文字起こしMad Money w/ Jim Cramer - 2/28/22

ジムクレイマーのMAD MONEYの文字起こしになります。米国株を英語学習を通じて投資したい方に向けて作りました。皆さんの反応を見て改善点や英語解説などい追加して行けたらと思います。とても有益な番組なのにジムの英語が難しくて悩んたのをきっかけにこのノートを作成しました。 聞き取れない部分もあるのでご了承ください。是非Podcastを聴きながら合わせてこのnoteをみれば、様々なアメリカ英語を聞くことでリスニング力を鍛えることが出来ると同時に、タイムリーな米国株投資情報を得ることができます。イイネ！と思った方は投げ銭いただけると嬉しいです。

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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 summer, and I promised help you find mad money starts now.

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Hey on Cramer, welcome to Mad Money. Welcome to America. I do want my friends to try and make you some money. My job is not just to entertain you but to educate, teach put in perspective call me one 807 Three CNBC be nice or tweet me at Jim Cramer get used to this week. We have no choice. We can react at every turn to every development Ukraine and every sanction against Russia, or we can simply admit to ourselves to Vladimir Putin will not be deterred no matter what the West does. Therefore, even as his economy is no bigger than that state of Texas, many stocks will continue to be sold when they should. And that's how you get a wild day like today where the average is open. We rally dropped again then finish stronger because we're in what should be a seasonally strong period Dow tumbled 166 points it was down so much lower earlier. SME seeking point two 4% Nasdaq only inching up 24 1% Almost all that move made in the last 18 minutes of trading. I know it's then it seems ridiculous, but it's the correct dispersion with growth stocks doing well because they've been crushed already. While the financials industrials take a beating because of Putin is taking naked aggression. And because they have so much going to the score. I expect the Ukraine would crumble in the face of seven mechanized divisions, and Russia will quickly establish a puppet government that was wrong. The fact that this didn't happen has emboldened Western European countries to arm the Ukrainians rather than only respond with just financial sanctions on Russia. They were surprised to surprise, particularly Putin that's changed a little cactus here not because Putin cares about the EU he doesn't. But because he doesn't want to lose the People's Republic of China as an ally. Oil can only go so far as making friends. These two men president for life, Xi Jinping of China and President for like Vladimir Putin of Russia, both desperately want to finish out their indefinite terms. And until this weekend, their future seemed pretty darn secure. But their interests are now clearly diverging a quarter of China's exports go to the same European countries that are coalescing gets Russia. At a certain point the Chinese are going to start wondering, is it worth it to have Russia is an ally, Putin may at a certain point that is decided that his economy stocks, bonds, currency backs, are fully important so badly that he made a major miscalculation, or maybe he's irrational enough, and he believes his days are numbered. So why don't go down fighting and winning no matter what the cost? The ladder, many people tell me is in the courts. So what is the current situation mean for us, no matter what a financial company say? Or do we know the sanctions against Russia will blow back to the bank stocks, even if they shouldn't? We've seen this pattern repeatedly in history, and it makes no sense to go against the grain for the moment. I think it's broad, but you can't fight the tape. The notion that our banks are linked to their banks is totally ingrained. All weekend ahead. You hear about a Lehman moment, meaning a moment where credit freezes up in a gigantic institution falls, causing a horrific domino effect. usual spot suspects bore the brunt of it. JP Morgan. Oh, my Goldman Sachs, Citigroup. I think it will take weeks for the market to realize that these banks are simply not in the crosshairs of the sanctions. They won't be hurt by the fact that Russia has been turned into a financial crime. Unfortunately, the last time Russia had a currency crisis in 1997. Our banks really did get hurt or is it different now, although that's because there was a much larger East Asian currency crisis back then. There was also a period in 2011 with the European banks were weakened in that way there are bank stocks incorrectly too. So the financials will drag down the market for the duration the word sadly for the bulls. What's bad news for the banks is very bad news for the market against that doodles finale, but strengthen energy can offset weakness in the financials, oils and bandleader because higher oil prices are tax on everyone else. Of course, there's a major cost current here, which is that this kind of geopolitical turmoil always causes a flight to quality. That means people buy treasuries. When a major power matches, it's getting its nukes warmed up a fight quad is pretty inevitable. This becomes confusing, because just like the sellers pulse who believe our banks are now in trouble because of the sanctions. There are buyers who look at as flight to quality and incorrectly conclude that it means the Fed doesn't have to act decisively to tamp down inflation. They assume that the war in Ukraine will hit the brakes on the global economy enough so that Jay Powell can take it easy. I disagree entirely. I think the fight to quality is being confused with the Niger fed that the fight between the West and Putin will somehow cause Fauci Powell to be less hawkish. In reality, though, the war over Ukraine just makes the inflation situation worse. A shortage Will's already leading to higher prices at the pump, Ukraine's also the fourth largest exporter of wheat and corn. So the grain complex will go higher to no relief. That means we even under more pressure to raise interest rates. So when Jay Powell goes in front of Congress on Wednesday and Thursday, he's likely to extend sympathy to the people of Ukraine as I do. But I don't see him blending in this mission to kill inflation. Now, it doesn't help but stocks are still expensive on historical basis, at least according to Warren Buffett, who opined on a lack of good value in his weekend letter. And it suddenly doesn't matter if more people were turned to the workforce as Omicron wanes, because even without the labor shortage, the war means we need to worry about energy and food shortages. So why not just run for the market? Whoa, I'm in favor of raising cash. It is always good to give you don't have any. We already did that. For the child Trust, which could fall by joining our club. We're in seasonally strong moment. Remember what Larry Williams told us this weekend, we went over? Right? We had a huge bounce late last week to the point where you could argue that we were due for profit taking. In the end, I think that we have to choose not between Russia, Ukraine, or a hardline fed versus Softline fed. But whether stocks have gone down enough to be able to handle what either power or Putin frozen us had they gone down enough. To me it's a very tough call. We have a huge number of high quality stocks that have given up meaningful gains and a large number of new public stocks without any support that have gone down substantially. The ladder can be seen to periodic rallies but I think they'll still end up lower I like a good RX tonight. The formula the high quality stocks like that a work day, which put a stellar quarter in this very evening seemed poised runner any good news like any sign that inflation might be peaking. We will hear from workdays co CEO and you'll push me tonight, I think his stock fell 40, which are far versus the numbers that just printed. Here's the crux. If you thought inflation may be peaking, and therefore you had a good chance to buy dividend stocks, or healthcare stocks or tech stocks with high mobiles, then Putin's war means you no longer have anything to cheer about at all. It's a cruel, heartless event, humanitarian tragedy, from the stock markets point of view. From its perspective, it's also real bad for inflation, which basically to the bottom line, we live in United States not your newsflash. So the takeaway for us is the Fed chief Jay Powell may have to acknowledge that this worse created more inflationary pressures mean, he'll have to stick with the harder line he adopted last November. The one that's been the death knell for high flying stocks and a chief obstacle to this markets ability to mount a sustained across the board rally, no matter what Putin does, until inflation peaks get used to this vicious, seesaw trading. Let's start the questions with Terry in Florida Chari.

