>> guy dami? >> stud. 52 week high with the whisper of the january 2020 all-time high higher from here >> and we know he's watching terry. thank you so much for watching "fast. "mad money" with jim cramer starts right now my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm trying to keep you from losing a lot of money my job is to educate and put in context so-call me 1-800-743-cnbc or tweet m

me @jimcramer. the dow down 682 points and s&p plummeting 2.14% and the nasdaq nosediving i got a phrase for you, a new one, a signature phrase "mad money. great company, bad stock yes, that increasingly feels like the mantra of the market because valuations are diverging from what you think they should be worth that is infuriating for you so tonight, i'm here to explain why bad things happen to good companies. that's right stocks go down for companies that are greatat as cool as many moves are, they make a ton of sense when i put it in context for you so why don't we start with some history? right now, there's a lot of contempt, especially among younger investors for people like me who wear suits

now, that's unimportant but i threw it out there i think this contempt for people that wear suits is nuts. i wear a suit because i was told to wear one when i got to goldman sachs 40 years ago i didn't do it right i had a corduroy suit i bought at mar marshalls, no french cuf, no handkerchief and no under shirt. if i remember quickly, my partner was so moorrtified to b in the same room with me he told me to go to another store and get clothes and willing to spot me $500 if i promised to leave immediately. i learned what to wear at goldman sachs and learned how to think there. i was taught how stocks move, a process that can be counter intuitive for people watching the disaster it was today. my teacher david darsh asked me what's the key determination of stock prices jim, why do stocks go up and down

profits. said nope. sales. nope management he said the number one driver of stock prices is the bond market. especially the u.s. treasury market it's so much bigger than the stock market literally every asset, everything is priced off the bond market. which brings us to what happened today. one of the things that pushes up bond yields is inflation you need more yield to compensate for inflation eroding the purchasing power of a dollar so when you get the raging inflation number, bond yields spike. nothing is worth more in the future if there is inflation stocks are long gated assets valued based on the future earnings potential and those future earnings are worth less in a world with higher inflation. just if you only take that away, they're worth less it's particularly true for stocks with no dividends or earnings we call this process is a process multiple contraction

genuine wall street gibberish for we pay less for a future earning stream that we once paid more for david durst told me before you look at the stock prices, look at the bond prices what is happening in the bond market to figure out what something is worth most stocks will go down, metals, minors, resources a. company that can pass on inflation because it has a terrific brand name will do better than those that can't a dividend can help protect you as rates get high enough to offset real competition, though, then that protection disappears, too. the worst performers when rates go up, companies that are growing rapidly with no earnings in sight and their stocks, which trade more on momentum than the knowledge or intuition of how smart people are one thing that you must know from this monologue.

if treasuries go down in price and up in yield like they did today because of inflation like it was today, your highest growth stocks will get crushed as happened today. this morning we got a consumer price index number that wasn't just red hot sparks flying everywhere it sent bond yields scoring and made us under if the federal reserve would have to throw in the towel and slam the brakes on the economy to slow things down at the risk of yes, causing a recession. that's -- yeah, inflation was that bad, people it was drastic especially in the gains, petroleum based products, protein based products and anything related to autos, used cars we have to go to the heart of the beast. there are certain companies with fabulous long-term prospects when inflation was tame and rates were low, the 2020 scenario, those prospects were worth a great deal and buyers rushed into their stocks they especially bid up the stocks of companies that aren't making money now but have rapid

sales growth and don't need a strong economy think video game platforms like unity software, roblox we had then on last night. both are crushing it in sales. for the moment they aren't trying to turn a profit because there is too much growth and opportunity to bother with earnings last year the market loved that kind of stock and loved that kind of stance now it hates that kind of stance, not the company, not the company. the companies remain great the stocks many younger investors are joining stocks the way some people like to bet on hot teams. when their stocks have a losing streak, they can't bear to look at them. that's a mistake they won't always be losers forever. there could be a point the source of inflation finally peaks, the it could happen i'll talk about that tomorrow night. some may have peaked already, lumber, semi conductors that go into personal computers. that's a start inflation, no. it's raging. for now, though, you've got a host of great companies wither

