Mad Money w/ Jim Cramer 3/4/25
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I'm here to level the playing field for all investors. There's always a homework in somewhere, and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. My friends, I'm just trying to save a little money. My job is not just entertaining, but also to educate, put everything in context that I can. So call me, 1-800-743-CNBC. Tweet me, it's Jim Kramer.

The Walmart White House seems determined to bring everyday lower prices to the stock market. And that means we're just going to have to live with the pain. As this administration sees it, investors will have to suffer because the mold must be broken. The status quo interrupted. We can't worry about the stock market, for heaven's sake. It'll take care of itself.

Including that vicious thrust and very weak parry is a notion that you don't need to invest. You don't need to own stocks. Every asset class is caveat emptor at this point. So you just take your chances and do your best to accept the inevitable pain. It can be difficult.

It could be almost nonsensical. It could be almost whimsical. And it could lead to days like today, where the Dow plunged 670 points, S&P tumbled 1.22%, and then ASDAQ lost 0.35%. Hey, by the way, that was a nice comeback. We're down 1,300 Dow points in two days, and the president just can't focus on it and work on the trade issues at the same time. Trade amounts, illegal immigration, fentanyl, they all take precedence over the Dow Jones Industrial Average.

Now, I've been off for a couple of days. Just give me actual clarity into how the situation will shake out. I make no judgments about whether the Trump administration's worldview is good or bad or even right or wrong. I just want to put it out there so you know what you're getting into if you decide to stay in stocks during what's becoming a tumultuous phase in our country's history. All this could change. But let me give you the state of play right now.

First, what matters to the White House is not whether a country is an ally. It's whether that country pays its freight. Its approach is very uneven, which makes it very difficult to fathom. For example, as they see it, Mexico and Canada unfairly take our jobs and even have the goal to have a trade deficit with us. Oh, and they let fentanyl slip through the border, which kills our young people. So they have to pay the price, 25 percent tariff. Now, I want to be clear. I'm not endorsing this view. It's what's happening.

Second, it doesn't matter if there's a pre-existing trade agreement among friends. It doesn't matter if Trump himself negotiated that deal in his first term. As the White House sees it, we didn't sign these trade agreements thinking they'd steal our jobs, even if it meant that we'd get cheaper products in exchange and our companies get access to the markets. Our trade agreements with Mexico were meant to keep us in business by exploiting the possibilities of cheap Mexican labor, which allow our manufacturers to escape from the clutches of expensive American labor unions. None of that matters now.

Third, the changes are inconsistent. But so what? American companies that use Mexican and Canadian labor will have to pay a big. But South Korea, South Korean, Japanese, and European companies, they ship millions of cars here with de minimis tariffs. Nobody said things had to be fair. Will tariffs on our trading partners, these next ones?

Are they going to come? There's no sign that they will, no sign that they won't. So you have to stay on your toes. But these tariffs we are subsidizing South Korea, Japan, and Europe at the expense of GM and Ford. Ironically, the only country that seems to be immune to tariffs right now is Russia. Again, that's not a pejorative. The Russians run a relatively small trade deficit with us, so the White House doesn't seem to care. Fourth, Taiwan may or may not be relevant in...

It could help its cause if it started paying more for its defense. It doesn't matter that Taiwan Semi is located there and is the single most important strategic asset in the world for both our industry and our military. Perhaps it will help Taiwan's cause?

The Taiwan Semi has pledged to put $165 billion to work here, despite the seeming impossibility of finding the construction workers or the engineers. They're basically paying us tribute, and that could do the trick in the absence of heavy weapons purchases. As between the Chinese and the Taiwanese, the Chinese can't buy weapons from us, but the Taiwanese can. So why don't they open their darn checkbook? That's how the administration sees it.

Fifth, there's no knowledge of how and when the tariff out of Mexico will be paid. Will you get a bill? Will the truckers get a bill? Will the whole thing be run on the honor system? Will it apply to every company? Will there be special pleadings? We don't know. Technically, tariffs should be enforced by the Customs and Border Protection, but they got their hands full with Trump's deportation plan, so who knows?

Six, if an American company commits to a giant policy of job and factory expansion in this country, will it be eligible for some sort of rebate against punitive countries that would otherwise hold them hostage? Think Apple. Or are they paying up no matter what? Seventh, it does not matter at all that tariffs have historically been considered bad for business or that they hurt our economy, something that President Ronald Reagan laid out most eloquently when he had to put targeted tariffs on the Japanese semiconductor industry.

If you want to see a more conventional way to talk about trade and the need for fairness without causing great havoc, I suggest listening to Reagan's brilliant radio address from April 25th of 1987 on the eve of a visit by the Japanese prime minister. Trump has repudiated Reagan's views on free trade. In the context of today, Reagan seems soft-line and simple. He was never soft-line and simple. Never will be.

