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Hey, I'm Kramer. Welcome to Mad Money. Welcome to Kramerica. Other people, my friends, I'm just trying to make you a little money. My job is not just to entertain, but to educate, to teach you. So call me at 1-800-743-CNBC or tweet me at Jim Kramer.
Well, it is just so easy to be negative right now. It's so obvious that things are bad that it's almost too obvious. And that's why I hesitate to pile on with the pessimists. Including a day like today where the Dow gained 114 points. S&P rose 0.06%, NASDAQ dipped 0.10%, although the average spent most of the day well below where they went out.
End of the day rally took us positive. This morning, Craig Melvin interviewed me on Today Show and he correctly asked, are we going to recession? I stuck my neck out and I said, no. Will the tariffs hurt? Yes. Will prices go higher? Yes. Could there be shortages? Absolutely. But recessions revolve around employment and there are still so many more jobs than we have people to fill them. That makes me think it would be very difficult to have a recession this year.
Yes, there are plenty of people who are going to get mitigated. That's the term CEOs are using when they talk about getting costs down to offset the impact of tariffs. Mitigation efforts usually mean taking supply chain costs out, but they also mean laying people off. But companies aren't too eager to fire lots of people because they might not be able to get them back when things improve. And yes, things always improve.
So when it comes to the most obvious negative, the coming recession, it may not be a given because it's very hard to derail an economy. It's still creating jobs. We'll get the monthly report on Friday. I bet it's going to be fairly robust. That will make it very hard once again to slip into a full blown recession anytime soon. And perhaps in several quarters, we will have a more steady and predictable trade policy. Anything's possible.
Second reason why the negativity may be too excessive. I came across this factoid when I was looking at X from this fellow, Ryan Dietrich, whom I know I see him on Frank Holland's excellent show in the morning. He said, when we have this very rare occurrence,
Three days in a row where the market rallies more than 1.5 percent three days in a row. We have heard many people say that was last week was really a bear market rally. But Dietrich points out that after this rare three day in a row plus 1.5 occurrence, the market's gone higher 10 out of 10 times and by an average of 21.6 percent.
I usually don't like these historical extrapolations, but 10 out of 10? I'm calling that dispositive. Pretty darn good track record, don't you think? We know we're supposed to be very concerned that there will be shortages on the shelves in many American supermarkets. We know that the Chinese are now charging Americans more than twice the price for priceless goods made by Temu and Shian. Priceless, because what price can you put on combustible, flammable goods?
I can't think of what these fire hazard outfits should go for, especially when you need to don an asbestos overcoat to play it on the safe side. Chinese clothing business joke. 20th year, I can do this. I'm willing to bet that the American consumer learns to live with less, even if we don't enjoy it. These tariffs are a government-mandated supply shock, but supply shocks don't necessarily cause recessions either. It's another one of these looming negatives that simply don't have much to do with the price-to-earnings ratio of AbbVie.
We're not going to start selling stocks just because we have to get a car to Costco to get better prices or travel the two miles to local Walmart. Which, by the way, if you go to Walmart lately, it's a blast. No, I'm not kidding. These two retailers have more market power than any two companies I've ever seen. They can negotiate lower prices with the suppliers to offset the tariffs, including the Chinese. Yes, more marginal players will get hurt. But if you have to go to Costco to get what you need so badly,
be it high quality problem. Now, it's easy to say that the stock market has a lot more downside when you're hardwired to believe that the MAG7 still exists as an outperformance concept. Now, there was a time when seeing these stocks down huge, you knew the rest of the market would get gold. People, that time is now over. OK, it just ended. It's just the media and the ETF creators that are still focused on the whereabouts of the MAG7.
Sure, Apple rolled over after the first-bush win as people realized that it wasn't making as much money on clicks anymore. I'm ready for Apple to say when it reports this week that it can't sell as many phones in a high-tariff world. The long knives have been out against NVIDIA for months now. Today, we learned that Huawei, the blacklisted Chinese tech company, has managed to come up with a rival to NVIDIA's H100 chips,
Oh, that's a threat, but who's going to buy it now that NVIDIA's on the next iteration? Some people call it the H200, Grace Blackwell. Would the hyperscalers even be willing to put a Huawei chip in their data centers? Would they be that crazy? Would the White House even let them? When you own a stock like NVIDIA, though, it can be brought down by a headline like this, and what it says is the stock is still, after so many months, in weak hands. January, February, March, April, May. It's been more than four months since
Wow, wrong place to be, I guess. You know I believe in it, but wow, the stock is just so soggy. Now, I have news for the soothsayers of the 7th.
