>> keeping with the shakespeare, oracle reports on a fortnight, or in a fortnight. >> nice job. that wasn't easy >> whilst. all right. thank you for watching "fast money. soo tt ar rht, "mad money" back tochl,hasttsig now.

ridges these rules come from? it's not like they were handed down on high. know, the rules come from my experience. that's right, from my experience. spent over 40 years in this business. in many cases, i had to learn powerful lessons the hard way and because i don't want you to repeat my mistakes, i want you

to have the benefit of my whole career so i'm going to lay out some of the important roles that may seem timeless. cheap day so to speak. this seemed compelling at the time and whenever i broke my own rules i almost always got burned. it's like that old joke about the doctor, the guy who goes to the doctor and says listen to me and hurts when i stretch out and shake my hand around. the doctor says don't do that anymore. so what exactly should you be doing or not doing, as the case may be? let's take down my most important rules. were going to start with the first one, which is bulls make money. bears make money. pigs well, they get slaughtered.

so often i see moments for stocks went up so much that people were intoxicated with the games. they thought they were geniuses but however it's at that point in intoxication you need to remind yourself not >> like a pig. i had been having a big run some stocks and [indiscernible] would tell me that i made a lot of money, perhaps too much money. i didn't know what they was talking about. how do you make too much money. of course, not long after we got a vicious so often i give back everything i made and then some. and that's why bulls make money. first make money. the bull, the

bear come the pig. just to be clear, bulls don't have a monopoly on piggish this. we've had some major the clams over the past few years but most stocks bounce back pretty quickly. even in the fed -induced meltdown that started at 2021 you had to stay positive on 2022 because if you push your luck to longer that sent to the slaughterhouse so the question is how do you know when you yourself are being a pig. honestly, you don't need me to tell you when you're being a pig. the nasdaq doubled between 2022 and 2021. if you let your winners ride, you gave a lot, if not all of the money back.

if you had a huge amount of stock in 2008, you are beyond piggish. why is this rule so important? one of my chief goals is to help you stay in the game. that is the hardest part of investing, holding on through the difficult periods. the people that wiped out in 2022 where the.com collapse tended to be the ones that never took anything off the table. being cautious and ring in the register near the top ended up -- notice i said near. i remind people every day, have you taken any profits, are you booking anything because you never know when the stocks you will not going to crash. you never know when the market

is going to be wiped out. if you assume stocks will keep going up forever in a straight line, you're in for the house of pain. everyone would be big on stocks if that were the case. sure there will be times when stocks go up and up. rolls on, facebook, i love them all. but i did give up on amazon after an incredible run yet it did continue to move up another 50%. but say i felt like a full after it kept galloping, that's just the price you have to pay for following the rules. i had been a pig but the pig kept running. didn't get slaughtered. fortunately we got back in amazon when former president

trump kept bashing them for ripping off the post office. for every huge pile of cast -- cash that gets left on the table was something like amazon [indiscernible] never forget bulls make money. bears make money but pig snow pigs -- yeah, you get it. i'm going to keep the sound effects forever. how about rule number two? no one ever likes paying taxes but like death, taxes are inevitable and unavoidable but the aversion to paying taxes on the stock market often borders on the pathological. so many times people have

gigantic gains but refused to take profits because they don't want to incur taxes, never mind the capital gain rates are pretty darn low versus ordinary income. seven years ago i went to a presentation for a prominent hedge fund manager who recommended buying macy's. it was right for some profit taking but i know people who had owned it for years with hefty protestants and they didn't want to ring the register because they would have to write a check to uncle sam. next thing you know, macy saw it stuck get cut in half in a two for one split. those who didn't want to share the profits with the irs ended up with no profits at all instead of hoping the stock would go to 100. i want you to make your peace with the taxman. some gains are unsustainable.

