Speaker 1 (00:00:03):
From the library of the New York Stock Exchange at the corner of Wall and Broad Streets in New York City, you're Inside the ICE House. Our podcast from Intercontinental Exchange on markets, leadership and vision and global business. The dream drivers that have made the NYSE an indispensable institution of global growth for over 225 years. Each week, we feature stories of those who hatch plans, create jobs and harness the engine of capitalism, right here, right now at the NYSE and at ICE's Exchanges and Clearing Houses around the world. Now, welcome Inside the ICE House. Here's your host, Josh King of Intercontinental Exchange.
Josh King (00:00:46):
We once had an ironclad rule here Inside the ICE House. If a guest wanted to be on the show, he or she had to actually be here Inside the ICE House, sitting with me, here in the library of the New York Stock Exchange. Our last outside guest for which that rule applied was back on episode 164, which we posted on March 9, 2020. Let's take a listen to a clip from that show. From Milan, Jim, to Philadelphia, your Flyers are hosting the Buffalo Sabers tomorrow night-
Jim Cramer (00:01:17):
They look good.
Josh King (00:01:17):
... at the Wells Fargo Center.
Jim Cramer (00:01:17):
They look good.
Josh King (00:01:18):
You think we'll see empty stadiums in the US?
Jim Cramer (00:01:20):
Yes. I think, that in the end, my school district just closed today, which is Central Bucks West, was where I lived after I got out, when I was at my hedge fund. What was shocking as, by the way, national title for football, is that these are healthy people, healthy regions. Yet, what you're trying to do, is discourage people. If you have your kids stay home from school, it does send a signal that you shouldn't go to the Flyers game.
Josh King (00:01:46):
It turns out that the person you just heard speaking, James Cramer, co-host of Squawk on the Street on CNBC and since 2005, 18 years ago, host of Mad Money on CNBC, was prescient. On March 12th, three days later, NHL Commissioner, Gary Bettman paused the remainder of the season due to COVID, with 189 games remaining. 189 games where no food vendors in the stands could earn a living. 189 games where the bartenders working in the pubs around Wells Fargo Center in Philadelphia couldn't earn a tip. It also made things pretty quiet around here at the New York Stock Exchange. The trading floor closed its doors to guard against COVID on March 20th, and wouldn't reopen until the Tuesday after Memorial day, nine weeks later. For more than two centuries, something like that never happened.
This had been a place where buyers and sellers met, discovering the price of stocks through order books on every individual name, creating incomes and careers for hundreds of thousands of people who worked here over the decades and the centuries, but everything has to evolve. The market went fully electronic for a time, and most of the business journalists on television who reported from here, were treated to makeshift home studios, created with technology that networks like CNBC installed for their anchors. Even this humble podcast bent its ironclad rule. For months, Inside the ICE House emanated from a cabin nestled in the relative safety of the great Northern Catskills, its guests appearing through the magic and high fidelity of Zoom. But, now it's a new day. We're back in our old haunt. A lot of work got done in the intervening period throughout the NYSE and on its trading floor to modernize and protect those who work here.
We also did a lot of talking with our friends at CNBC who have had a broadcasting presence here since the mid-1990s when Maria Bartiromo did her first hits by dodging elbows on the floor while a camera tracked her movements from the galleries above. When we come back, we ask, "Can we grow together?" If you visit today, one of the startling things you'll see sitting right beneath the bell podium, is a brand spanking new set for Mad Money that will get its official debut today as Jim Cramer continues his 18th year on air, as he says, of his simple mission to make you money, to level the playing field for all investors. To now grate the new studio and to open the curtain on the next chapter of Jim's long running love affair with his legions that he entertains, but also educates and teaches, we've got Jim Cramer Inside the ICE House, right after this.
Speaker 4 (00:04:26):
And now, a word from On Holding, NYSE ticker O-N-O-N.
Speaker 5 (00:04:31):
Pause is essential. It's part of the process.
Speaker 6 (00:04:40):
Training doesn't end where my body stops moving.
Speaker 10 (00:04:43):
Recovery looks different for every athlete. We have different needs, different goals, different abilities.
Speaker 5 (00:04:49):
One thing we share our bodies need time, time to heal.
Speaker 10 (00:04:55):
The moment I stop training for the day, what people maybe don't realize is that the training is still going on.
Speaker 6 (00:05:03):
In a way, the training never ends. The journey just starts again.
Speaker 5 (00:05:11):
Pause this sanctuary, familiar your spaces and comforting routines. It clears your mind and rebuilds your body.
Speaker 10 (00:05:23):
Let the healing begin, time to reset. There's power in pause.
Josh King (00:05:31):
Even before he graduated magna cum laude from Harvard many moons ago, he was already hard at work helping to explain the world. From his role as editor of the Crimson to his first gig at the Tallahassee Democrat, he was always endeavoring to uncover the truth. At law school, also at Harvard, he merged that vocation with investing and before long was at Goldman Sachs and eventually running his own hedge fund, Cramer, Berkowitz & Company around the turn of the century. We first saw Cramer on CNBC and since 2005, he's been telling us like it is from behind that desk and occasionally, on the couch of his Mad Money set. Welcome, Jim, to your new, old home at the New York Stock Exchange.
Jim Cramer (00:06:14):
Oh. God. I'm so glad to be back here. I just love it. Thank, Josh. This is a great opening, The ICE House, I just think it's fantastic to be in person, and the place is home. I was telling my wife, Lisa, I feel like exactly the way it was 40 years ago. I'm three buildings from where I walked in, just was enthralled by the engine that is the New York Stock Exchange. I got to go when the first time, of course I got knocked over, second time, I got knocked over, third time, but then I started realizing don't get knocked over. Get out of the darn way, and it was the level of excitement. I remember calling pop, my late dad, and just saying, "You know where I am? I'm on the floor of the New York Stock Exchange." He said, "Can we ring the opening bell?" I said, "Pop. No. No," but you know what? Before he left this earth, he got a chance to, and it is one of the greatest things. Throwing out the first pitch, maybe flipping a coin at Super Bowl, ringing the bell, these are things that happen that you never forget.
Josh King (00:07:25):
Your dad would've had his 100th birthday last week.
Jim Cramer (00:07:27):
Yes. You saw that? Oh, my God. He was so proud that I was down here. I wish he had known about this set. Obviously, he didn't know about the set, but the Exchange, oh, it was always so great to pop. Near the end, pop couldn't tie a tie, which was a tough thing. So he came here with a polo shirt and I had warned everybody ahead of time, with a jacket. "Look, he can't tie a tie," and everyone said, "All right, we'll let him go, because he's 90." But this place meant to him pinnacle that his son, Jimmy, had gotten to pinnacle. I think pop was right.