As the White House sees it, that approach doesn't work anymore because our allies are no longer useful. In fact, they're all free riders except the Russians. As we know after Friday's press briefing with the jumpsuit-attired head of Ukraine. Did you expect Brioni?

Eighth, it makes no difference what our allies say or do. Their assurances mean nothing. If you're upset and sell stocks because of them, or if you bought stocks while Biden was president, or even a few months ago, when you could convince yourself that Trump wouldn't go crazy with the tariffs, well, that doesn't matter. As the White House sees it, this isn't about you. It's about American hegemony. Ninth, Canada is a total abstraction, not a true trade dispute.

Their way out of the jam is just to say, listen, we really would prefer to be the 51st state if you'd let us. The White House sees their sovereignty as an insult. Ten, this administration thinks it's simply unbelievable that investors are complaining. The CEOs aren't complaining, right? Have you heard anyone complain? They aren't saying anything. Why can't investors just go buy all sorts of cryptocurrencies and go on for a darn ride? They got

the call about the strategic crypto reserve ahead of time, can't they just run ahead of it? What's the big deal? Oh, and the groundswell about how NVIDIA is way down from its highs? As the greatest TV character of our time, Jeff Probst from Survivor, likes to say, when you're voted off the island, ain't got nothing for you. Now, before you say that this is an unfair characterization, let me say to you, do you want to make money or not? You now know the parameters.

You can figure out the crevasses. Navigate it. Sometimes it will mean buying the Mag 7 when they're really oversold, as it was the case today. Sometimes it's the health care and consumer products, even ones that are being hectored by GOP-1s. Totally have to do a reversal in those stocks, by the way, from a crazy rambunctious opening. Look out below. One more wild card. Tonight, Commerce Secretary Howard Ludnick said that in the last of his myriad interviews of the day, that maybe the Canadian and Mexican tariffs could be partially rolled back. Perhaps as soon as tomorrow. Yeah.

Yes, it is all that capricious, and you better get used to it if you're going to own stocks. But the bottom line, now you know the 10 most important things about this environment. Put them on your wall. They could really come in handy pretty soon or even tomorrow. Oh, by the way, good luck. You just might need it. Hey, why don't we go to Greg in New Jersey, please, Greg? Central Jersey, booyah, choo-yah, Jimmy Choo. Man, that is just a whole—you know what that is? That tastes like coming home.

That's great, Jim. Jim, I want to add more to a position that I have. This company has a great growth story, is immune to tariffs, and even in a slowing economy, is something that people cannot do without. It was down about 10% over the last two weeks and bumped up against its 50-day moving average yesterday. Jim, is this a great time to scoop up more Netflix? Yes. Yes.

Yes, it is, because you've got a common sense method of looking for a stock that does not have a problem with tariffs, that also is indispensable and is a subscription business that's down almost 10 percent from its high. You, my friend, have horse sense. Oh, my. Speaking of horse sense, let's go to Trey in Texas. Trey. Jim, just a quick shout out to my wife. Lynn, honey, happy anniversary. I love you. And by the way, those Girl Scout cookies you hid from me, gone. Every last one of them moments ago.

I just had the ones, Trey, Trey, I just had the ones, what are they called, the Tremonti or something, the thicker ones, the trifolds? I had one, and then I immediately had four, and then I folded it up. My wife has no knowledge. My wife and your wife, best of luck to them. Okay, so what's going on? Each Kroger I've gone to recently has a table out front swinging these delicious cookies. I mean, they're just all over the place. Sometimes I run out of money and trunk space before I even make it into the store.

Is this a winning strategy for Kroger, or will it backfire? Well, see, unlike you, Trey, there are other people who buy those Girl Scout cookies responsibly.

and they may be holding back Kroger. I appreciate your ultimate enthusiasm, but I say that maybe you are a minority of one. So let's stay away from Kroger right now and buy Costco. And by the way, happy anniversary. What was I thinking? Let's go to Emilio in Michigan. Emilio. Hey, Jim. How are you? I'm not bad. How about you? I'm pretty good. Jim, I'm an 18-year-old investor who got into SoFi in the sevens. My question to you is,

What do I do with this stock in this volatile market? And is SoFi a buyout? Boy, it's just easy. I got the answer for you. Listen, I got it, and it's etched in rock. Tomorrow, you're going to sell half, and the rest of the time, for the rest of your life, you're going to play with the half.

is money. And that is called... House of Pleasure. And... Victory! Now, you know what to expect. I'm just giving you... Look, it's Paltrow's time. Little capricious. Wake up. Maybe the tariffs are gone. Like, poof, you know? Like, uh...

