they're being puffing the magic dragon. >> whatever that means any way, mcdonald's. >> thank you for watching "fast money. see you back here tomorrow at 5: "m 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 just trying to help you make more money my job is not just to entertain but to educate, to teach you so call me at 1-800-743-cnbc or tweet me @jimcramer. we just witnessed the mother of all frauds a financial disaster of

incredible proportions and it didn't even matter one whit to the stock market yes, the ongoing ftx crypto exchange train wreck has meant nothing to the averages. and i think we have to acknowledge the strength of the market in the face of the sam bankman-fried scandal. a day like today nasdaq declined 3.5% meanwhile, the crypto economy has shrunk from $3 trillion a year ago to well below 1 trillion today and at this pace i think you can go a lot lower i think the owners of these tokens will be lucky if they only get half from here. the revelation that this industry is totally unregulated makes you feel like a local dope for owning anything connected to crypto so the down side could still be enormous yeah, i get it, decentralized, blockchain, superior, no central bank -- ♪ hallelujah ♪

we can stipulate that another monetary system may be a good one. but how about stipulating this crypto's filled with fraudsters are in charge and i think they're practicing steve miller capitalism they're taking the money and running. but forget about crypto because the whole point is that it's a rolling collapse under the massive weight of chicanery. what matters is it's had hardly any impact on the ridiculously resilient stock market when we see a scandal that rocks the finances of millions of investors, typically you expect people to plow money into cash after withdrawing it from risky assets including stocks. i can remember when stocks used to be the riskiest of all risk assets but someone came up with this crypto. man! that is really risky sometimes you have to put this asset class into context stocks are part of people's portfolio. basics basics and when other parts of the portfolio vanish like crypto, investors are supposed to pull

in their -- i keep waiting for that to happen yet it still hasn't hit i felt for sure the averages would get crushed today when james bullard, a very smart fed official, talked about raising interest rates another three percentage points. talking about 7% now seemed like a perfect moment for the market -- sure enough we started down big as bullard's comments terrified anyone who was hoping the fed might ease up but those losses, which would another time say arbitrarily six months ago might have sent the averages down to-4% or even 5% when you combine them with what happened to w fechlt tachlt just didn't stick even when the market pulled back it was well away from the bottom of the edition is -- how could this alleged con hasn't been able to bring down the stock market first it's entirely possible the people who invested in this

breathtaking crypto smackdown were just all small fry who simply don't have enough capital to impact the markets. or maybe they're larger institutional investors who didn't have much exposure. maybe they treated it all like a big powerball thing where they go here's some money, get a lot of tickets and throw it away to be blunt there are a lot of small fries now in crypto who used to be big fries big gie fries. like wendy's there's so much money out there, even a $2 trillion paper loss doesn't rock the boat. there's something i like about this theory, namely we haven't seen big withdrawals because of the crypto collapse, it hasn't hurt the purchasing amount of people -- they haven't pulled the money out because they don't need the cash. i know there are individuals who've lost fortunes here, but they may not be representative we're coming off two years where the government was incredibly generous, doling out checks to

the american people, child tax credit, not having to pay your rent i mean, these things add up. third and most important, though, nobody cares about crypto because we've already been in a bear market for a year that's the average life expectancy of this why do people stop selling because eventually everybody who wants out has already dumped their stocks i think that's the answer. it's the reason why this market's gotten, let's say, resilient. the sellers are exhausted. there are many shareholders, they may just be in for the long haul that's why so much money's in index funds. people don't want to trade they just want to own and own and own some more. the idea of selling at this level is probably for the people who are left is un-american at best and reprehensible at worst. now that we've annualized the beginning of the bear market back when the fed just declared war on inflation last november, wall street gets used to the weakness as a matter of fact, i think we actually become numb to it as long as we're not dealing