7:34

Hi, Jim, I'm a founding member. And I want to tell you your club is the best investment I've ever made

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unsolicited. Thank you, Terry, thank you very much.

7:46

My question is our age. I fell in love with the CEO when you had him on TV, but I'm now in a world of pain. What do you think of our age? Right?

7:58

I think Yeah. I think that first of all, thank you for saying those great things about the club TR. I will tell you that RH Mr. Frieden, he has done amazing things. And people continue to believe that what he does is not enough the stock goes down and then he confounds the bears. Okay. And I think Gary Friedman is gonna do it again. The stocks been cut in half. That's wrong. I'm a buyer. Jonathan, Ohio, Jonathan.

8:25

We're in the midst of gnarly times, I hope give me chills keeping this cool.

8:29

Well, Jimmy to always be trying until he looks at as mentioned, cause sometimes it's criticism there. What's up?

8:35

That's right. So pathos suffered an immense downfall in the past few months. currently trading obviously, at about a third of its 52 week high. Do you think that decrease in value is warranted or overblown? At this point?

8:46

I think it's a great question. Now, let's I talked about a lot of our winners on Fang. But the trust stumbled on PayPal, I stumbled on PayPal, the trust me it's like the trust of some living organism. I get it. And why because I believe that Dan shomo money came one man money state chased out a story, which didn't happen. And because it didn't happen, it's now become referendum on Dan Schulman not on PayPal. And right now the referendum says no. And that's what I'm concerned about. How about Carlos and Pennsylvania, please, Carlos. What's up, Jim? How much what's going on with you? So I came here to ask about Dave and Busters stuck. Interesting. That's a really interesting stuff. Why? Because people are going back. They're having fun. Again, the stocks up but not enough. It's only 18 times earnings. It's really well run. I think it's a very, very interesting stock here, and one that I think will work as the world. Powell they have to admit this worth bidding even more inflationary pressures, so we'll have to stick with a harder line. The one that's actually not that good for many high flying stocks unless they make Oh A lot of money and it also hurts the prospects for pulling out money tonight HP reported first quarter results if the velum I'm running through the port with the company CEO then the market has had a rough start 2022 So what does it say about the VIX and what is the VIX telling us about where we headed? I'm going off the charts special Monday edition and work they reported for closing I'm hearing for the plow stocks top brass. Fresh off the report so far. I like what I am hearing stay with Kramer.

