to have her here. rest in peace mr. munger. condolences to everybody at berkshire hathaway and the family. agnico-eagle mines. >> thank you for watching "fast adon" th "m meywi my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to save you money. my job isn't just to entertain but to educate and teach you. call me at 1-800-743-cnbc. or tweet me @jim cramer. as the late baseball great yogi bear once said about a red hot

restaurant, nobody goes there anymore, it's too crowded. even on a solid day where the dow only gained 84 points, s&p edged up 1%. nasdaq up. these stocks, six of which we owned with the trust for some time, which you can follow by joining the cnbc investing clubs. the ratings of alphabet, microsoft, nvidia and tesla, so why wouldn't the index swing with them? let's go back. you have to wonder why so few people actually own these stocks. i spend a huge amount of time speaking to investors, especially young investors. rarely to i hear of anyone that actually owns these stocks. in fact, i don't even meet

nvidia. why is that? well, there are a bunch of reasons. first let's take the magnificent seven as a group. most of these stocks have high dollar amount prices. in theory, that shouldn't mean a thing. just buy one share. but most investors aren't listening to do that. they want it to be like it was in the 1980s, '90s even when every time a stock went into triple digits the company would do a three for one split. that way individuals could buy ten shares. and that's what people like, real people. these days most companies -- maybe they don't understand your mind set or they're catering to the big institutions that prefer high dollar amount stocks because they pay their commission fees on a first-year basis. three times the commission dollars. sacrificed on the alter of the big money managers. you know what they would say? they say we run money for a lot of smaller investors, so it evens out. those high dollar amount prices make it far less likely that you

will actually buy any of these stocks. i guess you could say they're too high, so nobody goes there anymore. beyond the price tag issue, there are individual reasons why there is difficult to own each name. there is an echo chamber that combine to frighten a huge number of you out of these stocks no matter what. the amazing companies that i'm talking about here have people trying to scare you out of them every day, from wall street to your media. i'm now going to give you the top objections that i hear bears spread endlessly about these stocks. then i will shoot them down on the spot. let's start with amazon. amazon web services can't seem to grow as fast as it used to. plus, they just announced a gigantic strategic collaboration with nvidia for new structure and software. amazon wouldn't make that investment if they were worried about a slowdown at aws.

cloudy vision did $8.4 billion in sales. it is operating at $266 million. wall street was up $60 million more. goog cloud missed by $60 million. in response, alphabet lost almost $180 billion in market capitalization. that's right. it went to $1.58 trillion. that's insane. all we heard from the analysts was google cloud, this is being crushed. even business slowing cloud services is bad for everyone. not only is that a ridiculous reaction. but this one could put on $180 billion right back immediately. in fact, it nearly has immediately. back to $1.73 trillion at this point. next, it has to do with analysts and the slowdown of iphone sales worldwide as measured by shorter wait times. who knows what it is. look at what they're likely to

spend on services and products. you know what's way too cheap is the service revenue won't quit. how about meta platforms? mark zuckerberg's almost let's just say moby dick-like obsession with the meta verse. this stock doesn't even -- you don't even get the value of wha whatsapp. as for the meta verse, do you think he has no idea what he's doing? didn't he move from facebook to instagram? didn't he start reels to compete with tiktok? he doesn't like losing money, for heaven's sake. microsoft has no bear case. there you go. it's been clear sailing for these guys. that's right. the only thing i hear is that the stock moved up too far, too quick, but there are no speeding tickets in this. their ai product is crushing it. stay long.

nvidia is too expensive. amd, its competitor or to competition. i say the customers wish they could win something other than nvidia. its product is far better than anyone else's. go ask the chinese. the stock looks expensive, but it was cheap in retrospect. now it looks like they will do 12. did you just judge this as a hardware company when it has so much imbedded software these days? this will be receiving a much higher multiple than the $12 number, not to mention next year's $20 estimate. is it cheap? no. is it value? versus the magnificent seven, yes. tesla said interest rates on new car loans were prohibitive. tesla reported the highest interest rates. since then interest rates pulled back dramatically, so that holds much less water.

