undistributed -- anyway. >> guy needs to wash his hair. >> health care, the hospitals. i'm on the other side of tim seymour on this one. thc. >> i'm melissa lee thanks for watching. see you back tomorrow at 5:00 for more "fast money." on" thimrar cme starts right now my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica my job is not just to entertain but to teach and coach you so call me at 1-800-743-cnbc or tweet me @jimcramer. nobody, i repeat, nobody likes to be disciplined or admonished
and they don't like to follow the rules. i don't blame them i was a rambunctious kid myself when i started managing my own money. i didn't know the rules at first. and when i learned them, i spurned them because i didn't believe they could help or they cut off my upside. even if they cushioned the inevitable downside. the rules kept me from making a huge amount of money when things were going gang busters to keep me from losing big money when things went badly. >> the house of pain >> the rules i'm discussing tonight keep you in the game, even when things are tough and you make those mistakes. [ buzzer ] the rules protect you against your own bad judgment about what's going on in the companies you own or whatever is happening in the market overall. but if you're going to make money using stocks because you just can't get much of a return anywhere else these days, that's pretty much the case, you're going to have to work harder with your money to do so
and that requires discipline discipline because once you start buying and selling stocks, you can make more mistakes than if you just do nothing with your money. but if you do nothing with your money, you'll have a whole lot of nothing to show for it. that's why we're doing a show tonight how to trade and invest response my to make your money work for you how to tend it and make it grow. how to keep it growing from what we call active money management, it's not a sin, and a lot of you practice it. i want you to do it right. before we dig into the ways to make your money grow by being hands on about it, i want to delve into a little psychology of stock ownership one question i'm asked repeatedly when people ask me on the street, i go back and forth from the street and wall street and "squawk on the street," people ask me, don't you worry about your stocks? it is true that i don't own any individual stocks. i invest just for charity with
all profits and dividends given away to charitable causes, more than $2 million since i set up the trust. but i still worry, because i want to give as much to charity as i can since i disclose everything i own and explain what i'm going to do before i do it as part of the bulletins, you bet i am concerned. it can be down right embarrassing when i get it wrong. yep, i'm always worried about the trust stocks especially when they go down i am doubly worried when they go down when the market as a whole is going up. that's a sign to me that something is wrong someone knows something that i don't know and i better find out or i won't be able to take advantage of the weakness to buy more i'll have to sell instead. that's why i'm always bugging you about reading the news releases, going over conference calls, the guidance, and going to the websites for more information. you can't be informed if you don't try to inform yourself
i know that those who don't know what they own and can't articulate what they own, and don't know what a company makes or sells, don't know why it would be going down either so they don't know whether to buy or sell into a big selloff however, we are talking about psychology here. the psychology of the mind, when all that homework doesn't pan out. believe america it is frustrating. when we select a stock on the show to highlight, we do a massive amount of work on it, and sit really difficult to see it go down but there are plenty of times when there is, say, something you can't detect chicanery in the numbers there's times when there's puffing by management and we don't know the truth i talk about press releases that make things sound much better than they are. the ones that start by saying, we are pleased to report that sales increased by 12%, and it sounds good, except the consensus of analysts was looking for 20%, which means with that 12%, you've got a
hideous shortfall. >> boo >> or worse than that kind of puffery, is when you own a stock and someone knows the truth and you don't. maybe someone fund out about the truth playing government with an executive. you know that stuff goes on. make some hedge fund is paid under the table to get the truth. there's many of these hedge fund titans that ended up in jail for doing it in other words, the insiders had the call, you didn't there are also toning s of times when you own too much stock in the market we call this being too long. you are too long, as the professionals say, and you can't buy anymore stock on the way down because you're out of capital, so you're going to lose money. or worse, you're borrowing to finance your portfolio [ buzzer ] which is just terrible idea. stocks aren't houses you can't fall back and live in