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Don't miss a second of Mad Money. Follow at Jim Cramer on Twitter. Have a question. Tweet, Cramer hashtag mad tweets, send Jim an email to Mad money@cnbc.com Or give us a call at one 807 43 CNBC miss something head to Mad money.cnbc.com CNBC workforce Executive Council is a premier group of C suite Human Resources executives from leading companies across the country. It offers a members only portal and chat plus exclusive industry content. With access to Breaking News calls and digital networking experiences. The network and resources HR leaders need now applying to the workforce executive council at CNBC councils.com/wec.

11:35

Late last week, Dell surprisingly important out like arrangements play me supply chain problems for its woes. And the whole PC edifice got slammed back to get results from the other big computer company HP Inc. Well, you know what they told a very different story. HP deliver clean top and bottom line beat even issuing better than expected guidance for the current quarter and raising their full year forecast substantially. While the numbers okay, they weren't perfect cash flow was a touch lighting, printing business fell short, we had to find out about that there were some major positives, including higher than anticipated margins, which I didn't expect. Now, not what you think would happen in the PC industry is being dragged down by sparking crisis. So what that is going on here is HP simply better run. Let's check in with Enrique lores, the President CEO of HP Inc, to get a better rate on the core and his outlook for the future scores. Welcome back to Mad Money.

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Hi, Jim, great to be here with you.

12:23

Well, Enrique, it's great to see you. Everyone's been moaning about supply chain problems worries about parts. Frankly, I didn't see that kind of worry in your quarter, it seems like somehow you've fixed or beaten the supply chain problem?

12:39

Well, we have been executing the plan that we described a few quarters ago. And we have been making progress, we have, we are shifting our focus to those categories where we see the highest demand, also categories where we can make more money and and this is really what we have been doing and the results this quarter reflect the progress we have made.

12:58

Now a lot of people were concerned that work from home may be diminishing. So therefore, your notebook sales will be heard now, no book was not as strong as I'd like. But everything else is very strong. How do you balance this idea of work from home and your business?

13:12

Actually, we see work from home and the overall hybrid way of working as a big opportunity for us. companies are investing in cabina better experience for employees for their employees, whether they're in the office with their whether they're at home. Also, the equipment needs to be better, because you want great cameras, you do want great audio, you want more memory. And this is really shifting demand toward premium categories. And all of these are good things for us.

13:39

Alright, so how do we how do we explain Personal Printing? I mean, it's obviously that corporate printing is great. But you know what, I think you guys do so much good stuff. And I'm always surprised that this isn't just a breakout moment for personal given the fact that so many of us are working from home.

13:57

But in this case, the shipments of paintings have been really impacted by the supply chain. And this is something that we shared with investors already in the past. Most of our factories, most of the factories of our suppliers are in Southeast Asia. And these countries have been in full lockdown pre most of the full and the beginning of December. And we were expecting that because we thought that is close, we were not able to build products and therefore shipments have been impacted.

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I know you have a high quality problem and we can't as long as I've known you want to return money to shareholders, that is very important to you. But the stock is run up quite a bit. Does a buyback still make sense all the way up here?

14:36

Well, we continue to believe that the value of our shares is undervalued, and therefore that buying HP shares is a good investment for investors. We have committed to buy at least $4 billion for shares this year. This quarter, we bought $1.5 billion. And we're gonna continue to execute our plan because again, we think it's a good investment.

14:57

All right now in terms of good investments. You know, I've been fascinated by 3d Your predecessor always known as wild about it, I'm now looking at a choose packaging a bottle that would revolutionize things and make it so that perhaps we didn't wreck the oceans. Now, are there buyers for this, this 3d printing? Or is it just a cool thing I want to put it on my shelf.

15:17

I think we I have the bottle also here with me, I think with this technology, we really have a strong opportunity to replace most of the single use plastic bottles and other containers that are using the world. What we can do with a combination of 3d printing, plus the technology we got from choose packaging, is to create, let's say, plastic paper bottles made with paper that can replace plastic. And that's a great opportunity for us going forward, that will also have a significant impact in the world from an from an ESG perspective.

15:51

But have you contracted with any of the big plastic bottle makers,

15:56

we are starting the process, they were a small startup that had already initiated the process. And now with our scale with our relationship, we can really drive that in a much more aggressive way.

16:08

Now, I am very glad you made an acquisition. For gaming, I've always felt that this is the area that you most need to be in. Because you have such a good reputation for speed anyway, cloud core, I'm looking at a surround sound. How will this work? Who will want this?

16:24

Well, gamers all over the world by spend more money in what we call peripherals, headsets, and other devices that they need. They spend more five times more time money on that than indoor PCs. And the acquisition we did with HyperDeck puts us in a leading position in headset. The headset that you have has a battery that will allow you to play nonstop for 12 days. I'm sure this is what you're looking forward to.