Josh King (00:07:59):
I was looking at some of the clips of the old shows last night from your first year on air wearing that white lab coat for the "Am I Nuts? segment. Are we going to see a leather chair and sofa and that lab coat make its appearance on the new set?
Jim Cramer (00:08:11):
You bet you will. We will have interaction with real people. One of the things that has continued in COVID, but has been worse, but was bad was that we're all phone. Now look, I'm a people person. You're a people person. We want to see people in person, look them in the eye. It's more fun. It's more lifelike. I am happy to be like I was in the in Veterans Stadium and I was selling soda and then ice cream, which is like, "Hey pal, what's going on? Yo, chief." I can do all the chiefs and pals. I could do sonny. I could do captain, but how about the person's name and sitting down and talking with them, and with individuals and talking with individuals during the breaks.
One of the things I think people should realize is that I like talking to people about stocks. People always come up to me and they say, "Oh, geezum. I know this is an imposition, but can you tell me about Plug Power?" "So, oh, about Plug Power, sure. Andy Marsh is up New York State. He paid himself too much money. I'm going to try to have them on the show, try to get that explanation." Then people say, "Hey, well how about Tesla?" "Okay, well, Tesla, was up at 900, down to zero." I love it.
There's a great construction guy that I pass every day here and he's always saying, "How about this?" Or, "How about that stock?" It's like, to me, that's heavenly. I don't know whether people realize it, but that's my currency. My currency is to talk to real people about stocks. Until I came down here, remember we're coming down here and leaving Englewood Cliffs. Now, Englewood Cliffs is a very good place to work if you don't need the energy of the Exchange. Look, I worked there for years. I liked it, but it's time. It's time to come home. It's not like it was. It's not like when I worked at Goldman, which was right here, 55, 85 or then my hedge fund, which is, was it 100 and then the 14 wall, and all these places are home.
Josh King (00:10:15):
Talking about outside Jim, like the corner of Wall and Broad Street, you tweeted a picture the other day of 1 Wall Street about to open its doors on a new flagship, Whole Foods Market. I remember some of the days, even while I've been here when we've improvised a Mad Money show out in Experience Square, can you imagine bringing people back for a beautiful summer day like today?
Jim Cramer (00:10:36):
Oh, I think it'd be amazing. By the way, Whole Foods is owned by Amazon. I'll hit them. Lifetime just came public again. They were closed before, I'll hit them. I hope that when they open their stores, maybe we can get the Amazon people. I don't know. Look, if we can get Andy Jassy, that's terrific, CEO of Amazon. The closing bell is a big deal. What I hope will happen is CEO comes here, rings the closing bell, gets interviewed by me. Hopefully, even maybe talk to them beforehand, talk to them more at length, maybe talk to them on air, and then talk to them from my investing club, which has a lot of people in it. This is a chance for everybody to up their game. I think that if a Mike Wirth from Chevron is down here and you can't hit the opening bell, I want to see him at the closing bell.
The CEOs who are in New York every day for conferences, there's conferences every days on every day, Monday, Tuesday, Wednesday, Thursday. What they should do is when they're done with their conference is come down here, speak to you, get the closing bell gig and come on Mad Money. It is the most unbelievable, iconic thing that could possibly occur. Think about it, you're CEO. You got to go to a Barclays conference and while you're here, you'd like to check in, see me or go to your post, whatever sees me. Then you hear, "You know what? There's a show, Mad Money from here. Let's set that up."
The next thing you know, the guy's on TV, lots of viewers, and it's not a waste of time just to come to New York to speak to 30 hedge funds. So this is one of the calling cards that I think that we have together in our partnership to really make it so that people recognize, ""You know what? What a destination, iconic destination." I said to Lisa, I said, "Listen, Lisa, I think it's going to be a tourist attraction," and she said, "Your head is too big to get through the door." She goes, "Yeah, I'll believe it when I see it." I'm inviting her down here when we start, because I think she doesn't realize how special this place is. I wish people could see what this place is like, because this is a hallowed place, and it is, the floor of the Exchange, to me, it's heaven.
Josh King (00:12:50):
For those who have not tuned in part of that 18-year run that you've had, give us the Mad Money, origin story. How did it come about?
Jim Cramer (00:12:57):
Well, okay. So I was doing a radio show called Real Money, and what I did was set up a monologue at the top and then I would play am I diversified pretty much every day, or do a danger zone, interview some people, and then do a sum up. When the previous CEO of NBC had heard about it, this Jeff Zucker, he said, "Why don't we just do that as a show?" I said, "Well, we have buttons. We need noisemakers. We have to make it exciting. It has to be educational." I thought all those things would be what he would say is, "Oh, I'm sorry, we can't do that. We're a stock network." Instead, what he said is, "Oh, so you want to talk to the every man?" I said, first of all, every person, and I said, "Yes," and he said, "But what's that like?" I said, "Why don't you tune in to the radio show? I speak to people all the time." They say, it's Jack Johnson from New Orleans, "Jack, how you doing? I'm going fishing down there in July for the tarpon competition."
It's the way people talk. What I was trying to do, and what I'm trying to do now is to demystify. See, I think a lot of people come on air or a lot of people you see interviewed, they always are confident and never make a mistake. They never admit to making a mistake. They have a viewpoint that will never be contradicted by events, and I'm the opposite. I'm like, "Wow. I cannot believe I said to buy the oils yesterday, oil's down six bucks. What was I thinking?" Well, I'm saying it, because what I need people to do is to recognize that if they're going to do stocks, you're not going to be 100%a. Nobody's 100%, and I don't want them to be discouraged. Now, there are a lot of people who said, "Jim, you're encouraging trading."
Those are people who never watched the show, because the show is about, "Okay, look, I don't care that Chevron went from 90 where we said buy it to 170 and back to 140. We think that there's a great long-term opportunity with Chevron." What we're really trying to do is a minimum of six to nine months when we talk about something, that's our range. People who say it's a trading show are people who just say, "Well, you know what? He was a hedge fund manager, so it's trading." I've given up that hedge fund and put it in my past. That's not what I do.
Josh King (00:15:16):
We did that 15-year anniversary opening bell the last time you and I sat down to do the podcast. How did you pivot? Because it was just a couple of days later going from being in Englewood cliffs to having to improvise, and yet, you were also one of the first people from CNBC back into Englewood Cliffs. You were there when no one was in the building.