I don't know, like a Disney movie or something. On Man Money Tonight, Royal Caribbean stock took a dip today on tariff news, but could it sell for a comeback? I don't really get the tariff thing. I've got the cruising company CEO. Then is Canada and the Canadian energy face a 10% tariff from the U.S.? Don't miss my exclusive with Enbridge to get a read on the energy sector. And later, I'm checking in with sports gambling company Flutter. Fresh off, it's after the bell report, so stay with Kramer.

Don't miss a second of Mad Money. Follow at Jim Kramer on X. Have a question? Tweet Kramer. Hashtag Mad Mentions. Send Jim an email to madmoneyatcnbc.com or give us a call at 1-800-743-CNBC. Miss something? Head to madmoney.cnbc.com. Psoriatic arthritis symptoms can be unpredictable. I had joint pain and I couldn't move like I used to. I needed relief.

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Register at CNBCMakeIt.com slash Side Hustle. Special offer ends April 1st. What the heck's happened to the stocks of the cruise lines? These stocks have been big winners for years thanks to the bull market travel. Lately, they've been hammered by President Trump's tariff talk. Is that right?

Take Royal Caribbean, which reported a strong quarter in late January, a solid four-year forecast, enough to send the stock up 12% in response. Since then, though, that gain's been raised and then some, including a nasty 6%, lost today as the tariffs on Canada, Mexico, and China went into effect, fueling concerns about a broader economic slowdown. So could this be a buying opportunity, or do we need to worry about a trade war-induced downturn in the industry? Let's check in with Jason Libery. He's the president and CEO of Royal Caribbean. What a winner!

We get a better read on the situation. Mr. Liberty, welcome to Man Money. Thanks for having me, Jim. Okay, so I think we've got to clear up some things immediately, Jason. Sure. If there is a trade war, which we have, problems with Mexico, probably Canada, what the heck does that have to do with the World War I, man?

Yeah, well, I think there's a few components of it. On the hard cost, there's really not. We buy most of our stuff from the U.S., and that tariff challenge for us is not there. Of course, what we do look at is the consumer, right, and how these things could possibly impact the consumer. One of the things that's a great hedge for the consumer for the cruise industry, especially for rural Caribbean, is we still trade at a 20%, 25% discount to land-based vacation. So they're still getting a lot of value out of that vacation experience, and

And our recent surveys of our guests show that actually their propensity to cruise is at all time highs. And their desire to go on vacation is 50 percent higher than it has been in the past. Well, that means to me that you've got visibility, which is what I really want. A lot of companies don't have that. You also announced the perfect program. This is a three year program, which would make people feel if they should. Otherwise, the company growth rate here is extraordinary.

Yes, yes. So we're big fans of profitability programs. We tend to achieve them and achieve them early. And so we came out with Perfected today, which is essentially that we're going to grow our earnings on average 20% a year on a CAGR standpoint. And we're going to deliver high teen ROIC. And so we do have great visibility into the consumer. We're seeing them book each and every day. That window continues to extend.

We're able to raise our pricing. And we're able to see how they're shopping or spending on our ships. And that cash register continues to ring and be consistent. I think there'll be people who say, well, wait a second. What are the components of visibility? One of them is there are not a lot of new ships coming on.

Yeah, so on the supply side, it actually is, it's pretty well controlled. There's about four shipyards around the world. They're all in Europe. They build cruise ships. And those cruise ships, there's one or two each yard produces each year. So it's actually pretty well constrained in terms of the supply growth. So the industry, you know, when you consider, you know, ships that are going to be retired,

at best is going to grow 3% to 3.5% over the next five to 10 years. And that's why, you know, on the supply standpoint, you know, I think it's very well managed. Now, one of the things that anyone who's, I just came back from Florida, anyone who knows Florida knows that you are a giant part of the economy there. That means you pay a lot of taxes.

It was a little surprising here, Secretary, let me just say out of nowhere, I felt that you guys got to pay taxes. This is something that comes up periodically. You pay a lot of taxes here. It's just not you're not domiciled here. So how would you pay taxes if you're not domiciled? Yeah, well, there's a lot of there's a lot of taxes. We pay poor taxes and head taxes and really the different jurisdictions that we go into. And of course, there's a lot of stuff that we're buying for our ships that we're also paying tax.

We think it's an opportunity just to educate. And typically when we educate exactly all that we do do, it typically resonates very well with different constituents. Now, on the earnings call, you noted that bookings have been accelerating the new year, resulting in the best five booking weeks in company history. I would love to hear that with consumer sentiment falling, that that can continue? Yeah.

Yeah, so we do expect that to continue to happen. Of course, our wave season for the cruise industry is typically the first couple months out of the year. We've already had, I mean, don't forget, in 2023, our yields improved by 13.5%. Last year, they approved again by double digits. And so to say that, to make that statement with that kind of comparable really talks about the strength and demand for our different brands.