Move on, will you? I got another idea. There are 493 more companies to SP500, many of them worth following at least. The media's obsession must end. The hyperscalers have run into a problem with their own creation. They need more and more computing power, but computing power is real expensive. They can spend tens of billions and still need to spend tens of billions more just to keep up with each other. Yes, that's great for NVIDIA, but like I said, more than four months of downtime, it's getting tough.
Meanwhile, the only winner should be Apple because it never bothered to develop its own AI and can quit from others because of its tremendous user base. But somehow, in the interim, Apple's found something that crosshairs the two most powerful governments on Earth. You might have thought that Apple would have been held out as a champion in the American industry when it pledged $500 billion in investment in the United States. But instead, I just hear carping from people that maybe at the end of the day, they aren't going to spend all that money. Apple, you please both China and the U.S., you please none.
But in place of the Mag 7 are companies from so many different industries that aren't being pitted against the Chinese or prosecuted by the government or threatened by tariffs. Companies that aren't involved in a high-stakes, winner-take-all, loser-take-none competition like the race for the best gender of AI. You're going to hear about from two of them tonight. You'll like it. Finally, one more reason why it's too obvious that everything is bad. We read every day that President Trump's approval rating is going down, as if somehow that means the stock market is therefore going to go down.
That's confusing the issue. Trump has taken himself out of the running as someone who has anything to do with this market. He has said this repeatedly, but he's a mercurial guy. And if he somehow decides that he cares about the market again, he'll make nice on trade and stocks, they will soar.
Putting it less diplomatically, Trump has been integral to the stock market collapse with his policies, particularly tariffs. And as long as he doesn't care about the stock market, he'll probably keep going, even if the tariffs aren't accomplishing what he wants to accomplish, whatever that may be. But if Trump goes back into first-term mode, I mean, you know, I mean, to the moon, Alice! Here's the bottom line. This market's baking in the new Trump, but not the possibility of the old Trump making a comeback.
Can you really stay that negative when, in the end, the old Trump could resurface at any moment? I'm not saying it's a sure thing, but it's definitely a possibility, which is why I think you're taking your life into your hands if you try to bet against this market instead of increasing the size of your stock positions, but only on the way down if you return to being oversold. Let's take calls. Let's go to Julio in Pennsylvania. Julio. Hey, Jim. Thanks for taking my call. My pleasure.
My son, Fernando, grew up hearing your advice, and now he's in college. He basically lives on Chipotle. He's thinking about owning the stock, too, now. With CMG back from its highs, do you think it's a good time to invest, or should you just stick with ingesting those burritos instead? What are your thoughts?
Great question. I would tell your son this. The stock reported a quarter that people didn't like, and what happened? The stock went up. What does that tell you? We are finally a tariff firmer, and that is not one of those companies that's going to be— it does have some tariff problems, but not many. And what I would emphasize to you about Chipotle, it's never going to be cheap, but it's rarely down this long. Let's go to Juan in Florida. Juan! Hey, Jim. First-time caller, long-time listener. Thank you for taking my call. Of course. I'm glad you called. What's going on? Jim.
Jim, I want to know your thoughts on Intel. The stock is down bad. There's a new CEO making big moves. Is this worth getting into or is it dead money now? OK, right now it's dead money. But Liputan is the real deal. If you want to buy some, I'm not going to fight you. But I will tell you that they need to raise money before they can rally. But if you think the stock's going to be this low two years from now, I think you're making a mistake. I believe in Liputan. He is real deal. Let's go to Chris in my hometown, New Jersey. Chris.
Yes. Hello, Mr. Kramer. First off, congratulations on 20 years of math. Thank you. Thank you very much. I would have to say in the mountain range of financial advisors, you are the summit. There you go. Thank you very much. Summit of summit. There you go.
There you go, Summit. So now, a bank stock. It had a reasonable earnings report. They're buying back stock. I know it's not at the top of your list of bank stocks, but I'm curious whether you feel that it's close to a bottomed out and with rate cuts coming up later in the year, perhaps it may eventually break out later this year. I'm talking about Citigroup.
I want you to buy Citi. It's not my favorite. You're absolutely right. So Wells, just one more consent to green knockdown. Capital One is my absolute favorite. I think you should buy that aggressively, but I like your idea. All right. Now, look, there's a lot of negativity out there right now, but you have to stay the course and realize it might not take much for this market to move higher.
I'm getting the details with the top brass. So stay with Kramer.