profit on paper is it the same as a prophet in your bank account. the last thing you need to be worried about is taxes. when it is time to sell, sell. in short, stop fearing the taxman. start fearing the loss man. bottom line, remember my first two rules. don't be greedy. be disciplined and don't be afraid to pay the taxman on profits that you've earned. let's go to tyler in california. >> hey. how you doing, jim? i'm doing good. i don't know how many times i've sold a position and in the next day or two watched it reverse, so i would like to know when is a good time to just re-evaluate and cut my losses. >> okay, i feel like this is a terrific question.

what you do is try to look at it once. just once because you're going to miss out on other opportunities and what you're looking for is a change in the margin. you don't want to just get up in the morning and say you know what? wait for something definitive. >> hey, thanks for taking my call. when i retired, my company let me keep my 401 in a time dated fund at the corporate rate, which is very cheap, but it has limited choices. the question is, should i switch it over to a managed fund with another company at a higher standard rate but has more options? >> i'm in favor of the s&p 500. i think that will be terrific.

that's what my retirement is in. remember my first two rules. bulls make money. bears make money but pigs, they get slaughtered. don't be greedy. be disciplined and don't be afraid to pay the taxman on profits you've earned. coming up, i am heading my investing roles that i think are key to mastering this market. stay with cramer. don't miss a second of mad money. have a question, tweet hashtag mad tweets. send an email to mad money at cnbc.com or give us a call at 1- 800 734-cnbc . miss something? had to mad money.cnbc.com.

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at the end of the day if you remember only one thing about being an investor is okay. if you want to own individual stocks, you need to follow rules that are designed to protect you from yourself, which brings me to my next commandment and this is a really important one. never by all at once. do not enter any services by your whole position at once. buying all at once is your folly, yet no broker license full around with partial orders. no financial adviser has an interest in buying stocks over

time. where i stand, you should never buy all at once and you should never sell all at once. instead, i need you to stage your buys, work your orders, try to get the best ice overtime. why? when i first started as a professional i wanted to prove to everyone how clever and smart it was and how great it would be so if i felt like buying something by golly i will buy it once, all at once, make a statement, put me up on 50,000 cat i would scream, as if i were the smartest guy in the universe. i think back on that young cramer, all i can say is that i was one arrogant son of a gun. arrogant and wrong. what was my mistake? buying 50,000 shares of caterpillar. what happens if it goes down? never by -- buy all at once.

i should've bought in increments of 5000 shares gradually over time that day and try to get the best price i could. you pen and a small position, cross your fingers and hope it goes down. i don't mind when a stock goes down if i can buy more. i know they say trade-in size, probably still do but i still invest my trust and whenever we have a new name we buy in small increments. we like it if our stocks go down so we can get an even better cost basis and we lay out this whole process. when you buy call it once you are betting that the stock will go any lower. buying gradually in stages is about recognizing that our judgment is fallible. so, why don't more people do it my way? why don't investors wanting 500

shares of exxon mobil decide to buy 100 shares? i think they want to be big, too. they don't want to waste the brokers time. the broker wants to get the trade done but it's just plain hubris to put a major chunk of your net worth into any stock all at once. who knows, maybe it will just go into freefall. at the same time, many's want to pull the trigger and the whole position and get it over with. they don't want to agonize over each increment. that is why you need to resist feeling like you are making a statement buy when you purchase a stock. i've bought and chilled volumes of shares of stock in my time. do you know how often i got the absolute bottom, how often the last price i paid was the lowest? out of maybe one trait in 100, and i'm pretty good at this game, so resist the arrogance. buy slowly, even over a couple days if you have to.

humility beats hubris every time. next rule, i need you to buy damaged stocks, not damaged companies. let's say wall is having a sale and you pick up a peek's of merchandise and it doesn't work when you get home. in the real world you can return that merchandise and get your money back. wall street is different. if you buy a stock that turns out to be a defective company, it the losses. there is no moneyback guarantee and that is why you need to be careful to distinguish between broken stocks and broken companies which deserve to see their stocks trade lower. sometimes, damaged companies can be easy. when nearly everybody got their covert vaccinations, all sorts of covid winners fell by the wayside. some of them were unfairly punished but many of them got obliterated because a big chunk of the business disappeared.

