is just as applicable in a roaring bull 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 like we have now, themes are more important. they tell which stocks we can rely on and fall back on if we finally get what many are

talking about is the long awaited pullback that started this afternoon. that's why tonight i want to take a deeper look at one of my top themes for 2013, the 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 antidote. many rich 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 thesis 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 eog resources tells us it can

be the next big thing. all of this means we are producing more crude than we were five years ago. but as much as i like some of the domestic oil prices like cramer fave eog, 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 whose fortunes are heavily tied to the direction of the underlying commodity prices. when i talk about the domestic energy revolution, i'm not saying oil and gas will be more expensive. the 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 like the new jersey turnpike, they're toll road operators. very low exposure to the prices of the commodities they

transport. they charge a fee based on the volume. the more oil and gas they move through the pipe, the more money they make. right now we're in a world where pipe is in incredibly high demand. it is the most efficient way to transport from where they are produced, from where the wellhead is to where they are needed. it's often far away. we went to the bakken. the simple fact is we don't have enough pipeline capacity. oil producers in the bakken, which remember was the biggest domestic oil find since the '60s, they're using railroads, trucks, even 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 that are higher than the north american west texas benchmark. remember, we can't export oil, according to congress. we can export gasoline. they send it to the gulf and we

export it. you may not like that that's what happens. the reason they are doing this, they have to use trains, 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 also the safest option. that gives them many years to build a capacity to meet all our new homegrown demand. okay. now you've got the background. best of all, the pipeline mlps pay you bountiful yields. because of some arcane tax rules, they don't work well for you ira. they are good to own. remember, rich people use these as alternatives to municipal bonds because the actual rates of municipal bonds are great rates. my most valuable stock players

are kinder morgan energy partners, kmp, and one i don't talk about enough about, enterprise product partners, 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 5.8% yield and truly fabulous management in rich kinder. by the way, you get off the desk with other oil and gas 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 more than 80,000 miles of pipe and roughly 180 terminals. kinder morning made really incredible acquisitions. they allowed the company to get

exposure to natural gas which kinder believes in so much. back in october, 2011, kmp announced it was acquiring 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. he undersold it. cost savings exceeding initial projections by a lot. that's why i feel so good about kinder morgan's acquisition of another stock we had been recommending, remember the old cpno. the copono deal gives them more exposure to gathering and processing industries in the major shale plays in texas and oklahoma. kinder morgan reported april 17th. it was good. the commentary was better. imagine talking about exceptional growth opportunites across all of our opportunities. how many companies other than google say that, setting more than 11 million in joint 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

raise the distribution by more than they thought 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 actionalertsplus.com owns the stock and looking to add on when the stock started rolling over today. when you like a stock, you want it to roll over so you can sink your teeth into it. what about enterprise project 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 executing their growth products and enterprise is currently working on roughly

$7.5 billion worth of expansion projects, which is incredible. it gives the company a great deal of visibility 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 distribution growth by any mlp. if you are looking for an antidote 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 product partners are the best of the best. stick with me after the break. i will tell you about 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. ♪ ♪ fly me to the moon ♪ let me play among the stars ♪ and let me see what spring is like ♪ ♪ on jupiter and mars ♪ in other words [ male announcer ] the classic is back. ♪ i love [ male announcer ] the all-new chevrolet impala. chevrolet. find new roads.

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the inconsistent and speculative stocks leading the way, the teslas of the world, then tonight i have the perfect vaccine for your portfolio. you need pipeline 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 stock market. those who think it's one big ponzi scheme, listen up. the more oil and gas we find, the more pipe we need to gather and transport the stuff to where it's needed. in case you are tuning in, i highlighted my two favorite players, that's kinder morgan energy partners 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 staid, you want more upside, i

will give you options. you have smaller mlps levered to specific commodities, oil, natural gas, natural gas liquid, ethane, methane, so in the interest of giving you a complete look at the sector, 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 vehicle 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 and fractionation services. what does that mean in cramerican english? the company's gathering systems are basically small networks of pipelines that collect natural gas from the wells where it is produced so it can 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 gas to market. you find the gas. 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 to shale plays we talked about, the hainesville shale. they are the largest processor in the marcellus shale in pennsylvania and west virginia. utica shale another big one. it's dominated by natural gas not oil to play into mwe strength. unlike kinder morgan, mark west is not simply a toll road. so it does have 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 though, very low. it's been on the rebound. it's practically doubled from last year's lows. the thing i really like about mark west is the move has become more fee-based and less hostage to commodities they handle. it will be looking a lot more like kinder morgan but will give you upside if natural gas starts flying. the reason we like them is they got these big distributions. they call them distributions and not dividends, but they got big ones. mark west is poised to grow 10% annually the next several 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 be able to save up, you can't do it in bonds,

you should do it in master 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 yielding pipeline, 3.95%. that's because the stock has been a rocket ship. up 28% for the year. 43% over the last 12 months. the reason for the move, plains all american has tremendous liquids rich assets, including the permian, bakken, and mississippian. 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 least, 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 marcellus. williams and mgls the propane least methane least 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 than the other pipeline mlps. you are catching a good 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 least 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 year. okay. these will be it. just remember you should not own these stocks on your ira because of a bizarre arcane tax rules that can punish you. keep them in your discretionary "mad money" account. you will do just fine. even if you genuinely believe the sky is falling. 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 least 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. ensco. that's the play. now we will go to the markets going down least mlps are the best way to play. amp and pmt are the best of the toll roads. mark west paa and williams partners 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 least these choppers hand him some serious pay loads least but after soaring over 200% this year alone least can erickson air crane still lift your portfolio to new heights? cramer is hopping in the cockpit with the ceo just ahead.