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Indeed.com slash madmoney. Terms and conditions apply. Hiring? Indeed is all you need. What do you make of these numbers from Domino's Pizza? Now, I've long felt that the world's number one pizza chain could hold up just fine, even in a more difficult economy. This morning, though, Domino's reported an entirely mixed quarter, softer than expected revenue, but a 26-cent earnings beat off its $4.07 basis. Domestic sales down 0.5%. Wall Street was looking at 0.3%. This is the stock open down 2.2%. But management said a...
very, very positive, confident tone on the conference call, reaffirmed most of the four-year forecast, which allowed it to rebound, finishing the session up more than a half percent. So where do we go from here? Let's check in with Russell Wiener, who's the CEO of Domino's Pizza, to get a better sense of the quarter and what's next. Mr. Wiener, welcome back to Mad Money.
Jim, hey, good to see you again. Good to see you. Now, Russell, obviously the market initially didn't like the numbers, but as you talked, you made out, I thought you laid out a very good long-term case for why Domino's Pizza is the right kind of stock, actually, to own in this market. What makes you so confident, given the fact that the same store sales were a slight miss?
Well, you know, Jim, there's the short term and the medium term. Obviously, long term is long term. But in the short term, look, we had a quarter we missed a little bit, but we won on market share. We grew market share. We've grown market share almost a point pretty much every year of Jim and I have been here for 16 years.
And so I think relative to the rest of the category, that's what people were looking for. And then we talked about what we have coming for the rest of the year. This was probably the lightest quarter as far as big initiatives. And in Q2, we have stuffed crust. In Q3 and Q4, we're on DoorDash. So we've got a lot more coming. Now, stuffed crust is something that
was a big hit, obviously a big hit for a competitor for a very long time. Why didn't you guys have this before? Because to me, this is the innovation that would take you guys out of your regular comfort zone into something that I think has a lot more to offer. Yeah, you know, for us, we're ready to launch an innovation when our operations is ready for it. And the fact is, stuff for us is a little bit more difficult to make. We have busier pizza stores than most. And so what we've done over the last couple of years is...
through training, through IT. We've improved our service Q1 during earnings. We talked about being two minutes better than we were two years prior on delivery. And so we got our operations where they needed to be. And so now we're ready to bring in this
a little bit more complex pizza to make without really affecting operations at all. And so far, consumer input has been really positive. So I'm glad we waited, but I'm even more glad that we launched it. That makes a great deal of sense to me. Now, DoorDash, you were trying to explain the incrementality, what it does mean. And for our viewers, without being too fancy, can you talk about the app and what it might mean to people who would not normally order Domino's who might now?
Yeah, well, you know, Jim, we stayed out of the aggregator marketplace for a while. We don't want to help it grow, but it's a big piece of where people order today and we need to meet customers where they are. There's about $5 billion worth of pizza that are sold in the aggregator marketplace. About a billion of it could be ours. That's our fair share if we were on aggregators. Last year, we got on Uber.
We're getting towards, in May and towards the second half of this year, we'll be on DoorDash. DoorDash sells about twice as many pizzas as Uber.
So, again, you think about the Q1 numbers and realize we didn't have stuffed crust pizza. We weren't on the biggest aggregator. Puts Q1 in perspective and gives you a little more sense why we're bullish kind of for the rest of the year. Makes sense. Now, since 2010, I've been following it. You guys have gone, say, from at least according to the groks of the world, around 5,000 stores in America to around 7,000.
And I know that you only did, there were not many, well, it was actually 17 additional this one, this quarter. But is there still room for another thousand if you want to think about it that way? Yeah, absolutely. You know, what we find, Jim, is the more we grow, the more we can grow. And the reason is because of the carryout business. So when you look at the stores we have to open still, about two-thirds of them are split stores.
Meaning we take a territory and we split it. Now, the interesting thing is just like our drivers, consumers don't want to drive far to pick up their pizza. So when we split a territory, 80% of the carryout business is incremental, which means the store pays for itself right away.
Then over time, delivery gets more efficient and that's when it all comes together. So, yeah, absolutely. We've got more, more, many more stores to build here in the United States. So talk about international. It's obviously the numbers are terrific there. But also, I think that you seem to be trying to be sure that everybody who's a franchisee is well capitalized or else it just doesn't make sense.
Yeah, well, look, I mean, we've got when you think about our two biggest markets from a growth perspective, 40 plus percent of our store growth moving forward, it's China and India. They're corporately owned markets. So capitalization is really important for them. But so is the ROI. And these are kind of best in class ROI cash on cash for those stores.