them if you have a mortgage. they just get taken away by the margin clerks. >> sell sell sell sell sell sell >> so what do you do how do you manage a portfolio under conditions where things go wrong with the stocks you own all the time and things go wrong in the market all the time, wholly apart of what's going on at the individual companies in which you own shares there are no magic bullets but i believe that when in doubt, this one principle is key. discipline trumps conviction memorize that term discipline trumps conviction i stared at a yellow post it with those words for many years when i was managing money professionally, to remind myself that things go wrong and you need to have a scheme to help you deal with those situations when things go wrong, as they inevitably do. yep, i put a discipline trumps conviction sign right on my personal computer to remind me of what to do in the stock market when things go awry
one of my best forms of protection is to recognize if you're not tough in your own decision making and you like all of your stocks equally, or at least pretend you do, you can't be flexible. you can't change up when things go wrong that's bad people. that's why i have come up with a system of ranking my stocks when things are good and times are plac placid these are hedges against yourself for when things get tough, when it's really calm out there you can do some good decision making. not all stocks are created equally. you have to be willing to circle the wagon around a few good stocks, buy them down to get a better basis or average price for your holdings. why does it matter we must expect corrections and expect declines as a matter of course more on that later in the show we must anticipate the days when we wake up and hear the good people on "squawk box" saying the futures are down a great deal, and the market looks to
open down half a percent come on, you've heard that so many times we've learned so much over the years about what triggers corrections. the most important thing is to have a game plan where you know even when you've done all the homework and have the conviction, discipline dictates that you must assume there's something you don't know going on with your stocks or something that is happening beyond the control of your accumen and you're being victimized by the events oh of the moment. my system will get you through the chaotic times, allow you to stay cool about your money when all others are fumbling and fretting, and they have to get out of dodge at the exact worst time so in order to deal with the decline in your stocks or in the stock market as a whole, you have to accept that something is wrong at the companies you own shares in, that you might know know about or maybe there's something happening in the stock market that you didn't foresee
therefore you must be ready with a game plan that can bail you out short term and keep you in the market longer term so your money works for you and not against you in a time when you need it most frank in new york. frank? >> caller: jim, i understand why a company goes public, to raise capital for various different reasons. but why would a company want to go private >> this is a great question. typically they think it's worth a lot more than what the stock market is currently paying for it that is key. when you see acompany go private, that is typically because the owners of the company or managers of the company recognize there's so much value and the stockholders and buyers don't they take it private, they make it look better and bring it public again ann in california, please, ann >> caller: hi, i haven't seen any perspectives on stock splits lately i'm curious if there's any way to tell if a company is going to split their stock. >> no, there isn't when you split a stock, you only
get two pieces of the same stock. it happens to be exciting, and when stocks do split, some of the smaller investors get a chance to buy that they didn't have otherwise so i'm pro split, but it does not create any wealth and they tend not to signal when it will happen discipline isn't fun, but it is necessary if you want to make big money in the stock market when there's a decline, you have to accept the facts and always have a game plan ready i'll help you out. on "mad money" tonight, there are trades and investments i'll explain why understanding the difference will save you from a world of hurt >> the house of pain investing on every word can have you drowning in a sea of red. and plus, a correction is always lurking around the corner. i'll help you protect yourself when it strikes. so stick with cramer
♪ the rules. the rules make it so losses can be palpable. rules that keep you in the game when others are freaking out i used to talk about these rules all the time when i was managing money, until they became second nature to me but that was years ago, and when i think about it, it's usually in response to a tweet that asks the question that the rules answer, and they answer well that's why i have to dust them off, make sure people realize i'm not ducking their questions. i'm just looking for a better
