Mad Money w/ Jim Cramer 4/2/26

What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice. Think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday wherever you get your podcasts. My mission is simple. To make you money. I'm here to level the playing field for all investors. There's always a one more consumer. And I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. To be my friends, I'm just trying to make you a little bit of money. My job is not just to entertain, but to teach you. So call me at 1-800-743-CNBC. Tweet me at Jim Kramer. Maybe we just need to wait for the war to end. But if you jumped the gun and you did some buying ahead of the president's speech last night, you know you felt like you made a huge mistake when you came in this morning and saw the price of oil spiking. But then we hear a positive rumor about Iran possibly striking a deal with Oman to allow some traffic through the straight of her moves. And boom, the average has snapped right back. Dow finishing off just 61 points as it be only advancing .11. And then as that gaining .18%. Yep, oil was up over 11% today, yet the average is pretty much finished flat. That is an incredible, unusual snapback that was highly unexpected and made us think that maybe the bear is taking a brief vacation. And another day where we have oil popped like this, and we should have been down perhaps 1.5% to 2%. It was stunning. It was surreal. And it seemed to foretell some good things at work, but we just don't know what they are right now. And I'm not going to try to pretend that we do. But maybe we should have seen something positive coming. This market never went as low as you would have expected this morning, given that the president talked last night about wars that lasted a long time, much longer than the current conflict with Iran. After listening to how many days those wars lasted, I couldn't tell if the president was saying this one could last a lot longer and still be relatively short versus the comparison, or if he was saying, hey, listen, I'm going to stress to you that 2 to 3 more weeks would be remarkably short and everything is in control for a smooth exit from the hostilities. Again, not clear. You have to admit that it was hard to tell why we weren't down a lot more today, given the president made it pretty clear that things are about to escalate. Won't it send oil up 100% for the year, which is not far from here? If it does, then history says that you have to expect a 20% decline in the stock market. Something J.P. Morgan's legendary Michael Semblis showed in a recent piece of research. The correlation seems that ironclad oil up 100% stocks down 20%. But the positive close made you think that perhaps either we wouldn't get oil up to 100%, or that this market would break the pattern of an assured bear market when oil rallies so strongly. Then again, we sure took off on a rumor of a deal between Iran and anyone out like Oman, which has been a strategic partner of the United States. We never nailed the rumor down all day. So if you had to wonder if traders were thinking of something else, I don't know what it was. I don't know what else could be at work. I mean, is it possible, for example, that there's a point of pain where Iran would, where they would really want to come to the table? If the U.S. does bond their infrastructure power, roads and bridges causing real chaos, what will happen? Will that force them to negotiate, or would only make them more stubborn? Will it stop the endless missile and drone attacks in the Gulf? At this point, I think most Americans accept that the Iranians are tougher and more resilient than we thought. Then again, our government has yet to unleash its full military power. Personally, I hope we don't have to get that far. But it's not up to me. I think it's been a very important weekend for the war and the stock market. With its rally today, it seems to be able to say, you know what, we'll take whatever comes. I continue to focus on growth stocks because they'll still look good in a war-induced slowdown. But I also recognize that the longer the war goes on, the worse the inflation will be. At a certain point, earnings reports will be constrained from both the demand side and the supply side. I don't think we're there yet. However, with every day this goes on, it becomes less and less likely that we're dealing with the kind of short war that won't do much damage to the economy. So with that in mind, let's take a look at our game plan for next week. Remember, it's a holiday shorted session. We're not going to be here tomorrow. By the way, CBC will be covering the unemployment number tomorrow in the morning, but then we'll suspend regular coverage for a good Friday. Now, Monday, I expect we'll be digesting this weekend's war damage in Iran and everywhere else, especially our allies in the Gulf. We keep expecting that there'll be a moment when the Iranians have no more missiles and no more drones. The President keeps talking about the Iranian Navy and aircraft being decimated, but it's the endless drone and missile attacks that are the problem. They don't need a Navy or an Air Force to shut down the Strait. Frankly, sometimes it seems like that Iran seems as strong as it was when the war started. Even if you cut off the head of the snake, it seems to mean nothing. That's why this weekend could be so important. Maybe we get a one-way war if the President leashes the firepower he said he would last night, and in his aftermath, the U.S. can dictate the terms. We definitely aren't there yet that I know. Maybe we make very little progress. Let's see what happens this weekend. We'll parse it all out for you on Monday. Some companies, they really struggle for respect. I think that's the case with Levi's, which keeps delivering you at the stock stage at around $19, as if they're doing nothing right, which couldn't be further from the truth. Company imports next Tuesday up to the close, and I think that once again, CEO Michelle Goss will put up more than respectable earnings. I just wondered if it will matter. 