Now, one of the things I might one of my theses for this particular market is as we go forward with the tariffs, we're going to have two classes of stock. There's going to be the ones that are tariffed and the ones that aren't. I can for the life of me try to figure out where you could be tariffed and I couldn't come up with it.
Yeah, no, we're not. We talked about this on the call. We're not really exposed from an ingredient standpoint. I think, you know, maybe where some could think, secondarily, if consumer disposable income is down because they're spending on other things, they have less money to spend on restaurants. But, Jim, this is what really makes Domino's, like you said, during these times...
just a great value for customers and for investors. Think about if customers are looking for value, what do you need to provide them value? You need a best in class supply chain that has scale, that doesn't pass on high prices to franchisees so they don't have to pass them on to customers. You need huge advertising budget, right? Because if percentage margins are low, you want the cash margin to be high, you need lots of volume. We have a half a billion dollar marketing budget.
And then you need franchisees that are well capitalized. The average EBITDA of our stores last year was $162,000, which by far is best in class. And so we have the ability during these tougher times to continue to build this competitive moat and offer value long-term to customers.
not only build market share now, but when we come out, remember, we'll be coming out with better operations. Consumer will have experience or stuff crust, DoorDash, all of that kind of stuff. So this is really what we are built for. And we're going to come out really good on the other side. One last question. I know it's not a substantive question. I understand that it creates no value whatsoever. But there are a lot of people who bought this stock at ten dollars when I recommend it, when Pat Doyle started.
And one of the things they loved about it was that it was not a high dollar amount stock. Now, I know $500 is no different from 10, doesn't create any value at all. But people have asked me, please ask him when there could be a split. So I just put it out there knowing it does not create value.
Yeah, well, I was going to say, you know, Jim, you answered the question. I will say on days like this, when you're up or down a percent or two, you know, it makes me look at the numbers and say, hey, you know, it'd be nice if that dollar figure was a little smaller. So I understand what they're talking about. But as you know, we're going to do what's right for our investors. And that's just, it's not a good investment.
Understood. All right. Russell Wiener, CEO of Domino's Pizza. Remember, opened down two, finished up. And you heard what matters is the future. There's so many things in the pipe here. I think this one's ready to roar. Russell, thank you for coming on the show. Thanks, Jim, so much. Absolutely. We'll be right back after the break. Coming up, Kramer's been in the game since the Dow was at 10,000. So how have the top stocks in this market performed over the past 20 years? Kramer's looking back at their moves during Mad Money's tenure. Next.
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This week, we're celebrating the show's 20th anniversary. A little over a month late, but better late than never. Given that Mad Money's been on the air for more than two decades now, I think it's worth going over the best performing stocks during that period. While the overall averages have done very well, with the Dow up 272%, S&P up 358%, NASDAQ 100 up 1,182%,
Remember, I created this show because I believe you can beat the average by doing the homework and picking great individual stocks. And 20 years later, you know what? I have even more conviction that you can make much more money in individual stocks of great companies than you can in these indices. So looking at every U.S. listed stock with a market cap of at least $1 billion and putting aside everything that came public after the stock was listed,
After March 14th of 2005, the day of our first show, what are the biggest winners since Mad Money first went on the air? I've got to tell you, I love this list. It's very surprising. I'm going to walk you through the 20 best performing stocks over the past 20 odd years. Tonight, we're going to do number 20 through number 11. Then tomorrow, the day we ring the opening bell to New York Stock Exchange, we'll do the top 10.
The 20th best performing stock in the mid-money era is the name we know well. It's called O'Reilly Automotive. It's up 5,292%. Now, this company alongside AutoZone, another one I really like, has emerged as a strong duopoly in the auto parts retail space. Why do I like this so much? Okay, you know what I love about it?
It's still fresh. I recommend it again after just three weeks ago. Why? Because I think the auto parts stocks will thrive once the auto tariffs kick in. New cars and used cars will get much more expensive, which means you'll need new parts to keep your old car on the road.