take resume. the very name became a verb. we would zoom. but once we all got vaccinated, the striking company struggled to use all of the money they made from the pandemic to [indiscernible] they plummeted down to the mid 70s. there were points on the way down people assumed it had to be a bargain, but every time they did, they get burned because you can't call a bottom in the stock that's in freefall. we also saw a similar thing with financial tech stocks. they coincided with the pandemic. once the federal reserve warned it would start rapidly raising interest rates, the whole business model is called into question in this group was annihilated. the worst was a company called upstart which was merely supposed to facilitate loans.

the stock plummeted from just over 400, it's late 2021 peak, down to the low teens. on the other hand, sometimes a stock will sell off for reasons that have nothing to do with the underlying company. just because a stock is down does not mean there is anything wrong with it. damage stock, not damaged companies so how do you distinguish? complicated. what i like to do is develop a list of stocks i like. i call this the bullpen of my investment club travel trust portfolio. when wall street throws a sale with the whole market coming down we use that as an opportunity to pick up the stocks on our list made in a calm, no trading versus the battlefield market. we know the stocks ahead of time, so we know there's nothing wrong with the underlying company because we have done the research ahead but the bottom line is, you never really know.

that is why this rule works in tandem with the last one. ever buy a position all at once because what you think is the damage stock might turn out to be a damaged company. remember, there is no moneyback guarantee. coming up, cramer 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.

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if you want to build your own portfolio of stocks that's a big if, you've got to be

rigorous about it which brings me to my next rule, do the homework. my kids thought doing homework was punishment. sometimes when i looked at what they were studying i can see where they were coming from. especially the things they teach in high school. how will help you later in life? of course, that's a terrible attitude because you never know what you will turn out to be later in life but i bring this up because i think many of you have the same attitude to the homework you do on your stocks. you suggested might be just as irrelevant. when i tell people they need to listen to the starbucks conference call they don't want to hear it. i think i am being a scold, but that is not true. you need to do the work if you're going to on those kinds of stocks. when i remind people they need to do the homework they want no part of it.

that's just plain wrong. owning stocks without doing the proper research is lunacy, but people still do it for a couple different reasons. on the one hand, there is the buy and hold school of thought, the idea that you don't need to do any work or keep track of what is happening with the company because you're in for the long haul so, so what. on the other hand you have people who just don't have the time to be diligent. for those of you who don't have the time, get someone else to manage her money or invest in an index fund or find someone else to have do the homework for you. i urge members to do as much of the homework as they can but if you can't devote a couple hours of week to your portfolio you should not be messing around with individual stocks. investing may not be a full time job, like trading, but it is [indiscernible] it's the buy and hold promise

that is a lot more permissions. back during the 1990s, buy and hold became the end-all be-all of investing. if you hold things for the long- term, everything will work out. of course i went to zero, and this philosophy took a real blow in the financial crisis when so many people who practice buy and hold got obliterated. buy and hold became popular again during the pandemic. it keeps popping up anytime there is a nice, smooth period. once again it got you burned when the fed started tightening in 2022 and the cheap money vanished. a lot of people got crushed because there was nothing worth holding. that's why i've always been buy and homework instead.

before you buy a stock you should listen to the conference calls. go to the company's website. read the research if you can get a hold of research. everything is available on the web. you have so much more info available now, so much more knowledge that there is really no excuse. you're not up there banging at the goldman sachs library for some microfiche statement as i did. you have everything at your fingertips but if you fall back on a buy holds prodigy and don't pay attention, i can assure you that you will be soundly beaten by professional money managers with good track records who are searching for high-quality stocks all the time. any index fund can be someone who does know homework, which is why experts tell you to give up on stocks and put your money in an index fund. icon hold is not a strategy. i guess have, i am in favor of index funds for those who don't have the time and predilection. the next, diversify. that controls risk.