16:54

I actually the user of a lot of your other products I don't know if I do that I happen to love and I want people to know I love touchscreen PC, you know that? What people want stay tight touchscreen TV? Do they ever got that PC? Do they ever go back?

17:09

No, I think this is one of the key differentiators of Windows PCs and specifically, of our portfolio. And as you say, once you start using it, you don't go back to the old technology because usability is better. access to applications is faster, and you really have a much better experience. And in the PC space is all about experiences now. Better experiences, drive better sales, and better, more happier, happier customers.

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Well, I know I can't live without it. And once again, I want to congratulate you for delivering and exceeding as you've done quarter after quarter after quarter since I first met you. And that is Enrique lores the President CEO of HP Inc. Good to see you sir. Thank you.

17:47

Thank you, Jim. Great to be here.

17:49

Your buddy said he still thinks the stock is cheap, and they've got a lot of power firepower to buy a lot of stuff. They have monies back

18:01

coming up these days fear is a rational response to opening a newspaper, flip beyond the fold and like Kramer turn that fear into focus off the charts next.

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Why don't we get a read on this treacherous market? This morning we start off in bad shape and we rally hard then roll over again before late serves give us a split decision for the major averages. Oh man, we are in an incredibly uncertain moment. No one knows how this port will play out if they tell you they do that or they're wrong. Ukrainians holding up better than expected for a weekend Russians rampion brutality and the West snacking hard hitting sanctions that have obliterated the ruble but haven't really seemed to influence Putin. Everything feels up in here. And we haven't even gotten to this week's big bad event here in the US. When Fed chief Jay Powell speaks to Congress. And then of course, there's the unemployment number. This is a moment of tremendous fear for the stock market that fabulous rally last week. So tonight, I want to take the emotions out of the equation and approach stocks from more quantitative direction. That's why we're going off the charts but they'll be more Sebastian. Oh, he's a brilliant technician who's the founder of option pit calm. He also writes for real money calm because He's our resident volatility expert. And volatility is is what you're getting and what you get when investors are afraid. specialists to monitor the CBOE Volatility Index. We're the s the VIX for short. Because it'll tell you a lot about the animal spirits the market. There's a reason it's also known as the fear gauge. So take a look at this pair of charts showing the s&p 500 and the VIX going back to the beginning of the new year. Well, you can see what's happened right since the beginning of 2022. The markets been slowly moving in one direction and that is down. And the VIX. Well, you know, I mean, you do get some temporary measure. Throughout this period. Sebastian points out, the vix index has moved up, which is exactly what you'd expect, right? Remember, the VIX the SP 500 supposed to head in opposite directions. Again, it's called the fear gauge. Whoever until today, the VIX All always seem to have a ceiling. It would briefly close above 30 and then pull back now though it's above 30 Again, so the fear is real. All right. We feel it. perilous times remember perilous? The thing is we've got a lot of cross currents here. While your brain isn't particularly plugged into the global economy, Russia's another story, and they are a major exporter of energy. That's the principal asset. It's why all this turmoil has caused the price of crude to skyrocket to the mid 90s. So check out this next pair of charts. The one on the bottom is the regular volatility index. The one on top is the volatility index for the U S. O the US oil ETF basically it's the VIX, but for oil, not stocks. The omics. Yep, there's the old x. While the price of crude has been on the rise, the volatility of oils also spiked with the auvik surging to the 50s Look at this right Hmm. Sebastian thinks that's a major reason why the regular VIX has been flying to. Let's pull all of this into one set of charts the s&p 500 the oil vix and the regular VIX, especially notes in the s&p is declined from the high on February 9, at were 587. We really only felt a four to two five at the lows last week, but nearly 8% drop will be at one that happened over the course of a couple of weeks. Meanwhile, look at the VIX and the oil VIX, okay, here's the VIX and the oil VIX. During the same period, the volatility index moved from just under 20 to over 30, which basically says is what you expect to see if traders are anticipating a 2% decline the SP every day. At the same time, the oil big surge even higher pricing in 3% moves a per day, put it all together and Sebastian thinks volatility is potentially swelling here. That's a technical term. This is something he predicted the last time we highlighted the word his work in January of volatility swells appear where the VIX surges over two to six weeks and then the stock market tends to get obliterated. Next take a gander at this chart the volatility index futures remember you can bet on March volatility or April volatility or June volatility not just present volatility. These futures can help predict where the stock market might be headed. When we last spoke to Subash. In January, he pointed out that the VIX futures were going into a state of as soon as backwardation where the current volatility index is above the next month's futures. He warned us that this is often a sign that the markets getting irrational. It means we're getting close to a bottom. Well, possibly, or it can mean we're about to have another breakdown. I know that doesn't really help us. But listen, five weeks ago, he predicted a breakdown and that's exactly what we got. Now, the VIX futures are once again in backwardation. That's what they've done for the last seven trading days for submissions is more put the market stressed. It means bad things can happen. So where does he think we're headed? Let's hop in the Wayback Machine look at how things played out during the Gulf War 1990 1991. I like to use the Gulf War as a touchstone for this moment, because like now we had a conventional war between two unequal forces. Although this time it's the good guys who are outgunned. Take a look at how the s&p 500 in the VIX behaved back then, alright. It's really instructive. The Gulf War started on August 2 1990. When Iraq invaded Kuwait and took over in the blink of an eye immediately us in troops to protect our allies and Saudi Arabia. There was constant speculation about what when we moved to retake quake. Throughout that early period, the VIX surged higher and higher, and while the s&p 500 plummeted 20% however, Sebacean, which the VIX eventually topped out a few weeks into the conflict on August 23. Okay, the SBQ tend to drop for a couple more weeks than churned through that October. But the market actually bottomed on April 11, four and a half months before the war ended. And a couple months for the US tortoise counter-offensive into quake Desert Storm. We saw one final spike in the VIX in late December. Alright, so remember, keep this in mind. On the eve of the counter-offensive from here, though, the s&p was off to the races and the VIX sank like a stone.