3% yield, good growth? I don't understand why someone doesn't just create an apparel clause around it. Wednesday, before the market opens, Delta reports, and this airline tightness truly distinguishes itself as one of the most reliable earners in a very volatile group. Its excellent CEO, Ed Bastion, helped ignite an airline rally when he discussed his business with Phil LeBeau and spoke about persistent demand. Last night's speech by the President knocked the airlines down, as you'd expect, a war that goes on until the end of the month will hurt the numbers. After the close, we hear from a very special company, Constellation Brands, and I'm excited about the possibilities here. You see, the company has a new CEO, you have to think, laid out Fortune Brands innovations, and previously Jim Beam, and I think he can revitalize the business that has the top beer in the country, Madella. We all know that liquor's been challenged, right? GLP-1's people who care more about how they look in their 20s, but I'm beginning to believe that there's a subtle turn in beer and a definite turn in the ready-to-drink cocktail market. If that's true, Constellation's the one you want to be in, STZ. I think it might be worth even buying ahead. Thursday brings the Core PCE deflator, which has been the preferred index of inflation for J-PAL's Federal Reserve. I don't know if it will remain that way under incoming Fed Chief Kevin Warsh, but we need to keep track of it for certain. Then on Friday, which is kind of a one-two punch on inflation here, we get the Consumer Price Index. I wonder if either index will capture any of the price increases that we should expect thanks to the ran-induced oil shock, and they will be significant. So here's something to think about. Since the war started, the last trading day of each week has given you a minus 1.28% return. Today we broke that losing streak. I think we would have had a much worse session if not for fear of something good happening. That's very good. Just to remember, one Gulf country perhaps making a deal stopped the sellers cold, even as the price of oil soared. So here's the bottom line. In a world where investors want to reward end quickly, it was surprising to see any sort of valley before the weekend with oil spiking. The fog of war seems foggier than ever, except this session, it ended a little clearer and more positive than we ever thought after the President's bellicose speech last night. It was a very difficult today, difficult to fathom day. Mostly because higher oil prices and lower stock prices were axiomatic until this truly amazing session. Michael in California, Michael. Hey Jim, Big Booyah from California. Good to have you on the show, Michael. How can I help you? A long time listener, second time caller. First I wanted to give a quick shout out to an old coworker, Lewis, that put me on your show back in 2018. Camping, absolutely. Yeah, so with everything going on in the world, I feel like people are traveling less and putting more money into renovating their homes. The stock I'm calling about is the Home Depot. Okay, we were very disappointed in the Action Home Depot today. Finished down eight, it hit its 52 week low, the company yields almost 3%. I turned to Jeff, Jeff Marks, who works with me for my travel trust. I said, maybe we should buy some, but we're a little beaten down on it. We didn't want to buy any more right now. We need to see mortgage rates lower and we don't have them yet. I'm not giving up on Home Depot, but there are issues involving ICE too that have really hurt them. But I do want to say that I regard it now as one of the most problematic positions in my portfolio, along with Nike. Those are the two I'm most worried about. Look, the bottom of war seems thicker than ever right now, but you know what? A lot of people weren't waiting for clarity. They took action today. Well, man, money tonight. The war around has thrown energy markets around the world and into it's tails. So how is a major pipeline operating like one of? Position for the growing demand for American energy. We know there's growing demand. I'm checking in with the CEO to find out. Then it's been another bottle week on Wall Street, so tonight we're opening up the phone line. You're directly from you. The Kramer is out there. You might know you need help in navigating these turbulent times, especially with daily today. And senior citizens might get some great discounts. Could you be getting a discount right now on the best stocks to play the growing market for senior housing? I'm revealing the companies of demand. They are very strong. Stay with Kramer. