>> the staples trade. and guy? >> 75. feels good. thanks for being here, dom. lng, what pippa said. >> all right, guys, thank you for watching "fast money." we're back this thursday at 5:00 p.m. eastern. "mad money" with jim cramer starts right now. happy holidays to everybody.

it's okay. no one ever likes paying taxes. i don't and you don't but death and taxes are inevitable and unavoidable. yet the aversion to pay them on the stock market winning

borders on the pathological. so many times people have gigantic gains but they refused to take any profits because they don't want to incur taxes that cut into the winnings. the capital gains rates are low. wall streets littered with the broken hearts of investors who made this mistake. several years ago i went to presentation from hedge fund manager that -- a great deal before the presentation and it was right for profit-taking regardless but i know people who done it for years and they didn't want to bring the register because they would have to write a check to uncle sam and thinking about the real estate. may see saw their stock get cut in half and it was not a 2 for 1 split. the whole thing is based on a tipping point on competition from amazon and i got obliterated. those who didn't want to share the profits with the rs 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 -- in your bank account. gains can be ephemeral. you haven't made any money until you ring the register. the last thing you need is worry about capital gains taxes when it's time to sell, you sell. start fearing the loss man. the bottom line remember my first rules. bulls make money bears make money but pigs get slaughtered. be disciplined and don't be afraid to pay the taxman on profits that you burned. let's go to tyler in california. >> how you doing. >> i'm doing well. >> i don't know how many times i've sold a position and the next day or two watched it reverse. when is a good time to reevaluate and cut my losses? >> i think this is a terrific question. don't feel bad because i obsess

in the losses. what you do is you try to look at it once a week. just wants because i don't want you to get down and you'll miss other opportunities. we are looking for is a change and it's something on the quarter on the quarterly -- you don't want to just get up in the morning and say i don't like the way that acts. wait for something definitive and if there's a bump up don't be afraid to trim the position. what about robert minnesota. >> jim, thanks for taking my call.>> when i retired my company let me keep my 401, which is a time dated fund at the corporate rate, which is very cheap but has limited choices. should i switch it over to managed fund with another company like fidelity at a higher standard rate but has more options? >> look, i'm in favor of the

s&p 500 index fund. i think that's what my retirement is in and that's what your retirement should be in. remember my first two rules. bulls make money. bears make money. but pigs get slaughtered. don't be greedy. be disciplined. and don't be afraid to pay the taxman. coming up i'm hitting my investing roles that i think are the key to mastering this market. you don't want to miss them so stay with me. why pay more for an effective daily body lotion? gold bond healing lotion

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at the end of the day your only you. if you remember one thing about being an investor that's it. no one is perfect. everyone is fallible and it's inevitable we will make mistakes. it's the nature of the business. that's why you have to follow a set of rules. they are designed to protect you from yourself, which brings me to the next commandment and this is important. never by all at once. do not ever by your whole position at once. this is something you can see in practice constantly a reason i think you should join my investing club. no financial advisor has the time to buy stocks over time the game is to get the trade

done at one level in a big way. make the statement by. get in the portfolio now. i like that either. where i stand it's all wrong. 100% wrong. should never by all at once and never sell all at once. stager buys and try to get the best price over time. why? when i first started as a professional i really wanted to prove to everyone how clever and smart i was and how bright i would be and if i felt like buying caterpillar, i said i would buy it now all at once and make a statement because i was so sure of how bright i was. put me up on 50,000 as if i were the smartest guy in the universe. when i think back about that young cramer all i can say is that i was one arrogant son of a gun. arrogant and wrong. if you want by 50,000 shares of caterpillar you don't pick them all at once. what happens -- michael down.

never by all at once instead i should've got it in increments of 5000 shares and gradually over time during that day trying to get the best price i could. you cross your fingers and hope it goes down see can get more at a lower level and get a better cost basis. i don't mind if it goes down if i can get more. i don't want to say trade incised. he probably still do that i still invest my capital trust. whenever we add a new name we bind small increments. 500 shares at a time to get to 2000 shares at multiple days. that's why we like it if it goes down. and we lay out this whole process to members of the club. when you buy at once your declaring that the stocks will not go lower. no one has that kind of insight all the time. buying in stages is recognizing that judgment is fallible.