managing risk is the holy grail of this business. what is the biggest risk out there? it is called sector risks. stocks in the same industry tend to trade together. in the old days, only about 50% of the action in a given sector [indiscernible] thanks to the rise of sector etf's that number has gotten much higher, 80, 90%. i don't care how great the tech stock was in 2000, if you had all your eggs in one basket you got scrambled. i've got to prevent that. of course tech during the discrete period in 2022 that was so horrible and there is only one thing that can keep you from getting nailed by sector risk, and that is diversification. diversification is the only free lunch in this business. it is the only investment concept that works for everyone. if you mix up enough different sectors in your portfolio, you

won't be wiped out when one group gets obliterated. that is something that happens more often than you might think that diversification is such a no-brainer. if every adviser has been telling people to do it for years, how can people still be under diversified? it comes back to the homework issue. a lot of people don't understand what the companies do so they end up with stocks that are very similar. they don't understand. it drives me crazy. also, others have zero respect for the history of the bear and how it attacks individual sectors. i still feel calls from people who think that owning fang is a diversified strategy. with facebook, meda, amazon, netflix google now, all variations of the same thing. that is false diversification. no matter how much i might like ale mail stocks -- oil stocks at any moment. i don't know what -- use halliburton. two high-yielding. i always say

no to a portfolio of change even as i like all four companies. they leave you way too exposed to a healthcare risk that can overwhelm the group all at once. having an undiversified portfolio is an amateur mistake, though. if you concentrate all your bets in one sector and that sector takes off, you pretty much beat everybody then who is in a diversified fund. this is why kathy what could be the best money manager in 2020, far from the best in 2021 and the worst in 2022. they went almost all in on high risk growth stocks. that's not diversified and those stocks tend to trade as a group but that one huge year in 2020 made her a household name and wants your household name, you feel like you've got it made in this business. she's great at picking high

risk stocks. i just want you to be aware that when you go all in, it is likely to blow up in your face a couple times. here's the bottom line. when you are an amateur professional you always need to do your homework and keep your portfolio diversified. this is the kind of maintenance that protects you from monster losses own the line. remember, if you can keep your losses to a minimum and let your gains run you almost always come out ahead but don't try to rationalize losses because stocks don't always come back to even or near that. let's go to trey in texas. >> 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 does the greatest investor of all time think we should buy? >> first, i am no warren buffett. i'm a tv guy who tries to do 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 predilection. you put away your first 10,000 in an index fund, if you like picking stocks, but stood together. join the cnbc investment club. if you don't like picking stocks, let someone else do it for you but if you want to be involved, i will teach you to be a good investor. let's go to ann in indiana. i am a club member, but i've been thinking about this lately, and i wondered if you could talk more about suspending our judgment and letting the market take a stock up even when a ceo does something they said they are not going to do, or a company makes a bunch of mistakes, but they have very little competition, or a ceo makes big mistakes that seem to take a long time to fix. >> well, this is a tough one. i have made this mistake. i have stuck with people for two

-- too long. in almost every case it hasn't worked. whether you are an amateur or professional, do your homework and keep your portfolio diversified. there is much more ahead. i'm putting my four decades of experience to work, sharing the key rules we follow at the cnbc investing company, so stay with cramer. is back now at lucky!

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when it comes to managing your own money, you're offering your own worst enemy. don't take it personally. i'm my own worst enemy too. if you want to invest wisely you constantly have to be fighting off your own worst impulses. 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 that people do it constantly. the stock gets hammered and investors sell. the market gets crushed on a huge down day, people bail at the end of the day. so, people bolt. there something instinctive about panic. if you're a stone age hunter gatherer who accidentally stumbles into a family of grizzly bears, it's a helpful strategy but it's not useful emotion when you're investing

in the stock market. the truth is there must always be a better time to sell them whatever moment spurred you to panic in the second place. remember when covid hit, everything shut down, the whole stock market collapsed at the s&p 500 lost a third of its value in a little over a month and for months after, almost everybody in the business was convinced the world was ending. that monday though larry williams gave us the old clear. he told you to buy into the teeth of the panic, not flee with a panic as and sure enough, the s&p was making new highs again by the summer. and once [indiscernible] the market never looked back. the next time there is a big market selloff, and you feel like fleeing, take the opposite side of your own trade. the most wanting trades you could make are those where the decks have been cleared out by

