저자: JimCramer · 외국인
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Fed 금리 인하 경로에 과도하게 얽매이지 말고 경영진이 뛰어난 고품질 기업에 투자하라는 주장. Travelers, Blackstone, Wells Fargo, Netflix, Intuit, 나스닥 등 Fed 민감도가 낮은 종목을 옹호하며 CrowdStrike, BlackRock 신규 편입과 Nvidia·Cadence·Pfizer에 대한 긍정적 견해를 밝힘. 반도체 급락은 Fed 공포에 따른 과잉 매도로 해석. 주가 방향에 대한 수치 목표는 제시되지 않음.
다듬은 글
Cramer. Welcome to Mad Money. Welcome to Cramerica. I'm not doing it foNBC or tweet me @jimcramer. Memo to all of you compulsive Fed watchers out there. GET OUT OF MY FACE. EVERYONE WHO'S obsessed with the Fed's next four rate hikes is basically investing with blinders on, and as a result, they're missing out on some of the greatest moves I've ever seen in my life.
Moves coming from the most unlikely of stocks, and I don't want to see you ignoring these opportunities anymore. There. Got that off my chest. One of the day when the Dow gained 161 points, that's me nudge down 0.02%, and then Nasdaq advanced 0.04%. Boy, it was up big earlier. I needed to say something.
Something because over the past couple decades, so many people in this business have become creatures of the Fed, not of companies and the profits that they make. Unless Fed's happy, these people think unless it has its pound of flesh, these Fed watchers won't pull the trigger and buy stocks, even stocks of companies that have almost nothing whatsoever to do with our central bank and are doing really well.
As regular viewers already know, I'm a huge fan of Fed chief Jay Powell. In fact, I'm enough of a fan to know how far his reach really goes. Even though he's plenty powerful, he's not powerful enough to control the direction of high-quality companies with minimal economic sensitivity. If you're not hostage to the business cycle, you can't be hostage to the Fed.
Yet, so many traders remain seemingly unaware of that. We see it every day. Consider just this one-day snapshot. Travelers, the giant insurance company reported earlier this morning. Uh I saw sellers swarm. Why? I think they saw that retail sales were too strong, which made them think that bond yields would shoot up, which is exactly what they did.
But, these sellers were too clever by half. Travelers have been raising its premiums to make a ton of money in the premiums. So, what happened to the sellers? They lost their French collar shirts today as the stock of this Dow component only soared 9% to a new all-time high. Well, how about Blackstone, the enormous private equity firm that invests in everything from real estate to data centers?
The knee-jerk Fed worshipers hear the name Blackstone, they think investments. And to them, any company that's all about investments is a company that lives and dies by the Fed. If retail sales are too strong, rates shoot up as they did this morning, these Fed-centric stooges run from a Blackstone. Never mind that Blackstone reported one terrific quarter, one that eventually sent the stock up more than 6%.
New all-time high. In the end, Blackstone's less levered to the Fed and more levered to the brains of its brilliant executives. When you buy shares in Blackstone, which I wanted to do so badly for my charitable trust that you didn't get a chance to, you're not buying the musings of the Fed chief during a strange, stilted Q&A session with reporters.
You're buying the life's work of some of the smartest people in the business world. If you remember that, you will indeed profit from it. Then there's Wells Fargo. We've gotten a series of strong economic numbers of late, which makes the Fed watchers assume that we're looking at a series of slow and deliberate rate cuts, nothing fast.
Maybe we won't even get one in November. What happens to Wells Fargo then? We own this for the charitable trust, and if you really believe the rate cuts will slow to a crawl, I think it's reasonable to be concerned. But, what if, heaven forbid, the CEO set up Wells Fargo's portfolio precisely for this moment?
And that's what CEO Charlie Scharf told us on Tuesday when we went up to see him. Turns out Scharf Scharf's just real smart. He figured this stuff out. You weren't levered to a group of Fed officials who are playing with dots at a dot play Is that this? Right? I mean, is this what they play when they talk to dot plot?
Are they like they eat these things to take your fillings out? I can't eat them. You're dealing with someone smarter than you are, who has a view of the world that's spot-on. There's nothing static about Wells Fargo. Charlie, like Blackstone's Schwarzman and Gray, like Alan Schnitzer at Travelers, really knows how to do business in any environment.
If you own their stocks, you don't need to obsess over the Fed's next move. You just need to know that these brilliant executives are steering their ships with the brains that got them to the top in the first place. They are not pitiful, helpless giants cowering in the face of the Fed. They're intimidatingly smart people.
And look, those are just the financials. We see this stuff happening all over the place. Tonight, we got excellent numbers from Netflix. They have that advertising tier, of course. It's working. And intuit a surgical fantastic minds there. Fed-immune stocks that are hostage to the execs who run the place and their strategies, and both are pretty darn good.
The Fed fear extends to any stock that seems to be expensive, high priced on their earnings multiple, based on the possibility that the Fed might need to give up on its rate cuts to fully stamp out inflation. That's how investors get scared out of stocks like those in the semiconductor complex. That's how they sell Taiwan semi giant semiconductor manufacturer off a bad quarter from a second-tier semiconductor equipment company called ASML, which everyone's forgotten already.
