subscribe button that's how you do it qqq, i'm a seller. >> great picture, by the way delta airlines, breaking out here look at that >> nice call on that one >> >> fewthank you for watching "ft money." hey, i am kramer! welcome to mad money! my job is not just to entertain, but to provide context. you can call or email me.

i am constantly on this show telling you that this always trumps condition. no matter how much you might love the stock, if the rules say cell, you sell it! no matter how much you may believe in something, you violate the rules of the road at your own peril! that is why we go with travel trust. where these rules come from? it is not like they were handed down from on high! they are not like the laws of physics. no, the rules come from my experience. that's right. from my experience. i have spent over 40 years in this business. you better believe i have learned some powerful lessons.

in many cases i did have to learn them the hard way. because i don't want you to repeat my mistakes, i just want you to have the benefit of my whole career, so i will lay out some of the most important rules for investing, and they are indeed timeless! some of the stuff might seem basic, but you forget the rules at your own peril! for some reason this seemed compelling at the time. whenever i broke my own rules i almost always got burned. it's like that old joke about the doctor. the guy goes to his doctor and says hey doc, listen to me. it hurts when i stretch out and shake my hand around, to which the doctor says don't do that anymore! so what exactly should you be doing or not doing? let's take down my most important rule from this. we will start with the first one. bulls make money! bears make money!

pigs, well, they get slaughtered. so often in my business i see that stocks went up and up and up so much that people were intoxicated. however, it is precisely at that point of intoxication that you need to remind yourself that you don't want to act like a pig. they made a lot of money, perhaps too much money and maybe i would be a pig! what are you talking about? how can you make too much money? of course, not long after we got a vicious selloff and i get back everything i made and then some. that is when i enshrined this as one of my own rules.

now i have a barnyard full of sound effect buttons to tell the whole story. i have the ball, the bear, the pig. so it is the same idea applying to investors on the short side. we have had major declines over the years, but other than.com bust in 2000, most stocks bounce back pretty darn quickly. even the fed -induced meltdown of 2021 had to go positive by 2022, because if you push your luck for too long, you get sent to the slaughterhouse. how do you know when you are being a pig? honestly, you really don't need me to tell you when you are being a pig. the nasdaq more than doubled from march of 2022 to march of 2021. you didn't need investment advice. these are profits that you sidestepped. if you give a lot if not all

the money back. the financial question is even more stark! if you walk around owning a huge amount of stock in 2008 as the banks started dropping like flies, you were beyond! why is this so important? simple. one of my chief goals is to help you stay in the game. yeah, it is the hardest part of investing. it is holding on through the difficult periods. the people that wiped out in 2022 were the ones who tended to never take anything off the table. there pig is in us, well, they never felt it, so they got slaughtered. catching this is great.

have you looked at anything or are you being a pig? because you never know when the stocks that you own are going to crash. you never know when the market could be wiped out. you cannot have certainty! the stock market does let you have certainty. if you assume stocks will forever go up in a straight line, then you are in for a house of pain. everyone would own stocks if that were the case. we know they don't. sure, there will be times when the stocks are going up and up and up and just keep going. when i coined the term over a decade ago, i did give up on amazon after an incredible run. i was trying to be disciplined. i felt like a pig after the stocks stopped the run. but i felt like a fool after it went down. you know the feeling. that is just the price you have to pay for following the rules.

fortunately president trump ripped off the post office! you remember that? forever huge pile of cash that gets left on the table with a situation like amazon, you are sidestepping gigantic losses, the kind you would have had if you would've left everything on the table in 2000, 2008 or 2021! so never forget, bulls make money, bears make money. yeah, you get it. i will keep repeating that forever. and this is one where i see people on the street and i asked them if they made some sales. no one ever likes paying taxes. but death and taxes are inevitable.