Jim Cramer (00:15:36):
Right. I was the only guy there. Well, look, of course, I play at the behest of the network, which is incredibly good to me, but I didn't take any vacation during COVID because I just said, "You know what?" Again, the contrast in my head is, "Am I full of myself that the people want to hear me, or do they want to hear me and I'm letting them down?" I think that the letting them down is the course that I take, and I'm not going to let people down. If they're worried, if they're nervous, if they think that this is a tough time, then where's Cramer, and is Cramer hiding? There's a CEO this morning who wants me to interview him and it happens be a day I have off, and I don't have a lot of days off, and I said, "No." I know by the end of the day, I'm going to call him and say, "Yes," just because I don't like letting anybody down.
That's actually a problem in my life that I don't like to let everybody down, but I've been given a skillset and given an opportunity by the network and now by the ICE House to really change things, to get it so that people say, "You know what? Even though stocks have been tough, I think that this is pretty interesting. I put this show on. This guy's right on the floor of the Exchange. He's explaining people to me." What will happen is this: after 17 years into my 18th year, you'll dial around, and what you'll see is something that is spectacular, dazzling. It is the best-looking set. I'm amazed. I went and thanked everybody last night for what they've put together. It's a labor of love for many people, but I got to thank them because, oh my, is it gorgeous?
You should have heard some of the conversations that we had with people like Steve Fastook, Mark Miller and others at CNBC. When we really want to build the new Mad Money set, if you're going to have a lighting trust, it can't be the off-the-rack, black metal lighting trust we got to paint it gold to fit with the rest of the super structure of the place. No detail was spared. I think that the care with which this set is designed is something I was describing. I said, "There's nothing on the network, there's nothing on NBC, CBS, there's nothing on the NFL Today there's nothing on ESPN that compares to this". I know that sounds like hyperbole, but it's really true. I hope people come down and see it and get to see it, because it's finally up to the technology that we have. There's nothing that isn't state-of-the art. I just think that it's something if you dial around, you'll say, "Whoa, what's that? I got to watch that," and that's how new people come to the show.
Josh King (00:18:27):
But it's also going to play to your unique physicality too, because you do your morning shows sitting with Carl and David on the set, but Mad Money, you are on your feet. Your sleeves are rolled up. The cameras are steady cameras. They're moving around fast, and this place lends itself to you not sitting still. You're actually at a brand new desk. You can tell me about its new features that we're going to roll out, so you can still do what we know you do in Englewood Cliffs, but you have a lot more elbow room to move around.
Jim Cramer (00:18:55):
Well, look, I got a lot of ideas, so when I was growing up, I loved Johnny Carson. I'm now thinking, "Listen, we got to put a desk down and we got to have some chairs. When you've been doing it one way for 17 years, and you got a chance to be unleashed as I will be here, holy gal, I can't wait.
Josh King (00:19:11):
I remember the interview that you did with Speaker Pelosi up on the gallery-
Jim Cramer (00:19:15):
Oh, it was fantastic.
Josh King (00:19:15):
You can come up to the 1792 Restaurant. You can do a lunch shot with the Cramer. The possibilities in this building and this neighborhood are endless.
Jim Cramer (00:19:23):
We did stuff with Mike Wirth of Chevron upstairs. I got to meet the board of Pioneer PXD upstairs, because that's where they hold their meetings, which is fantastic. There are many CEOs we've done. The previous CEO of Boeing, we did upstairs. I think that all the different venues here are incredible. When they put the lights on for Mad Money and the turrets, it's just like going to Steph Curry in the Golden State Warriors.
Josh King (00:19:50):
So what was the reckoning that you and Lisa and your family must have had somewhere in the middle of COVID to say, "I've got at least another chapter of Mad Money in me, but I also have had the other type of Cramer interest that I've had. Let's all consolidate it at CNBC. Let's create the Investor Club?" What's the Investor Club?
Jim Cramer (00:20:11):
Okay. The investing club is something, all right, now candidly that started with thestreet.com, a company that I started in 1995. What it was, was a way to be able to demonstrate open-handedly with everybody being able to buy stocks before I can, or I would freeze it if I had mentioned it on radio or TV. It's a way to be able to demonstrate the way a portfolio works, and what we did was we put $3 million in it. We gave away $500,000 last year. We've given away more than we put in now. When you start a company like The Street, it's very difficult for you to just be able to say, "Okay, I'm leaving now. I'm going over to CNBC," but we had a takeover and one that I voted against. I started the company and I lost the company, but everything worked out okay, because I got to go to CNBC with no hard feelings. What am I going to do? Look, I had allegiance to stay for a little bit, but the fact is is that I wanted to be at CNBC with everything.
It became really difficult as I got older to do a full-time job at The Street and full-time job at CNBC. I'd rather just do a full-time job at CNBC. I like the people at The Street very much and I always will, but this is where I can do the most impactful journalism. I have such nice people who are subscribers and I love the interplay. Again, it comes back to something that I wish that other people would do. I like to talk to regular people. I was at the coffee cart today and there was a contractor, a guy with an orange shirt who's working on one wall, and he goes, "Listen, it's just too painful. What do I do?" I think that he expected me to shrug my shoulders, but instead said, "I don't know, what are you thinking?" He goes, "Well, I don't know. I'm losing some money". I said, "What kind of stocks you doing?" He said, "Well, I'm bidding on this ..." It was some Yahoo, NASDAQ thing.
So I said, "Hey, you know what? The index funds are for you. You got to swing a sledge hammer. You're working all day. You can't follow index funds." He goes, "I want to buy individual stocks." I said, "Okay, look, if you're going to do that, you're going to have to learn how to do it. You're going to have to watch the show." He goes, "I watch the show." Okay. I said, "Then, we'll teach," and I said, "You' see me on The Street. Give me a stock and I'll talk about it tonight." That was this morning. I know I'll see the guy. He's a real tall guy. He's like 6'5". When I see me always smiles and says "Booya," and I'm thinking to myself, "You know what? When I see him, I'm going to say, 'All right, you said you're going to come up with something. What am I talking about tonight on TV?'" As long as he doesn't say some penny stock, he'll get his wish. I'll talk about his stock."
Josh King (00:22:54):
Let's talk about a couple issues that you talk about in the morning and in the evening, and I know you deal with on social media a little bit, a lot has changed since the start of the pandemic. We had Bill de Blasio as mayor before it, now we have Eric Adams. He visited with you and Carl and David on the Post 9 in late February. You cut right to the chase of what threatens our city crime. I want to hear a little bit of what you said and a little bit of how he responded.