Those people just moved it $18 They missed an $18 move, by the way. It was like mid-20s at one point. They probably sold Nvidia, too, which is a major Taiwan semi partner, with a stock that came roaring back today. More on that travesty later. I reference my charitable trust in the show a lot, and not just because I want you to join the investing club to get our ideas and analysis.
I reference it because it's an idea free-for-all, where I literally have to be invested or I'm violating the spirit of the trust. It's not meant to be an index fund or intact. It's supposed to be in stocks. We talk stocks. I can't say, "Oh, the Fed's making it mighty hard to invest," especially when we're only one rate cut in the easing cycle, which is exactly when the market performs best.
We typically make several additions to the trust roster every year. Jeff Marks and I are just constantly talking ideas, spitballing. Yesterday, we did something I used to consider unthinkable. We initiated meaning we decided to buy for the first time two stocks at once. We did two stocks because we couldn't do four stocks.
Yes, that's how much I wanted to buy some new stocks. And what sector did I want them in? Well, pretty much any, although I chose technology and financials. The former, CrowdStrike, is a high-flier that sells for 85 times earnings. That's supposedly the kiss of death if you're worried about what you'll hear from the Fed at heads when they come on television and speak at at some austere civic organization like the World Knights of the Order of George Babbitt.
That's essentially old Sinclair Lewis reference. You can Google it. The latter, BlackRock, we bought that one, too. Demonstrated such success with this quarter that I wanted the the trust to own shares right alongside CEO Larry Fink. Look, I'm mindful of Fed. I am. But, I refuse to obsess over I'm a believer that the Fed is powerful, but not all-powerful.
I'm also a believer that when you buy a stock, you're getting a management team that traditionally is not just a bunch of clowns. So, here's the bottom line. I'm not saying the stock market will never go down when the Fed's easing. Hey, the market was up big and fell off a cliff at 2:30 today. I am saying there are limits to what the Fed impacts, and I swear by the managers who know a lot about business and who don't cower when Jay Powell grabs the mic to talk about the pace of rate cuts.
I put my faith in them. That faith can be misplaced, but if you're going to invest in the stock market, you got to believe in something. Otherwise, what's the point? Let's go to Vincent in New Jersey. Vincent. Yeah. Oh, yeah. Oh, yeah, Vincent, man. Wow. That's a dot plot if I've ever heard one. What's going on?
Uh Applied Digital Corporation out of Dallas, Texas. I've been trading it. It's treated me good. I need the lowdown now. Is it a buy or a strong buy? Back up the truck buy. Give it to me, Jim. No, no, no, no, no, no. The only way is buy If you mention Nvidia, that's the one I I like Nvidia. And I don't need to One of the things I've learned a long, long time ago is instead of trying to find the next Nvidia, buy Nvidia.
Yours is interesting. There's no doubt about it. I'm not dissing you. Yours is interesting, and it's a very exciting thing, digital infrastructure, but I do like uh I like Nvidia. Let's go to Satish in California. Satish. Hey, booyah, Jimmy George. Hey, Jimmy, what's going on? How are you? Um I'm doing fine, you know.
How about you? Yeah, good, good. So, you know, um I have a question on uh EDA market. Uh it's going to be either Is it going to be either Cadence or Synopsys? Because you identified on each sectors, but so far you haven't identified uh chip design software companies. They're both really good. They both come down.
Um I I do like design auto- automation software, which means I really do like like I Mr. Dev Dr. Devgan, I'm sorry. I do like uh Cadence Design. If you put the gun to my head, which I tell you to take the gun away from my head, but I would buy Cadence. Let's go to Scott in Minnesota. Scott. Hi, Jim.
I'm deeply honored. Thank you for taking my call. Oh, come on. Sure. Absolutely. First-time caller, long-time listener. Uh fir- first of all, thank you for everything you've done for us small-time investors, as well as the integrity and honesty you brought to the financial industry. Oh, thank you. We got to keep everybody, including me, on our toes.
Got to get it right. And thank you for those kind words. How can I help you? Absolutely. Um to uh And also, a shout-out to your great staff. Oh my god, they're incredible. Emmy got us in dots. Shout-out to Emmy. Right? Dot plot. She's a dot plotter. Okay. My question pertains to Pfizer. You gave a strong recommendation about 10 days ago.
Since then, we've seen some fallout or controversy regarding the activist investor situation. Is this something to be overly concerned about? And are you still recommending it? I like Pfizer. Now, let me tell you why. They have 5.7% yield, which they can pay, but they made this acquisition of Seagen, and it's got a novel way to go after some cancers that have been really hard to cure.
If they can do it, then you're going to say, "What the heck was that stock doing under $30?" That's what intrigues me. All right. Look, I know the Fed is powerful, but it isn't powerful enough to shake my faith investing in high-quality companies that generate huge profits, and it shouldn't shake your faith, either.
On Mad Money tonight, the commercial real estate sector has been a ball to one, so I'm going to go right to the source with SL Green CEO. Get his take on where the industry stands. Gigantic Manhattan real estate fight. Then the airline stocks have been grounded the last few months, but we're starting to see genuine green shoots after a host of reports.
I'm running through all the major headlines you need to know about the co-work. And with a new executive at the helm, what is going to take for Nike to return to its former glory? I'm taking a closer look at the story, so stay with Cramer on X. Have a question? Tweet C.
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