i think the success in 2023 made each of these stocks into their own worst enemy. meta and alpha because you have to trim gigantic winners or they will dwarf the rest of your portfolio. bottom line, i wish i could get these companies to split their stocks in favor of you, the home gamer. occasionally write something positive to go with the myriad of negatives they constantly harp on. then again, if anyone went there, who knows if they would be too crowded or if they could still go up. let's go to robert in new york, please. >> caller: jim, i have to say, you make us money. when everyone was about to sell, you calmed the waters. if you were steering the titanic, they would have never hit that iceberg. so steer us in the right direction on a stock that has a great balance sheet, airbnb. >> first of all, your comments are most needed, and i welcome them and it's terrific. come back from vacation and hear these kinds of things, i am

thrilled. i think you can go not higher but much higher because brain chesky is a great operator. airbnb is good enough for me and thank you for those kind words. bob in missouri. >> caller: thank you, jim. i want to thank you for all the hard work you and you staff put in. >> my staff is amazing. you cannot believe how good they make me look. how can i help you? >> caller: i want to thank you. i'd like to know your thoughts on hershey. >> okay. they just got downgraded. i was surprised. it is right in the cross hairs of the weight reduction drugs. i have to tell you i think hershey has been punished enough. it's well run. but i'd buy it gingerly and not aggressively. let's go to austin in arkansas. austin? >> caller: boo-yeah jim. >> what's going on? >> caller: well, i got a question for you about take two interactive. >> uh-huh. >> caller: a couple months ago, i got on kind of seeing the hype

and i bought in. and currently i'm up about 28%. i was wondering if i should keep riding that hype train or go ahead and cash out? >> i will give you a third option. i think you should buy more. this is his time. i think they represent great. why? because gta new volume is coming out. i want you in the stock. i want you to buy more. before we wrap up here, i think it is important that i -- that you know this. i know everyone watching loves investing. and, so, i want to take a moment to mention that today we lost one of the truly great investors of our time. his name was charlie munger who was warren buffet's right hand for so many years. countless investors have learned from his amazing instincts. he will be missed. on mad money tonight, we're continuing our series on stocks that might suddenly work again

if interest rates peak. this time we're drilling into the pile line. then just talked about how the bears feel about tesla. but what are the technicals saying about tesla? i'm going off the charts to see where the stock could be headed. and laser focused on rates. so could now be the time to burst a cyclical player like gal, the giant chemical company? stay with cramer. don't miss a second of "mad money." follow @jimkramer on x. send jim an e-mail to madmoneycnbc.com or give us a call at 1-800-743-cnbc. miss something? head to madmoney .cnbc.com. .cnb.

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all week we're running a series on stocks that can work again if interest rates truly peaked. it looks like they weaked again today. most of these stocks went out of style. but if you believe the buying yields peaked last month, then all sorts of dividends stocks are about to lose their biggest financial competitor, fixed income. that's why i highlighted by favorite utilities last night. tonight i want to talk about another group that works when rates are coming down. and that's the pipeline master limited partnerships. you may know them as mlps and other pipelines with different corporate structures. in theory, i'll bullish on energy infrastructure because we don't have enough of it. united states became the biggest oil producer in 2018 and we have held that title every year. we even became a net exporter of petroleum products.

we can pop this stuff out. but we still don't have enough pipeline capacity to take all this oil and gas from where its produced to where it is needed and where it can be shipped overseas. a lot of that comes down to political whiplash. and by the way, local communities just don't want pipelines in their backyard. by the way, i had one in my backyard for 15 years. that doesn't make me into environmental. i wish it was easier to build more as pipe is the safest way to get energy from point a to point b. hence why i didn't mind it. but the pipeline shortage makes the operators all the more essential. the stocks were held back as long-term treasuries when the yields started soaring because this is a group they owned strictly for the dividend income. that could breathe more life into the pipeline. let's start with the two largest mlps. i like them both.