with systemic risk just cyclical risk see, other than the financial crisis we've only had cyclical risk from 2007 to 2009 the selling can keep going because almost every major financial institution in this country was insolvent. it made sense to pull outyour money back then. your mattress was safer. but this is not that kind of financial crisis i'm not denying that the market could go lower from here it definitely can. i'm saying we've come through the bulk of this earnings season and so far we'd better start thinking about it. we haven't had that rough a go let's pick the worst group there is the worst besides crypto the software stocks. i read a brilliant piece this morning by a fellow named sterling auden at moffett nathanson who use mused the best performing stocks in the software universe were the ones that maintained or lowered their estimates. his theory he figures in the end investors step back and decide you know what, the silver stocks have come back so much they've

effectively been derisked. a lot of good companies, a lot of bottoming stocks. that mat years because these are the most expensive stocks in the market even after plummeting for a year stocks that are often valued at high multiples to sales, not earnings because the underlying companies are perpetual money losers this is an aggressive view i never like any of those money losing stocks. i never recommend them i think it only holds true if we're in a situation where the economy doesn't get much worse if inflation stays per situate or goes higher and i don't think that's happening but it's a possibility and the fed takes interest rates to a very high level we could still get a severe recession that causes massive unemployment really hurt the stocks in that scenario these software stocks would have a lot more down side but i think we're starting to see a normalization of the supply chain and a major reduction in raw costs seeing a thaw in the chip shortage something gm's mary barr told me earlier today layoffs in tech and the industry has been at the heart of overspending in this country and overspending's one major cause of inflation we also have a clear slowdown in investment banking.

housing sales almost always see a big decline in home prices tech and homes are important remember bad news is good news in the stock market. i think we're looking at a wave of obvious techlayoffs that ar about to come in the hundreds of thousands pf when you throw in the weaker consumer price index and producer price index numbers we've gotten lately it creates a situation where the fed doesn't need to tighten as aggressively let alone the fact so much richly valued software stocks didn't get crushed this earnings season that tells me the bear may be rapidly approaching the end of life bottom line put it all together and you can see how this market could be so resilient even when the so-called jpmorgan of crypto sam bankman-fried has been exposed as a travesty of a mockery of a sham. that's pretty diplomatically i call him the jordan belfort of crypto but sadly he seems to lack the charisma to carry a scorsese movie. i say let's fictionalize him but he seems about as fictiona as they come dick in virginia >> caller: hi, jim i want to wish you and your

staff and your family happy holidays >> oh, thank you, dick and same to you. what's going on? >> caller: i want to talk to you about lilly. it's been a bit volatile lately. and i took advantage of that -- of about a 20-point drop when that insulin tweet was announced. and it's got a p/e of about 55 and i'm wondering with the possible approval of that insulin drug and monjaro whether or not that could have an impetus -- >> let's do this i've spent a tremendous point of my life teaching and the way i do it is through the club i expend a tremendous amount of time working on eli lilly today wore my investment club. i want you to go listen because it's got all the answers

i am saying i spent five hours on eli lilly last night. i think the best way to get it is to show you what i had to say if you go look at what i did at the club meeting okay just putting it out there. even the mother of all frauds didn't matter in this market it all tells me that the bear may be near the end of its life. on "mad money" tonight gm held its investor earlier on the new york stock exchange i sat down with ceo mary barr to learn more about the company's ev line-up and major headlines out there. then exponential fitness has become a post-ipo winner but could strong gains remain in its future i'm talking to the company's top brass. palo alto looks like there's a real good quarter. we're going to talk about it with the ceo 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 e-mail to madmoney@cnbc.com.

or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com.