the riff -- with terrific stocks and you're probably asking which ones which are the stocks well, think tesla. teledoc, square, roku, shopify, zillow, coin boase, spotify, thy happen to be the largest position of the portfolio manager with the hottest hand in the world. hottest in the world cathie wood of ark invest and that's why i call these woodstocks remember that? that was hot once, too don't get me wrong that's about as well behaved as it got it's woodstock don't get me wrong, i love every one of these companies you seen them on air how about shopify? i love shopify does anyone love twillo more

than me? nobody cathie wood is fantastic at identifying stocks like twillo they're not stocks for all seasons, people. you don't just want to -- no they're not. let's stop pretending. they don't work in this environment and as i learned 40 years ago at goldman sachs, they really don't work at any inflationary environment woods knows that, too. zes she's up front about liking the names. the market is i'm pm inpatient we get retail sales that are higher it ends when inflation goes away or is tamed somehow with the exception of lumber and semis, there is no sign the commodities are cooling off any time soon. they are still going higher. i was checking the grains today. don't bother the woodstocks, okay, the wood stocks will keep heading lower punctuated by rallies

there will be more days like today. here is the bottom line. if you own the turbo charged growth stocks, the woodst stock, you need to steal yourself for the pain or cut your losses on the next sharp move up because we're in a new market that's different from last year what worked in 2020 hasn't been working in 2021 and that's not going to change so get used to it and don't be afraid to take action if we catch a vicious bounce higher. kerry in texas, kerry? >> caller: hi, jim. >> what's going on >> caller: i'm a long time viewer and member of action alerts and looking forward to the conference call tomorrow thank you for action alerts because i can make calm decisions on crazy days like today. >> education is the most important thing for the younger people listen up, that's why your unity went down. how can i help you, kerry? >> caller: here is my question

i'm rebalancing and cleaning up an old retirement portfolio and need to decide what to do with a stock that tests my patience, tanger outlets i was patient with my stock and paid off today and wanted your advice on this one. >> you know, i like tanger they had some very good numbers. they did -- it sells lest expensive. simon property had good numbers and federal reality good numbers. i'm not ready to get rid of tanger here, kerry i was struck by how well they're really doing people want to shop and they like those outdoor things with the bargains so does my wife let's go to anthony in new york, anthony? >> caller: hey, jim. love the show. boo-yah. >> boo-yah, thank you. >> caller: yeah, i'm curious about united whole sale mortgage ticker uwmc and announced 300 million in buybacks, which is about 40%. their forward price earnings appears to be three to five times and dividend is 6%

do you think this is a long-term hold given the current real estate environment >> we had matt on and they got a real tussle going with rocket but if you go over rocket's conference call, look, if you go over rocket, you will see there is weakness in selling of loans. and so this group is going to be i'm purge tory for a little bit. you have the yield that tied you over purge tory is not a great place to be in i used to live there it a bad address rick in michigan, rick >> caller: jimmy chill, boo-yah. >> the chill is trying the chill is trying. we're putting on -- i saw some guy on today i didn't really care for i lost a chill, my daughter said jim, you got to get back on the chill case i'm chilling i'm chilling what's up? >> caller: we love ya. >> what's up >> caller: i'm an action alert member and watch squawk on the street every morning and appreciate everything you do for the home gamer.