And, you know, and we expect that that that path, that pace to kind of continue, not just for the ticket, but also for onboard spend. Well, let's talk about the brands. I understand that when a customer comes from another cruise line and, you know, I like all the cruise lines. So it's and I've been on record for for 20 years liking them. But when they come to come to you, they tend to stay with you. And I think this new river initiative, even though it's small in terms of the actual size of all your ships,

is part of keeping people in your ecosystem. That's exactly right. So we've spent decades really focused on making sure we had the right brands and the right segments. We own the family segment with our royal brand. We own the premium segment with Celebrity. And we own the ultra-luxury and expedition with Silversea.

So being the leaders in those areas, we've now built that family of brands that we should be able to keep our guests inside of our ecosystem. We also listen to our guests in terms of what other vacation experiences are they looking for. And one of those experiences that is not a substitute, but it's actually an additional vacation, is River.

And so for us, you know, we've decided to answer that. And I say this a lot. We're not going into it as a hobby. We were going full in and we think it's going to be an incredible vacation experience to add to our ecosystem. OK, I think I do want to go back to that point, though. I mean, if you have 10 river ships, is that even equal to one of the giant ships I'm seeing behind? No, you need you would need over 40 ships.

of those river ships to even get close to one of the larger ships that are there. So for us, one of the things when you enter new businesses like that, most people sweat over the commercial side of generating enough demand. With all, now we have reciprocity across our brands, we're getting a lot more cross-selling reps. So our ability to generate demand for those ships for places that we know that our guests want to go is really something that is the benefit of this accelerating flywheel.

We're all over tariffs today. You've got a perfect day in Mexico in 2027. You've got a Royal Beach Club, Cozumel, Slated to Open 2026. I'm looking for any nexus to Mexico. It doesn't seem like anything can really be a problem for you with tariffs. No, no. I think the tariffs, I don't think we believe will impact us in that way. I think we're focused on

How do we build more and more vacation experiences? We have this incredible island called Perfect Day in the Bahamas. It's absolutely amazing of thrill and chill. And we've got another one on its way in Mexico. We've got two beach clubs that we're building. We know that we can really enhance the vacation experience

onto these private destinations and of course you nine million guests a year and so we have the ability uh... to to ensure that when they're in the crib in which is about half the time that they're gonna have a perfect day but one last thing i do want people understand the bargain and people be saying well wait a second yet

they can't possibly have that level of visibility. I come back and say everybody else has really jacked up their prices. I mean, it's incredible how expensive a hotel room would be if you decide to do off the coast in Italy. Can you give a comparison? I know you said you have some level, but a comparison between staying in a suite for one week in a beautiful silver sea, I don't know, beautiful, versus what it would take...

Ritz Carlton, I know they have cruises now, but Ritz Carlton, they're four seasons. What's the compare? Yeah, I mean, I think looking at it on a comparable basis, like if you take, for example, like a Silversea inside a suite, it might cost you about $1,000 a day per person to be on that.

By the way, that includes your food, your land-based experiences, your beverages, et cetera. You compare that to, for example, like a Ritz-Carlton or a Four Seasons on land, especially on the leisure side, you know, that number is two or three times that. Right, an ocean club in surge prices. Exactly right.

And so, there's a lot of value that gets gained out of that. And these comparables of this 20, 25% is us looking at a three, four, five night out of Orlando versus going to one of the parks that's there. And looking at that comparable and the reality of it is, though it frustrates me,

every single day, there's that opportunity to close that vacation gap. Well, look, I think it's fantastic that people are getting the opportunity off of something that really won't matter. If there is a slowdown, a turndown, people go cruising rather than go to those various hotels that you just mentioned that are not an option because they're too high. That's right. All right. That's Jason Liberty, Royal Caribbean Group President and CEO, and that's RCL. Very rarely.

Very rarely in the last three years has this stock been as low from its 52-week high as it is right now. Man, money's back at me right now. Coming up, how is one company working to bridge the gap between our growing energy needs and where the energy markets are at today? Kramer's sitting down with Enbridge, fresh off its investor day. Next.

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Register at CNBCMakeIt.com slash Side Hustle. Special offer ends April 1st. All right, here's a query. What happens to Enbridge, the Canadian pipeline and energy play that transports massive quantities of oil across the border? Now there's a 10% tariff for Canadian energy products.

Over the past two and a half weeks, this stock, wrong by fate, has pulled back dramatically from its highs. And it got hit again today now that the delay in tariffs have finally arrived. This could be completely wrong. Of course, this stock's been a great longer-term performer. Down here, it sports a 6.4% yield, a safe one. But somebody has to pay for this 10% tariff. We have to wonder if it could impact the Canadian pipeline's giant volumes.