Plus, O'Reilly's been a voracious buyer of its own stock. Get this. It has shrunk its share count by nearly two thirds since the end of 2010. Very similar, by the way, to ATL AutoZone. A number of 19 and 18. A couple of companies that we don't follow as very closely. There's Heiko up 5,364 percent.
and UFP Technologies up 5,510%. Can you imagine these companies you've never heard of and they made all this money for people? Yeah, each represent great sectors, aerospace and medical technology. Heiko is a leading supplier of aftermarket parts and repair solutions to the aerospace industry through its flight support group. All major airlines are customers. You saw Boeing up
big today, probably again tomorrow because it just got upgraded by rating agencies. Well, I think this Heiko is an interesting way to play it. Heiko still works here because I remain a big believer in aerospace for multiple years. As for UFP Technologies, OK, this is a tiny $1.5 billion market cap company that's a design, engineering and manufacturing partner, mainly for medical device makers, but also for the aerospace events and automotive industries. While UFP is clearly doing something right to have this kind of performance over the past 20 years,
I wish I knew more about it. So, U of P, if you're watching, why not come on the show and tell your story? I know you can do it better than I can. Consider this an open invitation. Now, we're back on familiar ground with number 17, a company we've had on the air. It's called Fair Isaac, up 5,732% in the mad money era. These guys are the keepers of FICO. Fair, the F, Isaac, the I. Okay? They provide businesses with all sorts of software and services to help them manage credit risk.
Over the past 20 years, we've seen all sorts of fintech disruptors arrive on the scene, touting some new fancy lending decision-making technology that will, quote, make the FICO score obsolete.
Some of these companies are great, but nobody's been able to beat the FICO score, have they? It's still universally used. The 16th best performer is another smaller name that I don't know all that well. It's called Nova Limited. It's a 5,769%. But it comes from a sector that I like very much. In this case, the semiconductor manufacturing space.
Nova provides advanced dimensional materials and chemical metrology and process control solutions used in semiconductor manufacturing. While the semiconductor equipment names have become a geopolitical football during the current trade war, at the end of the day, this is a fabulous long-term secular growth industry that's produced some tremendous winners over the past 20 years. Just like UFP Technologies, Nova's earned an invitation to come join us, tell us the story more thoroughly.
In 15 places, companies should know, or at least remember, it's called XPO, the trucking company formerly known as XPO Logistics, which is up 6,493% since we started doing the show. This is a Brad Jacobs roll-up and break-up story. He took control of the old Express One expedited solutions back in 2011, uh,
He changed the name to XPO Logistics and quickly got to work acquiring other companies, rolling up companies in the very fragmented trucking and logistics industries. Eventually, XPO became a leading player. But around four years ago, Jacobs and his team felt the company was undervalued, and they began breaking up the business, spinning off the logistics business as GXO Logistics.
and a freight brokerage business as RXO. The remaining XPO operates in the less-than-truckload sector, LTL. I have a lot of confidence in Brad Jacobs over the long term, but I don't have much confidence in the truck industry until we get past the disruption from the president's tariffs. By the way, Brad Jacobs is now also doing beacon supply, doing a roll-up in the, well, let's say the roofing or maybe even bigger than that, housing industry.
Next in 14th place is one of my all-time favorites, and that's Salesforce, up 6,738%. This company started as a customer relations management software play, basically invented the cloud software strategy, and now is one of the largest and most successful enterprise software companies on the planet.
Salesforce now offers an entire suite of products spanning sales, marketing, customer service, and data analytics. And it always seems to be at the leading edge of whatever big trend is happening in software, including right now with their Agentix platform that harnesses AI.
OK, kind of like a robot that you would speak to when you're trying to figure out exactly who you want to get to in a company. More impressive, the stock still made the list, even though it's down 28 percent from its highs in December. We just had Salesforce co-founder and CEO Mark Benioff on the show last week.
He sounded as confident as ever. I say you doubt this man at your own peril. He did the same thing in the fall of 2008 when the financial crisis was obliterating the stock market. That turned out to be an incredible buying opportunity. I know some of you think I've been sticking around too long in this company. I think its agent force program could be dramatically understated for the growth prospects it's going to bring the company. It could blow out the numbers. OK, I'm not sure which court is going to do that, but I swear by this agentics. It makes too much sense. Don't leave the stock.
13th place, Monolithic Power Systems. That's up 6,867%. That's a storage semiconductor company that specializes in reliable compact chips, mostly for more efficient power management. That's made Monolithic a key partner for makers of smartphones, electric vehicles, connected cars, and now the data center.
Stocks pulled back almost 40% from its highs last summer, in part because people worry that they've lost market share as a supplier to Nvidia. So I need some more clarity on this one. Don't know how I'm going to get it right now. In 12th place is Tyler Technologies, up 7,197%. Now here we go again. These guys provide all sorts of software products for public sector customers.
