we have the good ones, i guess international business machines, ibm. >> did you think the other kids would be watching? >> no, no. >> if they're not watching, they're not the good kids. >> good point there. thank you for watching "fast money. "mad money" with jim cramer starts right now my mission is simple to make you money i am here to level the playing field for all investors there is always a bull market somewhere i promise to help you find it. "mad money" starts now. >> welcome to "mad money." welcome to america. my job, not just to entertain but educate and teach you bird call me or tweet me. earnings season, of which we are in the middle of require its own terminology.

if you don't know the classification, you will know why stocks go up or down word it's as though things are not going well. tonight, after the 27 points and the nasdaq game .61%, i'm going to explain to you the lingo, the terms you need to understand. not to mention recognize when the actions rock. this is the actual term that big money managers use when they try to figure out what to do when they are going through earnings season. let us start with the easy ones. these i call the continually good quarters. we just got a few today and tonight. none of which should have been surprising. the world worries these numbers might come up short. the first two great one was pulled to grow, and sherwin williams. i am blown away by pulte. cancellation so low. they beat them. it was quite one of the best

quarters of the entire year. what is incredible tomorrow the feds are likely to raise interest rates. that should be hurting both the margin story and the forecast for homes. yet it is not. every time the fed, it makes it less likely to sell. they lose too much money when that new margin payment is much higher. a massive housing short of supply. and the strength and housing stocks. shirley williams rallies because there is a strong demand for paint coupled with a continued decline in raw cost, more than expensing. expanding margins come when you least expect them, stocks go up big. they also have double digit growth with commercial property maintenance. you know what? residential re-paintings are good. does that make you think that sherwin-williams , instead of being hurt by higher mortgage rates is actually doing quite well? it makes you think that you should be a buyer of bowles and

home depot. that was too good a quarter. i continually good quarter if there ever was one. another can second grade quarter that would belong in general electric. working strongly better-than expected and big business and services. that is where all the money is made and ge has this razor blade business model. you saw the engine to a playmaker and then you prepare and servicing for years and 70% gross margins. it was a pleasant surprise with some really great traction in wind. i cannot believe how this is turned around a previously pathetic business. then again, this is larry cole. off a belt, also fell into the continually good quarter category.

a terrific for the clothes. the acceleration of close in search, youtube and google cloud. one could argue that microsoft went in the consistently good category. i thought the numbers are fine, especially the azure cloud for fairly not enough to keep propelling the stock ever prior giving this tremendous gains over the last months. i think it came in too hot. we will have four ports tonight -- for members only -- with each of these numbers in depth. you know i continue to flit about thecase against alphabet as i told you. i recognize a continually good quarter when i see one. after the good quarter, what is next? we have another cutter it is called the first good quarter. we just had two good one last night and one this morning the chipmaker with a big presence and auto and the internet. they have been having a tougher time of it.

they said it is over. the previous quarter market the bottom in the cycle. this was the last batter quarter. we have the first good one right now. i've got to tell you, i thought it was really good. it was a first quarter after drop you a chance for a big run. i think this one at nxpi is just beginning. the second of the first good quarter that we got was a bit of a shocker, 3m. this is been litigation overhangs and some revenue earnings and misses. all of a sudden they are putting all the issues behind them. reaching a solid seven with the spoilage claim. it is doing better in multiple division, autos, highway infrastructure. and perhaps -- and even personal safety. mike roman, even raised his full-year earnings outlook to

$8.60 $9.10. that is how a big moves begins it belongs in a category of good quarter. for a disappointment, a first good quarter, is a very big deal. stocks don't tend to stop after their first good quarter. let us get tricky. you want the most bang for your buck, also the most risk, you should try to dissipate the last batter quarter. that means you have to get in before the business hits bottom. it is breathtakingly rewarding. that is what happened today with chapel trust, which now has put up three not so hot quarters in a row. indicating that things could be getting better or in some cases could not get any worse. "mad money" with jim cramer six makes high tech equipment for the medical equipment. that is why i smell a bottom.

i want to get ahead of it but as we told the members at the morning meeting, we buy danaher right here, right now if you're not restricted by her own discussion. we think this crawler -- quarter truly marks the last bad quarter ever becomes a tremendous buying opportunity. max category is the first bad quarter. we do not want these. the winner of that category is rtx. it is having a giant recall of engines. going to put the wood through the free cash flow. rtx botched the story about record quarters. and fantastic quarters. just brutal. the ceo had to come on squawk on the street to spell out the cost to the company and its customers, there will be makegood to keep the customers happy. silver lining, rtx has 30% organic growth.