23:53

Especially things is important because while things keep escalating between the West and Russia, he expects to see lots of volatility and lots of weakness in the stock market weakness, just like in the run up to the Gulf War, it wasn't the beginning of the war that caused the bottom back then it was the beginning of the American counterattack, suddenly, we almost certainly won't get Ukraine, still the market bottom once we knew how the conflict would end, okay. And that's what Sebastian is expecting this time around. Back in 1990. Anyone who bought stocks at any point after the August solve was up significantly by the time the war ended. In short, he thinks there'll be more pain, but if you got some cash on the sidelines, he says there will come a point when you want to start putting it to work. We've been doing something like that for our chapel trust. Remember big meeting Friday did some by late in the day today. And the meantime, he predicts more wild days like last week when we exploded higher or today when the market came right back down and then went up again. What would make him more confident Sebastian wants to see the market make new loan with the VIX not making a new high when the VIX and the s&p diverge. It tells you the trends about change. That will be the moment he says to jump in with both feet that was like October of 1990. But the bottom line the charts is interpret by marks best and say we aren't there yet something I agree with, he predicts more pain. Gotta steer yourself to get through this period. So you can be opportunistic when the moment comes to start buying and that moment will come. Let's go to Alan Rhode Island, Alan

25:18

Kramer, Allen, take my call. Appreciate it. So I've been invested about 10 years or so but just recently started to dig into things like 10 Q's and eight Ks. On the SEC website. I started taking some accounting classes too. And now I on and you know, I understand the numbers a lot better now, when I take a look at income statements, the financials and stuff like that. But I've been confounded by a stock that appears to have all the right numbers. They seem to have like Apple like profit margins. He did 16 billion in revenue last year, but for some reason, they only trade at five times earnings. What is wrong with rocket companies?

26:05

Oh, man, that's fantastic that you ask that and what's wrong with it? And everybody keeps going downgrades to sell whatever. It's because when rates go up, then mortgages, the actual application mortgages. They decline. Is rocket over done down here. I gotta tell you, it seemed that went down every day. I think it can bounce at 1314. But it is not where I want you to be. I mean, if you really think that charts that thing's going to bounce, go buy Toll Brothers. That's a much better investment. How about we go to sunny in Illinois, Sunny.

26:35

Hey, Joe. It's sunny from Chicago, a big Chicago Windy City Buya to you

26:39

excellent boy, a lot of good sports fans hear what's happening.

26:43

Hey, Jim, before I talk about my company, I want to take this time to thank you for educating and entertaining us and leveling the playing field for small investors. Well,

26:53

thank you, I hope you're a member of our club. That's what we do every day. I want everyone to be a member of the club. It would be a great deal to me if you sign up. We got a big meeting Friday. How can I help?

27:05

Members, I'm giving a shout out to all your million viewers sign up for the investment club. I love your daily emails and alerts. It's beautiful, man. Yeah,

27:13

one point today my daughter said Hey, what are you asleep at the wheel? I haven't seen one of those. On Walmart, I mean, give me a break. I get a break from my cheat sheet. Whatever. It's important, important teaching.

27:29

One more comment before I talk about my company. This stock market is bipolar. One day we're up 700 points. One day we're down 300 making my head spin man. Well,

27:37

I'm familiar with that. So let's go.

27:39

Alright, so hey, my question Jim is about Sophie. I know they recently got a bank charter. I'm wondering what you think about their future prospects?