enterprise transfers is the big dog with a network that spans the whole company. the basic pitch is a combination of yield and safety. now, the stock sports a terrific 7.6 yield, which is on the lower side, but that's much better than you get from any of the other nondistressed companies. at the same time, enterprise products is one of the best balance sheets and has been consistent about double digit returns on investing capital. it's done it every year since 2005. 2005 is when i started recommending the stock right here on "mad money." how about energy transfer? they have been on the gulf coast and surrounding states like oklahoma and arkansas. some pipelines and other structures say the midwest, the northeast and the wilson basin. remember we were there? well, it was more than a dozen years ago. a company added a number of natural gas when it acquired crestwood equity partners. earlier this month, when the

deal closed, energy transfer proudly noted, and i quote, the transaction is immediately created to distributable cash flow per unit for energy transfer and that is from firm long-term contracts. end quote. and that sounds very good to me. of course, investing in energy transfers that earlier this year they made good on their promise. now the stock yields roughly 9.1% with management planning to grow 3.1%. not bad. payout is relatively safe this year. compared to enterprise product partners, this one has more risk, though, and a little more reward. there are also non-mesh partners like embridge. they have the largest gas utility business in north america once it finishes buying three gas from dominion energy which i think you got a good price on but people don't seem to like it.

but you're wrong. wind and solar are gigantic at it. moving about 30% of the crude oil produced in north america, nearly 20% of the natural gas consumed in the united states. they specialize in bringing crude oil and especially to the gulf coast region where we have the refineries to process this stuff. it is also a nice growth opportunity, bringing in natural gas to export facilities in canada. best of all, it yields a juicy 7.7% yield at the current level. after that acquisition i mentioned, the gas utilities and dominion, a deal that should be completed next year, they should be more heavily levered. but i trust management, including ebel to make quick progress on the balance sheet front. they issue their 2024 financial guidance tomorrow. so no matter what, we're going to wait to see what they say

before we do that. now, look, there is another one i mentioned many times on the show as a non-mlp option. i like it. that's one and then okay, right? it is a traditional c corp. that was known as a leader in natural gas and not gas liquid infrastructure before it became a more diverse pipeline company after it completed its $19 billion acquisition back in september. combined company has more than 50,000 miles of pipeline infrastructure with access to nearly 50% of the nation's refining capacity. it is a solid 5.7% and got an excellent balance sheet. this is more about the synergies for the deal than it is about the dividends. i'm old friends with the cfo. this is a really well run outfit. and the infrastructure of cheniere energy. now, the parent builds these

massive long-term infrastructure projects. when they are ready to start operating, they pass to cheniere energy partners. currently l and g facility and the trail pipeline which connects to saving pass with a large number of interstate pipelines. what is the difference between the two stocks? well, i want you the stick with the parent company that trades under the symbol lmg. but it doesn't pay much of a dividend. if you want income like we're trying to emphasize in this series, go to a company called cup for you home gamers. that yields under 7%. i really like it. as interest rates come down, the pipeline plays start becoming viable again. now you know some of my favorites in a once hated now getting some love group. we will give you more groups that win when the bond market is finally going in the right direction. "mad money" is back after the

break. coming up, is tesla prime for a two-step swing that could leave you dancing with joy? tonight an electrifying pattern next.

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keep your information secure. ♪♪ we're not architects, but we help build stronger communities. ♪♪ we're not just any bank. we are citi. ♪♪ ♪ where can the market go next after this remarkable rally over the past month? even though the economic backdrop feels much more encouraging than it did at the end of october, we're still in a bit of an uncertain market. think about it. it looks like we're headed for an extremely soft landing, but we can't be sure. it looks like the fed might be done tightening. but maybe they decide, hey, we need one more hike or two to whip inflation up. i have been trying to make a subjective assessment where we are right now. how about we take a quantitative approach? that's why tonight we're going

off the charts with a brilliant technician who runs a trading room and whose work you can find on x, currently twitter at queen of fibs. now, you know we've seen a beautiful rally from the lows a little over a month ago. but she believes that the s&p actually has more room to run. why? basically, the s&p 500 bottomed in late october. you can see this was one of those that surprised people that it didn't go lower, okay? as long as it stays above these lows right here, she thinks the natural course will be to go higher, maybe substantially higher. she measures past swings, then runs those swings through the prism of numbers. that's a series of numbers tha repeat over and over in nature. you can find it on snail shells, flowers. for some bizarre moment they