>> thank you. >> caller: can't get enough of you. >> thank you you're great what's up? >> caller: my stock got crushed on monday revenue was up 37% a year ago, their guidance 262 million, which is ahead of consensus. it's 50% below 52-week high a p.e. of 100 and indust industry average of 61. they just declared a 10 for 1 stock split. i want to get your long term view on the trade desk. >> you know, i try to read things -- first of all, rick, thank you. thank you for the nice comments. i try to read things in a vacuum i read that conference call and actually thought the stock could go higher. and it just went down 150 straight points and i got to tell you, rick, this is one nasty environment because jeff green did a good job and i wanted to come on because there will come a time when that stock goes higher but rick, the chill

man says it may not be now. look, after another horrific day where a lot of great companies stocks traded down, you got to understand this is a different stock market and these fabulous companies, well, let just say they are still fabulous companies. it's something else that may not be that good because what worked in 2020 ain't working this year. on "mad" tonight, wendy's new breakfast menu wasn't enough to help the stock get in the green. wendy's got cooked in today's tape but i think it might be an opportunity to take a bite i like that pretzel bun. don't milsz ss my exclusive. >> could win be a merger and a spac, a winning combination? who is funnier than i am i have the exclusive. norton life lock, could this be a good way to keep your

portfolio safe i got the ceo of the only stock that's been up for two straight days in the new york stock exchange so i suggest that you stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer #madtweets. send jim an email to madmoney@cnbc.com or give us a call at 801-0-743-cnbc miss something head to "mad momadmoney.cnbc.co. wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party.

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the stock. a bad habit of selling off after earnings when this report s an excellent number expected revenues fabulous 13% same store sales growth and analysts looking for ten and get bullish guidance the stock opened strong and only got dragged down along with the rest of the market thanks to the inflation scare fuel beat down historically you have to buy wendy's when it pulls back when you look under the hood, there is a lot the president and ceo of the wendy's company to learn more about the quarter and what he sees going forward welcome back to "mad money." >> always a pleasure to be on after a strong quarter and such an upbeat outlook we posted. >> that's really where i want to go i mean, typically when people see things like that, they get worried. they see that they did all this good stuff and the stock went down you and i will kind of hate for

a better word all pros we look at this as an opportunity. we can't believe we get in 13% growth, lots of incredible news guiding for more units and i'll tell you, i'll put it there. doubling down on breakfast that turned out to be a brilliant move, didn't it? >> absolutely. you think about the momentum in the business it across all parts. we continue to build breakfast with mobility light and 50%of the folks working from home. it growing nicely. the sales volume increases but there is a lot more opportunity ahead. we're seeing strong trial, strong repeat high customer satisfaction and the rest of our day business lunch, dinner performed really well and great innovation to fuel that.

we're seeing jualepeno popper chicken and the chicken sandwich business perform well. when you think about the growth, we're really hitting on all cylinders and have a lot of momentum not just in this quarter and q 2 but really coming out of the back half of last year. >> you know the prevailing wisdom is that you can't take price, you get hit by inflation. all these foods trading too high i'm not hearing anything that says there is inflationary problems here and it's going to hurt our earnings. >> no, we posted very strong margins in the first quarter we guided the higher margins for the full year from a commodity outlook perspective because we're locked in and guiding flat to commodities so a good spot there. pressure of labor, access to labor and cost of labor duh tatake taking -- but we're taking pricing with food away from home

missing right now but what we're really seeing is higher average checks and a little different and bringing a lot of food home. bigger party sizes and we're seeing a lot of trade. a lot of folks moving into the premium. a lot of folks moving into crave line up because that's perfectly to continue to bring news throughout the year into menu to continue to surprise and delight a and. >> our policy is really to make sure our dividend is 50% we made an increase from 5 cents to 9 cents and increased from cents to 10 cents. what we talked about we'll continue to look at priorities investing growth, we have a lot of opportunityies to invest in growth and building restaurants in the u.k. is a great investment for us.

that's first and foremost. returning dividends and shareholders, healthy increases and we'll continue to make sure we stay in line with that policy and we have been doing some share repurchases with the stock price down we bought $68 million shares back in the first quarter and $20 a share so that was a good investment return. and we've been selectively paying down debt we have enough cash on the balance sheet to do that and we'll make sure we have adequate returns investing in growth and returning to shareholders for the foreseeable future. >> length. so todd, one of the things people are worried about and younger viewers will say jim, why didn't you ask him about the trash problem? the packaging. what are we doing? what's he doing to make it -- is he saving the earth? todd, they're going to buy the stock only if you give a good answer right here. >> i'll tell you what, jim, we're fully committed to playing our part quality is our value and everything we do to create joy and opportunity and give back is