27:49

Oh, my. Sorry to tell you. I will come in no to fan he helped me bring street calm public back in 96 to 98 he worked with me closely. This thing is too beaten down. I just don't think it should be 11 I think 1415 is a little more like it. And I would tell anyone who wanted to buy SoFi just go buy some and put it away. I'm bagging with no, no. He's proven to be someone who want to bank with for a long time now. Okay. Tonight's Chartist is predicting a little more pain before we get some gain. Something I hadn't agree with. So steel yourself and get ready to be offered that opportunity. When the moment comes to start buying. We've already done our selling for the trust. Now I'm looking for opportunities much more money cleaning my post earnings exclusive with Workday. Hey, what could the future of work look like as he as the office people turn the office? You know what I think this company delivered a great quarter I'm talking to the CEO and I'm sitting in an activity when it comes to the market. I'll reveal my strategy to take advantage of the opportunity that is presented by the defeat s and or your calls rapid fire since the lightning round. So stay with Kramer.

29:03

I listen, ever since the Fed started taking a hard line against inflation November, the entire cloud software cores been put through the meat grinder. Because Wall Street Dow has no love for growth stocks in times of high inflation. rising interest rates just don't that's historic. Since then, some of our favorite cloud names have just been obliterated, even as the underlying coverage do well. No one seems to care about the fundamentals in this environment. But at a certain point, the stocks come down as I said at the top of the show to levels that you can't resist. Take workday, the maker of software tools for financial planning and human capital management. At the close. They're putting in really amazing quarter clean top and bottom line beat accelerating revenue growth. In response workday stock is flying after hours trading as it should, because this was a monster good quarter. So won't be enough to turn around the coal the whole cohort. I don't know. But it seems like you could let's take a closer look within your bush. He's the co founder and chairman and CO CEO of Workday. Learn more about the quarter where the company was Welcome back to Mad Money. How are you? Well, and you all pay, I'm good. You know why? Because these numbers are extraordinary, is probably the best thing that I saw happen today, after all the terrible things that are happening in Europe. And I just want to know how you did it, you're accelerating your business at a time when many other businesses are decelerating.

30:22

You know, I first want to just thank our great team for, for a terrific performance in the fourth quarter and the full year. I think it's just a sign up, the world continues to transition to the cloud. We've got great products, we take care of our customers, we take care of our employees, and, you know, all together, things are working right now.

30:46

But it also seems that you've developed the suite of products that, frankly, are really good. During periods of uncertainty. You can't really budget what you want to do in this environment. Unless you have these remarkable products. I mean, not just enlisted, it's not just a dad dry, corrugated pecan, I would argue that extend all these things help you make your budget.

31:10

Build it, you know, what the other day called, has been a challenging time for all of us. And right now, I just want to just take a second and say that my, my thoughts and prayers are with everybody affected by the situation in Ukraine, and we're trying to support our employees and, and contractors who are involved, day to day, we're all about taking care of people and take care of employees. And as everybody went remote, our applications just ended up fitting that that new environment really well. And particularly with pecan, every CEO can see their employees, they wanted to know what they were thinking about, are they engaged? Are they really connected to the company? Do they do they want to continue to stay at that company. And that's just turned out to be a terrific acquisition for us and really consistent with what we do as a company?

32:01

Well, I'm glad you mentioned pecan because we had Qualtrics on recently and increasingly things that we would not think are the way that you and I were thought important when we were starting out, which is how we feel what's our morale? What do we want to do have come to the fore because there's a better offer out there. If you don't like what you're doing, it would seem that this this this product, and others allow you to pick and get a sense about whether things aren't going right and done in a very empirical way, not a touchy feely way.

32:33

Exactly. In a very data centric way. You really do want to understand where your employees are mentally, in a very challenging environment. We're all disconnected from human interaction, the last couple of years, we're now we're now all getting back in the office and getting back together. But for the last couple years, we want to know not not how people are feeling anecdotally, when we look at the numbers, how does actually, the average employee feel about being connected to their company in a in a statistical way, the anecdotal stuff always matters. But the broader scheme when you're a couple like Workday, we're closing in on 15,000 employees, you need to look at the whole dataset. And all of our large customers need to look at the whole data set to really understand where they are with their employees.

33:18

Well, if I step back, I always like to look, I see sometimes you've got great work with university, sometimes with healthcare, I am looking sometimes with bags, I am looking at writing Dick's Sporting Goods, I'm looking at at home stores, and I'm thinking you are making tremendous inroads with retail.

33:36

We have been we've been very fortunate, retail has been a very strong segment with us. You know, starting with Walmart and Whole Foods and others. I'm a big sports fan. So landing Dick's Sporting Goods was a really big win for us. I've known ed for a long time, and we're just thrilled to have them as a customer, and we're gonna do a great job for them. But that that segment, which is very employee centric, increasingly employee centric, has become a great segment for today.