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earlier today general motors held an investor event here at the new york stock exchange where they laid out some very epicouraging plans for their electric vehicle business. talking about ramping production up to 1 million units per year in north america by 2025 huge increase. and by the way, making money on each one before gm's chair and ceo mary barr hit the stage she sat down with us to give you a preview. take a look. mary, you have nothing short of incredibly stunning news today including the fact that you'll be profitable, solidly pr profitable in 2025 1 million evs?

these are extraordinary goals. you're that confident? >> i am extremely confident because you know, our first battery plant just started we have two more coming online we've got a great line of products so we'll have the capacity to build a million units in 2025 and we believe at that point -- in fact, our plan, and we will execute to achieve low to mid-digit margins at that point in time. but i would tell you, with the benefits of i.r.a. we believe we'll be on parity with ice. so we feel this is our time, we've done the scale, we've done the localization this is a culmination of what we've been working on for three-plusyears and it's here and it's now >> i think your actual stock price is kind of ridiculous in light of the fact that today, today this freak cash flow guidance, you have raised dramatically which to me changes the entire construct of what we should think of gm

>> it shows the power of our truck franchise, the mid-size crossovers, the strength of our brands we're able to up our free cash flow and then also i think we're going to demonstrate really strong ev performance as well. i hope people step back and look to see how strong our business is and we have new products coming next year in addition to all of the evs that come online next year we are in execution and acceleration mode right now. >> now, there's some news also about the way you're going to handle dealerships which is just brilliant. a lot of people feel it's a liability. here it seems like it's the opposite >> we have been working with our dealers the last few years because this is a once in a century transformation we're making to a new way the vehicle is propelled but we've been working with them and we've been working to take cost out of the process. so what that will give back to general motors is about $2,000 a vehicle on motors'

piece. but we're working with our dealers to make sure they can capitalize on what they do so well the sales process. with our new dealer retail platform it's how the customer wants to do the business do they want to do completely online do they want to literally come in and kick the tires? our dealers are going to be able to deal with them and have an exceptional customer experience. and that continues into the servicing part of it as well so we couldn't be more excited about the progress and the transformation we're making of the way we're going to interact with the customer with our dealers. >> okay. so will the dealer be handling a very big issue, which is you're oversubscribed it's going to be very difficult to get some of these models that we have right here >> you know, in the initial period it will be. especially with the hummer we had to stop taking orders because we're over -- >> stop taking orders. a lot of people feel that was the way ford handled it with the mach e but even with another line

you're in excess we should make that point. >> 90,000 sold hummers that we want to make sure we treat those customers well but we also have all these other vehicles coming online they'll be ak set raitting quickly. we have a lot of people waiting for them, you're right, there's pent-up demand but that's the acceleration we're going to have because we've got our battery cell plant running and two more on the way >> we recently had the ceo of mp materials on it's not just batteries. you have a soup to nuts view of what can be accomplished in america. >> absolutely. this was before i.r.a. when we lived through what we've done with supply chain over the last three years, specifically with semiconductors, we recognized we needed to have more of an onshore or ally shore supply chain we were working on that. to achieve that million-unit ev target that we have, our plan for 2025, we have already secured all the battery raw materials that we need and these are binding agreements so we're ready to go and because we moved quickly on those binding agreements i think

people are going to see we've got not only the opportunity to qualify for i.r.a. but we also have the opportunity to take costs down in the not too distant future >> now, you came in. it's a beautiful car are they available >> we just have started to sell those. but next year we ramp way up so we'llvery quickly be taking more orders for the lyric. so yes, they'll be available shortly. >> there's a perception that your company cannot handle the internal combustion engine and ev at the same time, one has to win, one has to lose and there will be great turmoil during that. that is a perception by some of the bears. and you have convinced me that that's ridiculous. i want you to convince others the same >> it is ridiculous because first of all, we have an incredibly talented team much of the investment we've made in our internal combustion engine business has been made. we do have new products coming out. but the core of that work was

done over the last few years so more and more our focus is on our evs but we have the capability to do both. and you know what, as we look at general motors having the highest customer loyalty of any car company in this country, our loyal ice customers are going to be the ones we usher into evs. so we are very well prepared in addition, about 40% of the vehicles and orders we have for things like the lyric and for the hummer and for the silverado ev, 40% of them are new to gm. jim, think about that for a moment 40% new to general motors. that's why we're so confident we'll grow from an ev perspective while still managing our ice business that is funding this future. >> i would be remit not to talk about bright draft vs. the competition. that to me is a natural turn i could see that sequence from customers going right to that for small business in particular >> absolutely. we have the evo 600 here