Today, the company held a very bullish investor day event here in New York City. And they even rang the closing bell. But that wasn't enough to offset the damage from these tariffs genuinely going into effect. So is there a reason to stick with this one? Or might it be a Trump administration's crosshair problem? Let's go straight to the source of Greg Ebel. He's the president and CEO of Enbridge. You'll find out. Mr. Ebel, welcome back to Mad Money. Great to be here, Jim. Thanks very much. So, Greg,

I think the stock's fallen because of ignorance. I don't think there's anything that you do that isn't right for both countries and that I'd be surprised if the White House doesn't ultimately understand that. Oh, I think they do. I think, look, the integration between Canada and the United States on the energy front is without parallel.

We ship, just to remember it yourself, some four million barrels into the United States. People have to remember that the refining complexes in the United States, especially up in the Great Lakes area, require the heavy crude that we ship down and have reliably done for 75 years. So that's going to continue. We're not exposed to the commodity price nor the tariff side of things.

I think you will continue to see the volumes grow. Even in the last several months, as a buildup to this, people haven't ran away from that. We don't have enough pipeline capacity, Jim, to bring the oil down here that's needed. And I think the White House recognizes that. And I think, you know, once we get through some of these unpleasantries, it continues to be full steam ahead. But it's important for people to talk about it.

understand, $4 million a day, it isn't like you're sitting there and it's going to drop to $3 million because of a 10% tariff. That's just not going to occur. No, that's not going to occur. And it's the same thing on the gas side. Like, well, first of all, where would that production go? Secondly, you know, you'd shut down the refining complexes in the Great Lakes.

Obviously, we ship a lot of gas as well. So between the oil and the gas, I think you take a pretty painful hit to industrial growth. And let's not forget affordability. I mean, the more barrels of oil that come down here and we pick up barrels of oil along the Bakken and places like that, along the Rockies as well, ultimately getting down to the Gulf Coast. And we run the largest export facility for oil in North America.

That projects American power, American energy power without guns. Now, you have been a buyer of properties. Candidly, you've taken on a little more debt than I like, but you can tell me whether you're paying that down. But you've become a juggernaut when it comes to utilities in this country, which is great business. Yeah, we are the largest gas utility in North America now, serving some 7 million customers in great jurisdictions, right? So Industrial Heartland, Ohio, North Carolina. Think about data centers and just regular growth. Utah.

Utah often seen as a growing area as well. And of course, Ontario. So, yeah, we're the biggest player by far on the gas utility side. And that's that's an exciting area for us to be in. Great. Do you marvel that people will pay any amount for companies that have a so-so nuclear presence when it's really going to be natural gas and therefore it's going to be you?

Well, I think the reality of natural gas has really come into vision. We've been big, big viewers of that for a long time. People have talked this, that, the other thing. But natural gas continues to prevail. Why, Jim? Domestically produced, cheap, reliable. And it again, from the LNG perspective, again, projecting American energy superiority. And we're at the nexus of all those plates. People want to moat.

I think you have an irreplaceable infrastructure, which also makes me feel that it's perfectly interesting, perfectly right for people to say, wait a second, it's a dividend aristocrat that's irreplaceable. Therefore, that yield may be the best that I've seen of the major companies. Yeah, absolutely. 30 years of increasing the dividend because of that moat, 19 years in a row of meeting financial guidance.

And we're going to continue to do that. Our investor today, today we talked about $50 billion of growth opportunities ahead of us right through the end of the decade, which allows us to feel very confident from that 26 plus to the end of the decade, 5% growth, 5% growth, 5% cash flow growth. That gives us the opportunity to raise a dividend up to 5%. Now, I also think

that you gave us some details on the planned investments of Investor Day today. A little bit of a forward look at things. What should we be thinking about in terms of the next five years? Well, again, I think right now we're executing on some $27 billion of projects. 75% of that in natural gas. Back to your natural gas point. But

the liquids business continues to grow too. We announced today an extra $2 billion of growth on the Canadian mainline system, which again, will help feed the industrial heartland here in the United States. And then beyond that, $50 billion of opportunities. We're not going to get it

all those, Jim, but whether it's data centers, whether it's coal to gas conversion, whether it's exports on the United States of LNG and oil, our moat will make sure we get more than our fair share. And that leads to more dividend opportunities. People have to understand that if we're going to be able to grow the Permian the way that the president wants, we have to transport the natural gas. That also has come down to you. Absolutely. So we've got a Permian super system that

uh on the oil side and now we've really built a permian super system on the gas side too with uh which feeds lng facilities we serve every single lng facility on the gulf coast and we know that that gas is needed for so many different fronts right across america and where do you think the uh natural gas price would be uh if we didn't have your network

Well, you live it right here in the Northeast, right? Some of the most expensive prices for natural gas in the Northeast. New England, frankly, quite criminal what they have to pay for natural gas. There's one only one reason for that. It's not supply. It's infrastructure. We're ready to go. Hopefully the administration's ready to go. Hopefully the governors up there are ready to go. I know the utilities are ready to go and we darn well know the consumers are ready to go. All right. Now, one last question, because we have to flesh out what.

the tariffs mean. Are you the toll collector who collects the money? No, we will not be the toll collector because we don't take ownership of that product going back and forth. So you're just a toll road. Yeah. You think about us as the Amazon delivery person, right? Or that's exactly how we're structured. We'll pick up your product. We'll store your product. We'll deliver your product. But we don't make money on your product. That's up for you to sell. And then obviously the tariff will be paid on one end of the other end of that pipe.