that is the best it has ever had. as with the case for ge. rtx told you that anything aerospace is strong. they also had the defense numbers and it was the first bad quarter rings to the injured recall. you have to wonder is there another shoe to drop. you always do. we address this one has rtx has been in our bullpen for long time. i have to tell you, i am a big great fan. i think he is a straight shooter. it may be the first bad quarter and it might be the best quarter. not sure yet. there is the quarter where the market may just be plain wrong ge healthcare, that is another chapel trust but we've been waiting for the stock to come down but people do not realize you need the machines if you do anything useful with all of these brand-new alzheimer's drugs. i think ge healthcare could be the biggest and best beneficiary when it comes to implantation of those amazingly important drugs.

when we talk to the ceo later, i like the story very much. i want to learn more. it was a confusing quarter. the market was initially wrong about general motors because it was confusing too. we had a decent quarter there but the ceo glossed over the fact there might be a strike that could really crush their earnings later this year. we know the uaw are itching for a fight. jim was to clear about the whole matter. it was up nicely and then back down when barnes prematurely dismissed any worries with this fiery uaw leadership. a strike could be in the cards no matter how much cooperation moore things there might be. now you have the most important season category. you have the continued excellence you have the first good quarter. you have the last bad quarter. you have the first bad quarter and you have the confusing quarter. i know it seems cumbersome. that is truly behind-the-scenes

that fund managers use. you just have to figure out what you got your hands on before you do any buying or selling. there are a lot of different grades of excellence. after a bit truly put up good numbers. microsoft, less so. only because of the lofty expectations caused by a staggering one in the stock. what i called mr. softy. lori in massachusetts. >> how are you today? >> i am good. how about you? >> i watched a show about a month ago, like i always do every day. on that show, you mentioned some generations the companies and one of them was celsius holdings. i have been watching that stock go up every day. i finally bought it. it was at 145. i am wondering if you have any

thoughts about it may be going a little higher? >> i think you are in great shape. what pepsico said about the quarter and the brand tells me that it is the long-term but we liked it ourselves on the show. i think you are in great shape. i want you to stick was celsius. that might be tough and cumbersome but before you do any buying and selling, please make sure you're able to distinguish the good quarters of from the bad quarters what went right and what went wrong. that will determine the direction of your stocks. we have been focused on ge healthcare. second course is down company. i have to whether the number to the company ceo. in the consumer credit seems to fall apart. over the past week we have seen some cracks in the paint. is this a warning of things to come? i am digging into the situation. the market has been busy this summer.

what should you make of the newly listed stock of oddity tech? i am sharing were i come down. stay with kramer. >> don't miss a second of "mad money." send jim an email. or give us a call and 1-800-743-cnbc.

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ge healthcare reported an independent company. the big-ticket medical equipment, furthering's medical device and healthcare solution sponsored by ge at the beginning of the year.

while the stock initially sort it spent the last few months bouncing between the high 70s and low 80s. this time, ge healthcare turn in an excellent set of numbers, better-than-expected sales of 9%. 5% earnings off of $.87 bases. a meaningful guidance hike. wall street seemed unmoved. finished .5%. mystified i think it is a mistake. investors are looking for great positives here. including some drugs and the alzheimer's space. they would be adding to the healthcare ones are trading restrictions s. that is what we will do. do not take it from me, let us check in with peter, he's the president ceo of ge healthcare. we welcome you to "mad money." >> good to see you. >> i am glad you are here. i think there is a perception that ge healthcare is all over the map.

you were part of ge and you are much more focused. i thought you might be able to explain to our viewers exactly where you play within the healthcare system and how your business is accelerating since you left ge. >> is a great question. the focus for us, we are a major facilitator about hospital systems run throughout the world. if you think about our imaging equipment everything from basic x-ray to a cardiac catheterization to the mri and ct, ultrasound. all those capabilities we provide to run hospitals. as well as many things used in the o.r. we monitor. we have many of the products that are used as healthcare gross throughout the world. as all of us are getting older, the population is growing and this is driving demand. >> the competitor reported that i thought quite disappointing but it took 10 years. when i look at the numbers, your numbers were so much

better. those guys just did not know what to do and you are business as usual. you seem to be really gaining on the system. >> i think we have been focused as we came out to drive our strategy, which is part of the accelerating growth and for profitability. a big part is precision strategy. we have been quite balanced about looking at share and creating more value either getting some price in some these great new products. and some share. reality is in the last year we have done reasonably well in markets around the world, particularly here in the u.s. from new technology introduction and being able to capture shares. >> i am the chief spokesperson for the american brain foundation and one of the things i'm sure of is everybody will want to get some of these new drugs with the alzheimer's and try to find out whether