the aversion to paying taxes often borders on the pathological. so many times people simply refuse because they don't want to incur taxes on their winnings. nevermind that the capital gains rate is pretty darn low. several years ago i went to a presentation from a prominent hedge fund manager who recommended a real estate thing. but i know people who wanted to write a check and of course tell uncle sam how much they were thinking about how that real estate was worth. things hit a tipping point thanks to amazon. those who did not want to share their profits with the irs ended up with no profits at

all. so i want you to make your peace with the taxman. some gains are simply unsustainable. a profit on paper is not the same as a prophet in your bank account. you have not made any money until you ring the register. the last thing is that we worry about capital gains taxes. when it is time to sell, sell. bottom line, remember my first two rules. bulls make money, bears make money but pigs get slaughtered. don't be greedy. be disciplined. and don't be afraid to pay the taxman on profits that you have earned. let's go to tyler in california! tyler! >> hey, how are you doing, jim? >> i'm doing well, how about you? >> i'm doing good. thank you, sir. i don't know how many times i sold a position and the next day or two, i watched it. what is a good time to re-evaluate

and cut my losses? >> i think this is a terrific question. don't feel bad because i obsess over losses. what you do is try to look at it just once, because i don't want you to get down. you will miss other opportunities. what you are looking for is a change at the margin. you don't want to just get up in the morning and say, you know what? i don't like hat i took the loss. if there is a bump up, don't be afraid to turn the position no matter what. how about robert in minnesota. robert? >> hey, jim, thanks for taking my call. when i retired my company they let me keep my 401(k) at the corporate rate, which is very cheap. the question is, should i switch it over to management with another company like fidelity, et cetera, at a higher standard rate so that i have more options?

>> i think that this will be terrific. that is what my retirement should be in and that is what your retirement should be in. remember my first rule, bulls make money, bears make money, but pigs get slaughtered! don't be greedy! be disciplined! and don't be afraid to pay the taxman on profits you have earned! coming up, learning how to do your homework. i am hitting on my investing roles that i think are key to mastering the markets. you don't want to miss them, so stay with kramer! >> don't miss a second of mad money! follow kramer on twitter! send jim an email or give us a call at one 807 43 cnbc.

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sleepovers just aren't what they used to be. a house full of screens? basically no hiccups? you guys have no idea how good you've got it. how old are you? like, 80? back in my day, it was scary stories and flashlights. we don't get scared. oh, really? mom can see your search history. that's what i thought. introducing the next generation 10g network. only from xfinity.

if you are thinking about being an investor, just remember that nobody is perfect. everyone is fallible. we want to protect you from yourself, which brings me to my next commandment, and this is a really important one. i can't stress this enough. by your whole position at once. this is something you see constantly. no financial adviser can buy

stocks all the time. get positioned now. from where i stand it is all wrong. you should never buy all at once and you should never sell all at once. you should try to get the best. why? when i first started as a professional i really wanted to prove to everyone how smart i was and how bright i would be. so i thought, i will buy it now! i wasn't so sure how bright i was. i thought i was the martest guy in the universe. all i can say is that i was one arrogant son of a gun. arrogant and wrong. what was my mistake? you don't pick them all at

once! what happens if it goes down? it might go down and that's my rule. i should have bought in increments of 5000 shares gradually, over the time, trying to get the best price that i could. you get in a position and hope it goes down so you can buy more at a lower level so that you get a better cost. now i know that i will say trade in size but i still invest my trust. whenever we have a new name we buy in increments. so it makes sense. when you buy all at once you are basically preparing for the stock to go way lower. but this is about recognizing.

why don't people do it my way? i think that it is because they want to be big, too. the broker wants to get the trade done. i know that my brokers would hate it when my hedge fund would place incremental orders but it is major hubris to place all your net worth into all these stocks at once. at the same time, many others simply want to pull the trigger and then get it over with. this is why you need to make a statement by. you know how often i got the absolute bottom? i am pretty good at this gig! so it is just the arrogance.

next, i need you to buy damage stocks, not damage customers. maybe it has a hole in it. in the real world you can get your money back. if you buy a stock there is no money back guarantee. that is why you need to be very careful about broken companies which deserve to see their stocks trade lower. whenever we got there covid vaccinations, all sorts of people fell by the wayside as we knew would happen.