we have the 400 that will be coming and it's more than just having the vehicle propelled with being an electric vehicle. it's also about the -- we're helping people change the way they deliver, improve productivity, which is going to take costs out of their business and bright drop is complete growth for us because we weren't in that business before. >> now, there are recession fears obviously right now for big purchases and yet i am reading a headline i'll read it so everybody knows. gm raises 2022 guidance, expects north mesh v american ev portfolio to be profitable in 2025 annual capacity tops 1 million that seems like a gutsy number when we talk about recession but is that a recessionproof number or a number that says if things just stay okay we'll do that >> we obviously planned for a wide range of potential scenarios. but we think even with -- and we're optimistic because we're still seeing very strong pricing and a lot of interest for our

vehicles so i can't speak to the whole market for vehicles but when i look at our strong product portfolio both ice and ev we think we are very well positioned and we will deliver that we'll have the capacity. we'll deliver that when we look at the interest in our products right now, we're very confident >> you've mentioned several times the let's call them breaks that the federal government gave you, but it had to be far more meaningful i.r.a. than i thought would happen these are great incentives >> if you think about it starts with i think they're going to accomplish exactly what congress wanted this to do and the administration, of really accelerate ev adoption and do it in a way that is going to grow american jobs. so it's good for the american economy, it's good for the american worker. and again, because with he were already committed to doing much of the sxwork we've already vertically integrated our moatrails, our battery cells we're well positioned. but it's going to be great for the country and it will accelerate ev adoption >> i don't want to be too

emphatic about one of what we're seeing which is great here but my wife did indeed test the hummer and there was talk about maybe having a smaller hummer. but this may be one of the most talked about vehicles of the next 18 months tell me about how you brought it back and why >> we have a truck franchise at general motors we've had truck leadership since 2020 with our gmc and our chevrolet brands and frankly from a full-size suv we've had it for over 20 years so when we look we wanted to make sure people understood that when you drive an ev truck you're not going to have to make any compromises. so when you look at the hummer it's got complete flexibility. the latest technology. it's got crab lock watts to freedom frankly, jim, i just think the hummer is completely bad-ass i love driving it. and that black one right there they're going to have to keep me away from driving that one away. >> this is the kind of dream

come true for gm i'm wondering whether we can't right now break ranks with those who think it can't be done >> well, today's i think a very important day for us we have an investor day later this afternoon and if after they hear our story, they hear our capability with technology, they see the products, and we're in the sweet spots of the market, the large segments when you look at the equinox, the blazer, luxury, very affordable everyone who drives a lyriq is just astounded because it's really redefining. it's what you can do when you have a dedicated ev platform that we have with altium >> one last question when i listen to the cash flow i do think you're at ia crossroads do you continue to grow this franchise, which obviously is fantastic, or do you begin to return some capital to shareholders in the form of a dividend >> well, we already have reinstated the dividend, a modest dividend and we also have

the opportunity for share buybacks which we announced some in the third quarter so we're going to reinvest in the future to drive solid returns -- >> if you buy back stock here, you'll make a fool of the people who sell it. >> well, again, that's ultimately a board decision of how we return cash to shareholders, but i will tell you, i think we're well positioned to do both, growth our franchises while appropriately making returns to our shareholders >> well, that would be extraordinary. you've convinced i think many people of how i feel, which is that you're doing a remarkable job. and this is the proof perfect. congratulations to you mary barr, chairman and ceo of general motors and we'll have a look at these cars >> absolutely. >> thank you >> stu