format to flesh them out than 140 characters where i can't be helpful. it's hard to be thoughtful on twitter. this is the format so someone will mention a stock, an oil drirl that's had a hideous decline. they'll ask, what do i do now? i turn the table and say, why did you buy nit the first place? the followers tend to answer that as arrogant or flip but what i'm really trying to do is figure out if they bought it as an investment, which means it might be fine longer term, or did they do it for a trade and perhaps they should cut their losses why does it matter a cardinal rule is never turn a trade into an investment if there's one concept you must take away from the show, you just never, ever turn a trade into something that it wasn't meant to be, a long-term investment so first, let's talk about the process of buying a stock, the actual checkdown you must do
before you pull the trigger. when i decide i'm going to buy an oil driller, i have to declare right up front to myself whether i am buying it for a trade or for an investment what's the difference? a trade means that i am buying it because of a specific catalyst, a reason that will drive it higher. that catalyst might be a recommendation, a belief that things are better than expected when earnings come out or news about a restructuring. a breakup into several pieces or some other material event that could occur. in other words, there's a moment to pull the trigger. a moment to buy. >> buy buy buy >> perhaps you think oil is about to spike because of the shutdown in russia or problems in the middle east and then there's a moment to -- >> sell sell sell. >> when the event occurs and you're done. but you must declare first before you buy, here's what. the vast majority of you will buy a stock for a reason, and either the reason occurs and nothing happens to the stock, so then you decide darn, i'll just
call it an investment and buy more if it goes down or perhaps the reason never occurs that you bought it for and you hold on to it because, what's the worst thing that could happen the answer is plenty and almost all of it bad the answer is that you would have never bought it in the first place if you didn't think the reason was going to occur. so now there's no reason to own it in the first place. i am seen a myriad of investors turn trades into invesmentes, developing an alibi to fool themselves that they're doing the right thing. if the reason i bought the oil company and higher oil prices doesn't materialize, i can't say i'll hold on to it because it has a swell dividend the idea for the trade is -- when i went to invest in a company, not trade, invest in a
company, i buy a small amount of it to start. and then hope the market will knock down the stock so i can buy more at a better price that's right, when i invest, i want the correction. which is always the way you want to be thinking if you're trying to start a new investing position the stock is already down from highs because you don't want to invest at the 52-week high but there's nothing like a market wide sale to get you better prices on your buys trading is the opposite. i put the maximum on at the beginning, because i believe the data point or the event is about to occur i never buy anything for a trade without that defined catalyst. that's the word we use, catalyst i never buy anything for trade hoping it will go higher as there could be no hope in the equation of buying a stock i buy down lower prices when i'm investing. i cut my losses immediately when i am trading if the reason i am trading the stock doesn't pan out. that's why i like to say my
first loss can be my best loss perhaps the decline of 50 kre7b89s cents is meaningful. when it comes to trading, i am disciplined to the persony i like to cut my losses quickly and get over them. my first loss is my best loss. all other losses tend to be from lower levels and bigger costs to me if i don't operate on this principle. anyone watching can feel the trade going awry but because of ego, pig headedness, they don't want to heed the thunder and they stay in, only to have to panic out at lower levels when the catalyst doesn't occur and the whole reason to own the dark stock evaporated so please, don't fool yourself cut your losses quickly when you put a trade on and it starts to go awry. sure, that'sen ok an occasion o when it's about to pan out and
the market doesn't know it it's just a fact of life all the studies i've made, the bottom line, never turn a trade into an investment better to take the loss, because believe me, the percentages say that you will most likely lose money, and if you do so, do it earlier rather than later. stop fearing the big score and stop fearing the losses, because it is the latter that can wipe out all the juicy gains you had and then some. much more "mad money" ahead. a stock rises can be quite seductive. i'll help you to know when it's ever to run after a hot stock. and corrections are as certain as death and taxes prepare yourself for the inevitable and it's easy to get attached to holdings, but holding on to long can burn you in the end. i'll let you know when to cut the chord. stick with cramer!
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at johnson's we care about safety as much as you do. that's why we meet or exceed 15 global regulations for baby products. and where standards differ, we always go with the toughest. johnson's. we're going over the rules that have gotten me to this point in my career where i can play for charity instead of trading in my own hedge fund which i retired from but the lessons are very much with me. and i'm going over them tonight in this special show to help you with your portfolio. believe me, it takes only one or two losers to wreck a portfolio.