what we're focused on and it's part of our recent esg and csr commitments. you know, we said we'll sust sustainbly 100%. >> that's what people want to hear what they are doing incredible well. and president and ceo of the wendy's company. great quarter. >> thank you appreciate coming on and another strong, great quarter. >> my wife will get the breakfast baconator. >> that's awesome. we're selling a lot of them now. get her in there and keep her rolling on the breakfast and lunch day part thanks. >> you're too much thank you so much. guys, wendy's should have been up big but wasn't able to. "mad money" is back after the break. >> announcer: should investors bank on the new stock to hit the street

as wynn takes the online betting business public, jim is sitting down to learn more about the venture, next. i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex

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through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. on monday night, wynn resorts reported a generally solid quarter but more importantly, the casino operator announced a breakup, the company spinning off the online sports betting and i gaming business as a separate entity and merging it with a spac. i know spacs have become a dirty word on wall street but a few of them have quality managers and this is one. i think the wynn breakup is savvy. online sports betting is a fabulous growth business but challenging as their all out war for market share

rather than let that die lute the business, they're splitting the company in a way that lets them participate in the digital unit success down the line let let's take a closer look with the ceo of wynn resorts and the chairman of the wynn interactive and the founder of the acquisition, like the battle the spac that's merging with wynn interactive welcome back to "mad money." >> good to see you, jim. >> all right, guys thank you. i thought this was a very creative way and a way that instantly created a huge amount of value so matt, could you walk through why just with a kind of a wave of the want you're able to bring out billions of dollars in value in something that people really want >> yeah, sure. so as you pointed out, the online sports betting and i game market will be a 30 to $40 billion market over the next five to seven years and we thought we should create a pure play public entity that we'll still own the majority of at wynn resorts to attack the

market on a state by state basis and what we want to do is partner with someone that matched us in our brand and bill follow foley was the biggest partner owner in digital payment companies in the i gaming space. so it was really very straightforward for us and i think the exact right way to attack this market. >> all right bill, you have created -- maybe people don't know this, 100 billion, that's a b, 100 billion in value for people. that's an incredible value creator. what drew you towards this i know they have a highly differentiated product so you have a significant competitive advantage but why wynn this is getting to be a crowded market. >> i don't feel crowded with the quality company like wynn and matt maddox and his team and the way he structured wynn interactive. it's just going -- it has the potential to be a dominant player in the online gaming, the

company is going to be running the sports betting operations at the various wynn casinos in north america and the valuation that matt and his team and the wynn resorts developed is really about a half or a third of what you might say draft kings and mgm are and they're already killing it in michigan they're just -- their just getting started. >> okay. so matt, where with we right now? the stock market is down a lot of people left casino gambling and the casino is getting wide open. aren't we in the green shoot period in the united states and already fantastic recovery in asia >> yeah, and certainly in las vegas and boston we're experiencing that. our call volumes are above 2019 we levels and we're seeing a lot of customers and a lot of excitement i think this summer will be very strong in las vegas and boston

and keeps moving forward methodically and i think the summer is going to be quite good there. >> bill, let me ask you, crypto, gambling, excitement, young people potentially toxic brewer just the way it should be. [ laughter ] >> well, you know, the interesting thing is that i don't gamble but over the last six or seven months now involved with pay safe and it interchanged now with wynn interactive. it just an exciting place to be. it not often you can really anticipate growth from a couple of billion dollars of revenue to $45 billion and it's laid out for us and as states open up, matt and his team are ready to open with those states and we're looking forward to anticipating massachusetts. the number one betting state in the country. >> did not know that i didn't know that there is a date coming up, matt,