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice. Think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday wherever you get your podcasts. After President Trump's bellicose speech last night, the price of oil spiked, so did the price of natural gas outside the U.S. As long as the streets and rivers stay closed, the rest of the world will be starved for gas. And the best way to get it is to build more liquefied natural gas export infrastructure here in the United States. Which brings me to one of the pipeline play with roughly 60,000 miles of infrastructure for moving natural gas, natural gas liquids, refined products. These guys have a deep backlog of projects coming online over the next few years. Could bolster the company's growth even as they expect 2026 to be more or less flat. But we have to see whether that's still the case. This company is paying you a 4.85% yield. So is this stock worth buying in a world where American natural gas exports have become a lot more important? And there's so much to talk about here. Let's check in with Pierce Norton the second. He's the president and CEO of One Oak to find out how things are going. Mr. Norton, welcome to Mad Money. Thank you, Jim. Glad to be here. Okay, now there are two One Oaks. When you reported last, the oil price was much slower. Natural gas is pretty much the same. And now everything's elevated. I don't want to get too ahead of myself because I know that you are not a price story, so to speak. You're a volume story. But at these prices, aren't all the producers anxious to bring more to the market? And can they do it without you? Well, the answer is can they do it without us? And the answer is no. We're what we call the invisible transportation area because you can't see it. You mentioned that we had 60,000 miles of pipe. That's true. But we also have gathering and processing. We have natural gas liquids. We have natural gas pipelines. We've got storage in both of those areas. We've got an LPG doc that we're doing. So we actually take the product from where it actually doesn't have a whole lot of value. We actually increase the value. And then we bring it to an area where there is significant value to the end users. Now, the previous quarter, a lot of people felt, well, hold on. Wait a second. It didn't give them the upside. But you certainly said, look, don't worry about it. 2027 is going to be terrific. But can you pull forward some of that because of what's happened in the world? Well, the answer is yes. And the reason is because we do have a little bit of commodity exposure. So this actually, this price increase is going to help us a little bit. But we're focused on the long term. So the long term, I think the world is seeing what's happening today is the most expensive form of energy is the energy that does not show up. So I think there's going to be people that are actually going to look at this and they're going to relook at where they're sourcing their supply. So I think that's going to mean well for the LPG market, the LNG market, and also the oil market. So let me give you an example on the LNG. LNG is going to be going to 30 BCF by 2030. That's an additional 12 BCF a day. That's going to come with a lot of liquids. We are poised to provide the services for that because we already have a lot of our assets already built and we're building even more. All right. So explain to people who aren't that familiar what the liquids are and why they are in such demand. Okay. Natural gas when it comes out of the ground is in raw form. People see the natural gas and they think, oh, that's what you burn in your house. It's not. It actually has propane, isobutane, normabutane, pentane, all of these different things in it. So all those have value, but we have to do what we do, which is to gather it, to process it, and to transport it in order to create the true value of the values. And some of them have really spiked, right? I mean, some of the prices in the last few weeks have been crazy. They have really spiked with what's going on over in the Middle East. So when you listened to the President last night, you think about our situation. We know that we are continental self-sufficient. Sometimes that gets confused with domestic self-sufficient. Has there been a kind of lid on things? Because people just said, you know what? It's never really going to go up. And is there a little natural gas, which would be good for our country, but maybe not to be good for some of your clients? Well, I think a lot of the areas that we're in, they're drilling for oil. So they actually drill more for the oil price. And the natural gas price was something that they didn't pay a whole lot of attention to. But now that we're having the LNG market, you're going to have to have some extra prices on the LNG side that transfers back to the natural gas side and also will transfer back to the crude oil side. So there's a good chance that actually crude oil is actually going to continue to grow in this country. Well, let's talk about Bakken for instance. There were some people who were disappointed with Bakken numbers, but even if the price was down, I mean, I've got to believe Bakken's going crazy now if I were there. Well, there's still 5,000 wells to be drilled up there in the Bakken. That's huge. Absolutely, it's huge. And we've got producers up there that are ready to poison, ready to do that. In fact, we've actually been talking to producers here recently that have told us that they actually are going to increase their drilling plans here in the near future. That's great. Now, last night the President said some things that he sometimes the President has given to hyperbole, where he talked about how we want you to buy our, come over here and buy our oil. In truth, we don't really have all that much spare oil. Do we have other people buy it? We've moved about 4 million barrels of oil offshore, and it's mainly our light sweet crude. And if you look at where that goes to, then most of those people are getting their other oil that they need actually from the Middle East. So if that's constrained, there's a good opportunity for the United States to do that. That's going to mean more oil from the Bakken, more oil from the Cherokee and the Midcontinent area, and more oil in the Permian Basin. Well, that is a gigantic boom for the United States. The