i try to devote far more of my time analyzing my loser stocks than winners not because of a masochistic streak rather, i recognize stocks telegraph declines ahead of time lost control is the paramount concern for all those in the market, because the winners, the good stocks, they take care of themselves take the loss before it gets hideous. don't buy into the notion that you can't sell until it comes back, and then you promise not to do it again how many times have i heard that one. that's how losers think. you need to think like a winner, not a loser. so focus, will you because you're obviously unfocused and undone by the market you don't have a profit. listen, you do not have a profit until you sell the stock and nail it down >> sell sell sell. >> it's not a profit -- people
confuse book gains, real gains that you can take to the bank or of course to get yourself a cashmere sweater, with phony paper gains that are meaningless, because they can be taken afwha a heart beat most people are reluctant to book a profit because they don't want to pay taxes. if i could rewind the tape to january of 2000 or july of 2007, when people were sitting on trillions in unrealized gains because they don't want to pay the tax man, we would be be able to drill this point home well enough if it's not taken, it can be losses taken gains taken never become losses. i stress this point, because we have all been brainwashed not to sell somehow we think it's sinful it's trading whoa it's common sense to sell, it's logical to sell and may be the only way to get rich in a choppy
business but it's just counter to human nature when it comes to stocks and human nature, you have to learn to counter it. it's so often hard to resist, though i get it i can't tell you how many times i've had my heart in my throat pounding, pounding, because i didn't own enough stock in a rising market. i didn't have enough exposure. i can't tell you how often i felt i had to play i had to be big in stocks, because the market was going higher and it was going higher without me do you know that almost every time i had that feeling, almost every time, i had that "i can't miss this action drama playing around in my head," do you know what happened? that's right, i lost money disprint cipline is the most imn rule of winning investing, and sometimes that means admitting you missed the opportunity and it's too late. i almost feel like i've missed something right near the top of the market, the top of the move. when i was a hedge fund manager,
are you sitting down for this one? i actually turned that sentiment to a profit center by betting against myself and the market, when i thought i was missing the upside that heart stuck in the throat feeling correlated with the tops of moves, not the bottom ones. i made money saying oh, there's that pain again. sell i always remember the best time to buy is when it feels most awful, not when it would relieve the pain of fearing that you're going to miss the next big rally, especially given that the rally has already occurred you must also protect agains overtrading. there aren't that many great ideas out there to act on. the great deal great guy guys dt have that many ideas i'm amazed people want me to opine on a stock that just reported i find that business wires that report these numbers are almost always wrong in their quick
takeaways because business is harder and more complicated than the press releases the headlines can't capture the reality, because the reality is the reality, a jungle. headlines that present stories about such and such number being better than expected always punish the quick draw mcgraw traders. there's some other metric that might be more important or the quarter is manufactured with one-time gains you have to listen to the conference call, which part is most important the portion right before the q and a, when the company lays out guidance for the future that moment is what you will see will make the stock move that's where you get the accurate move from everything else, guess work. we can't do much with just guess work except get in trouble so many of you want to get in trouble, because periodically you want to be right this point is very important,
because the electronic trading you can move too fast, and often many do. learn the whole story. if this is a great opportunity, you won't miss it by informing yourself, believe me be sure you know what to look for and what matters you might want to have a grid of what all the analysts have been saying about what is about to occur. that way you won't be fooled by the first move, which could be taken by people less informed than you are, and they are less informed and understand that the headline for many company's earnings doesn't tell you how the company is doing on those key metrics. with oil, you're looking for production growth. hotels, you're looking for revenue, not earnings per share. airlines, revenue per seat amount not earnings per share the bottom line, don't let gains turn into losses and never
trade because you fear the market going up without you or a stock rallying off a headline that maybe just may be wrong ed in california, ed >> caller: boo-yah, jim. i would like your opinion on a strategy i've been using in deep of the money calls going out anywhere from 6 to 12 months on stocks that you recommend. what do you think of that? >> this is exactly what i want ed is doing what i want. i talked about this in getting back even. a 100 page chapter i tried to cut back and couldn't. he's doing stock replacement he's taking the risk out of common stock by declining -- by stopping the decline and getting the upside big percentage gains you are the man, ed. you know what i have to say about that you have horse sense jacob in california, jacob >> caller: hey, jim, how are you? boo-yah. >> boo-yah >> caller: jim, love the show, i love the advice.
it's phenomenal. >> thank you >> caller: as a first-time investor, what is your recommendation and how many positions one should have without going over their head? >> i think more than a dozen, and the individual who may not be let's say as sophisticated as we are, is going to make mistakes so try to limit it larry in massachusetts larry? >> caller: you know i'm a cra-maniac when does a core holding start looking long in the tooth? what characteristics made it a core holding such that the bad news threshold for dumping it are higher >> here's what you look for. when everybody knows what you know, when there isn't a single analyst that doesn't love your stuff, when you constantly hear that company is great and the ceo is great, it's long in the tooth.