it's a big day it's september 13th. we just found out. the raiders are playing the ravins what is vegas going to be like that monday night? >> oh, it going to be electric the amount of interest we're already seeing just from that schedule coming out is really maddening. we are excited the raiders bring a lot to this town just like the los vegas golden nights did and las vegas is going to be, i think, the place to be this summer and into this fall. people are ready to have fun, jim. they're ready and we're ready to do it. >> many of us are. we'll see the rest of the schedule at 8:00 do you think all your rooms will be booked for every home game by people like me coming to see you by tomorrow? [ laughter ] >> i don't know about all of our rooms but we will certainly see a flood of reservations coming in as the schedule is booked and it's a big benefit for this

town, and again, i'm hoping to see you out here when the phillies play. not the phillies, the eagles. >> that's done my wife even agrees. >> good. >> amazing to get her on board bill, spac world getting a little crowded obviously some people think it's a dirty word and there is value creation among some how do we distin wish between the ones that are winners and the many as you know because you create a lot of value that aren't such great ideas? >> i really believe you got to go with real companies that have real management team that have great sponsorship. you know, all of the ones we've been involved in have fit that criteria, real revenue, have a path for serious revenue growth, have a path for serious ebitda growth and wynn interactive is in early stages and part of the advantage we have isthat of course, we're back stopping the entire transaction in the event of redemptions and frankly, i hope there are redemptions

because i would love to own more wynn interact ti it a terrific investment. >> you love to buy your stock yourself, say, below $10 >> absolutely. absolutely. >> right there. >> if people redeem, we're back stopping it this transaction will happen and we'll be there for -- we'll invest the entire amount if we have to. >> one last thing, matt, appetite for gambling i think has changed dramatically do you think that the nfl with people in the stands that it will be even bigger because i think the total adjustable market is far larger than what it is right now. >> you're absolutely right, jim. if you look at michigan, they lega legalized sports betting this year and it's 83% ahead of analyst estimates three years out. it kwclearly larger people's attitudes have changed. look, our slot revenues at wynn

las vegas in april were the biggest we've ever had in the history running at 65% hotel occupancy so people -- >> and how about the convention business is it going to come back you got a big place. i'm not hearing enough convention talk. >> yeah, conventions are coming back the back half of the year are convention room bookings from july to december we have more rooms on the books than we had in 2019 during that time more conventions are coming. i think last time i was on i talked about tech companies are talking about coming back out. people want to get-togethers that's how you innovate. >> this is good. we have a lot of negativity in the stock market there is one place people will be doing very, very well i didn't get to ask about hannibal and napoleon here what matt maddox wynn resorts ceo and bill foley along with other spacs, thank you guys for coming on the show. >> thanks, jim. >> pleasure. >> "mad money" will be back

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heaven knows this is a terrible day for tech stocks it somehow is a cybersecurity stock keeps roaring higher and i'm talking about norton life lock this is a stock that sold out as the market shifted toward the great reopening plays but on

monday night norton reported a true blowout quarter and bold long term targets over the next three to five years to double the customer count and earnings per share while delivering double digit revenue growth. one analyst called it the triple double in response the stock jumped 10% before tacking on another 7% where would this be if it weren't for the sell off could it have more room to run let's take check in with vincent. he knows i'm excited about the stock to get a better read on the quarter and where his stock is welcome to "mad money" and to be on tv. >> hello, jim. i'm really happy to be here. my first tv appearance. >> perfect vincent, you started your tremendous 24 hour norton life lock with the following. you said in the physical world 90% of people that have a car have car insurance 30% of the people with a home

have home alarms or insurance. less than 5% are paying for cyber safety, that isn't right, is it? >> when you lose your wallet, what do you do you quickly go home and call your bank and freeze your credit card and credit report and go and tackle that problem. today, we all have a digital life and our information is all over the web and could be compromised any day. yet, we don't know it. what norton life lock does is it monitors the dark web and provides protection for your digital life. >> all right so there are a lot of bad guys out there. and a lot of companies claim that they offer what is to be similar protection either free or built in. what makes yours different and better >> well, i think a year and a half ago we embarked on a real transformation we move from selling a product that's security to a cybersafety platform and we have today the largest cybersecurity platform