[ music playing ] it is time, it is time for the lightning round! rapid fire calls. i tell you whether you should sell, sell, sell, if you hear this sound, the lightning round 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, i've been paying attention, doing studying. my question is about gilead. >> gilead is terrific. what you, do you buy. if you want to buy 100 shares, in. robbie in hawaii. >> caller: aloha from hawaii. thank you for all you do for us. >> that's shopping real estate investment trust. it's gotten a little hot. i still like it. chuck in washington. >> caller: resources. >> i had it with magnum hunter. 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 called chuy holdings incorporated, what grade are you going to give it? >> i'll be very 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 california. >> caller: yes, jim. hey, i was wondering. i've owned starbucks for a long time. i was wondering if it has room to keep going up. >> yes, it does. i like a decline so i can get in. if starbucks would go to 60 i would pull the trigger for the charitable trust. that is the conclusion of the lightning round! [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros

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you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. i did? when visa signature asked everybody what upgraded experiences really mattered... you suggested luxury car service instead of "strength training with patrick willis." come on todd! flap them chicken wings. [ grunts ] well, i travel a lot and umm...

[ male announcer ] at visa signature, every upgraded experience comes from listening to our cardholders. visa signature. your idea of what a card should be. >> not long ago we got a call from nancy in new mexico wanting to know about a company she

bought on speculation, erickson air crane. i had to do homework and get back to her. because this is the most interactive show on television, we are doing homework. we have erickson's ceo in the studio. it's a leading provider of aerial heavy life services, 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, rallying to date. came public 13 months 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 from what i usually do. i 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 a small southern oregon company that was founded 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 line building. all around the world, all around the globe, as well as in oil and gas. that's very recent and we're excited about that. that's what drew up the numbers you saw in 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, but 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 really expanding rapidly. you've got a big south american 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 365 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 customers down there, companies 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 defense business with our most recent acquisition. we basically 2xed the company on may 2nd.

with that, we had the 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 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 did a secondary get more coverage, issue that stock, get that balance sheet better. is that something down the line erickson crane should do? >> we are completely open 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 us to our peers, 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 timeline when we are ready to do it. when the pricing is right, et cetera. >> i know we see yours in the east, people putting -- you put towers up. 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, sun bird helicopter was used to construct the power lines, 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 associated with. but there is this no 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, the 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 it. this is the president of erickson air crane. you can see why i was fascinated by it. maybe you should be too. thank you. >> thank you very much.

i'm having a moment of clairvoyance. it looks like it's carnac.

i'm looking in my crystal ball and i can see a memo. it reads wherever we are will no longer to wall-to-wall coverage of 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 industry of looking at filings causes investors who aren't sophisticated enough about the process to make serious mistakes and even act on them. because this memo doesn't push back 100%, he adds, no exceptions, warren buffet's fund is not a hedge fund. we will also, if we made it through the case, cover funds that seem to be struggling or in distress. after this, we're simply going to de-emphasize reporting these matters. at a certain point, we got to conclude, it is nothing more than that. that's a harsh memo. i'm a harsh guy, honestly,

though, the obsession has gotten absurd. i remember pulling out my old hedge fund, 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 due. i had no choice, the government says i got to include it. 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. barring that, covering this stuff is totally misleading. apple is bad. does he sell because he doesn't like debt? did he sell because he wanteds itv? 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 figure out what makes sense to cover. i do it because one of the things that makes me worthless is i believe the perspective is 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 kind of jargon that illuminates nothing. is risk on clorox? risk off bonds? it's too stupid for words and i have the conviction to tell you risk on-risk off emperor had no clothes. i'm not scared to tell you the truth or curate it. i want to help people, not confuse them. so i got to help people to de-emphasize these worthless non-stories unless there is context and not naked speculation about motives, as there was in every web story i read, constantly. this is what this means. hey, look at it this way. one less thing to cover that's unhelpful. with the idea that there is actually something helpful out there and it's worth finding in

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>> narrator: in this episode of "american greed"... in grand rapids, michael vorce has money to burn. >> he was going to bars and tipping $1,000. he was buying expensive clothes, up to $20,000 at one visit. >> narrator: he drives fast cars and fast boats. >> he'd load the boat up with girls and go out and party. he was living the lifestyle. young guy, lots of money, throwing it around. >> narrator: he says he has a fleet of more than 50 luxury yachts. he has the papers to prove it. that's all he needs to con