terrified folks using market orders who just don't get that the exit doors aren't as big as they think they are. i'm not saying that every stock is worth buying for the long term. often when people freak out about an individual company, it is with good reason but after a big decline usually we get some kind of balance which leaves you with a better moment to sell if that is what you want to do. bargain hunters will usually take things up from their lows and that is when you get out. the next time you want to dump everything, take a deep breath and wait for the rebound before you sell. i have another move that can help you handle big declines. when the stock market gets unrelentingly negative, remember he who defends everything defends nothing. it was one frederick the great said that centuries ago, and it's just as true now. what exactly does it mean? it is about how you evaluate your holdings. when the market is flying and

many stocks are in bold mode, you don't need to worry about most of your positions. the more exposure to a bull market, let's just say the bear but when things get difficult, when you're on the defensive you need to recognize many of the stocks that go up during better times might not fit this new environment. if the economy is slow, you can't hang onto everything you might like. if you try to defend all your positions in the market turns against you, that is a risk of getting blown out. you cannot treat a declining market like it is a buy opportunity in every single stock in your portfolio. if you do that you will run out of capital, leaving you unprepared to buy more if we go lower still, and we usually do. yet, when the market gets negative, you need to get more selective and focus your efforts. that is why i rankled my stocks at all times for investing clubs

members. that way i will know which stocks i should defend when things get tough and which ones i will cut and run with and use that as a source of capital for something better. let's say tech is getting hammered but you think it's going to rebound. it's important you don't try to hang onto the whole complex. pick the best tech stocks, the ones you want to buy and toss out the rest to raise cash. use your newfound cash reserves to buy stocks for a higher quality at lower prices. stocks that are not essential that you only own because you wanted exposure to a bull market, they get the heave immediately when things turn bad. we used to call this circling the wagons. the first few times you do it, you will curse yourself because you might be putting down stocks you've liked some time

but when you realize how valuable this process is that can protect you from a lot of pain. i never try to battle more than a few losing names at once. so remember you have to take on a lot of stocks that are going against you. that makes it more likely that you will crack under pressure and dump everything near the bottom. it is simply human nature but you have to fight human nature tooth and nail, hammer and tongs or any of those other cliche phrases that went out of style years ago. bottom line, great investors know how to ignore their emotions when the investors get in the way of making money. nobody ever made a dime by panicking but also don't double down on your whole portfolio and weakness. vicious negative markets can give you buying opportunities but you need to focus your capital on favorites rather than chasing bargains and third rate merchandise that deserves to

trade lower. that money is back after the break. coming up, cramer warns not to go a stock too far, next.

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welcome back to tonight check yourself before you wreck yourself. i'm a big believer that once you get some money saved up you

need to be careful because you are the one with the most power to derail your financial future. i just want to do my best to ensure you don't make the same mistakes twice or three times. that is why i have rules to protect you from the kind of misjudgments i used to make when i was young and inexperienced, the same rules we preach constantly in the cnbc investing club. rules like don't own too many stocks. i would spend three hours every day analyzing mistakes of the day. one reason i've retired for my own well-being. that was a major task, when i would complete every morning. some people are night elves. i would analyze every losing trade. you don't need to analyze the winners and then try to figure out how i could have made more money or lost less money. i was maniacal about it and for a couple of years i realize

that good performance could be linked directly to having fewer positions, owning fewer stocks. when we own fewer stocks we tend to make more money that's why ever sense i will buy stock without taking a different one off the table. don't just buy shares in more and more companies. you need to limit your holdings. that is a great discipline you should have adopted pronto. all the bad money managers i know have hundreds of positions. how are you supposed to keep track of all that. all the good money managers know inside and out the names. that's why i say please don't own too many stocks. take it from me as someone who own stocks for over 40 years it is far more likely you will be selling marginal companies in order to get better, bigger and