case in point, the video that took the world by storm during the early days of the pandemic. once we got the opportunity, companies struggled to pivot. gradually, competitors caught up. things went down to the mid- 70s. this was where people assumed that they could go down, but every time they did they got burned. the business is changing and getting slower. we saw something very similar during the period of ultra-low interest rates. the federal reserve had warned that it would start rapidly raising interest rates and the whole business model of buy now pay later was called into

question! there was a company called upstart. the stock market, from just over 400 in late 2021, they eventually rebounded. on the other hand, sometimes there are reasons that have nothing to do with the underlying company. it could have to do with etf's or problems overseas. just because a stock is down doesn't mean there is anything wrong. so what you do about a broken company and a broken stock? complicated question. what i like to do is draw things up. i call this the bullpen. they go to the bullpen all the time. when the whole market is coming down, we use that as an opportunity to work with calm

trading versus the battlefield. we know these stocks ahead of time so we know that there is nothing wrong with the underlying companies because we have done the research ahead of time. the bottom line is that you never really know. that is why this works in tandem with the last one. what you think is a damaged stock might turn out to be a damaged company. if you take your time you are much less likely to end up with a large quantity of broken merchandise. remember that there is no money back guarantee. this is the caveat emptor. coming up, kramer has one thing in common with your high school chemistry teacher. they both want to see that homework! why you need to hit the books and never stop, next.

i remember being on aau trips, high school games. my mom would always say, "you need to fuel the body and you need salt." i'm like, "why do i need salt? like,

who is going to do that?" she literally would make me rip open a pack of salt, pour it in my hand, and i would, like, lick my hand. sure enough, i would always be the kid not cramping, i would always be the kid energized, ready to go. fast forward 20 years and i go from eating salt out of my palm to a drinking lmnt. [bushes rustling] [door opening] ♪dramatic music♪ yes! hon! the weathertech's here. ♪

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index fund, but you got to be rigorous about it, which brings me to my next move. do the homework. they thought the way to do it was punishment. sometimes when i looked at what they were studying, i thought i could see where they were coming from. and i understand. how will it help you later in life? it is because you never know what you will turn out to be interested in later in life! but i bring this up because i think many of you have the same attitude to the whole routine of doing your stocks. you expect that might be just as irrelevant to your portfolio as schoolwork seems like the kids. when i tell people that they need to listen to that starbucks conference call, they don't want to hear it. they think that i am being a scold, but that's not true. you need to put in the work to own these kinds of stocks.

they look at me as if i am some sort of old-fashioned teacher. that is just wrong. owning stocks without doing the proper research is frankly risky, but people still do it, and they do it for a couple different reasons. on one hand there is the old school thought, the idea that you don't have to do any real work and keep track of what is happening, because you are in it for the long haul, so so what? also, some people feel they don't have the time to be diligent. i would recommend doing what experts tell you to do. you can find someone else to do the homework for you while teaching you to be your own master, which is what we do. i encourage members to do as much of their homework as they can. the truth is that if you can't devote a couple hours per week to your portfolio, you really should not be messing around with individual stocks! investing might not be a full-

time job like trading but it is a part-time hobby. during the 1990s, brian hall became the and all, be all for investing. investors set a few hold onto things long-term, everything will work out. but this goes to the crux of the financial crisis. so many people got obliterated. when the market was flooded with cheap money and almost everything worked, you are number? but i got you burned when things finally started tightening. the cheap money just vanished. that was just a travesty. this is why i propose a new

concept. before you buy a stock you should listen to conference calls. you should read the research. everything is available. you have so much more info available now, so much more knowledge, that there is really no excuse. you have everything at your fingertips. if you pull back on a buy and hold strategy, i can assure you that you will be soundly beaten by professional money managers who are searching for high quality stocks. this is why so many experts tell you, give up on individual stocks and put your money into an index fund.