Jim Cramer (00:23:19):
I wanted to follow up on your anti-crime stance, which is well-known. There's a Walgreens down the block, that's Duane Reade. They put up chocolate in the morning and they expect it to be stolen midday. Another one of my stores that I like to go to, it's changed hours, why? Because of theft. I know that you're going to clamp down on this. How do you do it?
Duane Reade (00:23:42):
What you said is so important. They expect for someone to steal it. That's what has happened in the city. We've eroded our expectation to be safe, to be able to have a business, that erosion must stop. We were there before, during the mid-'80s when I was a rookie cop. I am saying, "You're not walking into my stores stealing what you want, selling it on the sidewalk right in front of the store. You're not going to have homelessness in our subway system. We have to stop the normality of the city of being dysfunctional."
Josh King (00:24:16):
Jim, six months in, what's your report card to Mayor Adams in the city?
Jim Cramer (00:24:19):
I like Mayor Adams. I think he's made the police feel a little more emboldened. I think that they are a little tougher, and I think that they've made it so that the person who works behind the counter at Walgreens is going to be backed up, backed up by the police. Now, this is still in its infancy. Yesterday, Howard Schultz from Starbucks closed a bunch of Starbucks because they couldn't handle unruly people, including one in New York. But we need to have a level of interplay with the government where you think you are going to get prosecuted if you steal something. Right now, it's got to be over 1,000. It doesn't have to be punitive. I had someone who stole $1,000 from me. The security guard stole my wallet and the police came. I said to the policeman, "You know what? This guy, he's probably going to lose his job. He's probably got a family. Let's go easy on him." He said to me, "That's not up to you. We have laws, and the laws say that he's stole more than 1,000. He's got to be prosecuted to the full extent of the law."
I said, "I want to speak to the prosecutor." I go to the prosecutor and she said, "Listen, we have laws. Your view doesn't matter." Well, then things changed here, and I don't think there's a perspective that we have lost. I think there's a perspective that it's, "So what? You didn't hurt anybody." What happens then is that the sales clerk, the register person has to be the police person, but they're not set up to do that. We don't want to be like San Francisco. I was in San Francisco recently on Mission Street, and there's a beautiful Target there. There's a woman at the bottom of the stairs. It's got an S clear. She was counting something. I said, "What are you counting?" She says, "I'm counting how many people steal stuff." Then when I was getting out, there was a big diversion at my register that allowed a whole bunch of people, like a jail break, to steal stuff. That is just where we cannot go. I think Mayor Adams recognizes that. The store hours still aren't changed.
The Walgreens in San Francisco, where I am for the CNBC office, a lot of them are shuttered, but I think that if you back up the police and I got the 77th Precinct next to me from my old restaurant, and I would go by and I say, "How you guys doing? What's going on?" They would be like, "Oh, it's the guy, Mad Money guy." I would say, "Listen, anything you need, anything you need." Now, of course, they would never take anything. I think it's important to know that, you always hear like the donuts. I have pizzas. They didn't want anything, but you know what they did want is, "Hey, how you doing? I think we got to get back to the recognition that the police are like us. They're like our brothers, they're like us. I don't understand why people think men and women in blue are some sort of an enemy, that was just so wrong. Now, maybe I'm playing politics here, but I want to go into Walgreens and not feel threatened.
Josh King (00:27:18):
My wife is a psychologist with the NYPD. Her job is to take all the applicants for the police academy, the cadets who want to be a cop. You might think it's a cliche that they are of certain demographic groups from certain parts of the city, they are from all over the city. They are immigrants. They are from every different country, because being a cop in New York, the way it ought to be, is one of the great stepping stones to a great life in America.
Jim Cramer (00:27:43):
Yeah. See, I don't think I've ever met a police person in this city that I have not enjoyed, and it's your attitude. Look, if you come in with some nasty attitude, you're out of your mind. These are the people who make it so that we can walk our streets. I think Mayor Adams uniquely because of his role beforehand, recognizes that we can have people just say, "Well, you know what? We're going to put out the chocolate. I know it's gone by 11:00, but it keeps him from robbing everything else," that's not acceptable, and I know that he knows that.
Josh King (00:28:16):
So, Jim, pivoting from the local to the national, since before and after the pandemic we switched horses from Steve Mnuchin to Janet Yellen, from Donald Trump to Joe Biden. President Biden headed to Saudi Arabia this week. Let's hear what you said on the morning show just a few weeks ago.
Jim Cramer (00:28:35):
What's worrisome to me is the President's, our President's, reaction is to send a letter to the oil companies saying you're making too much money, and that harks back to an era of Jimmy Carter, and the Jimmy Carter, we have windfall tax. It's all the things that just say, "Don't own stocks just don't own them." The President uniquely rebuffed the oil companies who wanted to produce more and instead, is going to go to Saudi Arabia, which you called a pariah and a murder state.
Josh King (00:29:07):
So Jim, the midterm report card on this administration won't come out until after the November election. But if Professor Cramer was holding office hours with his pupils, Yellen and Biden, how would you instruct him how to get their grades out?
Jim Cramer (00:29:20):
Well, first I would tell you that the administration was not happy with my view, and they took me on and said, "Look, oil's going up, and during this period they're producing more oil, so you ought to just drop it." I said, "No, it has to do with respect." When the biggest oil people go to Washington and they meet with Secretary Granholm, why don't they meet with you? Well, because you're busy meeting with the windmill manufacturers." The fact that this is true, it's not ironic. Obviously, it's what he wants. But I would say to Yellen and Biden is, these are Americans. They have not really made a lot of money, well, the CEOs make money, but the companies themselves haven't made a lot of money for a very long time. They're finally making some money, but more important, respect American citizens, whether they're rich or poor, whether they're CEOs or they just began the company. If they want to talk with you about a way to be able to produce more oil in this country, sit down with them. Don't be embarrassed by them.
Do you really think there won't be photo opportunities with the people you called murderers and pariahs, but you won't sit down with Darren Woods from Exxon or Scott Sheffield from Pioneer? That's what I was mad about. They thought it was like, "Jim, empirically, we're now pumping 12 million barrels a day and you say we're not doing anything." My rebuttal to that was, "Are you kidding me? They're pumping it, not you. You're pumping from the strategic petroleum reserve. I just want respect." These people who are in the oil industry have really good ideas. A lot of them have spent a great deal of time trying to clean up the mess they've made, and they deserve it. They deserve something good. I think we're way too cynical in this world. When Mike Wier from Chevron says, "Listen, instead of spending 3 billion to try to clean up our strategy, let's spend 10." That hurts their earnings. It makes people dislike the stock, but it makes me like them. I think that the President should recognize that the oil companies are not villains, and they're people just like you and me.