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take xponential fitness. up 85% from where it came public in late july of last year. this is -- i don't like the word rollout but they put together a bunch of -- club pilates, rumble i've got to tell you all the ones that everybody i know who's really into gyms knows these as studios. doesn't hurt that xponential reported a great quarter last week how did they do it let's check in with anthony geisler, founder and ceo of xponential fitness mr. geisler, welcome to "mad money. >> nice to be here, jim. thank you for having us. >> as i studied your company i realized what the heck you have put together the best names and it looks like everybody wins the franchisees, the owner of the name and you. i want you to describe to people the model because i don't think people understand it they're looking all over for where's the xponential fitness >> it's a subscription business, right? we have almost 600,000 people paying an average of $130 a

month. over 70% of our revenue is reoccurring. so we don't have the peaks and valleys other people have when they're selling class packages so we really sell in kind of a small, medium, large either you come once a month, twice a month, or you come unlimited. >> it's also well known that you've got some fabulous deals like for instance we introduced the mirror deal on our show, lulu and that's one where you've apparently been a gigantic hit you make money from lulu is that what it works? >> our vendors will pay what's called a brand access fee. they will come to us like lulu did and say hey, we would like four of these brands to appear on the mirror product. it's great for us and it's great for them and it really helps lower our customer acquisition cost nationally as well because we're getting our brands in front of a lot of eyeballs >> all right so someone's watching and they say you know what, i want to just go -- i want to start at the studio, i want to buy one of these. you don't let just anybody be a

part of xponential fitness people realize there's a rigor to which you choose people >> there is. it's about 2% of our lead flow actually converts into becoming a franchisee everybody says they want to select the best franchisee but it was really apparent during covid when we had zero permanent closures and we actually opened 350 stores during covid and still processed almost half a billion dollars in systemwide sales stayed strong. >> let's say i want one. how much does it cost? >> well, we have ten different brands, right? but in an aggregate it's about $350,000 all in to open. they have 25% to 30% margins, 2 1/2-year paybacks, and 40% cash returns so economics are great >> that's fantastic. i also understand it doesn't necessarily have to be a giant floor. these are true studios >> yeah, they're 1500 to 2,000 square feet. so they have about a 500-square-foot retail boutique that would sell lululemon and other brands, and then we have the workout space that's there, couple of bathrooms. so it's very small and easy to

manage >> the stock is up a lot but i'm trying to figure out the disconnect i saw the same thing with wing stop i know it's a different economic group. but sometimes things happen and people don't realize it. you're a house of unbelievably good friends and until they've visited one of them they don't know the kind of power behind xponential fitness. you guys are making a tremendous amount of money. >> yeah, we're doing quite well. if you look at last year, our ebidta was in the 20s. this year it will be in the 70s. you know, quite a lot of resiliency our cohorts for 2022 are better than ' 21 and actually quarter over quarter our businesses are opening better and better this year >> one of the things i just love about -- you've got the class pass i think that's great but you've got this deal with the high-end part of the business that would be incredibly -- are you allowed to go on others or is that exclusive? >> we'll be sticking with princess for right now we like the brand.

we like where our brand synergies are. but actually be building physical studios on the boat we'll also be using our digital product in the 23,000 state rooms and then doing promotions with our x pass, all wit princess >> andit's international looks good for you >> yes >> this is obviously something that traffics. i mean, it goes well >> we're operating in 16 countries. our stores signed up in 16 countries, operating hundreds of locations, primarily in asia pacific right now but expanding around the globe >> and the stretch lab i understand it's doing fantastically. >> fantastic stretch lab was three locations in los angeles when we bought it today there's about 750 sold, 250 open and one of our best performing revenue brands that we have in the portfolio we're looking forward to opening more >> and i know -- look, i like planet fitness and you know because i've watched the show. how can you get people to subscribe for as long as you do?

those are big chunks of time and pe people putting their money down. >> they're getting the community, entertainment and instruction. that's something you want to get in a regular gym that you get in a boutique fitness studio. >> i want to congratulate you. a lot of of people have come here from that particular period they came public and it hasn't work o'ed out. zpts oscar very much that anthony geisler, founder and ceo of xponential fitness, xpof, has worked out he very well. thank you for coming to the show i really appreciate it great job. thank you. "mad money" will be back after the break. coming up, is data defense the best way to put your investments on offense cramer gets the latest from palo alto networks. next