like i said, i am in favor of index funds for those who don't have the time. the next rule is another essential that i harp on constantly. diversify, diversify, diversify. always diversify. that controls risk. imagine that risk is really the holy grail of this business. so they tend to trade together. in the old days, only 50% of any given stock came down to the sector. thanks to the rise of sector etf's the number has gotten much higher. in 2000 if you had all your eggs in one basket, you got scrambled! i got to prevent that. same as the financials. i got to prevent that. there was only one thing that can keep you from getting nailed by sector risk. i always say diversification is the only investment concept that works for everyone.

i will tell you, you won't be wiped out when the one group gets obliterated, which is something that happens far more often than you might think. but it is such a no-brainer. if every adviser and commentator has been telling anybody to do it for years, how could everybody not be diversified? i think it comes down to the homework issue. a lot of people don't know or understand the stocks they own so they end up with stocks that are very similar! they don't understand that one is a driver company and the other is semiconductors. it drives me crazy. they also have zero respect for the bear and how t attacks individual sectors. i still feel a lot of calls from people who think that this is a diversification strategy. hardly. everything in the social mobile cloud trains together. that is what i call diversification. another thing is that no matter

how much i like a certain type of stock at a certain moment, i always say no to a portfolio in jj, eli lilly, bristol-myers, even though i like all four companies. they leave me exposed to healthcare risks that could overwhelm the whole group all at once. having an un-diversified profile is a rookie mistake. if you concentrate all your bets in one sector and that sector takes off, you pretty much beat everybody right there who is diversified! that is the nature of the beast. the flagship innovation went almost all in on a high-gross stocks. all these stocks tend to trade as a group. but that one year in 2020 made

her a household name. once you are household name, you got it made. kathy wood is great at picking good stocks. if you go all in on the diversified portfolio, it is likely to blow up in your face a couple of times. here is the bottom line. whether you are an amateur or professional, you always need to do your homework and keep your portfolio diversified. this is the kind of routine maintenance that protects you from monster losses down the line. if you can keep your losses to a minimum and let your gains run, you will almost always come out ahead. but don't try to rationalize those losses, because stocks don't always come back to even. let's go to trey in texas! trey! >> jim, the second-greatest investor of all time, warren buffett, says individual investors like me should just buy the s&p. my question for you is what is the greatest investor of all time think we should buy? >> i am a tv guy who does his best to teach you, but i thank

you for that. here is what i have to say. i think it depends on your time and action. i think you put away your first $10,000 in an index fund. if you like picking stocks, join the cnbc investing club. if you don't like picking stocks, then let somebody else do it for you. if you want to be involved, i will teach you to be that investor. i have done it for a very long time and fortunately i have been very successful. let's go to anne in indiana! anne! >> thank you, jim, for taking my call! >> you are quite welcome! what's up? >> i am a club member, but i have been thinking about this lately, and i wonder if you could talk about suspending our judgment and letting the market stack up even when the ceo does something they say they are not going to do or a company makes a bunch of mistakes, they have little competition, or the ceo makes mistakes but things take

a long time to fix. >> it is a tough one, anne, because i have made this mistake. i have stuck with people for too long. i keep thinking i will give them another try. in almost every case it has not worked. almost every single case including situations like i am in now. whether you are an amateur or professional, always keep your portfolio diversified. there is much more ahead. think of it as a glimpse behind the curtain if you are not a member of the investor club. so stay with kramer! [ dog barks ] [ whimpers ] you have reached your destination. one more? ♪ one more time ♪ id. light in the all-electric id.4. it's the little things.

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when it comes to managing your own money, you are often

your own worst enemy. don't take it personally. i am my own worst enemy, too. but you are constantly fighting off your own worst impulses. we are not robots. we have emotions, and those emotions can really throw you off your game, which brings me to my next rule for investing. nobody ever made a dime by panicking! panic is not a strategy, but people do it constantly. a stock tanks? then investors sell. the market gets crushed because people bail at the end of the day. sure, if something gets annihilated, people can't take the pain. there is something instinctive about panic. if you are a stone age hunter gatherer who stumbles into a family of grizzly bears, panic is a very helpful strategy. but it is not a useful emotion when investing in the stock market. the truth is there will always be a better time to sell than