Josh King (00:31:26):
At one point in your run, you evolved the show, Mad Money, from its original conceit. Here's how you once explained how you approached the show.
Jim Cramer (00:31:34):
When we started the show, people were thirsting for specific investment ideas. I was happy to comply, but the stock market changed over time. We got hit with a great recession, which challenged what we call the entire asset class of stocks, meaning stocks as a way to save and make money. We had many companies, big companies, particularly in the financial world destroyed by the downturn, mostly because they had lent a lot of money and didn't have enough money in the bank to handle the losses that came from a dramatic decline in economic activity. It was a credit crisis. I am proud of the fact that if you watch me, you might have avoided a lot of the downturn, because I shouted from the rooftops that the fed was nuts. They were nuts, and that the situation was far worse than anyone realized.
Josh King (00:32:16):
So Jim, as you begin your residency here at the New York Stock Exchange, has the fed learned its lesson and you continue to plan to evolve the show?
Jim Cramer (00:32:25):
All right. I am a huge defender of the fed, just like that other time when we played that where I was very antagonistic. I think that Jay Powell admits that he started tightening too late, but then I say to myself, "Okay, did he have the ability to deal with and make a judgment about a major public health issue?" Which was, at that point, Omicron. Does he really? Is it really his fault that he didn't understand COVID, for heaven's sake? Look at the Chinese. The Chinese are still trying to deal with COVID and they're not even using our vaccines. They're trying to do this lockdown, which we found was very unsuccessful and they will find very unsuccessful, so I think Jay saw that. Then I also think that Jay is uniquely pro-worker and wanted to be sure that everybody had a job because he felt that was his job. Then once that was in the bag and once inflation really was tearing, that's when he acted. He should have acted three to six months before that, but not three to six years before that.
There's a lot of people who can sit in this chair who are hedge fund managers and they are so critical of him. They're probably short or they don't have a lot of exposure to longs. They always just say, "I wish he'd do this. I wish to do that." Well, he could wreck the markets if he did it wrong. He actually caused the bottom, if you take a look during the period of when COVID first raged. He went on to Today Show, that was the absolute bottom and said, "Listen, don't worry. We're going to do everything we can," and he did everything he could, and then some, and then some we have to repeal. But if Jay were here, I would say, "Job well done. I wish you had started earlier, but you're a dedicated public servant. You have spent a huge amount of time defending what you've done through a president that was a little crazy and then another president who's really not fond of capital. So I believe that Jay Powell has done hiss absolute best in a very trying moment, that we're going to come out of this thing really well, really strong.
Josh King (00:34:21):
It would be great to have him at the new set.
Jim Cramer (00:34:24):
Oh, I'm going to try to get Jay. It's funny you mentioned that. When my wife did her launch party for her mezcal for fosforo, she goes, "How about if I send an email and I sent a message. I invited Jay Powell? You talked about him enough." I said, "Go ahead." We didn't hear back, but that's all right. I think that you're absolutely right. He should be one of my principal people that I want here. Absolutely. I interviewed Paul O'Neal here. Right? When he was a treasury secretary, what had happened is he said, "Look, I'm not going to come to Englewood Cliffs, but if you come down to the New York Stock Exchange, my entourage will say he can be interviewed." He came down and he's very fascinated. He wanted to be really fascinated about ringing the opening bell-
Josh King (00:35:14):
Yeah, I remember that.
Jim Cramer (00:35:15):
... because he had been in Alcoa, and it was a delight, but he wasn't going to come to Englewood. I wasn't going to miss out on the opportunity interview him.
Josh King (00:35:23):
Talking about Englewood and Lower Manhattan, those who've watched your show since the inception have seen that set evolve. They've come to regard the totems, like the picture of you and your dad at an Eagles game as part of the terrarium of your life as you've called it, keeping them company every night from 6:00 to 7:00. So I'm thinking when they imploded the Vet back in 2004 to make way for the Link, what stays behind and what comes to the new home?
Jim Cramer (00:35:49):
All right. By the way, when they blew up the Vet, I got cuff links made up of the chairs they made the chairs and they put them on cuff links. What waffling on what to take over. II used to have a lot of pictures of me looking like Lenin. I think those can stay home. I like all the bulls from the different colleges we went to. I think that those would be great to have. I like the buzzers and we've got the whole soundboard and it's really good. I also would like, of course, to have some Eagles things. I hope we have room for my father's chair that Jeff Lurie, who's the owner of the Eagles gave to me the week after pop died. That would be a tremendous thing to keep that. At the same time, I recognize that the space is limited and the space is gorgeous and I don't want to junk it up. It's too special.
Josh King (00:36:43):
Did you exert a lot of your design sensibility on it right now?
Jim Cramer (00:36:48):
That's an interesting, because this is where if my mother alive, she would say, "Jimmy, why did you not get more involved?" I'd say, "Mom, everybody's been so great, and everyone's worked so hard. They are doing such a great job for me. I don't have to do it." Then she would say, "As long as you thank them, okay with that." But when she saw that someone was knocking themselves out for me, she would back down and say, "Listen, don't get involved. Let the pros handle it," especially because, by the way, lighting sound, these are things that I don't really understand, but you've got people here who I think could work at the greatest movie, or do the greatest sound system at a Broadway show and find this situation a challenge and meet the challenge. That's what they've done. This is very challenging set of circumstances and I see the pros at work and I stay back. I can see someone saying to me, I said, "You know what? That lighting over here, I'm not sure," and the guy immediately saying, "Hey, did I say anything about buying IBM at 140?" I said, "Okay. Okay. Okay. You're right. You're right."
Josh King (00:38:02):
How is this actually going to change your life, the sheer time saving from having to travel up the West Side Highway, over the GW Bridge, up the Palisades to Englewood Cliffs again?