34:05

Now, if you could explain to people, if you took all the different products together in one, okay, you would eliminate I think maybe four or five different vendors.

34:18

You can say that I'm you know, we have to be careful and saying that, but But you're right, we can we can take away all the needs for HR for payroll, for finance for procurement. You know, really in the case of students systems, also for higher education, we give either a full solution, and then we have an analytic solution that lets you analyze all that data so that our goal is trying to be a unified solution across planning, execution, analysis. And then with with Workday, the underlying platform, extend, change it to modify your business process to meet to meet Your needs. But but but you're actually right where we're trying to be a full platform solution for the administrative workloads?

35:06

Well, I mean, one last question, could that be in some why you have been able to really forecast of crypto revenue in a very, I mean, I'm not saying too aggressive. I'm saying that you're looking at your book of business, and your book of business is very solid going for.

35:23

What again, I'm gonna, I'm gonna thank the team done Robinson, China, Fernandez and the sales teams, our growth rate accelerated from the 19% number to, you know, this year going to this year 22%. And we're projecting that similar growth rate going forward. We had hoped that'd be the case. It's a strongest year we had in the last five years in terms of net new bookings growth. So you know, it seems like things are working fingers crossed, I think, I think a lot to do with it. Is us becoming a broader platform provider for our customers. Yeah, it

35:58

does seem almost, I mean, seems all the acquisitions are working, you're firing on all cylinders. And I mean, when I say you, I mean, you and your team. I am not just saying you and Neil Bush free, but congratulations. No. Anyway, on a remarkable quarter, and one that I think could make a lot of people very excited about the cloud again, we kind of forgot about the cloud. Thank you. Thank you for being on the show. Thank you.

36:19

Thank you. But I would say again, it's all about team. Team.

36:24

I agree. I see that best but it looks like it's signed by Joe and been in it hard. No, it just it's a Neil Bush free workday chairman, co founder and CO CEO and pure joy by the way and deliver some unbelievable numbers tonight. He and his team everybody's back to the break.

36:45

Just chill, chill. Masterji

36:47

The Chill man is in the house. He's happening. The lightning

36:51

round is coming up when bad money returns. It is.

37:07

And then the Lightning Rounds are Are you ready to keep that kind of light? Okay. Stephen in Colorado, Steve and

37:14

I didn't Hi, this is Steve, his own personal note about ocean dairy. National.

37:20

Oh, it's right here. It does. A lot of it does. You know there are a lot of times when I look at these stocks, I think well, they have contracts the contracts and go bad. I think these guys are very good. That's kind of keeping an eye on it. Hey, Jimmy, chill, go.

37:35

Do my grandpa got me into investing? And I know you're out all your books. And well, thank you for that.

37:42

Well, thank you. Thank you just fabulous. How can I help?

37:46

If I'm a 25 year old investor, I've recently opened a position into the energy companies. What are your thoughts on kind of what to look out for ticker symbol P E. LL

37:57

Tilray. Okay, Sharif Suki. I think for 25 year old that is another I'm gonna do clean energy clld Why not? Why not? After we saw that fantastic bit by Chevron today. Now here's what Matt has been tolerating their balance sheet. The it's not great. They have to raise a lot more debt. But when they are finished, they will be ready customers for their liquefied natural gas. Let's go to Jeff in Ohio. Japp.

38:21

Good afternoon, Mr. Kramer, thanks for taking my call. I took a couple positions in equitrans. Before the end of last year with the recent news on their mountain valley pipeline and their latest earnings report. I'm off about 30% from my cost basis. Okay. What's your thoughts?

38:37

Well, okay, some of these are better than others. And this one was down for multiple days yields nine I'm worried about a 9% yield. It makes me feel like it's not sustainable. Once you try and bridge that one we're not worried about because it's how Monaco for a horse in Illinois horse. Hey, doing Jim. I am good. How are you horse? Very good.

39:00

Jim, I have this one question. The like to know your opinion about at&t? Not the short term but the long term.

39:10

Maybe for the long term. There's something there short term No. Short term it's a family show. So there's no I can't really go into it. It's just not right. I I worry about my reputation. I worry what people think of me I'm most worried about my my late grandma Nana Mary, who said if you don't have anything nice to say Don't say so therefore that's my line on it. Take let's cut a Steve in Massachusetts Steve.

39:39

Hey, Mr. Kramer. This is deeper Massachusetts than watching Mad Money since day one. Day 148. What's going on? Well, the stock I'm calling about is a financial advisory and asset management company. It has a low p e of 7.4. A really nice dividend yield of five and a half percent. It did recently have an insider trading issue. The stock has been plummeting. The name of the company is Lazard.