offering security, identity protection, privacy features you come on full membership and continue to innovate and add new functionalities as cyber criminals develop new methodologies to do bad things. >> what can bad people do to someone like me unsuspecting consumer with a lot of high tech gadgets, what can they do? >> they developed new techniques the bad guys it not infect your computer with a virus but sending emails to capture personal data, phishing and ransom ware and capturing your data and asking for a ransom to get your data back they even go all the way to copy your voice, imitate your voice, maybe of someone you may know to get personal information from you. >> do you think it's possible that we see some big sort of compromise like at that pipeline they might have compromised individuals who are then told they have to do what their

bidding, do the bad guy's bidding? >> jim, every time we talk about cybercrime, we talk about the state crimes or the enterprise security we decided to focus on the individuals, the 5 milbillion people on the internet whose data can be compromised and force more ransom. you can be a victim of cybercrimes. every three seconds there is an identity being stolen and cyber criminals have a real marketplace for them it's called the dark web where they can buy viruses and technologies as a service to capture and do bad things and resell you data on the dark web. maybe not at the time of the breach but two years later your credit card, your driving license or passport show up and can be bought for a fraction of the price and those are real risks for consumers. that's our mission we 100% dedicated to the consumer. >> let's talk about the growth here you did layout what i regard as being very aggressive targets. you got the double digit growth.

how do you sustain it and what are you doing in europe that could help you sustain it? >> well, first, jim, i want to say that i watched your show as you probably know and a year ago i remember one of your viewer asking what is happening with norton life lock why is the stock not going up? you said it about patience they need to execute and today it coming together we hired a new leadership 100% focused on consumer and launched the 360 cyber safety platform and eight new features onto the plat platform over the last 12 months and the opportunity going forward there is a vast majority of the internet users not being protected because they either are not aware or the features are not captured yet, the full of timesty will continue to innovate and expand internationally and continue to build what cyber safety means for consumers. >> you have good bloodlines. you locked at logitech

we have a good relationship. rick hill who has sold his i le focused on consumers focused on design and what it means behind the consumer experience, the customer experience and so as we develop cyber safety, it's about improving the customer experience one of the big goals is to double the net promoter for making cyber safety easy to use, easy to understand giving you a peace of mind. rick, you know rick is all about product innovation and operations and we spotted it early on that the consumer business would benefit from being solely dedicated to consumers and then he gave me basically the separation and helped me build the business great mentors and still mentors through the days. >> it shows. fantastic quarter. great layout congratulations. you're really getting it going now. the patience is rewarded

that's vincent, ceo of norton life lock. so glad you came on the show thank you. >> thank you, jim. >> when you see a stock up two days in a row, you have to say to yourself where would it be if the market had just been neutral let alone beyond the answer is much higher. my charitable trust has a big position "mad money" is back after the break. >> announcer: stick around. >> may i make a suggestion i would stay with cramer. >> announcer: the lightening round is coming up next. our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side, keeping us on track for retirement... ...giving us confidence in our future... ...and in kevin's. you ready for your first day on the job?

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buy, sell, sell, sell and then the lightning round is over. are you ready, ski daddy bill in florida, bill? >> caller: hey, jim, the financial guru of cnbc. >> trying. what's going on? >> caller: listen with the hype and news about crypto currency, i like you to take an opinion yn on silver gate capital. >> i know them i know them. they're very smart guys. very, very smart guys. i do want to see what coin base says tomorrow. they're not exactly -- it's coin base is the big daddy but that is a good company. $2 billion company is not bad. beverly in michigan, beverly >> caller: hey, jim, tank thank taking my call love the show. >> thank you. >> caller: my question today is about the stock trading from a

january high of $62 a share to a lowerl earlier this week of $14a share. the stock rose on impressive first quarter results but can this positive earning trend continue and is it a buy, hold or sell? your >> this is a very problematic quarter. the stock rallied because the stock had been down so much, not because the quarter was that good they did have what was an interesting thing, they had a big packers game on. a lot of people took it to get the backers and seemed to have cancelled and gone away after. i don't have as much faith in this business as others because i'd rather be in roku. i want big time growth that's what i would go into. let's go to dana in ohio. >> caller: he llo, jimmy chill how are you? >> chill man trying to be chill. it was a little unchill this morning. what's up? >> caller: my son was watching your show and thinking of