Think enterprise resource planning, productivity tools, data platforms, cybersecurity solutions, and much, much more. Now, these guys now dominate the public sector software space they have for a couple of years now. A very doable business. Company just reported a beat and raise quarter last week. But because their bookings were a little soft, the stock pulled back a bit. I think it could be an excellent buying opportunity.
Finally, at least for tonight, there's RadNet. They've been on the show a couple of times, up 7,873 percent, the national leader in outpatient imaging centers with an average of 375 locations across the country. There's a lot of demand for MRI scans that can be done outside of a hospital in a more less expensive way. RadNet wasn't really on my radar until almost two years ago when someone asked me about it. I had circled back later for doing some homework.
Ultimately, I gave it thumbs up and the stock's up 53 percent since then. Of course, right. That's pulled back 45 percent from its highs last year, like so many other stocks. Stocks still pretty expensive. But if you've got a long term horizon, I think it's going to work for you. Bottom line. Those are half of the 20 best performers since Mad Money first went on the air. Tune in tomorrow and I'll give you the top 10 performers. Let's go to Ron in Tennessee. Ron.
Hey, Jim, I love your show. I've been watching you for about 15 years. Oh, fantastic, Ron. Thank you. Yeah, I love it. My question is, I'm thinking about investing in 3D printing because I think that that's the future of a lot of manufacturing. And I was wondering if HPQ would be a good company to do this.
It will not be the needle mover for HPQ, and I do not like the PC business. So I'm going to have to suggest that you do not buy that stock. If you look at how it's done, it's not been a good one. All right, look, the first half of our 20 best performing stocks is full of companies from different sectors proving that you can beat the average if you know what you own and do the homework. A lot of semis, a lot of enterprise software. Now, much more mad money, including my look at the slate of companies
State of gold and mining with my favorite, Eagle Eagle. And I'm giving you my latest on the global trade landscape and looking at what questions are still being left unanswered. And order calls rapid fire tonight's edition of the lightning round. So stay with Kramer. While investors are working around the clock to figure out how the ever-changing tariff headlines will impact their favorite companies, the price of gold has been steadily creeping higher.
Now, that's always good news for the miners like Agnico Eagle. He's one of the best operators in space, perhaps the best operator, given the excellent quarter the company reported at the end of last week and their incredibly low costs. So with all the speculation about where gold prices could be headed, why not go right to the source with one of the biggest names in the business, see what they have to say. Let's dig deeper with Ammar Al-Jundi. He's the president and CEO of Agnico Eagle. Mr. Al-Jundi, welcome back to Mad Money.
Jim, it's always a pleasure. Longtime fan of your show, as you know. Well, thank you very much. I'm a longtime fan of your work. And also, I know that I don't want to put you right on the spot, but last time you were on, you predicted gold was going to head higher. You were spot on. Most people thought it was going to peak. Do you feel, I don't want to put you on the spot again, but you feel pretty comfortable about the price, don't you?
We're certainly getting a lot of support at these high prices, and that's a good sign. You know, when you go up $1,000 and you stabilize, sometimes that's a good foundation from which to build forward, Jim. Well, one of the things that I like to focus on, we have a lot of individual investors, okay?
And I always tell individual investors, go to Costco, buy your gold. Well, OK, I've been misleading people. There is no gold. We try every single day because my wife and I are huge gold bugs, as you know. Which then drove me to look at the Canadian, the Maple Leaf, the Royal Mint gold coins. And they're yours. You're the guys who had the contract. So, I mean, so you must have a good, a really good command on the demand as you see it from the government.
Well, I mean, we have a great relationship with the Canadian Mint, and we were very proud of some of the assets that we have. And, you know, we produce more gold, Jim, in Canada than the next eight companies combined. So it's not surprising that the Mint would be using our gold. And they've got tremendous demand, right? They just put in order every day? How does it work? Well, in 2024. It's coordinated through a group in our shop that deals specifically directly for those coins.
Most of the gold, Jim, we give to refiners and then it's bought by the banks directly. It doesn't even make it to the retail space. No, see, that's the problem because our viewers so much want them. They want the small ingots. You know, I tell them, look, there's a lot of great gold companies that are gold dealers, but we all want Agnico Eagle gold and that doesn't happen. Now, let me ask you about the Canadian government. We've got a big election coming up.
When I read Mr. Carney, Mr. Carney's generally very big on the environment, but he also favors one project, one review, which to me would make it so that if you've got an excellent pipeline in Canada, maybe it could be streamlined, or is that too wishful?