they have it and when they are entitled to it. it is very expensive. what we have decided at the foundation is that you have to prove that you got something wrong. maybe a plaque buildup, something that is different but you cannot do it without a machine. i think it will be your machine that determines who gets the medicine and -- >> as you mentioned, it is a breakthrough moment for patients. this is such an important window of time. i think a look back on how some of these new therapies are really driving change. as i mentioned, as a facilitator to a disease pathway. it is dementia or alzheimer's, we played a big role. you mentioned baseline mri. many of these products have to have understanding how much plaque, in this place data that you have. we make -- and also the radiopharmaceuticals that help qualify. you follow for later but on treatment and see how things

are doing. we will play it quite a bit. part of what i would like to do and our teams are doing is meeting with the hospital systems as well to help shepherd them through the process. think about their fleet, where they may need products. it will be an interesting that -- next couple of years. >> i know there is a ratio that says it is good and better than it was. sometimes it has been strong. i take a look at the whole situation. is there farmers more demand than supply? >> it is clearly up. ever since covid, more patients are coming into the system a little more sicker than they were or they put off procedures. if we look at our backlog of patients looking to get procedures done, it is at an all-time high around the world. that typically requires a demand for more imaging to do the procedure weatherby hip, knee, or vascular procedure. we are seeing good growth.

>> can you tell us what you're doing with artificial intelligence to make a better patient experience? >> a.i. is a really important aspect. to put it in perspective, us and our peers that make imaging equipment generate probably half of the data that is in the hospital system because of the quantity and size. we have been focused on data management. a couple things, one is a.i. inside of our equipment. you see there is an emma are behind me that actually have products thatchange the reconstruction model. you get better image quality. i can take a 10-year-old system and make it 50% faster. those are some of the changes. down the road, it is what we call multimodal data integration. how do you bring all of these different modalities, biopsies and information together and have a.i. direct a clinician? smart choices to move forward with there is a host of different things that we are looking at.

>> i know there are people saying, why is the stock run? ge still owns a lot of stock. they don't have to tell you when they want to sell. it is a possibility they could be a seller of stock in the near future. maybe that is the way? >> we are really happy with how the company is doing and are start to the year for performance with where we launched and where we are right now. it is one step at a time. clearly, ge has their own strategy of will they move out the stock. as we have stated over this year, they will work to manage through that. i cannot speak to him specifically about how that plays out. we are focusing on what we can control and we felt great about the first half. >> as a stock that is in my trust, i feel equally as great. congratulations on the quarter. thank you so much. >> thank you so much.

>> that is peter arduini, the president and ceo of ge healthcare. i will tell you that i am concerned it may be ge is a seller of stock. (vo) it's time to switch to verizon. sadie did. and now she has myplan. the first unlimited plan that lets her choose exactly what goes in it. now she gets to pick only the perks she wants and saves on every one.

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everyone has been shocked by the stunning resilience of its economy. 500 basis points with rate hikes, we have math layoffs and recession. this time we still got a 3.6% unemployment rate. a number that low is impossible. the past week or so, we have potential cracks in the consumer credit space. we need to take a closer look at what is happening. consumer credit falls apart first. that has not happened yet.

we need to keep an eye on the problems in case they become real problems. let me take you through them one by one. we did get a huge disappointment from discover fans. one of largest credit card issuers in the country. it is usually associate with lower quality borrowers. discover reported 16% the next day. ouch. look at that. to be clear, from the top and the bottom line. it came from higher-than expected reserve bill. that something uniquely when you really were about people defaulting. discover's provision for credit losses which consists of reserve bills and net charge offs was $1.3 billion. that is up a staggering 140%. hundred 50% increase in total charges. bad debt that likely won't be paid back. the total net charge came at 3.22%. that is very high. up hundred 20 basis points year- over-year. not great. they're up against some tough

competitors. i am a little dubious. these credit card quality concerns are not obliterated. the real corporate, these guys disclosed card product misclassification issue. basically since 2007, discovered classified certain credit cards into its highest pricing tier, meaning there taken a much larger cut from the merger to take payments through these cards. only merchants required are hurt by this but not consumers. discovers buyback while they wait for an independent law firm to figure this out. i don't like that at all. that is what hurts talks about last thursday. discover has bounced back off those lows. there was not anything in here that i like. next yellow flag, aqua fast.