Have the alchemy

alphabets and the Googles, the Amazons contacted you directly because they know that you have a way to be able to get natural gas right to them? Absolutely. We've signed long-term contracts with Amazon already, AT&T, Toyota, some of that stuff on the renewable side of things as well. They want it all. Energy demand is going up. Natural gas demand is going up. And unless we use all these different sources, it's going to be very difficult to make sure we reach the greatness we want to get to. If

If the Russians do anything that is untoward to NATO, the only way that these countries can really fight Russia would be if they had LNG from our country. Yeah, absolutely. And you've seen that reality, right? The Germans, probably maybe the worst geopolitical decision since World War II, relying on Russia for gas. Instead, you can rely on America. You can rely on Canadian natural gas, much safer.

produce better, and we're good allies. And so I expect that to continue, and we'll continue to drive infrastructure growth on both sides of the board. Well, congratulations, Ringbell. Congratulations. Just an exceptional analyst day. People need to understand that you are the backbone of our energy system and our country.

Appreciate it. Absolutely. We are. We look forward to keep doing it. Absolutely. That's Greg Eables, president and CEO of Enbridge. Again, for people at home, 30 years, dividend aristocrat, completely safe. And can I just say, indispensable. May I have my eyes back in for the break?

Coming up, with baseball in full swing and spring training kicking off a new season of baseball, Kramer's talking to the top brass of the largest online sports betting operator. Don't miss his one-on-one with FanDuel parent company, Flutter. Next.

What do we do with the sports betting stocks now that they've pulled back from their highs? Take Flutter, the parent company of FanDuel, which also owns a bunch of sports and iGaming platforms in Europe and Canada. This stock's been a huge winner over the past few years. But like the rest of the industry, it's pulled back, well,

Harden, recent months. You know what? Largely because too many favorites won their games this NFL season. That's bad for sports folks because the public tends to pick the favorites, which is why Flutter had to cut its full-year forecast back in January. Tonight, though, the company reported its full fourth-quarter earnings, and the results were excellent. Full-year guidance came in a little light, but I think management's just trying to be cautious here. So strong quarter conservative guy.

But was there enough good news to get the stock going yet? Let's take a closer look with Peter Jackson, the CEO of Flood Entertainment, to learn more about the situation. Mr. Jackson, welcome to Mad Money.

Hey, it's very nice to see you again, Jim. How are you doing? It's been a long time, Peter. It's been a very long time. I've got to tell you, congratulations. You are, right now, you're the champ. You've got the most market share. And I'm trying to figure out whether it was the technology, was it the most interesting games, ease in platform, was it cost of acquisition that worked out for you? What were the secrets to having the number one market share? Well, look, let me give you a bit of background. I mean, we're not just number one here in America with Fangio, where we were delighted to actually play

claim the number one space in iGaming as well as our leadership in sports betting, we're also the number one operator internationally. I'm not sure how many of your viewers are aware of that, but if you take our position in the UK, we've got positions in Italy, Australia, in India, Turkey, all around the world, we're growing and taking market share. And you asked why we're winning. We've got the best product, we've got the best pricing.

And that's what's important for our customers. Now, when you say best product, are we talking about ease of technology? A lot of people I know go and cut their teeth on FanDuel and then stay with FanDuel because they're a little scared about the whole process. It's about it is about ease of use. It's about being able to get that bet on quickly. But we're really famous for the Parley product. You know, we brought this product to America. It's something we've used in other markets around the world. And people love following player narratives.

and being able to get your bet on, you know, in the Super Bowl, right? You know, you were delighted with the outcome of the Eagles game. But what people were really wanting to watch was whether Sir Corn Barkley was going to score any of those touchdowns or not. How many yards were going to be passed in a game by a player? That's what is actually really exciting when you're watching sports on TV.

And that's what we're brilliant at delivering. Anytime touchdowns. We love that. And boy, that was a good one because Saquon looked to be the guy and he was not in the game. But that's all right. He still played well. Now, let's talk about a case study and how to handle bad luck. I mean, I think people have to understand that if the if the players win all the time, it really it distorts your numbers. At the same time, it would almost be illogical to think that that can continue to happen. Right.