purchasing domn. >> yeah, but you see, you don't want to purchase the mini burke shire math away and that, ladies and gentlemen, is the conclusion of the lightening round. >> announcer: the lightening round is sponsored by td ameritrade coming up, not every billionaire deserves to be listened to but cramer highlights two wisdoms that can help make you money next

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do we have too many billionaire investors? bernie sanders for that matter but there was a time when billionaire money managers were big deals. you want to hang on their every word because anyone that got that rich had to know something. these days, though, billionaires are everywhere you can't catalog them all for the most part, they made their billions by being excellent fundraisers or running private equity funds they didn't start themselves or maybe in private hedge funds that made incredible moves a long, long time ago most of them don't have special insight when it comes to the stock market they can't say that but they don't. but a billionaire always gets the mike, any mike and there are some issues where they have the same opinion if you most billionaires, they will say the government is printing too much money. the fed is buying too many bonds. fed chief jay paul is ignoring inflation. which won't help anyone because the economy is about as good as it gets and commodities are out

of control so taper bond purchases and start raising interest rates now especially if today's red hot inflation number that's a very common position among billionaires, the only one i follow who seems to disagree is cathie wood and basically, technically, i don't know if she's actually a billionaire yet even if she should be. what is calling for a collapse in commodity prices which would then quail inflation and give her investing style some ump, yeah, bring it back in favor basically she's talking her book like everyone else it just her portfolio looks different than what most billionaires own wood does have history on her side and giant ways of inflation tend to subside with tougher fed action and if that happens then, as i said at the top, her favorite richly valued tech stocks will get their groove back still, most billionaires want to freak you out about the prospect of the hyper inflation even if they're long wheelbarrows. how do you weigh their opinions

giving they're not as important as they used to be and there are so many of them? i like to look for the billionaires not talking their book, the ones who have humidity to admit when they're wrong. they say it on air and maybe that's why i pay so much attention to stanley and dave stepper. two hedge fund managers that run their family money and run it well yesterday stan was on ox and laid out the billionaire party line but his reasoning was so sound it shook my faith in the strategy to keep rates low don't get me wrong, i believe powell, i believe in him because i think people who work for a living could use some wage inflation right now on the side of the workers always have been always will be however, it was disconcerting to hear when inflation gets out of control, it hurts the down more than the rich. you can say the same about inflation. he admitted the book was a long one and hedging himself but owning a lot of stock for someone his age. warren buffet's 100 year world

view he's articulating what could happen sprinkled with how he could be wrong a billionaire who is humble. for david taking his queue, he changes his mind he tells you what he's doing now which may or may not be doing i the future you're doing yourself a disservice because he has the right to stop on a time. themes you what he's doing and how contrary to what should be happening. again, totally enlightening. i love listening to hip because he's the rare combination of rigor and common sense it hard not to like. at least billionaire even though he owns the panthers and a team i don't care for i'm not saying take their opinions as gospel but when it comes to billionaire money managers relevant to me, you should let them challenge your world view that's right something we'll be talking about in tomorrow's

actionalertsplus.com conference call challenge your world view but don't let them shake you out of your own convictions because your view today could be their view tomorrow. i like to say there is always a bull market somewhere and i promise to find it just for you right here on "mad money." i'm jim cramer, see you tomorrow "the news with shepard smith" starts now the news with shepard smith starts now. a governor offers five $1 million jackpots for people who get a covid shot wall street takes a dive on inflation signs. the middle east edges toward war. and covid confusion. i'm shepard smith. this is the news on cnbc do the guidelines really follow the science >> the american people are incredibly frustrated. >> the cdc director with us live on credibility, masks, and rules for the vaccinated panic buying