Jim Cramer (00:38:12):
Three-and-a-half hours. I've timed it. I'm going to have three-and-a-half hours back. Now, look, I have wifi. I can write that, but three-and-a-half hours where I am sitting in a car and just boiling because of the traffic. Yesterday, we were trying to cross over the GW and there was a tie up and there was an accident, and I knew, I said, "I'm done. I'm done." I called my team, and I said, "Listen, I get a sandwich. Like the sandwich at 11:00." I said, "Look, you don't have to get the sandwich till one, don't rush the sandwich. Don't rush the fruit bowl, because it's insane." It's probably because you can't control traffic. The single thing that's out of my control that bothers me the most in life, I know that traffic shouldn't bother you, there's real issues. I don't mean to minimize anything. I'm just saying that if you, for 22 years, have gotten in the car to go downtown, uptown and Englewood and the GW you have come to learn that you can't tell anyone what time you're going to be there.
Josh King (00:39:16):
Three-and-a-half times five times 52 is a lot of hours.
Jim Cramer (00:39:18):
A lot of hours, my wife is so happy. Oh, my God, she's so happy. She was talking to me the other day. She goes, "Look, this is so great. I can have you right on the corner." I said, "Well, how about One wall? Should we buy an apartment at One Wall. She says, "No, I'm not going.
Josh King (00:39:31):
... Have you taken a tour. They're beautiful.
Jim Cramer (00:39:34):
My wife will let me look at them, because she says, "Look, we're not going to satisfy you to that point. We can't. We're just not going to have it. So you can roll over, and I have to lose my office," because we have a place in Brooklyn and I keep telling her, "Let's just go see. There's a Lifetime. There's a Lifetime. There's a Whole Foods, but she's not giving me the high sign yet.
Josh King (00:39:56):
So Novak Djokovic, at age 35 won his 22nd major on Sunday at Wimbledon. Tiger Woods, at 46 is going for his 16th Major at St. Andrews this weekend. Tom Brady, at age 44, going for his eighth Lombardi trophy when the Bucks open training camp in two weeks in Tampa, there seems to be no expiration date on our sports legends. Is there one for our legends of financial journalism?
Jim Cramer (00:40:18):
All right. So today I got up at 3:30 for my workout, 3:30 to 6:30. Boom, got to get that job done. I was talking to my trainer and I said, he's been with me for 22 years. I was telling him about the Stock Exchange and now I'm moving. He said, "This one action, which takes you out of that car for three-and-a-half hours should buy another 10 years. You get another 10 years. So the expiration date may be 77, but I am so thrilled. I told him, I said, "Listen, I need to be jacked by opening day. But it's funny, I was on the metaverse recently with Meta, with Mark Zuckerberg. He drew the picture of my avatar and I said, "Hey, you have me jacked, because I knew you'd like that. Well, when I get down here, I told my trainer, I said, "Look, we are going to work every day to get younger. I said, "We are on the Cher Turn Back Time tour." That's what I want to do in order to be able to be proficient down here. I got to look the part.
Josh King (00:41:23):
So as you always have, you're beginning the routine at 3:30 in the morning-
Jim Cramer (00:41:28):
Josh King (00:41:28):
Doing the workout, reading the research, getting ready for the shows, have your sources of information at that hour changed over time? One of my pastimes during the pandemic was to keep up with your Twitter feed, which is now about 2 million followers. What's the pluses and minuses of engaging with that community? Over the weekend I watched you have to mix it up with someone who questioned how many businesses he'd started.
Jim Cramer (00:41:50):
Oh, my God. I was so angry about that, but I'll give you an example. Okay? So this morning, someone from Germany was going back and forth with me about what he saw. Then another person from Germany was showing his garden to me. I liked both. I like the garden. I had a bad back operation last year. I'm okay now, but while I was in the hospital, GameStop went to 400. I ripped out the catheter, called the network and said, "Sell GameStop. It's too high. Sell it. It'll never be at this level again." The call continued. I said, "So you're making it clear. You're calling in." I said, "I ripped out the darn catheter to say, 'Sell GameStop.'" Well, ever since then, there's been a cohort of people who just despise me ,and whatever I did wrong in life they bothered to put up. Look, I'm the angel and I've done things wrong. Absolutely.
But the level of scrutiny I have is something to the point where, when my wife and I went out to dinner with the CEO of Twitter, I got the impression I'm a top 10 hated. Well, I know I'm the top 10 hated. Now there's a lot of people who are bad. This I'd like to think that I don't deserve that. But you know what, deserves got nothing to do with it. People are just angry that I said GameStop and they're angry, and they don't like, I did this. They don't like to do that. I've been raked over the calls. I've spent time on the cross. I've done a lot of things that I wish I hadn't have done, but nothing that's illegal and nothing, mostly just judgment that was not good. But they all seem to be hashed up, except for when I put pictures of my gardening.
Josh King (00:43:27):
But talking about Carl and Twitter, you shared some thoughts on Elon trying to back out of the deal to buy it. Here's Carl and you on the set downstairs.
We are confident we will prevail in the Delaware Court of Chancery, of course, replying with memes, essentially laughing at the process and the prospective of SEC oversight.
Jim Cramer (00:43:48):
Look, I think that the Delaware Chancery and David, you can argue with this, but they have to protect the notion of Delaware as the place where corporations are. So as much as Musk is having poking fun, I don't think the Chancery is going to be a rollover.
Josh King (00:44:11):
So whether or not the Chancery court rolls over, do you think Elon ever owns Twitter, or does he go back to focusing on cars and rocket ships, or is he actually selling on this stuff?
Jim Cramer (00:44:19):
Well, I think that what will happen is that the chancellor, we don't know which one, will call both parties in and say to Musk, "Listen, you knucklehead. There's an ironclad contract. You can't get out of it. You guys go figure out what price you're going to buy it at, or you're going to be in contempt of court and we are going to go after you with everything we have, because this is Delaware." See Delaware is like a state apart from every other. Many companies incorporate there, and they know that they're going to be protected in a way that you wouldn't be protected in the other states. Even though it's not the federal government, it is the state government and state court that has more power than anywhere else, and that the chancellors have I know, a friend of mine was in front of them with it trying to get a deal done with a company that had said there was a major change in the situation, and therefore, didn't have to buy the company that he represented. It's a MAC clause.
Well, the judge called him in and said, "Hey, you're buying it," to the plaintiff, and the guy said, "No, I'm not buying it." He goes, "You're you're in contempt of court. You're buying it." I don't think people realize, this is not the United States. This is the United States of Delaware, and Musk doesn't seem to realize this is not the SEC, which I think is a very good deliberative body. There's a group of judges who are incredibly powerful and don't like to be messed with. This was a big mistake by Elon, because this court is like none other and they have power and they will not hesitate to use it.