But margins move around, right? There's always going to be a degree of volatility in sports. If we knew what was going to happen all the time, we wouldn't watch it and people wouldn't bet on it, right? There comes times when the favourites win and then there come times when the underdogs win. And we've seen, you know, we saw many more favourites winning in the

NFL in Q4 than we've seen historically. But if I look at what was happening in soccer in the UK, Man City had a terrible run and that meant that we made really good margin there. So the diversification of our business helps.

But we wouldn't watch sport if it was predictable. And, you know, that's what's behind it for our business. Well, speaking of predictable, how about these prediction markets? I see these markets develop. They're not in your wheelhouse necessarily. But and they're also, by the way, they're kind of like zero sum, so to speak. But are they worth pursuing and can they encroach on your business?

We're monitoring the situation closely. I think we'll get something out of the CTFC in the coming weeks as to the legality of these things. We have experience running exchanges. We run the Betfair exchange, which is one of the biggest liquidity markets where people are betting peer-to-peer globally. What I will tell you is they don't have the richness of the products that we can bring to our customers.

If I look at what we did with Your Way at the Super Bowl, we had one in 20 of our customers trialing out our new product. 90% of the bets that people were placing were on unique bets that they couldn't have got onto otherwise. The richness of those player narratives, you can't get at that in a prediction market. You're just choosing the winner of a competition. It's not as exciting or engaging.

for live betting in a contest for customs. I have to ask you this because we all bet in our family. We do this because it's fun. We bet against each other. Not a lot of money. Who creates these terrific situations where everyone talks about? Who thinks of the anytime touchdown? Who realizes that there might be the longest pass that is going to go to someone? Because they all seem to read our mind.

Well, look, you know, that's what we are employed to do. We have a fantastic team of traders around the world who want to merchandise and bring those products and make it easy for you to get the bet on. When you're watching the narrative of the game and the unexpected happening, you want to get the bet on quickly. We want to make sure it's there,

on FanDuel or, you know, with Skybet or with Sportsbet, you know, the brands who operate around the world so that customers can have, you know, entertainment and enjoy watching their sports and see whether they can get their, you know, see whether their predictions work or not. Well, one last question. I think that most of us feel that it's now a two horse race in America. Is there any way you don't have to continue to spend for acquisition given the fact that you are the champ?

Look, we are the champ. We're the biggest in the market. We have a billion dollars more revenue in 2024 than the next biggest operator. But we invest a lot of money in customer acquisition and in providing generosity to our customers, but in a very disciplined way. We're doing it based on our paybacks, making sure that the customers we acquire are paying back within

two years. In fact, we talked about 18-month paybacks at the back end of last year. So if we can find more ways to spend more money and acquire more customers so they can enjoy our fantastic products, we'll be doing that. Well, I got to hand it to you. And you do make it exciting. You two have some great parlays. It's what people really focus on. I've got to go overseas to see what they're focused on otherwise. But

You do have a, you do a fantastic job. That's Peter Jackson, CEO of Flutter. I'm so glad you came to the show. It's great to see you again. Yeah, nice to see you again. Very good. We have my respect here for the break. Coming up, lightning doesn't just strike twice in Cramerica. Booyah, Jimmy Chil. Booyah, booyah, booyah. Thanks for taking my call. It strikes every day. Kramer is back in a flash with your questions next.

It is time. Time for the lightning round. I'm going to start with Brandon in Texas. Brandon. Booyah, JC. Looking to buy some GSK. Well, GSK is a very inexpensive stock with a 4% yield. A lot of things going for it. I'm going to say yes to that. Let's go to Vince in New Jersey. Vince.

Hey, Jim, how are you? I'm doing fine, Vince. How about you? I'm doing well. I'm giving you a quote about Zeta. Zeta. Zeta, I do not know. I am stumped by Zeta. I know Bubby and Zeta, but I don't know Zeta. Let's go to Rich in Connecticut. Rich.

Jim, I thought you would never answer the phone. No, no, that's untrue. I was just picking on you. Everybody else got a call. All right, let's go forward. Let's go forward. GLD. I got a shot. It's killing me. It's killing me that that thing isn't moving. It's not doing what I thought it should. So that's why I'm saying pivot to Agnico Eagle. That's the one I like, Agnico Eagle. Let's go to Krishna in Pennsylvania. Krishna.

Professor Kramer, thank you for taking the call. Of course. Great state of Pennsylvania. Go Eagles. Excellent. Thanks for teaching us how to invest, not only how to invest, but be a disciplined investor. Yes. My my ticker today is RGNX by seller hold. This thing just does nothing but go down and it loses a ton of money. I can't possibly recommend putting any money into that thing. Let's go to Pete, New York. Pete.

Let's go to Steve in New Jersey. Steve.

Hey, Jim, how's it going today? Oh, it's good. How about you, Steve?