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cramer fave palo alto networks just reported an outstanding quarter. it's a solid top and bottom line beat good guidance for the current quarter. so let's go right to nikesh arora the chairman and ceo of palo alto networks, find out more about the quarter mr. arora, welcome back to "mad money. >> thank you, jim. thank you for having me back >> okay, nikesh, you did it. a lot of companies are claiming they made this pivot, now they're making one penny what you've done is you've accelerated revenue. you've accelerated big contracts. but you are genuinely profitable you're unlike any other technology company i deal with how did you quickly get to where you're making a lot of money and growing revenues even faster than before? >> well, jim, we've been talking, about six months ago we were talking about how it's hard to hire people, how costs of hiring are going to go up, how we have to go through all these things to keep spending money.

and honestly, we started seeing signs of our customers getting more discerning, having longer conversations about what's going on, what are we spending money on we realized we have to amp up the activity because we're going to see a slightly lower conversion we went hard into the quarter knowing we needed to maintain the pace of the activity because the things are going to get tougher. and we really put the squeeze on ensuring that we're driving more productivity and efficiency. i know we talked last quarter and i told you i was going to miss my sales force with my core team this way i can leverage 300 more people into my core sales we always had plans to improve our operating margin over time and we just decided as a management team to accelerate that not only are we continuing to handle this market and deliver our billings growth as we promised we're also beginning to take a quick knife toward our koflts to make sure we are doing that in the most profitable way we can >> it's very clear that you are now doing what other people white r might want four or five

companies to do. if you yourself are challenged as many of the companies are and you want one provider who even as the department of defense imprimatur, it's you you really are soup to nuts for everything >> well, jim, you know, the silver lining in the current environment is that we're having more consolidation conversations because suddenly the number one priority in addition to being secure is can you help me do that without me increasing costs. you go in there and say listen, i can replace seven vendors for you, i can get it to a better security outcome and do it at a lower cost that's kind of the magic bullet for us again, it's an execution question customers are being more careful, they are being more cautious, they are going to take longer which just means we have to increase the activity and the focus we need to have on the market and hope that our better execution can help us ride the macro trend that we're seeing. >> okay, nikesh, the defense department felt they needed ten swrendors they'd get ten vendors. we're talking about maybe the biggest cybersecurity contract

ever how did you get it >> well, jim, we've been working on it. it's very important to have bleeding edge technology and solve current threats. we've been working on this deal for a very long time it's part of the acquisition we've made called expanse. this is north of a $100 million deal in its entirety with all the options and the timing and it took us a while to get it and we got it and our teams are out there already ex-skoouting because we know if we get this right there's more to come from there, more to come around the world because every defense entity around the world is facing the same challenge of making sure that their entire surface area is protected. >> now, i have to admit, they must be challenged every second. i mean, isn't that the most logical target of any part of our country? >> well, we talked about this before at the end of the day given the geopolitical situation we're in you are seeing nation states get engaged in trying to look for vulnerabilities around the world. in that context it's very

important for pretty much every government to ensure that their infrastructure is secure and not just from a department of defense type perspective but also every federal agency and every local agency state and local agencies have the least amount of money relative to the federal governments around the world this is going to be a continual challenge across the board and part of the challenge is to make sure these people put cybersecurity at the same level of risk, any other risk they have in their business or operation. >> it looks like the utilities have figured out that you can hold them ransom too they've become good clients. >> unfortunately, the techniques that are being applied are still very rudimentary there's still business e-mail compromise happening,fishing attacks and they all lead to a situation of ransomware and my fear, we've talked about this in the past, is if there is not an economic settlement there are consequences and those consequences end up hurting the businesses i little more than just having to pay for something. >> they'll shut down our country if we're not careful now, cider

israeli security what do they have that you needed >> well, jim, you know we've been carefully building our cybersecurity capability both by doing internal innovation, looking out at the market and acquiring talent and skills and product when we need to. and i've talked about this with you. we said the market has had very high eflvaluations the expectations are not in line with what we believed the true value was. but companies are realizing they have to settle in for the long run to build great businesses and we we say you have a great insight, product, coupled with our ability to deliver this as part of our platform we could accelerate your future at the same time you can help us bridge a gab which is going to be important in the cybersecurity needs of the future this is the most innovative industry in the world, cybersecurity. every time you think you've solved it somebody's looking to attack you >> last question, i have to ask