so why don't more people do it my way? if they want 500 shares of exxon mobil decided by -- why won't they? it's because they want to be big. they don't want to waste the broker's time. your broker wants to get the trade done. they hate it when mild hedge fund would place incremental orders which can put your net worth into any stock all at once. maybe it will going to a free fall and it applies to the electronic trade. many others want to pull the trigger on the whole position and get it over with. they don't want to agonize over each increment. that's why need to resist feeling like you're making a statement by when you purchase the stock. both mild hedge fund. do know how often i had the last price i paid was the lowest and then it was off to the races? maybe one trade in 100? and i'm pretty good at this. so resist the arrogance. purchase slowly over couple of days if you have to. humility beats hubris any time. the next rule by damaged stocks.

not damaged companies. let's say you pick up a peach merchandise only to find out it's broken when it gets home. maybe there's a hole in it. in the real world you can return that merchandising get your money back. there are guarantees. wall street is different. if you get a stock that turns out to be a defective company, there is no moneyback guarantee. that's why have to be very careful between broken stocks and names that are down for no good reason and broken companies, which deserve to see their stocks traded lower. sometimes companies can be easy to see. when everybody got their covid vaccinations and we put the pandemic in the rearview mirror, covid winners fell by the wayside. many got obliterated because of big chunk of their business disappeared. take some video. they became the very name

became a verb. we would zoom. but once we got -- the company struggled because all the money it made during the pandemic had a huge cash position. and then the competitors caught up. it's hard to catch up against. assume only went from 588 and his all-time high down to the mid-70s. there were points on the way down were people assumed it had to be a bargain, but every time they did they got burned. you can't call the bottom of the stock if he business is getting slower. we saw something similar with financial tech stocks that ruled during ultralow interest rates. coincided with the pandemic. but once the federal reserve warned that they would raise interest rates, the whole business called into question the group was annihilated. the worst was a company called upstart that was supposed to facilitate loans but they

started doing these on the balance sheet the stock plummeted from just over 400 in lane 2021 peak to the low teens less than two years later. on the other hand sometimes it will sell off for reasons that don't have to do with the company. just because a stock is down doesn't mean that there's anything wrong with the business. damaged stock not damaged companies. so how do you to how do you discern between them? what i do is develop a list of stocks i like and this is the bullpen of my investment club portfolio. we give you the bullpen all the time. one wall street has a sale, we use that as an opportunity to pick up stocks on our list made in a calm of no traded versus the battlefield. we know the stocks ahead of time so we know there's nothing wrong with the underlying company because you done the

research ahead. the bottom line is you never really know. that's why this rule works in tandem with the last one. never by a position at once because what you think is a damaged stock might be damaged company. you're much more likely if you take your time -- are much less likely to end up with a large quantity broken merchandise and there's no moneyback guarantee. the word on the street is caveat emptor.

if you want to build a portfolio, there's nothing wrong with getting all of your equities from a cheap index fund. that you have to be rigorous about it. that brings me to my next rule. do the homework. my kids hated doing the homework. they thought it was punishment. sometimes when i looked at what they were studying, i could see what they were coming from. how will it help you later in life? why even bother? but that's a terrible attitude and i encouraged my kids to study because you never know what you will turn out to be later in life. but i bring this up because many of you have the same attitude doing homework you need to do with your stocks. you suspect it might be just as irrelevant to your portfolio as schoolwork seems to my kids. i tell people that they need to listen to the starbucks conference call or know what

the analysts expect from netflix, they don't want to hear it. they think they should have to do the work if you're going to own those kind of stocks. when i remind them that it means listening to the calls and the reports, they look at me as if i'm some kind of old- fashioned teacher asking for too much in this world. that is just plain wrong. earning stocks without doing the research is lunacy. but people still do it and do it for a few reasons. on one hand, there's the old school thought that you don't really need to do any work and you have to keep track of what's happening because your after -- you have other people who don't have the time to be diligent. for those of you who don't have the time, i have a solution. get someone else to manage your money or do what most experts tell you to do and invest in the low-key s&p fund. or have someone do the homework to do and teach you to be her

own portfolio manager, which is what we do in the investing club. the truth is if you can't devote a few hours per week to your portfolio, you should be messing around with individual stocks unless you join the investing club. investing may not be a full- time job like trading, but it's definitively a part-time hobby. back during the 1990s buy-and- hold became to be all to end all investing. you know what? i'm going to hold on to my see mgi because it has to go back to 100. if you hold things for the long term everything will work out. this philosophy is when so many people who practiced buy-and- hold got obliterated. it became popular during the pandemic. it keeps popping up when there's a smooth period when the market was flooded with cheap money.