whatever moment inspired you to panic in the first place, and don't i know it! remember in 2020 when covid hit? everything shut down. the stock market collapsed. the s&p lost a little over a third of its value in a month! almost everybody in business was convinced the world was ending. that april, the legendary market historian larry williams gave us the all clear. he was looking at other countries. sure enough, the s&p would rise again by the summer and the market just never looked back. so the next time there is a big market selloff and you feel like never touching your stock again, i want you to do something for me. i want you to take the opposite side of your own trade. the most rewarding trades you can make are the ones where the decks have been cleared out by folks using market orders who are terrified. mind you, i am absolutely not saying that every stock is

worth buying for the long-term. oftentimes people freak out about an individual company for good reason! but i am saying that after a big decline there is usually a better moment to sell if that is what you want to do. even when things are really bad, bargain hunters will usually take it up from close, and that is when you get asked. so the next time things go down, wait for the rebound before you sell. i have another one that can help you handle big declines. ready? when the stock market gets unrelentingly negative, remember that he who defends everything sends nothing. that mantra is just as true now. he who defends everything defends nothing. it is about how you evaluate your holdings. when the market is flying and many resources are in bull mode, you don't need to worry about most of your positions. the more exposure to a bull

market, the better! but when things get difficult, when you are on the defensive, you need to recognize that many of the stocks you bought during better times might not fit this new environment. you cannot own everything you might like. this is a recipe for getting blown out. you cannot treat a declining market like it is a buy opportunity with every single stock in your portfolio. if you do that, you will run out of capital, leaving you unprepared to buy more. you need to get more selective and focus your efforts. that is why i have trust stocks at all times for investing club members! if you get out, it is good.

we all know what stocks i should defend when things get tough and which ones i will cut and run with and use as a source of capital for something better. so let's say tech is getting hammered but you think it is going to rebound. it is important that you don't try to hang onto the whole complex. pick the best tech stocks for the ones you want to buy, and toss out the rest. you can use his to buy the stocks in higher for quality prices. we used to call this circling the wagons. the first few times you do it, you will curse yourself because you might end up putting down stocks that you loved for quite some time, but you will eventually realize just how valuable this process is,

because it can protect you from a lot of pain! remember, if a lot of stocks are going against you, it will wear you down. it will make it more likely that you will crack under pressure and dump everything if you are near the bottom. it is simply human nature. but you have to fight human nature tooth and nail, hammer and tongs! bottom line, great investors know how to ignore their emotions when those emotions get in the way of making money. so the next time the market gets slammed, please don't panic! nobody ever made a dime by panicking! but also, don't doubled down. business -negative markets can give you buying opportunities, but you need to focus your capital on your absolute favorite, rather than chasing bargains. mad money is back after the break!

>> coming up, kramer warns not >> coming up, kramer warns not to go a stock too far, next! deliver solutions that meet complex needs. do right by customers, clients, and policyholders, always. repeat daily for over one hundred and seventy years. massmutual. partnering with financial professionals, benefits brokers, and institutions. ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently.

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we stop cyberattacks. we stop breaches. we stop a lot of bad things from happening. crowdstrike. protection that powers you. welcome back to tonight's check yourself before you wreck yourself addition of mad money. i am a big believer in the idea that once you get some money set up you are in control of your own inancial destiny, but you need to be very careful. you are the one with the most power over your financial future. steaks are always a part of the

investment gig. i just want to do my best to make sure you don't make the same mistakes twice. that is what i have rules! we want to protect you from the kind of misjudgments i used to make when i was young and inexperienced. these are the same rules we preach constantly in the cnbc investing club. rules like don't own too many stocks. there will be times when i would spend three hours every day. this was a major task that would complete every morning. i would analyze everything. i would then try to figure out how i could have made or lost money. i was, for lack of a better word, maniacal about it. after a couple of years i had an epiphany. i realized that good performance could be linked directly to having fewer positions earning fewer stocks. in short, when we earn fewer stocks, we tended to make more