you this you weren't shocked at all about a giant hack at ftx. you probably weren't shocked about any of the stuff that happens in cyberworld. everyone could have used you everyone still needs you, don't they >> well, they do, jim. ftx is a whole different book. i'm pretty sure there's going to be many books written about that and there's a whole conversation you're having with your colleagues about crypto. all i will say is cybersecurity is a secular gift that's going to continue to keep on giving. we just have to be able to execute in the market and let's hope our customers don't take their eye off the ball and don't get distracted by the macroeconomic environment. security needs to be prioritized. >> how about they just call you? one day you told me i'd say that i just said it that is nikesh arora, ceo of palo alto. this is going much higher. >> coming up, cramer wants to hear from you. your calls on the thunderous "lightning round." next

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it's time! it's time for the "lightning round. play until you hear this sound -- and then the lightning round is over. time for the "lightning round" on cramer's "mad money." start with richard in new york richard! >> caller: hey, it's a pleasure and it's an honor to be on the line with jimmy chill. i don't drink coffee i listen to you. boo-yah. >> boo-yah >> caller: anyway, i know it's been a long road i don't know if they're having results now. there's been a significant change in their business fdmp is my stock >> it looks like they've got something -- look, i don't want to -- i just review it as something it seems to be competing against regeneron.

i know one's a $22 stock and one's a 700 but regeneron is the horse to bet on because it's been a great investment. artie in florida >> caller: hey, jim. boo-yah to you >> boo-yah >> caller: long-time listener. i want to know about sofi because i've been watching, watching, watching good news -- >> i have been watching myself and you know what? it does have that kind of sherwin williams paint drying feel it's been stuck here for ages. i do believe it's bottoming but i don't know what gets it higher let's go to mark in connecticut. mark >> caller: hi, jim first-time caller and i truly -- >> all right thank you, buddy >> caller: i would like to first dedicate this call to my brother arthur who passed away three years ago thanksgiving week. in 1978 we both owned a joint stock brokerage account and turned 100 shares of winnebago stock into a seven-figure stock portfolio. >> that's terrific i'm sorry that hear that must be tough around

thanksgiving time. but go ahead >> caller: thank you your viewers need to know it can be done. and it's people like you that we count on and we thank you for keeping us informed, educated and engaged in the market. >> i will not let you down >> caller: thank you i don't see many biotech companies with a lot of new and exciting products these days however, i think i found one biotech company that has some incredible potential they use artificial intelligence to develop drugs in neuroscience, in immune oncology in july the fda approved their first drug for acute treatment of agitation -- >> okay. >> caller: -- associated with schizophrenia. the company's called vial therapeutic. >> i do a lot of neuroscience work it is so speculative, sir. it is really speculative it may be home run or nothing. and that's always tough because neuroscience almost everybody fails in what they try to do

let's go to joe in new york. joe. >> caller: hey, mr. cramer how are we doing there >> i'm good, joe how are you? >> caller: good. this is aka money bags from snowy western new york i want to thank you and your staff for all you do you guys do a fantastic job there. >> i have a fabulous staff how can i help you >> caller: i usually invest in quality stocks but i was following this tech stock. it's a biotech i won't go into all the things about it it sounded really promising. but the symbol is deru >> the test for -- it's something that it does with covid trying to save people's lives. the fda staff didn't seem to like it. they looked at it. we have to see what the fda says but it was not positive. i wish it had been and that, ladies and gentlemen, is the conclusion of the "lightning round." thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience.