President's basically outlining something, because we don't have enough refining capacity for that kind of lighter crude. This could be a huge windfall for our producers, and the foreigners would be paying it, so to speak. I just remember during the Jimmy Carter days, we had to worry about windfall profits. It's not like that. They've done the work, and if they have to get it from us, why not? Right, absolutely. I think you're going to see our, you know, going into this, we thought maybe that the crude oil would be flat for some years at 3.5 million barrels a day. But we really can see maybe the 14 to maybe 15 million barrels a day. And it's going to be driven by what's going on in the world, but also the additional need for natural gas to supply AI data centers and LNG. Now, that is something that you're very actively involved with the data centers. Are you working directly with the hyperscalers? You work with companies that are, the electric companies that give them the electricity? Short answers, both. Both. Both, absolutely both. We're also working with the developers. But at the end of the day, it's all about the quality of their credit, and we're going to work with those credit-related qualities. That actually ends up giving us an opportunity to do what we do best, I think, with just capital allocation. Which is continue to invest in our high return growth projects, raise our dividends, pay down our debt, and possibly even buy back shares. So you have paid down a lot of debt in the last year. Your balance sheet is looking great. I'm hoping for more deals. Well, that's exactly what we're looking for. And one last thing, you mentioned 14, 15. How come people always told me we had already maxed out? You've had a better outlook than everybody. Well, I don't know that I had a better outlook, Jim. I'm just saying that the world has changed. And I think for this world change, I think you're going to see some differences. The world has changed. Wow. Even since the last quarter is reported, amazing. And the company that I think can take advantage of it more than anyone is your company. Well, one thing I would like to say, we have 6,000 employees, and they know what their purpose is. And they get up every day 24-7, and they actually get out there to make sure that we improve our quality of life. That's essential. It's essential to our economy. And it's essential to national security. Well said. Thank you so much for being on the show. You're welcome, Jim. That's Pierce during the presidency of 1.0. Guys, if you check up with How to Make Money in any market, my book, Top Flight, Idea, I suggest that you buy it. That money's back in. Coming up, as we continue to grapple with this difficult market, Cramer's opening the phone lines to hear your questions on navigating it. It's the voice of Cramerica. Next. What made you confident that you could do something that hadn't been done before? I have no fear of failure. Trailblazing women changing the game. One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short, and you just got to think big to accomplish big things. Julia Borstyn hosts CNBC Changemakers and Power Players. New episodes every Tuesday wherever you get your podcasts. We just wrapped up another Wild Week on Wall Street with the major averages whip-swing in both directions as the market takes its cue from the war in Iran, price of oil. During this turbulent time, we got to make sure that you're getting the right advice that you need on what to do with your portfolio. During the toughest times, we open the phone lines to hear directly from our great viewers so we can go to work together to be prepared for whatever might come next with this market. Let's talk first to Forest in North Carolina. Forest. Hey, Jim. First of all, I'd like to thank you for your knowledge and insight into the stock market during the past 25 to 30 years. You're very kind. Thank you. Thank you very much. Been watching CNBC since the early 90s and Mad Money since 2005, and I'm still watching. Oh, you're sensational. Thank you so much. Thank you. The information and the timely data that you and the network provides, it's enabled us as individual investors to manage our own portfolio. It's been fun, it's been rewarding. I just want to thank you and everyone at CNBC for being there every day. Good job. Well, thank you. You know, we try. The main thing to do there is every day. Every day. Because the days are crazy. Think about where we were this morning. Think about where we were in the mid-afternoon. Think about where we were at the close. We could just say, hey, listen, it was a nothing day, but you know, it was everything day. Let's help. What do you got? It happened every day. I'm looking at ExxonMobil. I have a holding there. It's about $160. I don't know where you see it going, where you see the price of oil going. What do you think? I know it's a crap shoot. Okay, well, look, I think, you know, first of all, Chevron, I like more than Exxon. I think they're more forward-looking. So I would not, I don't want you to cash out of Exxon for Chevron, but I'm just telling everybody else that's the case. I think that I'm going to speak as importantly as I imagine myself for my chalice trust. I sold my oil and it was a mistake. And it was clearly a mistake because we forget how important oil is to our country. We spoke to one oak today. It just shows you the value of it. I think you should have one. I've been trying to go back and forth with Jeff Marks about what to do. I would encourage you to stay in Exxon. If you, if someone's watching and listening and they don't own one, go for Chevron. These are for the, these are known as E&P plays. And I think