also reported last wednesday night. it was 9% the next day. for aqua facts, it is mixed. also three cents earnings per the real problem was the guidance. equifax is much worse than expected for the third corporate it lowered its forecast across the board. if you're looking what happened there are some concerning comments about the environment, they were talking about consumer credit in particular. equifax said a weaker u.s. mortgage market and the latter half of the quarter as well as weaker hiring market, which is bad for them. we apply for job your potential employer runs a credit check. the company expects both problems to continue for the rest of the year. that is not good. i am not hearing what i want. hearing that the mortgage market is slowing, even as you got an average of a quarter when pultegroup said blowup numbers. a slowdown of hiring.

although it is not surprising that has been following the monthly employment reports. if what you're worried about is consumer credit, i don't know. there was not anything in the equifax report to freak you out . let us talk about a visible one. until recently this is been a source of great frustration. i knew for a fact that america's -- at the stock cannot see the beginning, trash it. or the past two months wall street finally realized what i had for a imminent recession. and that cause the stock to go on fire. winning the high 140s in mid may. now it is going back again. i don't think there is anything wrong here other than high expectations. this doctors came in too high and that he is a recipe for failure. a revenue miss a couple with a solid earnings. wall street was dismayed when

management really rear-ended the full-year forecast rather than raising numbers that you would expect that things are booming. that is what many money manager hoping for and they cashiered the stock because i do not get it. a big increase in total credit losses. that number and came in at $1.2 billion. now it is triple than what he was the year before. hundred and 47.5% year-over- year. those are both worse than expected. we are not yet at the point where we need to worry about american express credit status. the company incurred a great slide in these earnings with the trend of liquid with the raids. it also shows the fourth quarter , they were flat versus the previous quarter. no problem there. it's about 1.6 to 1.8% but they still remain well below pre- covered levels of 2.2%. i do not regard this report as a crack in the system. given the performance post quarter, i have to say, i am feeling lonely.

we also learn a lot about the health of the consumer for big banks. bank of america is gigantic. their credit loss numbers look a lot like what we saw from america's best. but still better than what they were before the pandemic. credit quality was considered by this by historic standards at the end of 2019. when asked about credit quality in the conference call, bank of america ceo said, quote, the consumer is still in a pretty healthy place. are we to argue with bank of america? this is what we do, we look for themes. when i saw that discovered equifax and america's best all got hit after their report, i was worried that cracks might be starting to emerge. let us take a closer look. i feel much more sane about the situation. it will cost the company hundreds of million dollars but in the meantime they had a product. equifax was hurt by a sewing job market. america's best, it was a victim

of high expectations. discover and amex are seeing bad credit card debt. not a problem where these numbers are alarming. they're still laying down from the idea. it was rate hikes, like i expect one tomorrow, could ratchet things up and make me more concerned. i think the issues are not as dire as the issue is causally tell you they are. i'm not can it tell you there is anything particularly worried -- worrisome on the credit front. even if some of the stocks did indeed get hit last week. parts -- false alarm. we must be vigilant with the fed tightens aggressively as this one. let us take calls. why don't we start with vincent in nevada. >> jim, good afternoon. this is been sent from las vegas. i am developing a portfolio for my granddaughter. i wanted to include black mark as one of the stock.

what is your opinion? >> i don't think you could do better than black rock. a good yield and a great balance sheet. it has great technology. i think it is a terrific core holding and you're doing it right. let us go to stanley in florida. >> thanks for taking my call. i hope everything is well with you. i want to talk about paypal it is up 41% year to date and paypal is down. >> they have slowing growth. we have slowing growth and a market where you can have a mastercard. or any one of the -- even american express, i like a lot more but i don't like slowing growth. i'm going to say not with paypal. mary in idaho. >> greetings, jim, from beautiful idaho. >> so lucky. >> i wanted to tell you that what you forecast the market would do this week, it is doing. thank you for the heads up.