a lot of people who bought and held got crushed because it was nothing worth holding. that's why i've been a new concept. by an homework. what is the homework? before you get a stock listen to the conference calls go to their website. read the research if you can get a hold of research and read this news stories. everything is available on the web. you have so much more info available now and so much more knowledge that there's no excuse. you have everything ready your fingertips. but if you fall back on a buy- and-hold strategy for group of stocks i can assure you that you will be soundly beaten by professional money managers with good records that are searching for high quality stocks all the time.

i'm quite certain that any index fund can beat someone that does no homework that's why experts tell you to to put your money in it cheap index fund. buy-and-hold is lazy. i'm in favor of those for those who don't have time. the next rule is want to harp on constantly. diversify. always be diversified. that controls risk and that's the whole that's the holy grail of this business. sector risk stocks in the same industry trade together. in the old days only about 50% of the action -- any given stock came down to the sector. but now the number has gotten higher thanks to sector etf's. i don't care how great a tech stock was in 2000. if you had all your eggs in that basket you got scrambled. the same with the financials. the oil in 2014 and, of course, tech during a discrete period in 2022. there's 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's the only investment concept that works for everyone. if you mix up and up sectors at least five, you won't be wiped out when the one group gets obliterated. something that happens more often than you might think. but if diversification is such a no-brainer and every advisor is telling people to do it, how can anybody be under diversified? i think it comes back to the homework issue. people say we don't know what stocks they own and don't understand what the companies do so they have stocks that are very similar. they don't understand that one is a semiconductor -- it drives me crazy. others have zero respect for the history of the bear and how it attacks individual sectors. i still feel i still field quite a few calls that owning -- is a diversified strategy.

with amazon and netflix you want variations of the same thing. they trade together having an under diversified portfolio is not an amateur mistake. many professionals don't like to do diversified because the way it works. if you concentrate all your bets in the sector, then you beat everybody right then. that's the nature of the beast even though -- far from the best in 2021 and the worst in 2022. it went from almost all in on high risk gross stocks. that's not diversified. and those stocks tend to trade as a group. but that one year in 2020 made her household name and went to her household name you have made in this business. she's great at picking high risk stocks -- i want you to be aware that when you go all in,

it's likely to blow up in your face a few times whether you're an amateur or professional do your homework and keep your portfolio diversified. this is the kind of routine maintenance that protects you from losses down the line remember if you can keep your losses to a minimum and let the gains run you will always come out ahead but don't try to rationalize those losses because stocks don't always come back to even or anywhere near that. let's go to texas. >> jim, the second greatest investor of all time is warren buffett said individual investors like me should just by the s&p. i question is what does the greatest investor of all time think we should buy?>> first, i am no warren buffett. i'm a tv guy that tries to do his best to teach you. here's what i have to say. i think it depends on your

time. you put away your first 10,000 in index fund and if you like picking stocks, let's do it well together. jointed joined the cnbc investing club. if you want to be involved, i will help teach you to be a good investor and i can do it and i've done it for a long time and i've been very successful. let's go to and in indiana.>> thank you for taking my call. i am a club member but i've been thinking about this lately. i wondered if you could talk more about suspending her judgment and letting the market go up, even when a ceo does something they said they are not going to do or a company makes a bunch mistakes but have very little competition. or a ceo makes big mistakes and things take a long time to fix.>> well, this is a tough one. because i've made this mistake. i've stuck with people for too long. i keep thinking give them another try and in almost every

case it has not been worth it. almost every single case. whether you're an amateur or professional you need to do your homework and diversify. there's moorehead. i'm putting my decades of experience to work sharing the key rules. stay with cramer.

awkward question... is there going to be anything left... —left over? —yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! i want a massage, in amalfi, from someone named giancarlo. and i didn't live in that shoebox for years. not just— with empower, we get all of our financial questions answered.

so you don't have to worry. i guess i'll get the caviar... just kidding. join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next. appreciate it so much. thank you. doors are new beginnings.

-surprise! -surprise! your dedicated fidelity advisor can help you open those doors. for you, mama. through personalized money management that can evolve with new chapters. and they can proactively view your entire portfolio. with an eye on taxes and the impact of risk. so you can enjoy moments together. because doors were meant to be opened. i don't want to go zen in the art of portfolio maintenance, but when it comes to managing your own money you're often your own worst enemy. don't take it personally. i my own worst enemy. if you want to invest wisely need to be fighting off your own worst impulses.