40:09

I like Lazard. Jimmy chill likes Husar I think this is an opportunity. Not a negative. I like it. I think it can do well. And that's a really good one that you brought. Let's go to Anthony Illinois. Anthony.

40:22

Yes, Jim, how are you?

40:24

I am good. Anthony. How about you know?

40:26

I'm alright. You know, for the past 20 years, I've been listening to you on TV. And by paying close attention to what you're saying your details. I've made a lot of money. My question today is concerning Doximity

40:43

Doximity I think it's very inexpensive. I think the doctors love it. It's a great way to get the word out. I want to thank you for the kind words, you know, Doximity psycho stop. People don't like it but one day they will end that ledge. Conclusion of that.

40:55

The lightning round is sponsored by TD Ameritrade coming up before you buy, buy, buy or sell, sell, sell. Take a breath. And think think thing. Kramer explains why every crisis strategy should start with a deep breath next.

41:23

Just one constant in this business. It's so much easier to be negative than positive. I like to wake up early. As you know, in many times, I'm mesmerized by what we call the Kroll the parade of stocks that go by underneath the CNBC personalities. This morning, I watch one plummeting stock after another Caterpillar down for video an anti debt to Facebook down three, just a hideous progression, like it was screaming, here comes the slaughter. But by 1030 all those stocks I mentioned were up. If took the other side of the trade when people were dumping them, you could have had a quick win. One by the way, it was actually accentuated for many stocks at the end of the day. If you truly want to sell them, you got a much better opportunity if you steal yourself in the early morning and wait a few hours for better mon or if you just dump them at the close. So how can you rarely hear about how panic sellers create tremendous opportunities? It's easier to be negative part of that the inherent bias the immediate towards talking about chaos. I think our network is far from the worst offender I mean, we tend to be much more constructive. But even then commentators who come on do have a bias toward negativity, less something bad happens it makes them look foolish. No one ever got hurt by saying they're cautious and times are Perlis at the end of the day. If you're making public statements, it's much safer to be a pessimists. Let's say you came on here this morning and were asked to a pine about those beaten down stocks I just mentioned. Even if you like them in the face of that hideous future selling and the enormous uncertainty issue you're it's simply not worth it to stick your neck out too risky. What happens if you recommend Caterpillar, Vladimir Putin ratchets things up? Within an insane way at 1030. You'll get torn to pieces on social media. And that YouTube clip may be following you for the rest of your career. It's so much easier just to avoid any potential controversy until you're afraid. Of course, that's not my style, mainly because I had no choice. I run a charitable trust and over Moser public, so I'm acutely aware of what deserves to be down and what can rally take the semiconductor stocks they were all hit hard before the open, get them little to no they have nothing to do with Russia. Oddly, even the oil stocks got dragged down by the gravitational pull of the s&p futures at first. But that didn't last long. Because they benefit from the cash and they flew up. Let's draw some conclusions. First, when you see stocks down badly, and they had nothing to do with the event that's causing the decline, in this case, Russia, it makes no sense to panic at all. If you sell you're just trading with the futures and group not events, you don't want to lose money. Second, it's important to know what the companies you own actually do. I bet the sellers of these stocks had no idea what they are, otherwise they would have stayed the course. Third, and most important, you need to be opportunistic. Remember what matters and what doesn't. I can understand why you might want to sell Citigroup or JP Morgan or Goldman Sachs because we don't really know their full exposure to Europe, although I actually bet it's very minimal. But you sell say a first horizon fact is Tennessee based bank that's been expanding not into Europe but throughout the southern portion the United States know you sell something like that at your own peril as first horizon just got a monster $25 per share takeover bid from Toronto Dominion and race period from 1825. close on Friday, CEO Brian Jordan one of our absolute favorite guests quarter to quarter quarter, but he got sick of seeing the stock getting no respect despite all the fabulous work he's done for shareholders. So maybe he just said you know what? Take the bid. And you don't walk away from that that's been hammered. If it is earnings when then I'm like Workday talk about sellers from worse tonight. Ouch. I'm not being a Pollyanna here. I'm simply trying to acknowledge the truth, even when they're feeling confident commentators don't want to risk sounding to Bush because the bulls always get roasted if they make a mistake. Nobody ever goes there to the bears like that. There is no penalty in this business for sounding too cautious and talking about perilous times. The only defense is to know what you own and recognize that you must not be shaken by events that have nothing to do with your stocks. You don't have to be visible like I am for my child trust and don't forget our 1230 meeting on Friday, but you must steal yourself at night and in the morning before the open because the aggressive futures traders often turn out to be dead wrong. So wrong, that you almost have to take the other side of the trade. I like to say this horrible market summer. I probably try to find it just for you right here on bad money. I'm Jim Cramer. See you tomorrow.