you just own it and take it from me as someone who wishes that he had not sold his one oil. It's really good to have one. It'd be up 34% your date is great. I want to thank you for your kind words. Just hold on. And new people who are thinking, wow, Jim really likes to own an oil. The oil that I like to own is Chevron. Now let's talk to Michael in Florida. Michael. Jimmy. Hi. First, let me say that the new book is great. I've read everything you've published since 1984. It is back that far. It is back that far. Thank you so much. Yeah. It's indispensable. I have a question about the gold miners. Obviously that have parabolic moves this year. They've come down a lot. They bounced beautifully on Tuesday with, with the market, something like 10%. I know what your favorite, I know what your favorite is, but there's one, the largest one, which has a woman CEO, the first one in 104 years at Newmont. And I think the only one in the industry, she's really interesting. And the favor I want to ask, would you consider having her on as a... Tomorrow. I have her on tomorrow. I do the show Saturday. I do the show Sunday. She come any time she wants. I like Newmont. Do I know it as well as I think I know. What I like to hear about why it's better than I think, or really great. Absolutely. Newmont has really been quiet other than in very, very many years ago when I spoke to them. them. And I do think that look a goal, a high quality gold miner, I like Agnico just because I feel like that I've known them forever and they're so consistent. But I would love to have, and I'm not even going to get you, Natasha, to come on the show. Owning a gold stock is very important. And I think that owning gold is incredibly important. So let's, for those who listen to me, again, we're talking about for everybody, not just for Michael. I prefer to own the actual gold and then I prefer to own gold miners. We get our gold from Costco. It's just been something we accumulate. Let's go to Scott, Wisconsin. Scott. Hello, Jim. Scott, what's up? The aerospace and defense stocks have been going down for the past three weeks. Aren't these the companies that make all the weapons that we're using in the war? And what companies would you recommend that manufacture the bonds? Lockheed Martin, Jim Teichler does a great job. The fact that the stock is down in the last few weeks is actually a terrific opportunity. I like that very much. I also like Boeing. Boeing I own for my chapel trust. I feel better that I don't own a gold stuff for my chapel trust. I feel better that I don't own an oil, but we do own Boeing and I think that's just a terrific, terrific situation. A lot of things have changed in the world since Feb 28. The idea of owning outright of military and defense stock, they have not been that great until now. The president obviously wants a bigger defense budget. Lockheed gets more than, I think Lockheed does a great job. Teichler does a terrific job. And that is the straight four one to own. And that's the one I would tell you to buy. Let's go to Carol in New York, Carol. Oh, hi, Jim. I'm so glad I got to tell you directly. You and Jeff outdid yourselves again last week's conference call. It was really great. Thank you. Thank you. So what are we doing now? Okay, so I'm 74. I have some new money to invest. I have a two-part question. One about overall allocation and the other about what to put the new money in the timeframe. I may have overestimated rather than underestimated my longevity. So what should my allocation be? And can a percentage of it still be in my individual club stocks? And for the second part, about putting the new money to work, should the equity still go into the S&P and what type of bond funds? Okay, well, we're always going to like the S&P. I want to talk to you about this notion of 74 and what you do. A lot of people your age bet against yourself. Time to scale back. I hear it all the time. Time to get the cash, whatever. And then you turn 90, you don't have enough money. And I want you to think that you will turn 90, that you will turn 95. I watched this. My father was 92. And had he decided that he wasn't going to invest anymore and take his money out, like everyone told him to do and put it all in cash on 80% bonds, he wouldn't have enough money to live on. So we're going to bet with ourselves, not bet against ourselves. Now what I did and how to make money in any market was I put literally a group of stocks in that I felt people who were worried about just being in the medis and worried about being in the Amazons, well, you can be in the one oak. So you can be the enterprise product partners. In other words, you can switch. You can go from aggressive growth to more dividend oriented stocks, ones that have to pay a consistent dividend. I'm in favor of that. What I'm not in favor of, and I also always love the S&P, 50% S&P, 50% individual stocks. I emphasize that throughout the book. I'm in favor of the indices. A lot of people feel, oh, Kramer's a gun or he likes the stocks. Why can't the people who only like indices ever agree that it's okay to own a stock? Why do they think? Why don't you, Warren Buffett, you could own the index. So, doing this, we better own his stock. I think that the bias against individual stocks is sad and pathetic and is done by people who want everyone to be an amogenized product and they think they can check their brains at the door. Why didn't they go to the millionaire's lunch that we held for Jensen? Why didn't they go to the millionaire's lunch? Because they weren't millionaires. But Jensen made the millionaires millionaires. We had a lunch here because we told people to buy NVIDIA. It was not a fluke. We