better stocks. by the way, the time i lost my position sheets were thick as a brick. when i made the most money, my sheets were one sheet of paper, doublespaced. please remember whether you are a pro or an amateur, it's always possible to have too many positions. if you are just investing for yourself and you own more than 10 stocks, you should probably pare something back. you can have too many stocks but it's hard to have too much cash. cash is for winners. at times, cash is such a perfect investment that it drives me crazy. they hit the market because it's only 95% long instead of 100% where they think the market stinks. no. as an investor, that is the

wrong way to approach things. you don't like the market, you don't like any stocks? then sell stocks, and raise some cash. put it in cash. don't buy put options on the stocks you own. that is stuff that makes it just too hard. the strategy of this goal is mediocrity but if you can raise some cash and put it to work at lower levels that's the best way to protect yourself. i was one of the biggest options traders on wall street for a time and i can tell you when i put in options to hedge my business i almost always lost money. when did i make money? when i bought put options to profit from low-quality companies with shortfalls or stocks that seemed overvalued. if you like the market you don't need to bend yourself into a pretzel to hedge against

risks. just sell some stocks and going to cash. people start talking about how little cash arms though it is a lot more lucrative from the fed is tightening. they say it can't be in cash, that's for losers. no that's wrong. caches for winners, especially if we think there is a major disaster ahead. i only short stocks when i have an edge. i can't short it by now. back when i could i did not short stocks just for the sake of having short exposure balance out my lungs. i don't care about not having enough exposure. i care about losing money. if you don't like the market, if you think there is nothing compelling to buy, just raise cash. go sit on the sidelines and wait for the situation to improve. it is never the wrong call. the bottom one, always be careful not to want to many stocks. and not to have too little cash.

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alice say my favorite part of the show's answering questions directly from you. tonight i am bringing in jeff marx to help answer your burning questions. for those of you who are part of the investing club, jeff needs no introduction. for those of you or not, i hope you will be soon. just inside helps me do a great job for mad money viewers.

i do this sort of thing during all of our monthly meetings where we give you an in-depth look at our list. we talk about every single stock and answer your burning questions. if you would like this to be something to keep up with i need you to join the club and thank you, people who love the club. it means the world to me. let's start with a question from michael who asks what you think about dividend reinvestment strategies? one of the first things i learned as it is one of the great few options of our business. you just keep letting it right and i have seen in my lifetime, the dramatic amount of money you make from reinvestment. >> that's how you take advantage of the power of compounding by reinvesting those dividends quarter after quarter. unless you need the dividends, depending on where you are, that may be a reason not to but always reinvest and it works for high dividends stocks or even tech stocks that

offer dividend. it's another way to dollar cost average, as well. >> i remember going over this with my father for he was adamant, take the money and run and i tried to show him, no. take the money and reinvest. now we have john in california, who asks what are your sources of overall information that you go to daily? i make no bones about it. we have all the research in the world and what is one of the great things, we get everybody's research and i tend to let that control things, as, by the way, when i do the mad dash and talk about the most important research calls of the day so we are blessed with that. >> absolutely, but on a daily basis you can also read annual reports that companies put out, investor presentations, transcripts, if you can get your hands on them and all the conferences that are happening. >> really important to look at those.

i have started at the website of the company. but companies, i don't know. i go to the research. let's go to maryland. is there a level we won't bite above intech. this is tricky. in video a -- nvidia, i think nvidia is about futures. >> you have to look at a company's growth rate, too to compare the growth rate relative to their multiples. i don't think there's one that would keep me out but on the other hand, we can't look at it is low multiple, too, and say it's a good bargain. sometimes there are low value traps that are low multiple for

a reason. >> and people look at automobile stacks, if they haven't really gotten growth [indiscernible] thank you, jeff. already crazy you have to buckle up. only in california. this is bizarre, you have to hear it. plu