don't trade because you fear the market going up without you, or if you fear a stock rally off a headline that may be wrong there is such a thing as overtrading. sure, correction also come, but you don't have to suffer when they strike. i'm going to show you how to prepare for those painful days >> the house of pain >> we all want our stocks to succeed, but getting too attached can be a portfolio attack i'll explain why emotions and money don't mix. plus, i'm taking your tweets stick with cramer.
kind of learn by heart like i have you know, not just like the usual twitter, 140 character stuff. this is real stuff here. a lot of people for instance don't think a correction is ever going to occur you get lulled into the market during good times. a lot of people get involved when that's just been months and months of good times when bad times hit, they're eager to pin blame or to be shocked in disbelief, instead of expecting corrections and not being fearful of them. but a correction occurs, many decide they now want nothing to do with the market that the correction signifies that something is wrong with the market as a whole, as if these aren't stocks of companies and therefore, the market can't be touched that is a really big mistake that is made constantly. corrections happen all the time. they're to be anticipated. peter lynch, years ago, he said anticipate these
but you can't write off the market when they happen. i always like to tell the stories, i put things in sports analogies. i tell the story of joe dimaggio his 56-game hitting streak when he failed to hit in games 57, should you have traded dimaggio, should you have cut him? was he finished? is that smart thinking same with the market corrections are to be expected and accepted as a matter of course, particularly after 56 days on the market, you're going get something like that. when they happen, they can be great opportunities. even as people insist that the market is done because the charts are bad, taking out the moving average, a death cross, a hindenberg cross, whatever the heck that is or the market is unpalatable some claptrap i hear that you
head bears who come out of hibernation. they like to be right that day given that so many don't expect corrections, here's something that seems common sensical lots of people wrongly believe in being fully invested at all times. lots of managers think they are supposed to be fully invested every day. this is nonsense lots of times the market stinks. so you want to have cash on hand pretty good. a lot of times there's nothing to do except have some cash. in fact, one of the chief reasons i outperformed every manager in the business during think run as a professional money manager, there were times where i had a lot of cash. i was largely in cash including the 1987 crash when the market dropped 508 points in one day. a 22.6% hit to be precise. cash is a great investment at
times. even when it earns little to nothing. i regard it as a perfect hedge, opposed to shorting the market, because the market keeps going higher as it did in 1999 you could face devastating losses as an overvalued market can continue to stay overvalued and climb and climb and climb. i think cash may be the single most underrated of investments, because nothing feels as good as cash when the market comes down. always great to have a great kags po cash position when the market gets hammered. as the market spikes, i take spike off, trim here and there yes, to get ready and reposition myself for the next correction close viewers know i sell strength and buy weakness. when the time is right, i almost always had that cash to put to work, because i believe so strongly in cash as an option.
if you don't raise that cash, here's what could happen you might end up selling your winners to subsidize your loser. that is another common mistake people make. so many bad portfolio managers and so many befuddled investors sell their best stocks to hold on to the worst stocks you will be reviewing a portfol portfolio, and it will be filled with junk. and you'll say, hey, what happened to all of your blue chips, the stocks that weather the tough times, allow you to come out smiling they say, i had to sell those, i had to buy these others because they kept going down i have counseled enough professional investors that were in trouble, to know that the first thing that gets sold are the best stocks because they can be sold. there's always a bid for the good stocks, a ready buyer ready to put up capital and the bad
stocks fold under pressure but even when some of the more admired professionals with the good stocks, they don't sell the awful ones because they're down so much. please do not subsidize losing stocks with winners. please sell the bad ones take the loss. reapply the proceeds go to the good ones, move on don't feel bad for yourself. lots of times the circumstances have changed for the stock market the company which you have invested might do a lot of business in russia, which could have been great before sochi, but with the fight over ukraine, it may have changed. perhaps a slowdown in the economy has caused shoppers to run to private label goods, which happened in the depantering of america one of the largest trends out there that blind sided the food
stocks or a drug company like pfizer, and the generic companies crushed their margins. investors bought more of these stocks and subsidized the losers with the sacrifice of losing stocks get ready for the correction it's coming. have some cash on hand when it happens, don't sell the good ones to subsidize the bad you'll end up with a terrible portfolio that won't be able to bounce back when times turn better "mad money" is back after the break. [vo] when it comes to investing,
looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.