money. that is why ever since i won't buy a stock without first taking a different one off the table, which is the only way that i can play these games. don't just buy shares in more and more companies. you need to limit your holdings. that is a great discipline and you should adopt it pronto. all the money managers i know have hundreds of positions. all the really good managers that i now have a huge number of positions which means they can constantly buy them on the way down! that is why i say please don't own too many stocks. i know it can be constraining. honestly, it does happen. but take it from me. as someone who has owned stocks for over 40 years, it is by selling marginal companies that you get the money to buy bigger

and better stocks. that is how you make your money work for you. when i made the most money, my sheets were one sheet of paper, doublespaced! i made hundreds of millions of dollars. please remember that whether you are a pro or an amateur is always possible to have too many positions. if you are just investing for yourself and you want more than 10 stocks, you should probably pare something back. you can have too many stocks, but you know what it is hard to have too much of? cash. drives me crazy how so few people ever recommended. the hit the market, or they think the market stinks, so that decide to get into a loss. no, no, no. as an investor that is the wrong way to and raise some

cash! put it in cash! don't short your current positions. that just makes it too hard for you. this is a strategy whose goal is mediocrity. if you can raise some cash and put it to work at lower levels, that is how you protect yourself against a lousy market. i was one of the biggest options traders on wall street for a time and i can tell you that i almost always lost money when i hedged my positions. when do they make money? when i decided to profit from low-quality companies with shortfalls. you don't need to put yourself into a pretzel! just sell some stocks and go into cash. people start talking about how little cash earns, or they say

that it is for losers! that is just plain wrong. i think cash is for winners. i don't care what interest you earn on that cash. i can't short it all. i did not short stocks for the sake of having short exposure. i don't care about that. i care about losing money. that was my focus. if you don't like the market, if you think there is nothing compelling about it, then just raise cash! wait for things to improve. the bottom line, always be careful not to own too many stocks and not to have too little cash. little cash. and stay with kramer

td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc.

i always say my favorite part of the show is answering questions from you. help me answer some of my most pressing questions. those of you who do a good job,

we give you an in-depth look at our latest decisions. we talk about every single stock and answer your burning questions. if you would like this to be something to keep up with, i encourage you to join the club. thank you. so let's start with a question from michael in my home state of pennsylvania who asks, what you think about dividend reinvestment strategies? one thing i have learned is that this is one of the things with our business. you keep letting it ride. one thing i have seen in my lifetime is the dramatic amount of money you can make. >> absolutely. that is how you take advantage of the power of compounding, is by reinvesting dividends quarter after quarter. now your income may be a reason not to, but it works for high-

dividend stocks or even tech stocks. it is a good thing to have. >> are never going over this with my late father. he was adamant that you just take the money and run. i tried to show him that, no! take the money and be back in. now we are taking questions from john in california who asks, what are your sources of information on the overall market and economy, sources you go through daily? i make no bones about it. we have done all the esearch in the world. i tend to let that control things. i talk about what might be the most important research qualification of the day. so we are blessed with that. >> you can also read annual

reports, go to conferences that are happening, et cetera. >> more and more i have started at the website of companies. research may be a snapshot of a summary, but no. you need more than that to understand things. and let's go to nino who asks, is there a mark where we should not buy above in each sector? that is tricky, because when you are in tech, if i had nvidia, i would not have checked out nvidia for a decade. >> i think that you also have to look at a company's growth rate, too. it is all about if you can can. relative to multiples. i don't think there is necessarily one that would keep me out, but at the same hand you can say that s a good

bargain, because sometimes there is value trapped there for a reason. >> that's a great point. people have not really had the growth of tesla. welcome to "last call. i'm contessa brewer in for brian sullivan tonight air travel chaos a perfect storm of events is creating misery across the country. gm's ceo mary barra is ounding off about a landmark deal with tesla. a highly anticipated quweight ls drug gets a big wake-up call plus, it's make it mondays we'll meet the man making a solid life off liquid death. and pickleball is america's hottest sport, but it could be