Josh King (00:46:12):
So they have power, they won't hesitate to use it. So an average investor might not think that Twitter or Tesla should be on their buy list when they might be, say, in their 20s and have a little of the sock away each month. I'm wondering, Jim, as we get ready to wrap up, you go back to core principles, where do you send them? I read recently that even when you were just out of college, working as a reporter, living out of your Ford Fairmont with a gun and a hatchet and a bottle of Jack to keep you company, you still put $100 into the Fidelity Magellan Fund every month, putting your trust in Peter Lynch.
Jim Cramer (00:46:46):
You don't have to pay rent when you live in your car. There's also no homeowners. You pick up a little extra money. At the time, peter Lynch was the money manager at Magellan. I crushed it. I still got it running, and I still haven't taken a dime out of it, and it's my best asset, because I put that money away. Now, people laugh, they'll say, "Well, $100. What could that ever amount to?" I'll show you what it can amount to. I'll show you what stocks can do. It's insane the amount of money that I was able to make simply because I took money that would've gone to be homeowner's insurance and I sent it to Magellan.
My message for people is, there is no amount of money, no matter how small that they shouldn't save, they can own an index fund. They can own a mutual fund, but they should also try to get a piece of a company. The way you get companies, you take a look at say, all the companies I intend to interview in the nearest stock exchange, find the one you like, I think that there should be a mix between index and individual companies. If you can't do the homework, watch the show, join the club. We will help you get there, but never, ever say that you do not have the money to save, given the fact that I save so much when I lived in my car.
Josh King (00:48:02):
A lot of people tune into you every day to see if you, the man that they trust can say with some conviction, that the worst of what we've been going through with the S&P down nearly 20% from its high is near an end. It recalls what Mark Haines did March 10, 2009. Let's hear Carl tee it up, along with Aaron Hayes.
This weekend, a legendary call was made that still resonates today, Squawk on The Street, anchor Mark Haines called the bottom of the stock market. What we refer to here is the Haynes bottom. Take a listen.
Mark Haines (00:48:34):
However, I'm going to step out on a limb here.
Speaker 10 (00:48:36):
This is a big, hold on everyone. We've been waiting for this.
Mark Haines (00:48:36):
I think we're at a bottom. I really do.
Josh King (00:48:42):
If you look at that chart today, Jim, it was around S&P around 750 when Mark called the bottom, nothing but up through New Year's this year peaking around 4,800 January 3rd. Last night on the show you used Larry Williams' technical analysis of the corporate hedgers stepping up their long positions. Are you trying to telegraph it without saying it? Will we ever see Cramer actually call the bottom from the new set at Mad Money?
Jim Cramer (00:49:04):
Well, that's a great question that I can never be as great as my late friend, Mark Haines. We got together, by the way, because I used to listen to him and I should shot an email. I had no idea who he was, it evolved into "You bozo. You knucklehead." How could you have said that. He said, "Well, you such a big shot. Why don't you come on air?" So I said, "No, I'm not coming on air. I'm fat. I'm bald. Forget it." He goes, "No, come on air." We had the greatest time ever, and he used to love stocks. Oh my, he loved stocks, and he had a lot of different indicators that I still use. He would tell me that "Jim, we do not have the crescendo yet. We do not have that nine to one, everybody hates the market." Some people feel we had it in May. I don't think so, moment where we can say, "We're safe to start buying," and I think that's right.
I don't think we're there yet, but I will not hesitate to call it if I think we are there. It won't take much, though. We've been at this bear market since November the numbers for all the commodities are down. The wage numbers are not done yet. The housing numbers not done yet, but I think that's about to happen. The car numbers are not done yet. I think that's about to happen, that Powell is much further along in his tightening cycle than anybody realizes. I think he puts through three quarters and it's that roundhouse punch that we need so that a new bull market can start. The one thing I would say, and this is apropos of going back and forth with Larry Williams who's older than I am, who actually a great market historian saying that if you take a look at the stocks that are selling five, six, seven times earnings, they bottomed, they bottomed a while ago, and that is true.
So I've tried to position my chapel trust towards some of those. I own some of the oils. I do own some techs that I've owned for a decade. You could say, "Jim, why didn't you sell all the Nvidia? Why didn't you sell all the AMD?" The answer is that I have an unbelievable basis. I sold a lot higher. I didn't think that they'd go down this low, but I'm actually tempted to buy some of them, some of the techs, but the valuation's still too high." So we're getting there, but we don't have that Mark Haines crescendo. And I'm glad you played that tape because I was a student of Haines and Haines would school me when I'd be too aggressive, when he would say I was too early.
Josh King (00:51:19):
Well, you may have been too early, Jim, but as they used to say in the old Virginia Slims campaign, you come a long way, baby.
Jim Cramer (00:51:25):
Ah, thank you.
Josh King (00:51:26):
We dug up an old episode of Frontline from 1997.
Jim Cramer (00:51:29):
Josh King (00:51:30):
This is how you sounded from the bullpen of your old hedge fund.
Jim Cramer (00:51:33):
Oh. It's the most objective industry in the world. If your numbers stink, you're out. If your numbers are good, you get more money. It's the most Darwinian, it's beautiful, it's brutal, it works.nAll right, guys, let's roll 55 HMTT at an 8. See what happens? It's against puts we're. We're fine. I want to see if you can even buy it. Colgate opens up at eighth. IBM, August 95 calls. I want an offering on 1,000. I want an offering on 1,000 . I want to offering on 1,000.
Speaker 11 (00:52:11):
You want 10 more of each?
Jim Cramer (00:52:14):
Yes. Double down, double down. I want 1,000. Oh my, what a maniac I was.
Josh King (00:52:21):
How do we find names that we can double down on in 2022, or do we have to wait to 2023 and beyond?
Jim Cramer (00:52:28):
I don't see anything there yet. I'm tempted on some of these oils, though. They've come down a great deal. They yield 13, 14, Pioneer down a quick 60, and it yields 14 with the guy who says, "Look, as long as I'm in the New York Stock Exchange, as long as I'm in the S&P I'm going to be the highest yielder," so I like PXD. I would double down on that, but oh man, that clip. Jensen Huang from Nvidia says that I have this really curious lilt and my voice goes higher. Listening to that, I think that's rather new. I've developed it. Of course, 1997, it was a very different time, but I like that Cramer. He sounds better than the one who sounds like he's just from Philadelphia again.