told people to buy Apple, not a fluke. There are a lot of things that are not a fluke. I do get a little passionate about it, but I think you should stay in, Carol from New York, be aggressive. Don't bet against yourself. That happens way too much. People live longer, which is fantastic, but they're out of money, so they have to work every day of their life. My father worked every day of his life, but why? He just loved it so darn much he didn't know what else to do. Next up is Richard in Utah. Richard. Yeah, Mr. Kramer. I have a question. How many individual stocks should an investor hold in their portfolio? I think that when you do more than 10, you run out about the problem that you can't do all the research and you're kind of like a mutual fund. In how to make money in any market, what I suggest is having five and then having S&P 500. Five, you can keep track of one. I'm a speculative. I deliberately try to be as conservative as possible in picking individual stocks because I recognize that you could sink your whole portfolio on stocks. I don't want that to happen, but picking five is you can keep track of. We try to do it with, look, I have to tell you with what we do, with what Jeff Marks and I do with the club, we try to give you the right information and analysis for 30 stocks, so that you can pick the five or six or seven that you want that are most comfortable with. That's the way I felt at this stage in my career. I could do the most for you and I reiterate that that is exactly what so many others should do, but no, they want your money and they want your fees. I don't want any of that. I just want you to do well. Thanks to all your callers for these great questions. Much more made money ahead, including my breakdown of Janice Living and Ventos. Both companies are ways to play the growing market for senior housing, but is there a better buy right now between the two companies? I'm sharing where I come down on this. From the rise of the internet, creative winners and losers across the tech landscape, so is the history of PD itself with the revolution, I'll break down what I'm seeing. Of course, all your calls for rapid fire tonight is the lightning round, so stay with me. So two weeks ago, we got this nice little IPO that's done surprisingly well in the face of a chopping market. I'm talking about Janice Living. It's a real estate investment trust that owns senior housing properties, which came public after being spun off by Health Peak properties. That's a broader healthcare reach. Not only did Janice Living price at the high end of its proposed range, but the deal was upsized by 5 billion shares and on its first day of trading, March 20th, the stock opened up 18%. Since then, it's basically been trading sideways, which I consider a win, given how volatile the average has been since then. But maybe that shouldn't come as a surprise. Even though the IPO market has been disappointing so far this year, the senior living place have long been winners in our market. Regular viewers know that I am a huge fan of Ventos, run by the indomitable Deb Caffaro. Since the beginning of 2000, her first full year as CEO, the stock's up more than 2,100%. And including dividends, it's giving you a total return north of 9,200%. Over the past three years, Ventos has given you 112% return total return. Who said you can't make a lot of money in stocks? And it doesn't all have to be in the hyper scalars. And Ventos is the number two player in the senior living space. The big dog, Well Tower, another read, which has given you a 2,202% total return over the past three years. So it's no wonder there was a lot of demand for Janus living after Well Tower and after Ventos. The fact of the matter is, my fellow baby boomers, they're getting old. In the United States, the number of people who are 80 or older is expected to increase by 28% over the next five years. At the same time, we've been building hardly any new senior housing. There were so many problems for a while. That gives the existing senior housing place tremendous pricing power, which is one of the reasons that I've been recommending Ventos for ages. So what does Janus living bring to the table? First and foremost, it is a pure play. Now look, I love Ventos, everybody knows that, but it doesn't only get about 60% of its earnings from senior housing. They've also got a bunch of outpatient medical properties and research facilities. Well Tower is 85% senior housing. Janus is 100% because it was created when Health Peak decided to spin off its senior living business. Plus, they're not just a landlord. Their entire portfolio is company operated. That's a Janus living is a much smaller player than Ventos or Well Tower with just tooth, 2,422 units across 34 senior housing communities as of the end of last year. That's pretty small. By comparison, Ventos has 80,000 units. Well Tower has got well over 100,000 units. But the properties Janus owns are located in popular retirement markets. Florida and Texas make up 69% of their footprint. Philadelphia makes up 9%. I look, I'm biased. Philly is a great retirement city. I set my dad as an example, but he never really stopped working even when he was about to die. Actually he was working like the day before. Now 15 of Janus' livings, 34 senior housing communities are what they call, quote, life plan communities, end quote. Which that's like an old folks campus that offers a continuum of care. Everything from independent living to assisted living to basically hospitalization. It's like a free range nursing home. Because there's so much flexibility, people tend to stay a lot longer than they do in traditional senior housing. Put it all together