we are not robots and we have emotions and those 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 strategy. and people to constantly. a stock it's hammered and then investors sell after the hammering. market gets crushed and people bailed the end of the day and a short something gets annihilated and people cannot take the pain. so what they do, they both. there is something instinctive about panic and the desire to flee. if you are a hunter gatherer who stumbles into a family chris the bears, this is very helpful strategy that it's not useful emotionally when you invest in stock market. the truth is it's almost always be a better time to sell them whatever moment spurgeon panic in the first place. and don't i know it. remembering 2021 covid hit, everything shut down and the whole stock market collapsed. the s&p 500 lost a third of its value and a little over a month

and for months after almost everyone in the business was convinced the world was ending. larry williams gave us the all clear and he was realized we must be out of laugh down by mid-may. he told you to buy in the panic and not flee with the panic or's. the s&p was making new highs by the summer and once the vaccines came along, the market just never looked back. so the next time there's a marketwide selloff and you feel like fleeing and never touching stock again, do something for me. take the opposite side of your trade. the most rewarding trades you can make those were the decks of been cleared by terrified folks using market orders just don't get that the exit doors are not is because they think they are. i am absolutely not saying that every start gets hit with the panic is worth buying for the long-term. when people freak out about an individual company it's with good reason. but i am saying that after big decline you usually get some

kind of balance, which gives you a better moment to self that's what you want to do. even when things are really bad bargain hunters will take it up from its lows and that's when you get out. so the next time you want to dump everything, take a deep breath and wait for the rebound before you sell. speaking of hideous down days, i have another one that can help you. ready? when the stock market gets negative, but remember that he who defends everything defense nothing. you know what? this is just as true now. so he defends everything defense nothing. what does that mean? it's about how you evaluate holdings. when the market is flying and many stocks are in bull mode, you don't need to worry about your positions. the more exposure to a bull market, well the better. but when things get difficult, when you're on the defense, many of the stocks he bought during better times might not fit this new environment.

when the economy is slowing the market gets slammed you can hang onto everything you might like. if you try to defend all your positions in the market that turns against you, it's a recipe for getting blown out. you cannot treat a declining market like it's a buying opportunity every single stock you portfolio. if you do that you will run out of capital leang you unprepared to buy more if you go lower still. and we usually do. when the market gets negative, you need to get more selective and focus your efforts. that's why i wrangle my trust stocks at all times for investing club members. once -- and 3s ourselves. sometimes -- if you can get out, it's good. that way i know which stocks i should defend when things get tough and which i cut and run and use that as a source of capital for something better. so let's say tech is getting hammered but you think it's

going to rebound. it's important that you don't try to hang on to the whole complex. pick the best tech stocks the ones you want to buy and toss out the rest to raise cash. use those observed by the stocks were higher-quality tech companies at lower prices. the nonessentials the one that have no -- and you only owned because you wanted to exposure to a bull market, they get the heave immediately when things turn bearish. we used to call this circling the wagons. the first few times you do it, you will curse yourself because you might be ending up putting out stocks that you had for some time but if you experience any of difficult markets, you realize how valuable this processes because it can protect you from a lot of pain. i never try to battle more than a few losing names that once. it's too painful. so you have to take a lot of stocks that are going against you. it's exactly what it's going to

do make it more likely that you will crack under pressure and dump everything near the bottom. it's simply human nature, but you have to fight human nature to the nail and this other clichi phrases that went out of style but still sound solid. great investors know how to ignore their emotions when they get in the way of making money. so the next time the market gets slammed, please don't panic. nobody ever made a dime by panicking. but also don't double down on your whole portfolio. vicious negative markets can give you buying opportunities, but you need to focus your capital on your absolute favorites rather than chasing bargains and third-rate merchandise that deserve to trade lower. mad money is back after the break. (♪♪) (♪♪) (♪♪)

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welcome back to tonight's check yourself before you wreck yourself edition of mad money. i'm a big believer in the idea that what you gets money saved up, you are in control of your own financial destiny. but you need to be careful because you're the one with the most power to derail your financial future. luck, i just want to do my best to ensure that you don't make the same mistakes twice or three times are endlessly. that's why have rules. rules for investing protect you from the 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 the day before. one reason -- that was a major

task one that i complete every morning before anyone else came to the office. some people are night owls and i'm in the early morning. i would analyze every losing trade. you have to analyze the winners. and then figure out how i could've made more money are lost less money. i was, for lack of a better word, maniacal about it and after a couple of years i had an epiphany. i realized a good performance could be linked to having fewer positions and owning fewer stocks. will be own fewer stocks we tended to make more money. that's why ever since i won't buy a stock without first taking a different one off the table, even from my capital trust was the only way i can play these. but don't just buy shares in more companies. you need to limit your holdings. it's great discipline and you should adopt it pronto. all the money matters i know have -- how are you even