I got to school myself. That was some moment. My friend, Jonas Herd, did that interview and everything I said was true. I love the fact that Wall Street, that the engine is cut and tried. I love the fact that I'm back here. I just cannot believe after 40 years, I'm right back to where I started. I'm within a 100 of my old office and how much I loved coming down here. I'd take the subway. I get up and I would be like, "I feel the energy and just feel the excitement." Every day I would come in and say, "Oh my God, today's the day. Today's the day I'm going to do well. Today's the day I'm going to hit it out of the park." Then to suddenly have my office, my stage on where I wanted to hit it big. I'm very lucky and I'm very blessed.
Josh King (00:54:02):
Very blessed, also blessed with great people around you. When you do something great, you never do it alone. You're part of a team. Your executive producer, Regina Gilden, has been with you since the inception of the show in 2005, take a minute to reflect on everyone behind this camera who's played a role in making you look so good in front of the camera.
Jim Cramer (00:54:19):
Sure. I do want to talk about Regina. She's incredible. Today, there was a problem with something at work. I don't call that person. I don't call my wife. I don't call my lawyer. I don't call my agent. I call Regina and I said, "Listen, common sense. What do I do?" She always says, "I'll take care of it. Stop. Don't worry," because she has great common sense. My nephew is our head writer and our only writer, Cliff Mason. He started with us when he was in high school, senior year of high school. He's my sister's kid, and he's been with me since the very beginning. Now he's in his 17th year. He's remarkable. He's genius. I've got Ben Stotos, my research director is amazing. I've got Heather Gaines, who's fantastic. I've got, geez, there's so many people that I can mention that are just extraordinary. But of course I got, I have Mark Hoffman, who is the chairman of CNBC.
I've got Steve Fastook who has built this place and was responsible for a lot of what's happened down here. I have Katie Spencer, who is someone who sits right next to me and comes up with tremendous ideas for the show. There are a myriad number of people who are in the film business. I've got Brad Rubin down here, who's going to be terrific. Brad is amazing. There are people like Danny Colarusso, whom I hired 25 years ago. He's now our editor-in-chief, who's great. Craig Benson from ESPN, who's got tremendous judgment. The people like Dylan Reebok, who has been my social guy and has done so much to make our show look great. Now I'm feeling bad now I'm leaving things and people out, but Jeff Marks who is my partner for my charitable trust work. Everybody here at the Exchange has been so amazing. I don't think people realize when you see that set, the sheer number of people that had to get this right, acoustically, I had to get it right on lighting, how to get it right on, I'm fast moving.
Just be able to follow me, you can't just use what's known as a jib. So I just think this is a moment in my life where a lot of things have coalesced. I was talking to Lisa and she said, "You got nothing to complain about, Jim." I told her, I said, "Well, this or that," she goes, "Shut up. You have nothing to complain about. This is what you've wanted to do all your life, and you are one of the few people on earth who's been able to do full circle from the day you started to the day that you've come to now where you are somebody, you always wanted to be somebody, and now you are somebody, but don't get too head swelled. But I have to admit when you're on the floor on the floor of the Stock Exchange, you're somebody." Can I also thank you, cause you have been instrumental and you've pushed me, and therefore I've been able to push the people at CNBC. You suggested to me that it could happen. I didn't believe it. It made no sense to me because it was too great.
Josh King (00:57:34):
Tom Farley, Jeff Sprecher, Stephanie Brown, Lynn Martin, Tom Green, Jim Catsarelos, they all got behind this idea as well.
Jim Cramer (00:57:41):
Oh, no. the coalition that's come here and to not, thank you guys, the level of work and concentration, I think it's going to show them. I think people are going to see it and say, "Wow, what is this, because it looks like nothing I've ever seen." Not even the most high tech stadium, not Dallas Cowboys stadium, the Brooklyn Nets stadium, nothing like it. Anything state of the art cannot touch what we have accomplished here, and I want to thank you, because you were the person who said it could happen and it's happening.
Josh King (00:58:14):
Well, we'll have a fosforo at Bar San Miguel to toast it.
Jim Cramer (00:58:17):
Yes. Yes. My wife has said, we have one of our chiefs-of-staff down in Pueblo right now I'll working on it. I hope everybody tries it. She says, "Stay away. You're not the demographic we want." I said, "Oh no, did that happen? "She goes, "Did it really happen?" I'm like, "Are you out of your mind? It happened years ago." I said, "No, but I'm the demo." She goes, "No, no, we're not getting older, 67-year-old people to be the people we want to drink this mezcal." I said, "Okay."
Josh King (00:58:49):
It's made George Clooney and Dwayne Johnson billionaires.
Jim Cramer (00:58:51):
They've done well-
Josh King (00:58:51):
So you've done a lot more for the charitable trust.
Jim Cramer (00:58:54):
They've done well, let's put some money away for charity. Now those people who literally are people that people want to meet and see, they're not that anxious to see me unless it very quickly devolves. So I like fosforo. "Do you like it? How much do you like Nvidia?" "I named my dog after Nvidia." "Well, how about AMD?" "Well, I'm here actually to talk about my Toba Law, but I think AMD's going to go back to 150. Maybe it goes to 68 first." "Oh, wow. I'd like to try your mezcal." There you go. That's the pitch.
Josh King (00:59:24):
Thanks for joining us.
Jim Cramer (00:59:25):
Josh King (00:59:26):
That's our conversation for this week. Our guest was Jim Cramer, co-host of Squawk on The Street on CNBC, head of the CNBC Investing Club, and for 17 years running as of tonight from the floor of the New York Stock Exchange, host of Mad Money with Jim Cramer on CNBC. If you like what you heard, please rate us on iTunes so other folks know where to find us. If you've got a comment or a question you'd like one of our experts to tackle on a future show or someone you might want Cramer to interview, and then come here, email us at icehouseatice.com or tweet at us @ICEHousePodcast. Our show is produced by Marina Stanley and Pete Ash with engineering and editing from Ken Abel and Ian Wolf. I'm Josh King, your host signing off from the library of the New York Stock Exchange. Thanks for listening. Talk to you next week.
Speaker 1 (01:00:13):
Information contained in this podcast was obtained in part from publicly available sources and not independently verified. Neither ICE nor its affiliates make any representations or warranties expressed or implied as to the accuracy or completeness of the information and do not sponsor, approve or endorse any of the content herein, all of which is presented solely for informational and educational purposes. Nothing herein constitutes an offer to sell, a solicitation of an offer to buy any security, or a recommendation of any security or trading practice. Some portions of the preceding conversation may have been edited for the purpose of legal clarity.