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is. listen to me this is really important don't ever say we didn't try to warn you away from the shadiest parts of the crypto complex. for the longest time we were deeply suspicious of the sky-high interest rates that you could get on your cash from crypto exchanges like i was getting from block view all the time. plus i was always shocked that so many of these coins could be created and attract money immediately. it seemed surreal to me. that's why when i got a chance

to interview gary gensler the s.e.c. chairman back in august i had to ask him about crypto. when you're a journalist you don't have subpoena power but sometimes you have a chance to hold government officials accountable or at least hold their feet to the fire so i tried it. positing what would happen if my colleague david faber and i just wanted to create a coin, which is something that seems to happen every day and yes, was created by the lamentable sam bankman-fried take a listen. >> if you and david wanted to create a coin i would suggest you get good lawyers who understand the securities laws and i hope those lawyers would advise you that because the public would be investing based on your and david's entrepreneurial efforts, and you probably have a website, you'd probably be marketing it in some way, that meets the test of what's called an investment contract for a security and yes you would need -- you and david would need to register and if there was a platform, a trading platform or an exchange that listed your token, the

david cramer token if i might, then that platform, that platform listing your token needs to register as an exchange that's the plain and simple truth of it. congress passed these laws to protect the public it's about raising money from the public it is also about the trading venues the exchanges. and we've benefited for 88 years by this regime i think it's helped economic growth it's protected the investing public it's also helped issuers tap into the best capital markets. so i do ask if you and david start that token to get good legal advice and follow the securities laws. >> i know that was long. i typically don't even do this but my takeaway here is the crypto -- i was dealing with were taking a huge risk, huge fines, maybe prosecutions. i thought the s.e.c. made it

clear these crypto exchanges could get in huge trouble if they weren't doing everything aboveboard in retrospect maybe the fact gensler had to lay all this out was an ominous sign. i certainly got the impression that something like ftx the second largest crypto exchange one that issued billions of dollars worth of digital coins had been somehow examined by the s.e.c. or at least been on their radar screen maybe top stopped for the lack of controls as was obvious to anyone who looked under the hood that they didn't have any surely they weren't letting these guys operate without any controls in place. right? correct? wrong. a filing by john j. reyes the new ceo installed by ftx's credit orz that said just the opposite "never in my career have i seen a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here." by the way, this is coming from the guy who helped unwind enron and he says he's never seen anything like ftc. he continues, "from compromised systems integrity and faulty

regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented." remember, i'm not a prosecutor i don't have subpoena power. i'm just a journalist. but i can tell you exactly why this happened. it's because these crypto exchanges had nothing to fear from the government. it sure seems like the s.e.c. oversight was -- i hate to say this because i respect the agency tremendously. but a charade. they didn't need a lawyer let alone a good lawyer. they didn't need an accountant or a cfo they didn't need to worry about regulation because nobody was regulating anything. that's a bad way to run a business but i can live with the industry operating like the wild west what i can't live with is when government industries create the impression industries are being pleelsed i wish gensler would have said i have no idea what's going on it's all overseas and it's unregulated, they don't play by the rules, they register flog, when you get involved with crypto it's caveat emptor, good

luck because we now know that was the reality here and so far nothing's changed. and it could have saved people a fortune to know how reckless things can be legally in the truly unregulated crypto world i like to say there's always a bull market somewhere and i promise to try to find it just for you right here on "mad money. i'm jim cramer see you tomorrow peter jones joins the tank. peter is the most seasoned investor on "dragons' den," the u.k. version of "shark tank," with 18 seasons under his belt. [ british accent ] i can help you scale this business from a global perspective. that's what i bring to the party. the british are coming! [ laughter ] ocean plastics are one of the biggest environmental challenges of our generation. [ british accent ] we have got the meals for busy people who care about what they put in their bodies. parm: it's a perfect tool when you're multitasking or when you have a coworker like mr. wonderful who keeps on ranting. [ laughs ] this is a lifelong dream realized, to be able to put my passion for music into my career. jones: i could be your perfect partner, and that's why i'm gonna make you an offer. i know how to make this thing huge. i'm afraid you guys might hold me back. who's ready to take the bait? it's a no-brainer. it's time to make some money.