Doing okay. What I have today is an aircraft management leasing company. It pays a 27 cents a share dividend, and they also just implemented a new $1 billion share buyback. Forward PE, 8.54. Jim, what's your opinion of AeroCap Holdings? It's a winner. I think you should buy it. I really like it. I love management. Let's go to Evan in New York. Evan.

Hey, what's going on? How are you? I'm doing fine, Evan. What are you up to? I'm thinking about Blackberry. Blackberry's a dice roll. I mean, it's like four, three, two, one. I don't know what it's going to do. This one is just a total spec. Nothing more than that. Let's go to Paul, North Carolina. Paul. Mr. Kramer, thanks for taking my call. Of course. I bought Eaton shortly after the club.

And we've watched it make a 100-point run. But since November 22nd, those 100 points have slipped away. It's unbelievable, Paul. It is unbelievable. That quarter was not that bad. I can't believe what's happened to the stock. I was talking with Jeff Marks today. We think it should be bought and bought right now. And that, ladies and gentlemen, is the conclusion of the Lightning Round. The Lightning Round is sponsored by Charles Schwab.

Now that Trump's tariffs on Canada, Mexico and China have gone into effect, the big question is who pays and who do they pay it to? See, no manufacturer or importer has any idea what to do now. Do they pay FedEx or J.B. Hunt? Do they pay the collectors at the border? Do they have to pay on everything they import? Is it the honor system? The world has been so chaotic, we have no idea.

Nothing's been thought out by the White House, which continues to act like the Walmart house because they seem to be determined to bring us every day lower prices to the stock market. The lack of specifics is driving everyone crazy. Why don't you put yourself in the shoes of the people who run Constellation Brands, STZ, which imports Corona, Modelo, Pacifico, some of America's best-selling beers.

First, Modelo Especial, it's a premium beer with a premium price. Second, you can't make a Mexican beer in Milwaukee, Wisconsin. At the largest liquor store I know, Modelo Especial sells for $29.99 a case. Coors Light goes for $23.99. The relatively new Al

All brands sells for just $13.99. Alba has come in under the price of all beers because their management recognized that beer prices have soared since COVID. And they see this as an opportunity. Liquor companies have raised prices relentlessly, even as GLP-1's tamper craving cannabis gives you a better buzz without being hammered and no hangover the next day. Now, Constellation Brands looks to be caught with its pants down on this one, not expecting to be hit by the tariffs. Uh-oh. Although the stock's been such a terrible quarter,

performance barely got dinged today you can say at these levels disappointment is in the stock but consider what this company has to do a 25 tariff on a 30 case of beers nearly eight bucks constellation can either eat the eight dollar tariff or raise its price to almost 40 bucks now this is an exquisite hobson's choice they either have to accept a big cut to sales from a higher price or take a huge hit to the gross margins both will breed downgrades glory to the stock even at these low levels

They have to be asking themselves, would anyone pay nearly $40 for a case of Medela Special versus $24 for a domestic course lighter, $14 for the Outlaw? I think you wouldn't. I think you'd ball. I expect Outlaw and Co. sales to go up. So the logical move is that Constellation needs to at least eat some of the tariff and accept weaker margins. But then again, you can't be sure that this company won't be able to get some exemption. Who wants to raise the price of beer? Which would be a huge positive for the stock.

It's all so muddy that you just can't tell what will happen. But the one thing that is certain is that Constellation will lose huge share to the brewers that do their manufacturing in America. And that's what President Trump wants. He wants more beer to be made in America. He doesn't want special pleading from Constellation. He doesn't seem to care at all that you can't make Mexican beer in the U.S. I'm sure he just says tough luck. All over the country, companies are trying to figure out right now what percentage of their manufacturing is really from Mexico or Canada or China for that matter.

Then they're supposed to figure out what percentage needs to be taxed at 25%. They want to know who collects the money. Most important, they're trying to figure out who has to pay once they've paid the tariff.

They sell it to a retailer. Does the retailer have to pay? Does the consumer have to pay? Or do they all have to eat the whole thing because nobody will accept higher prices? At this point, we don't know, which is why so many stocks are going down. Eventually, we'll figure this out. Then we can buy stocks with certainty once the estimates are cut. My suggestion is patience. Wait for the price target cuts. Wait for the downgrades. They're coming. Pick small, like we're doing for the tribal trust. But to sell now that the tariffs have arrived?

I'm afraid it's too late to sell. That's already occurred. I like to say there's always a bull market somewhere. I promise I'll find it just for you right here on MadMoney. I'm Jim Cramer. I'll see you tomorrow.

You should not treat any opinion expressed by Jim Cramer as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Cramer's opinions are based upon information he considers reliable, but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. To view the full Mad Money Disclaimer, please visit cnbc.com forward slash madmoneydisclaimer.

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