and I think Janus has a good story. Even though there are some complications I'm going to share with you. This company may have been spun off by HealthPeak last month, but HealthPeak retains control of the business and will continue to manage it. So while you can now participate in the economics of Janus, it's still a HealthPeak's baby. That's not necessarily a bad thing, as these guys don't tend to unload their stakes anytime soon. As a result, not many shares trade, which is one reason why the stock's been able to hold up in a very tough market. The numbers are tricky though, because there's been a lot of deal making and related party transactions. But I can tell you that Janus is plenty proper with nice growth, including same local, I'm sorry, same location, net operating income growth, one of the key metrics, although it's a mouthful, for real estate investment trusts, because it means they're getting more earnings out of their existing properties. The balance is pretty solid too. So how about the valuation? Okay, there's no analyst coverage of Janus yet, so we don't have any 2026 estimates for the company. But looking at last year's numbers, Janus had adjusted funds from operations, real estate investment trusts, equivalent of earnings of about $170 million, and with a market capitalization of $6.3 billion, it's trading at roughly 37 times last year's numbers. Now that struck me as high, but when you look at Ventos and Welltower, they traded 30 times last year's numbers and 46 times last year's numbers, respectively. Janus is right in the middle of the range, pretty reasonable. If we look at 2026 numbers using the consensus estimates for Ventos and Welltower, they're trading at 26 times and 37 times funds from operations. Early investors are willing to pay a higher multiple to own something in the senior living space. We'll have to see how the estimates shake out for Janus, but I got it to this pretty encouraging. I hopped to divide. It looks like Janus will be paying $0.57 a share. That works out to be nearly 2.5% yield, or part of Ventos and roughly 100 basis points above Welltower. In the end, the senior housing market is on fire right now. Baby boomers are getting older, yet there's been very little new building as Depp Kefar from Ventos always shared with us, which means that within a few years we're likely to see a senior housing shortage, hence the strength of Ventos and Welltower and the success of the Janus living IPO. But which one should you invest in? I can't dismiss the fact that Welltower has been the big winner here in recent years. They've been aggressive in their acquisitions and they've worked very, very well for them so far. But at this point, Welltower is the most expensive stock in the group with the lowest dividend yield. I can't blame anyone for wanting to stick with Ventos. What's the phrase? Dance with the one who brought you? Well, Ventos is the one that brought us a nearly 20% average annual gain for over two and a half decades. It's also the cheapest of the bunch with the best yield, 2.5%. I love this great company that Depp Kefar was building. It's an attractive today, as has been at any point over the past couple of decades, maybe the most attractive. But the bottom line, Depp holds your ears. Janus living does look pretty darn good too. He's much smaller than the others, so has the potential for much faster growth too. I also like that it's a real pure play on senior housing. The markets they operate on real solid as does the strategy with those life playing communities. Since this is a newer story, Janus is technically riskier. It's more of a leap of faith at this point. But it's a leap of faith that I'd be very comfortable making. Depp, money's back at the break. Coming up, you've got questions. Cramer's got the answers. Get charged up for a fast fire lightning round. Next. It is time to talk about the lightning round. I'm going to start with Sam. It's a way of Sam. I'm going to start with Sam. I'm curious what you think about opportunity in trade desk. So they do have real competition. And the competition is Amazon. And I know, I think it's very interesting that you have talked about the insider buying, but you've got to see a couple of quarters that have something going for it. If you want to take a shot at it at $22, I'm willing to bless that. $22 is very low. Let's go to Chris in New York, Chris. Hey, Jim. How you doing? First time? I'm doing fine. All right. Real quick. I know you busy, man. Real quick. Oh, no. I've got time. All right. ROCK, Gibraltar Holdings. Yeah. I mean, boring company, but there's nothing that would boring. The problem is, is that I'm going to be bored. I want to have a yield. If I'm going to be bored, I want to have some growth. If I'm going to be bored, I want to have up stock. You don't have any of those right there. Let's go to Scott in Minnesota. Scott. Hi, Jim. Third time caller, club member and long time viewer. Thank you for everything you and your great staff do. Love it. Thank you. Bye. I'm going to be a big seller. Holds so tight. I sort of $15.00. I said, how the heck could it be that low? I remember I was in 30 people like that. 15, how am I going to cut and run? It's good. I did not like it that price, but other people did. Let's go to Romeo in New Jersey. Romeo. Hi, Jim. It's Romeo again. There's someone calling in about Oaklo. Yes. See, I think Oaklo, well, not a science project, not a science project, has very little prospects for making any money, any time in the future that we think is important for a stock. Let's go to Steve in Carolina. Steve. Hold a cow. Am I on the air with Jim Kramer, the king of making and testing education and