No, I think that is both the leaders are moving towards understanding, Jim, that resource development is a core part of the Canadian economy. We need to generate jobs. We need to generate quality of living for our people. So it's nice to see...
politicians across the spectrum realizing the importance of resource development and simplifying the permitting process. Excellent. Now, one thing that I've been trying to teach people when they look at gold, I say, look, you've got to view gold miners as if they are drug companies. You've got to look at their pipeline. You've got to see what's out there, because if you look at what everybody sees now, that doesn't take much. That's a weatherman who knows which way the wind blows. Could you tell us what things look like out two and three years from now?
So our production for the next three years is steady, but I've been in this business for 25 years, and I mean this sincerely. I've never seen as good a pipeline as what Agnico has right now. We have five big projects.
all of which, Jim, leverage off existing assets. And the best return on capital you ever get is by leveraging off existing capital and generating money that way. And you can turn a mine that's a surface mine, a strip mine, into a deep underground mine? How does that work? Yeah.
Absolutely. So you're talking about Detour. The Detour mine is one of the 10 biggest mines in the world. It's the biggest mine in Canada. It's an open pit mine. It's got a mine life out well past 2050, but it's also got an underground component. And so what we're going to do there, Jim, we're going to take that mine from 700,000 ounces a year.
to a million ounces a year by replacing some of the lower grade open pit with higher grade underground, again, in a great jurisdiction. And by the way, we have another mine called Malardic that we also think we can get to a million ounces a year. It's important for people to understand when they hear that, that you're not breaking the bank doing that. As a matter of fact, somehow you're a bit of a magician. You actually improved the balance sheet despite this incredible expansion that you're undergoing.
Yeah, we've frankly, we've eliminated our net debt. We had about a billion and a half dollars of net debt a year ago. We have no net debt now. We are doing share buybacks. We're maintaining our dividend and we're investing in our business. And by the way,
we're spending the most on exploration that we've ever done. We're taking a balanced approach, responsible with our owners' money, a combination of growing the business and returning capital to our owners. And just in case people don't know who the owners are, who are they? The shareholders. Exactly. Hopefully you. Let's leave it at that. I love it. That's Amaro Giudice, the president and CEO of Agnico Eagle Mines, AEM. And you know, I've told you, it's the number one gold miner in the world. Man, money's back after the break. Thank you.
Coming up, Kramer takes your calls. And the sky's the limit. It's a fast-fire lightning round. Next. It is time. It's time for the lightning round. And then the lightning round is over. Are you ready? Let's get it done. Time for the lightning round. Kramer's going to start with Arshon in California. Arshon. Jim, how's it going? Not bad. How about you, Arshon?
I'm doing good. So I had a question on Lululemon. So I bought it about three months ago at about $3.68. And right now it's about at $2.68. I was wondering if it's a good time to buy or just... All right. Remember, we don't care where stock has come from. We care where it's going. I do believe that at 17 times earnings, this stock is frantically trying to bottom. And I'm actually going to say, I've not said this before, I think you want to put a small position on Lululemon. You can do it now. Let's go to Swammy in Texas. Swammy.
We had him, you know, followers since 98. What's your take on Take-Two Interactive? Take-Two is going up and has been going up endlessly because Grand Theft Auto New Edition comes out this year. I'm not going to get in the way of that. This is an example of a kind of stock that I'm saying, why are we constantly focused on MagSavvy when you have a Take-Two Interactive that I think is going much higher? Let's go to Jay in Arkansas. Jay.
Hey, Jim, how's it going, man? Long-time listener here. All right, I'm glad you called. What's going on, Jim? All right, Jim, I just had a question about RBRK, Ruber. Okay, this is, again, it's another stock. Before Sinha came on the show, I thought he told an amazing story. Cybersecurity. Do we need to be in a Mag 7 when we can be in a Ruber? Let's go to Paul in California. Paul. Booyah, Jim. Booyah, Paul. How are you?
I'm all right. Good. Thanks for taking my call. Thank you. Of course. Thank you. First time, wrong time. All right. I'm wondering. I'm thinking of starting a position in Micron. All right. Micron's just okay. The last couple quarters, not great. I think you'd be doing it at the low end. There's no doubt about that. But my problem is I don't know a catalyst to get it to go higher. Let's go to Jim in South Carolina. Jim.
Booyah, Jim. Thank you for all the hard work you and your staff are doing for us club members. They are great. Oh, thank you. And I love that the members of the club are so terrific. How can I help?