>> someone better be lucky than good. in a very sanguine mode about the market right now. how can i help you? >> i would just like your opinion of proctor and gamble and your advice on what i should do with my share. >> procter & gamble is about to report. we had a report last night that was very positive. they raise prices on a lot of things. and the sales did not go down. i think proctor is in the same unique situation. one of my absolute favorites. we can follow up if you just become a member of the cnbc investing club, which we cover wall-to-wall. it is not time to wave the red flag with credit right here. it is just worth keeping an eye on. there is much more "mad money" ahead. kind of like,. the next spot is

staying power is the market coming back? i will give a close up to the story. a high-profile analyst, why is this so sniffing i will give you my take. stay with cramer. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪

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this summer the ipo market is so important and it started to come back to life. it is starting with 27 group that we had a successful deal sunset including a very big one last week. i'm telling about oddity tech. that is an israeli company.

it uses ms. jantz -- advanced learning models. they also use their data treasure trove to develop new beauty and wellness products. consider the netflix for cosmetics. you might think this is just a digital cosmetics, but wall street has a very different view of oddity. the stock was was come public at $32 but there was more demand for it was priced at $35. that is aptly sold is 1.6 million shares. i am saying [ laughter ]. it kept climbing for couple days after that. printing a high of $54.20. they're giving back to $40 and change. this is a phenomenal success. to the point where i feel several back and check under the hood but is a part of my pieces that were beginning of a new ipo cycle where we can all make a lot of money.

i'm the only person who feels that way but i don't care. i am going to be right. i am that confident. there is an angle here. i oddity show that more than $1 million to buy biotech start up this spring. the foundation for new initiatives. they claim to use artificial intelligence molecule discovery that would involve high-performance cosmetics and wellness products. this is the same kind of tech that let moderna develop their covid vaccine overnight. you should always be a little skeptical when a company fills the ipo perspective buzzwords. there a disruptive technology that is harnessing the power of a.i. it is tough to argue with these results. companies tremendous growth and residence -- tremendous profitability. the growth rate actually accelerated to some orbit investment to dream 60 to 65%. i would not get too attached.

is to 30% in the second quarter. when you care oddity to the 10% growth perspective from estee lauder, a very disappointing stock for the current fiscal year. this company is clearly in the league of its own and a group people love. this is not growth at any cost. it is extremely profitable growth. oddity has been returning a profit for years, even if the more should metric. 21.7 millions last year. they are looking at more than 1% earnings growth during that period. the biggest push was in the first quarter with earnings growth between 25 to 50% in the second quarter. the balance sheet is also pristine. oddity had no outstanding date at the end of june mac. it was

fourfold last year. are there any more to the story at all? i do tend to get a bit nervous with hot direct to consumer, especially a category like cosmetics or wellness. the growth can disappear in a hurry. that has not happened yet for oddity. their data informed development process has been getting ahead of new trends. i believe it, given the incredible excess of the beauty brands. oddity is a private equity sponsor that the giant l carrot, while i take leah warn you from private back ipo, this one is different. there's two major issues to look out for when judging. they have balance sheets and overhang from the private equity sponsor winding down at position. oddity's balance sheet is good enough to eat off of. they do not get loaded up with that like so many other companies. i am not thickly concerned about

, wall street journal solo 4.3 million shares of their 18.2 million share stake as part of the ipo. that is after selling off more in the private market previously. they are down a little. they are not going to dominate. i think it is a goldilocks number. you don't need to worry about the guide having their stock but is also large enough that it is important position. when the firm i want to stick with for the long haul. my final concern is that oddity became public in what we call a sliver deal. only a small chunk of the shares outstanding got sold to the public, just 21%. that is bad news long-term. you're likely to hit with a damaging secondary offering. almost every sliver deal in the last decade has ended poorly. there is a lockup on this side that does not end until january. this docket still have a nice run through the end of the year. put it all together and i am pretty darn impressed with the oddity company.

what about the stock? it depends on the price. we can do some back calculations. i'll take it at a buck 50 per share. they make as much in the second half as they did in the first half. giving that e.l.f. sells for 61 times the earnings and on he has much faster growth than e.l.f., clearly deserves this is not better. it is good to 50 times earning , much cheaper than e.l.f. that works out to $75 based on a rough earnings forecast for the full year. he will be concern and say oddity should only earn a buck and a quarter, there using a 50 times multiple. you get $62.50 price target. both numbers are a lot higher than the current price of $40 and change i like that. oddity is a rare accommodation of fast growth and profitability. given where it is currently training, it would not surprise me at all if this thing has a

lot more upsides. remember, the stocks have a huge change in january. if you want to wait for a pullback, they wait until then. either way the company is a good one and perhaps it can withstand some news insider sales and still go higher. "mad money" is back after this break