entertaining? Thank you. Thank you. Now let's help the big buddy too. What's up? Well, I've been interested in stock. I think they seem to be doing extremely well. It's bread financial. Interesting company. Very interesting company. I want to spend some time because we typically do not get fin texts that I like on this show. So what I want to do is I want to hold a Ben Stotto and talk about why this one is better than the others. Let's go to Larry in Illinois. Larry. Luiah, Jim, calling from the proud state of Illinois, all month of kind of four bound fighting the lion eye. I was calling you about TBR. This stock has had quite a run. It's a parabolic move. I wish I could have recommended it earlier. I can't recommend a parabolic move. It's just too straight up. We have to wait for a pullback. And that led to Jim's conclusion of the lightning round. The lightning round is sponsored by Charles Schwab. Coming up, wondering how to pick winners in this market? Kramer is giving lessons from his own past to help you figure it out. Next. Today kick off the trading day with Squawk on the Street. Live from post nine at the NYSE. You know, you have disputes, David. You have disputes. You don't just sit there and say, come on. We'll see what happens with global star back to back. It all starts at 9am Eastern. Oh, yeah, Jim Kramer. I'm a first time caller. I have to tell a member I want to thank him for being the Peacus Champion of Investment. Thank you for helping me become a millionaire. Let's talk some internet history. It was a real Wild West 30 years ago, back when I started the Street.com. We had so many sites, so many portals. I had to fill in with somebody, right? I had to fill in with everybody. I met with Alta Vista, InfoSeq, Xite, Lycos, but I took a pass on the floor. I tried to do some work with Microsoft's joint venture with NBC called MSNBC. Finally, I decided to spread myself thin, partner with America, and online ABCs Go and Yahoo, which gave me some pretty powerful partners. Why do we pick these three? We wanted scale. My guess was that these three would have more than the others. Now for a second, though, did I think that those I didn't pick would go under and just in a couple of years? Now, I looked like a genius for about a half dozen years. I wasn't a genius, though. I had no idea that some outfit named Google would more or less wipe out these partner sites and don that everything on the web. It was literally a winner-take-all, loser-take-none situation for almost all the companies mentioned. If you had an online publication and you didn't have a relationship with Google, you were toast. Now, those of you under 40 probably never even heard of most of those companies, but back then they were all very, very powerful. I was trying to run my hedge fund and the Street.com at the same time, so I was desperate to figure out who was wasting my time. We had a partnership with the New York Times, joint newsroom. We were legit. We had tremendous information from all our investors, all of whom were extremely strong. I was very much in the thick of things, yet there was no way to tell whether we should throw in our lot with an infosteaker out of VISTA. They were so huge. Mark O'Lan was one of many. They and Yahoo! sort us out, so that made it a little easier. I went home every night at 11 p.m. worried that I'd hitch my wagon to losers, not winners. I bring this up because right now, at this very moment, people all over the world are trying to figure out the winners and losers from AI. They're trying to figure out who's like us or Yahoo! or Mark O'Lan. They want to determine who will turn out to be Google, ruling the Rooster, who will be out of VISTA and going nowhere. In retrospect, it seems obvious, but it wasn't obvious back then at all. I was thrilled to get a meeting with InfoSeek and forever grateful for my time with the machine Zoom with an axe. Cut to now. We got ChatGPT and Croc. There's Gemini, Metat, AI, and Co-Pilot, Claude, Perpleximate. They all seem like they'll be in the mix, right? Etch-It-And-Stone winners. I can tell you, though, one of those is going to be a miracle online. Another could be InfoSeek, meaning no future. There might be a Yahoo! Meaning it'll survive but lose its relevance. And another's going to be going like us. Maybe like last time, there will be only one Google. Back then, though, it was inconceivable that this would turn out to be winner, take all, and losers take none. It was even more inconceivable that other than Yahoo! they pretty much all disappeared. Maybe one of those AI platforms needs to be thinking about what happened back then. You don't want to be loser, take none. Sure they all have money, but so did the internet players during the dot coming. People were throwing money at them. They didn't save them. Maybe there'll be more than one winner this time, but I do know that not all these AI players are going to make it. Because sooner or later, a handful will break away from the pack and leave the rest of the industry in the dust. But it might come at a huge price as the equipment and the infrastructure cost fortunes. Maybe though, if you don't pay up, you will be the next like us, the next infoseek, the next loser, yes, with a capital L. I like to say this always for MarketSummer. I'm sorry, just for you right here, I made money. I'm Hugh Pramer and I'll see you Monday. 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Leadership can look in many, many different forms. It really does come down to just trusting yourself. Life is short and you just gotta think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Powerplayers, new episodes every Tuesday wherever you get your podcasts.