show up at key numbers in the stock market. i have no idea why it is. why it can help us to predict line action in the market, but that's how i feel about technical analysis. what matters is it has a proven track record of working and the numbers work. in this case, it finds key levels at 127.2% and 161.8%, extensions from the previous move. those give price targets for the s&p 500. one of them is 4,743. another is 4,918. given it resides at that level, it represents meaningful moves. they're never guaranteed. nothing does. but she says the targets end up being met surprisingly often. and i can verify for that. totally. now even though she has these key upside targets, she is not assuming is s&p will go up in a

straight line. this is really important because this is what i'm talking about with the morning meetings. as a matter of fact, when she looks at the daily chart, it doesn't just apply to the price, the y axis of the chart, it also applies to time, the x ax sit. she can measure the duration of past swings, run them through the same rubric and find key dates that it is likely to change course. and right as she's seeing a confluence, that's what all this is about, the timing cycles that come due this week, that could act as resistance to the current rally, those up there. now, this is going to go through thursday that we will be stuck like this. there is a bunch of these timing cycles kicking in right now. given that the s&p has been running lately, that means we might be looking at a pullback here. maybe not that much but like, you know, that would mean something to most people. however, if the s&p does sell off this week, you want to watch

for potential entry points because we're still very much in bull market mode. the chart makes a healthy pattern here and the moving averages are on the side not of the bears but of the bulls. it's currently trading above both its 250 day simple moving average. so we're looking at this and this. trading above those. that's this and this, right? that is always a good sign. at the same time, she likes to watch the five-day moving average and the 13-day exponential moving average for potential buy and sell triggers. when the five-day is above the 13-day, so when you see this line above that, which is now, that's bullish, and that's where we are. that's my absolute favorite because i always love to see it. that's the innate strength of this market, is right there in that line. now, as long as these conditions remain the same, she recommends buying the pullbacks. at the moment, she calls herself a cautious bull. bullish because it looks good. she thinks we might be due for a

garden variety pullback. she also spotted quality opportunities. she wanted to highlight one in particular for us, okay? she likes what she sees in the daily chart of tesla. tesla is the most asked about stock. she saw the stock get crushed in july and october, but it has rebounded nicely from its lows. here we're looking at a two-step pattern. this is a zig zap pattern that she likes to look for. one of the main elements that the first swing is similar to the second swing. similar meaning in the amount of dollars, price. with tesla the first major swing down from july through august took the stock down. there. the second swing, september high and october low took tesla down to $84.91. that's what you need to pay attention to. two declines separated by a brief bounce and they were roughly equal in actual size.

the actual two step pattern came in between 192 and 194. okay? that's the support zone. that's where we're looking for a four. that's where it is likely to bottom based on a series of key price levels. sure enough, it bottomed at 194. boom, she nailed it entirely. so far tesla rallied to $246 and change. she is right about the two-step pattern. she expected the stock to keep running and running to the 328 area. that represents 127.2% extension of the full zigzag pattern, and it is where she often sees stocks going when we see this particular formation. however, before we can get there, tesla these to clear important hurdles. there is a resistance hurdle from 256 to 252. then to 260. you can see where these hurdle lines that you have to get above before it can go all the way.

if it can't clear the hurdles, she thinks you should throw in the towel. i agree. here is the bottom line. the charts suggest the s&p 500 might be in for short-term turbulence, but she expected it to keep climbing. tesla has more on the run, especially when you breakthrough the resistance. i hope she's right. i like the fact it sounds like the market will be working off that critical overbought position that i don't like without doing a lot of technical damage or damage to your portfolio. let's take calls and go to jim in new jersey. jim? >> caller: yes, cramer. how are you going there, sir? >> i'm doing fine. how are you jim? what's up. >> caller: i'm in south jersey. your eagles did well this week. okay, listen. here it seems like the ev frenzy has waited or at least subsided for a while. but i have been following up on a company called rivian.