it is time for lightning. play the sound. and then the lightning round is over. are you ready? david in illinois. >> dr. cramer , with nothing better just around the corner, someone has been busy in the garden lately. how are you my adorable, lunatic friend? >> everything came up big this weekend. >> sounds good. beating raise, it sounds. jim, this $30 billion market cap medical devices company has underperformed the market so far this year. i say it is well-positioned for turnaround. jim, how do you evaluate the holdings? >> it has been liking the group. it is time for the turn on the jets, i think by, let us go to

george. >> jim, i just signed up for the club. >> we will help. >> i own a stock that drills for oil on a permanent basis. they are using artificial intelligence to improve the efficiency of their operations. they nest -- announced increased a guidance for the year for 2 1/2 times then earnings. and the enterprise value is only 1.7. what do you think of vital energy? >> i do prefer pioneer. with their cash flow it is the fastest growing but it has the cheapest fine. it is the way to go. i want you to be in pioneer. lowest mining cost, best there is. truman in california. truman. >> hello, jimmy boy.

about six or seven months ago, you liked a oil producer. fact plus was looking good. low 20s, ran 30. almost immediately in the next month. and then all of a sudden they came to bases and dumped it however, now it is back after management decided to enhance shareholder value by bringing all the way down from 30 to 10 or $11. >> the companies are shorting it and their hedge funds i don't like it. i got to tell you, insiders are buying the stock and i am a believer in high peak energy. i think it is a great situation to be a buyer of right here. let us go to dana and michigan. >> love your show. i want some assistance in video game stocks. my question for you is that activision.

>> we ring the register for activision. we write to take two interactive. it is incredibly cheap. it is doing a terrific job. and that is the collusion of the lightning round! good luck. 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.

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verde 010 stratus fame for his amazing impression of bear call, issued a me a call of sorts. he did a magic that allowed such evaluations with cost cutting and lower-than-expected inflation. it was the other thing to do. most people to try to weasel out of it but not like wilson who implies our morgan family. he actually do so. he recognize that even stampeded by the bulls. and he most certainly did not see it coming.

for most this year i've been riding wilson taking cheap -- i don't like that a highly paid stratus kept you out of this market. even if he did so well the year before. i kind of regret the jokes. my standards all of this was pretty general. i can count on one hand the number of strategists who ever own up to mistakes in response to a change market. most of them prefer to dig in their heels. wilson really has not become a bowl. you have to get to page five after he detailed a huge slug of negatives that did not pan out. there was, we were wrong. he ate the crow that others cannot swallow. i want to pick on some and who did the right thing and admitted when he was wrong especially when so many other bears are still in denial. this bear to bull was a lot harder to spot. had to bet on the ingenuity of american companies, who not only knew how to grow revenues

but you had to buy into the j powell playing for time thesis. he would just sort of allow for ablation to subside. you have to believe there would not be a bigger banking crisis even with so many regional banks look like goners. i'm so surprised there were not more bank runs. most important had a believe the market was going to broaden out beyond just a handful of high-profile tech stocks. a market that closure on a few stocks with trillion dollar market capitalism of the market that feels mighty dangerous. especially you can earn a cushy 5% risk free. that is the paradox that cooled so many people. i learned a long time ago that sometimes you have to make the toughest decisions you make the biggest money. in 2023, there has been nothing tougher than staying bullish with very overvalued stocks when you can make risk-free five. the broadening of the rally was indeed the nail in the coffin for the pessimistic thesis.

at a certain point and emotional bear market becomes an empirical bull market. that is what wilson is 70 others got crushed by. back in 1987, i was in cash for the great crash. it was an incredibly bullish call by me about a bear market. i raise hundreds of millions of dollars based on a young fund manager, just kind of getting it really right. i also was convinced the crash signal something horrible about the future of the economy. i thought it meant we were in big trouble. people got real bullish on cramer at the wrong time. by the second quarter of 1980, i knew i was wrong. there was nothing wrong with the economy. i scrambled to recover and get fully invested. i missed a lot of performance just like wilson. i vowed never to be so certain about the legacy of a bear market again. i learned a powerful lesson,

never overstay your welcome on the shore said after winning trade. the bears, including morgan stanley, were right for most of last year. they push their luck with times changing. which is why they have missed this rally every step of the way. i like to say there is always able market somewhere. i am jim cramer. right now on "last call," is bob iger losing hollywood? a big star going all-out against the disney boss. rough landing ahead. one airline may be sounding the alarm on the consumer. against all odds, ge may be pulling off the corporate comeback for the ages. one of america's longest-running newspapers going bankrupt. how the death of local news could end up costing all of us plus the deal that may mark a critical turning point for the regional banks. $800 million for one season of soccer. saudi arabia making an offer few could refuse