Jim, my father worked for this company for over 40 years, and the company rang the bell this morning where you were at celebrating their 100-year anniversary. What are your thoughts on this dividend aristocrat company, Erie Indemnity? All right, I have to do more work on Erie Indemnity because I hear good things and I hear not so good things. My friend Herb Greenberg, who worked with me for many years at discreet.com,
has been writing negatively about it. In the meantime, I recognize the long-term status of it. So let me come back. I have no choice. I actually discussed with our chief scientist and research director, Ben Stoto, just today. Maybe there's something that's interesting here. Let's go to Howard in Arizona. Howard. Howard.
Hi, Jim. How are you? Long time listener from Larry, from Kudlow and Kramer. You're doing great. Thank you. My question to you is about First Energy. What are your thoughts? You know, it's not a great energy company, but you know what? It sells it a little bit cheaper than the others, and I think it's a buy. And that, ladies and gentlemen, is the conclusion of the Lightning Round!
The Lightning Round is sponsored by Charles Schwab. Coming up, can American companies still win in this trade war with China? Kramer is breaking down the playbook for U.S. execs. Next. Celebrate 20 years of Mad Money. How Jim Kramer transformed investing in America. It's insane. The moments, the madness, the memories. The Mad Money 20th Anniversary Special. Tomorrow, 7 Eastern, CNBC.
China, beware, our CEOs aren't as stupid as you think. There's no doubt in my mind right now that the Chinese government believes they have the upper hand in any potential trade negotiations because they make every necessity imaginable. We make hardly anything. They no doubt believe that the new, much higher prices on goods made by Temu and Xi, and two admittedly beyond cheap online department stores, will be blamed on President Trump when those prices go away. And it would be fair to blame him. I mean, how can they not double prices with 145% tariff?
Somebody has to pay that import tax, and neither of these companies has huge margins, which means it gets passed on to you, the consumer. Oh, and yes, our appliances are largely made over there because they wiped out our industries ages ago, so long ago that people may not even remember that America once made what we used to call white goods.
I think the huge tariffs on China will certainly hurt the consumer. Nobody's going to be happy with higher prices or even shortages. But even if the government can't negotiate new trade deals to offset the damage anytime soon, I have faith in our companies and the CEOs. Keep in mind, these companies just went through COVID, which caused all sorts of supply problems.
They figured it out and eventually got what you needed. So, sure, you will spend less if the price of Tide goes much higher, right? Procter & Gamble has done enough market research to know that people wait and only run the watch three times per week instead of five. That'll play out. We don't have that much housing turnover, so it's unlikely that we'll run out of appliances. And the big box retailers are really adept at keeping prices low anyway. They've thought about this. They've thought about this. They know how to mitigate the damage.
Will we really have to sacrifice? Yeah, but I think the real question is how much we'll have to sacrifice. We had some ugly inflation under Biden. It sucked. Nobody liked paying higher prices, but it didn't torpedo the economy. As long as people can get jobs and those jobs pay enough to cover the cost of newly jacked up prices, we'll be fine.
even if nobody's too happy about the situation. Otherwise, we'll just go to Costco and Walmart to form up for cheap bulk products and the latter because they're sourcing so great that I think they can single-handedly save us from being caught in the crosshairs of a trade war.
It's why I still like Walmart. It's why we own Costco for the Travel Trust, along, by the way, with TGX, because closeout retailers will thrive as marginal chains try to stay alive by offloading their excess inventory. There may only be a handful of national retailers after this tariff war if it lasts too long. Of course, China doesn't take much from us. I mean, mostly grain, which can be sourced from Brazil or a dozen other countries. It's always been a one-sided relationship. It's a bargain struck by both Democrats and Republicans to sacrifice American jobs...
On the altar of cheap stuff. I was never a huge fan of this policy, but people in this country love cheap stuff, even if an awful lot of people lost their jobs to the Chinese in the process. Then President Trump decided to overturn this bargain practically overnight without any notice. And now we've got covid style supply chain issues all over again. But I think our companies have a much better handle on it.
Much better, certainly, than anyone gives them credit for. Now, the one thing the president hasn't done clearly is tell us what the game plan is. Do we want China to start playing fair on the trade front? Do we want them to stop dumping government subsidized goods on our market? Are we trying to change their supply chains? Are we trying to put them out of business?
That's kind of the problem. Nobody knows what the White House is really after. Maybe not even the White House. It's not especially well articulated. But I will say this. American executives know what to do, even if the government doesn't. The Chinese may be seasoned pain takers, but we're plenty resourceful and we'll get through this just fine. I like to say there's always a bull market somewhere. I promise I'll find it just for you right here on Mad Money. I'm Jim Cramer, CMO.
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