is rurules are a drag, arent they but they'll keep you from getting blown out and navigate the tougher times. if you aren't prepared mentally, you won't be tough enough to handle these moments, and you'll flee instead of thinking about what's really right to do. or you'll be paralyzed with fear and self-doubt instead of mindful and opportunistic. emotions have to be checked at the door in this business. i often hear people say "i hope a stock goes up" or they ask doesn't it have to go up, implying a question that's like doesn't a team have to win a game sometimes people, this is not a sporting event. we have no room for hoping or rooting. we're buying stocks that we believe should go higher because of the fundamentals, and we're avoiding stock where is the underlying business is bad and getting worse. where should hope fit in nowhere. people treat this business at times like a religion. they believe if they pray, things will work out, maybe
while they are chanting. maybe they will. or they fall in love with the idea that love will be equated these are all enemies of good stock picking. i can recall the ringing in my ears when i would get off the desk with karen cramer, and she would say, what's the deal with this memorex and i would say, i'm hoping it gets a big contract. she would scream, hope, hope we need hope to make this work sell it and get me something where we have more in our favor than just hope man, what a beat down! many times she didn't even ask, she just sold it after i used the word hope to see if i would buy it back. months after it was sold, i felt relief sometimes the stocks in good companies do nothing and you do want to sell them. good stocks at times can do
nothing for ages i remember when ameriberkshire hathaway did nothing for ages. individuals have no such pain. individuals can sit on stocks as long as they want. unfortunately when i canceled patients, many get antsy some of the best stocks require incubation do you know how patient i was owning intel, one of the greatest stocks of our generation i watched it do nothing in the late '80s. but i believed i had only a few partners and none of them needed to know every minute how much they worth. later in my career, when partners hounded me daily, boy, did i hate that. i would have never held on to an intel that long.
lots of turn arounds take 18 months to two years. when you buy a stock and you recognize it could take a long time to turn, mark it in your mind so you don't give up and sell it. here's something important to remember, stocks stuck in a long time romp like a thoroughbred when they're freed from the gate finally, no would haves, should haves, could haves one of the most despicable things in trading is second guessing you make a call, and then it has a patent issue, or you sell d o dupot, get it together the market requires you to have the right head on at all times you have to be ready to see the ball for the next pitch. no time to get down on yourself. do that for fantasy. if you want to be constructive,
bracket some time at the end of a quarter to assess your strategy and stock picking abilities. but to second guess your strategy is to put yourself in a loser mindset. when i thought one of the younger people in my office made a mistake costly to me, i made them wear the symbol of the stock they screwed up on as a post it on their forehead for the day. but if only i is time that keeps you from getting the next stock. care cramer dead teach me to steel myself and come in without the mental baggage of a screwup. here's the bottom line this business is not about hope, it's about the fundamentals. don't root for your stocks to go higher just pick chairs shares in good
this is a no-brainer and there are few no-brainers and few free lunches in this business compounding is the secret behind great wealth reinvest and jamie wants to know who first came up with the way you say bristol-myers. can you imagine when karen cramer and i traded together, we had a broker who recommended bristol-myers. he always said it that way and i decided hey, that must be the way it's really pronounced let's take the next tweet, which is smarter, add to a holding that has been hurt or initiative a new position just sell it because if you liked it higher, you should love it lower so the answer is buy more of the lower one or get rid of it next, at what percent for profit
should we sell shares? this is important. there's no firm rule, but what i like to do is when a stock goes up about 50%, i like to sell some of it and then a little bit more and i sell more. but the ultimate goal for all great investing, you play with the house's money. that's the way to do it. always try to fight to get to the point where you're playing for the house's money. and yes, stay with cramer.
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