with the fever going on with tesla and all that, i bought rivian when it started to ipo itself and i road it down to about $48 a share. i have about 700 shares of it. so here is my question. do i stay long with it since there is a lot of positive going on? i do see their vehicles on the road. or is it going to be long like i will die before i see them? >> no. you are spot-on. it is the survivor of this whole cohort. it is the one that could most likely be, dare i say this, the next tesla. great management, great product. i think it is a winner. it will have the money that it needs to get the profitability some day. people will give it money. stay on it. if it comes below $17, buy more. go to tyler in california, please. tyler? >> caller: big boo-yeah from california. how are you doing, jim? >> i'm doing well. how can i help you? >> caller: i have been buying this stock since '80.

head and shoulders and friday 200-day average. i think this stock could keep going higher. what do you think of dexcom? >> i like it. he told an incredibly positive story. i completely agree with your analysis. i think it was oversold. that's now behind them and the numbers will come through and you have got to be long dexcom. okay. the s&p 500 might be under short-term turbulence. that is a buying opportunity. much more "mad money." shares in the comedy company really held in there. after reporting better results, you have to ask will the trajectory remain the same? let's get a break from the ceo. i will show you what's holding back this incredibly important group to the s&p and of course all your calls in the lightening round. so stay with cramer.

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♪ wall street assuming federal will be cutting next year. people think that. it might be time to circle back to the stocks you want to buy six to nine months before an economic rebound. it had a tough year because they struggled. despite that, the stock was only down 4% for the year. we're down much better than the quarter last month. stocks rallied more than 7%. plus, there is a lot going on here. earlier today, dow announced the final investment decision of its project in alberta, which would

be the first et lean complex with net zero scope one and two carbon emissions. that's clean chemicals. like it never happened. the chairman and ceo has more. welcome back to "mad money". >> great to see you, jim. >> it is a big day. i want to talk about the plant and how we would never think in the world that chemicals would have no emissions. but, first, you have a better grasp of how the world is doing than literally any other industrialist that i see. tell me what's going on. latin america, europe, asia, here. >> well, third quarter, we actually saw the third consecutive quarter of volume increases that we have seen all year, which is a positive sign. and third quarter was the first year we had seen year over year volume growth in our downstream derivatives, which is good. china is still strong for us. not as fast as everybody thought. but some sectors held up really well.

automotive held up all year. despite labor issues, we still see a good, strong demand. electronics is holding up well. cable business is seeing good, solid demand. obviously food and special ty packaging always holds up well. housing and construction is probably the biggest drag on the economy, both china and the u.s. and europe as well. >> but i think it is important to point out that the dow that many people might remember is a company that you really want to run from if you think there is a slowdown from. this dow is very different. it seems to be one you want to go to with the slowdown underway. >> well, i think we managed this cycle relatively well. i mean, we are a cyclical business. >> little modest there, jim. incredibly well at dow. >> our job is to make sure every peak is better than last peak. since 2018 when we spun out, we transferred $3 billion of ebida

over to dupont. we have more than replaced that. in 2021, we generated $12.5 million of ebida. that's the highest form ever generated. the announcement today puts us on track to add another $3 billion to that earnings quarter. so we're gearing ourselves up for the next peak to be a $15 billion peak. >> and people understand that your history, particularly your history since you took over the company, return that capital to shareholders. you will get the biggest dividend of any industrial. >> we paid a strong dividend, and we have returned over 80% of our net income to shareholders over the cycle. we promised 65%, but we have been able to do more. even in this year being a tougher year for us at the bottom of the cycle, we have still been able to buy back shares to more than cover. what it says to investors is we managed capital in a very disciplined way, and we're at the bottom of the cycle. the dividend is safe. our balance sheet is in the best

strength it has been in and we have the flexibility, which is what we need at this part of the cycle to make the big investment that will come on in 2027 and 2029 and give us that growth. >> fantastic. now, when i read through a lot of cases of a lot of different companies, you get to page 18 to 20 and there is this esg page, what we've done, esg. you turned it upside down. esg is such a problem center for you that you literally are doing clean energy and doing great plastics one in the same. and the cleaner, it seems like no problem. >> i don't think there is anything i can tell you about that's going on in the company that doesn't involve sustainability today. what we're doing in alberta with path zero is i think one of the most elegant simple designs you will ever see. we crack et lean to make et lean, which is a product we want. we make methane and hydrogen.