supposed to keep track of them. the good managers have a few names and they know inside and out those names and that means they can confidently buy them on the way down. that's why i say please don't own too many stocks. i know can be -- you sell stocks that are good for stocks that are not as good. hindsight is 20/20, but as someone who is owned stocks for over 40 years, it's more likely you will be selling marginal companies in order to get bigger and better stocks. that's how to make a portfolio work. by the way, the time i lost the most money is hedge fund manager, my sheets were thick as a brick. when i made the most money my sheets were one sheet of paper. and i made hundreds of millions of dollars. so when you are a pro or an amateur, either one, it's possible to have too many positions. rule of thumb if you are investing for yourself and your more than 10 stocks, you should

pare down. so you can have too many stocks, but it's very hard to have too much of? cash. that brings me to my next will. caches for winners. at times cash is such a perfect investment it drives me crazy has so few people ever recommended. hate the market so they are only 95% long instead of 100% or they think it stinks so they throw in a hugh a few high flyers. no. as an investor it's the wrong way to approach things. you don't like the market? then sell stocks. and then raise some cash. put it in cash. don't buy put options on the stocks you own that's just -- that -- it's too hard. the odds do not favor you winning of both stocks the short and the long. strategy whose goal is mediocrity.

but if you want to raise some cash and put to work at lower levels, that's the best way to protect yourself. let me tell you a story. i was one of the biggest option traders on wall street and when i bought put options, i almost always lost money. when i make money? when i bought put options to profit from low-quality companies with shortfalls or the stocks were overvalued versus the fundamentals. if you don't need to bend yourself into a pencil to hedge against downside risk. does go into cash, which is short-term treasuries of less than the your variety. people talk about how little cash earns, although it's more lucrative when the fed is tightening. they say it can't be cash that's for losers. that's just plain wrong. caches from winners. especially if there's a major disaster head and i don't care what interests you earn. i only shorted stocks one had an edge. i can't short it all. back when i could, i didn't short stocks for the sake of having short exposure to bounce out my lungs. i don't care about not having

enough exposure. i care about losing money. i was an exception. if you don't like the market and you think there's nothing compelling to buy, then just raise cash. go sit on the sidelines and wait for the situation to improve. it's never the wrong call when you can't find anything that makes sense for you. the bottom line, always be careful not to own too many stocks. and not to have too little cash. stick with cramer. to go further, you need to be ready for what's down the road. as energy demand continues to rise,

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the favorite part of my show is answering questions directly from you. tonight i am bringing in my partner in crime. to help me answer some of your most burning questions. for those of you who are part of the investing club, jeff needs no introduction. for those of you who are not, i hope you will be soon. his insight and our back and forth help me do a great job for viewers as well as members of the club. we do this during our monthly meetings where we give you an in-depth look at our latest decisions and we talk about everything a 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 to the people who stop me on the street who love the club. so let's start with a question from michael. what do you think about dividend reinvestment

strategies? one of the first things i learned and what i taught at goldman sachs was it's one of the great free lunches of our business. you let it ride and i've 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 income, of course, depending on where you are in your life, that might be a reason not to. but always reinvest and it works for high dividend stocks and consumer packaged goods stocks or tech stocks that offer good dividend. is another way to dollar cost average.>> my late father was adamant you take the money and run and i tried to show him and convince him no, take the money and be back in. now we're taking a question from john in california who said what are your sources of information related to stocks and overall market and economy?

i make no bones about it. we have all the research in the world as one of the great things, the luck that we have and i tend to let that control things. as when i talk about what might be the most important research cause of the day. now let's go to maryland. is there a pe multiple that we won't buy above in each sector? when you are in tech, in nvidia , i would've kept out of that for a decade because it's about future earnings. >> you also have to look at a company's growth rate. it's all relative and you can compare the growth rates relative to the multiples. i don't think there's necessarily one that would keep me out, but on the other hand we can't look at a low multiple and stays a good bargain because sometimes there are value traps and low multiple

for a reason they could have declining earnings or there might be another issue fundamentally. >> that's a great point. when people look at automobile stocks, -- if they don't have the growth of the tesla. so thank you. i'm jim cramer. i'm jim cramer. see you next time. and investing. what is your competitive advantage? why do i want to invest in your business? like, we don't let any excuse get in our way. 'cause i'm scared right now, but i'm fighti to bre in front of you all. what do you have in sales this year? $100,000. ouch! at some point, you got to have sales. -you need sizzle. -a deal with me will not stink. -i think you're a perfectionist. -perfection is the enemy of profitability. i'll give you the $500,000. wow. shark. o'leary: ooh!