we will bring that through which is built at the site, scrub all the co2 out and take the pure hydrogen right back to fire the furnaces on the cracker. that closed loop system means i don't have to transfer hydrogen any where. at the scale we do it, retro fit the existing one and reduce 1.2 million tons of emissions at the site. the entire site will be zero scope one and two. >> where do you think we are finally not all countries have still gotten into the habit of recycling. i know coca-cola finally got that biodegradable bottom. where are we in terms of just being good citizens to the plant? >> we are well on our way to a three million ton reuse, recycle goal for our plastics business. that it will be about 20% of our total production. we started up with technologies,

an 80,000 ton unit, which will generate oil from recycled plastics. we have a 160 ton unit coming up in germany in a couple years' time. so we're well on our way to doing it at scale. and right now, we have the ability to be able to not only take the plastics, recycle them, but also take renewable feed sources and make plastics from renewable sources and provide those to our customers. >> can't ask for more than that. i know these were things you cared about for the day. of course long before you took the job. but it is a dual mission and they're working and working perfectly. the chairman and ceo of the new dow, as i like to think of it. thanks, jim. coming up, pop open those umbrellas and tee up your toughest questions. cramer takes on all comers in the lightening round next.

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lightening round is sponsored by charles schwab. trade brilliantly. ♪ it is time! it's time for the lightening round. and then the lightening round is over. are you ready? start with charles in california. charles? >> caller: hey. how is it going, jim? >> good. how are you, charles? >> caller: pretty good. i'm fairly new on the scene, but i came across this stock called crisper therapeutic. >> they are doing great stuff. there has been good news there about some of the discoveries.

i would not buy it all the way up here. i think it has to come down a little because the stock is losing a lot of one. let's go todaysy in florida. >> caller: boo-yeah. greetings from florida. >> absolutely. i learn something every day in this show. what's going on. >> caller: we want to ask the big kahuna what is the best market strategy to ride the wave of dell technology and not get bit? >> buy some here and wait for pullback. it's been a great stock. how about sam in colorado? >> caller: jim, how are you doing? >> i'm good. how are you? >> caller: i'm good. jim, i was home out of philadelphia. and right around my hometown, there is a really interesting company, core centra. i went to look at the market cap. only an $8 billion market cap and they make revenue in excess

of $200 billion every year. they seem to be growing at a great rate. they have a little debt on the balance sheet. everything about this company is -- >> i went by them the other day. where my grandma is from. i think you should buy it. this is one of the few stocks in the health care business holding up. it is just a fantastic company. i like it even better. let's go to jeff in california. jeff? >> caller: hey, jim. how are you? >> i am well. how are you? >> caller: great, great. i have a lot of stock in t-mobile. i'm a little worried about some of the lawsuits that they have going on with the dealers and stores being short. >> i would not worry about those lawsuits at all. i think t-mobile represents great value, even up here. let's go to christy in new york. >> caller: hey, jim! you are the best. i'm so excited to speak to you. i watch you every night.

>> i like that. >> caller: my question to you is about boeing. >> boeing is going higher. i think this is their year. last year they had a couple snafus with some planes. buy the stock of boeing. i mistakenly sold it from my travel trust. i greatly regret that. let's go to tim in tennessee. tim? >> caller: hey, jim. thanks for taking my call. >> of course. >> caller: long, long time, first time club member. >> oh, thank you. thank you for being a member. >> caller: my wife and i own a fairly large position in cardinal health, ticker sick boll cah. >> i think that earlier i had a call and i must tell you that i said it was better. but the way cardinal has come on strong, i have to tell you i am so impressed with the people from cardinal. they have gotten it right after

being in the wilder p erness fo bit. great stuff in the economy. go to evan in massachusetts. >> caller: how are you doing? >> all right. what's going on? >> caller: good. i'm looking into extending my portfolio. and i have a company called doordash. now, i know there is a lot of insider selling recently. that was about a couple weeks ago. i know the stock for the month is up 30%. i know for the year it is up almost 100%. i know it's almost profitable, so very close. what do you think for long-term going into the holidays? >> i like the call. i think tony shu is just a fantastic manager. it is one of the few that came out during that period. let me just say it was like a banana period. next thing you know doordash emerges as a company that i think will make a lot of money next year. i put it in the period where it's not been that good to invest. those guys know what to do. tony is king. the stock has had a giant run.

let's be a little bit careful. buy some and let it come lower. let's go to fernando in new york. fernando? >> caller: hey, jim. big boo-yeah for you and happy holidays. >> same to you. thank you. >> caller: thank you very much. i've got a stock here, macy's. it looks like it hit a bottom recently, and it started to rise right now. it's got a price target of about $17. i was wondering what your thoughts were on it. >> i'm not sure about the price target. five times earnings is a little ridiculous. i mike macy's stock very much. it could be the next gap store when it comes to the trajectory. and that, ladies and gentlemen, is the conclusion of the lightening round. the lightening round is sponsored by charles schwab. coming up, rates are high. but it's been bedtime for banks. what gives? cramer takes an interest in a sleepy cohort next.

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the stock market is littered with these broken regional and national banks that make us feel bearish about the tape. even though the average stopped this month. given that tech represents 28% of the s&p 500, maybe the nearly 13% of finance doesn't matter. but health care is roughly 13%. right now that's in chaos mode. so few of them able to advance. especially from the democrats who control the white house.

so we need the financials here to rally. many of these stocks are still at levels we saw during the banking crisis in spring that took down first republic. what's wrong with this? right now every bank lives in fear of being caught doing risky because the regulators got caught with their pants down, so they got more aggressive. where these banks invested their funds, lower term bonds where you might need to wait decades to cash out and get their money back because they're down big on it. that's one of the things that killed silicon valley bank. some is the inability to make money off our deposits. we have no mergers, whatsoever, as the regional banks should be getting to save costs. while they should come back. something that would have been great for shareholders if not for regulatory issues that caused that great deal to be stocked. the stock is half of what it

was. i have been thinking as i have watched it soar, it seems to have struck gold this black friday. how do all the banks not get in these fantastic businesses hook, line and sinker? how could they not have paypal? how could they have seen a point of sale with the big banks offer the product. they get to the register of so many businesses. how do they miss the great parts? that is so good for small business sales. they could have offered so much. i like that quarter tonight, by the way. i don't want to hear they aren't allowed to nnovate. these banks figure out a way to do more, they could do it if they were more creative. heck, the government shouldn't want them to do it. then they could regulate it right now. i know that goldman sachs tried to be a consumer bank with markets and for green sky, financing home improvement projects. it bought that largest thintech platform for home improvement in

september 2021. then they sold it two years later. you know what? it made sense. serving whales, not minnows. they never should have moved into it. now, there are plenty of ways for banks to get into business. young people are opening accounts at sofi like mad. i don't like the losses for those clients. but robinhood has the right demographic. traditional banks know how to lend. but investors know to avoid any company that lends money when the feds are raising interest rates like now. the bank simply missed an entire generation of customers. i know bank of america has some very good programs that are like paypal. it's got a great app, too. but that's not enough. i was at a restaurant in brooklyn and no bank competed for business. i would have been thrilled to give it to them, but they got to try. when we look back at this era of

stagnant bank prices, we may have to conclude unless something changes, they have an anchor in a market desperate for a broader firm. i like to say there is always a bull market somewhere, and i promise to find it right here for you on ♪ ♪ all right. welcome back to "last call," everybody. we have a big show for you tonight and we'll start with breaking news on a somber note. charlie munger, right hand man of warren buffett has died at the age of 99. becky quick has a look back at munger's extraordinary life and career at both business and investing. >> charlie munger was best known as warren buffett's right-hand man. their investing partnership dating back decades. >> i would say that every time i'm with charlie i've got at least some new slant on an idea