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Mad Money
Original logo
GenreTalk show
Finance
Investment
Presented byJim Cramer
Country of originUnited States
Original languageEnglish
Production
Executive producerRegina Gilgan
Production locationsCNBC headquarters, Englewood Cliffs, New Jersey (2005–2022)
New York Stock Exchange Building (2022–present)
Running time60 minutes
Original release
NetworkCNBC
ReleaseMarch 14, 2005 (2005-03-14) –
present

Mad Money is an American finance television program hosted by Jim Cramer that began airing on CNBC on March 14, 2005. Its main focus is investment and speculation, particularly in public company stocks. Mad Money replaced Bullseye, a news and finance program, taking its 6 p.m. Eastern Time slot.

Mad Money was originally taped at CNBC's headquarters in Englewood Cliffs, New Jersey. A new studio set debuted in 2022, at the New York Stock Exchange Building. Since 2006, Mad Money has also conducted "Back to School" events, in which the show travels to universities across the United States. Special broadcasts, including the "Back to School" episodes, typically feature a live audience.

Program features

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Mad Money host Jim Cramer, a former hedge fund manager, provides the viewer with tips and recommendations regarding the stock market and investing.[1][2][3] He researches a number of stocks each week and discusses them on the program.[4] Cramer does not own the stocks recommended on the show,[5] and he urges the viewer to do their own research regarding his advice.[6][5][7] A lengthy disclaimer also appears early on in the program.[8] Other onscreen information includes stock charts and facts.[9] Guest interviews with executives are a common feature of the show.[8]

Cramer defines "mad money" as the money one "can use to invest in stocks ... not retirement money, which you want in 401K or an Individual retirement account, a savings account, bonds, or the most conservative of dividend-paying stocks."[10]

Cramer frequently says on the show, "Other people want to make friends . . . I just want to make you money. My job is not just to entertain you but to educate you."[11][12][13] To make Mad Money entertaining, Cramer used numerous gimmicks in the early years of the show,[14] including costumes and props.[15][16] Examples of the latter included an oil painting and bobblehead figures both of himself,[16][17] as well as miniature figurines of bulls and bears, a reference to the stock market terms "bull market" and "bear market". Cramer would sometimes throw the figurines at the camera or torture them in various ways, such as cooking them,[14][15][17] and he occasionally decapitated his bobbleheads in frustration.[4]

Cramer has a panel of oversized red buttons, which activate various sound effects and onscreen graphics,[18][19][20][21] including those related to bulls and bears.[1] The soundboard originated in the radio show Jim Cramer's Real Money, which preceded Mad Money.[22] The show also features heavy metal music at times.[23][24]

Close-up of Cramer's soundboard

In a 2006 episode, Cramer had a monkey named Ka-ching make an appearance on the show. Ka-ching wore a CNBC T-shirt, sat in Cramer's chair, pressed the sound-effect buttons, and threw the bull figurines around the set.[17] By 2008, Cramer had added a new prop in the form of an Uncle Ben's rice box, but with an image of Ben Bernanke, who was serving as Chair of the Federal Reserve at the time; Cramer was a critic of Bernanke, believing that he contributed to the 2008 financial crisis.[16]

Forbes, in 2005, wrote that Mad Money "amounts to Cramer being Cramer--as raw and uncensored as ever. He feverishly bounces around the studio, rants at the camera and bangs on buttons blaring the sound effects of cash registers and bowling pins, growling bears and raging bulls."[8] Cramer himself wrote of the show in 2007: "I say stupid things, yell 'Booyah' with alarming frequency, and occasionally wear a diaper or jump into a pile of lettuce to illustrate the finer points of investing."[5]

Segments

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Mad Money has featured various segments,[25] the most prominent one being the Lightning Round, which occurs near the end of the program. During this segment, viewers call in to the show and ask Cramer about whether to buy or sell a particular stock.[4][26] Cramer keeps track of more than 1,000 stocks, and this knowledge is used during the Lightning Round as he offers instant and brief assessments to each caller.[27][4] These quick assessments are based on Cramer's prior knowledge of the stock, rather than new research.[4][7] The Lightning Round is played until a buzzer sounds off.[28]

Cramer hates chairs,[15] believing that they encourage laziness. He did not have a chair at his hedge fund, and he generally avoids using one on Mad Money,[23][29] saying, "I believe that you should be standing at all times – standing over people, watching things, moving, staying in motion. I never like to be tethered."[23] During the first two years of the show, Cramer would start off the Lightning Round by throwing an office chair against the wall of his studio set,[5][29][30] damaging the wall on several occasions.[27] Around late 2006,[29] Cramer stopped throwing chairs in order to make time for more calls, and to stop straining his back.[5]

On February 25, 2008, Cramer introduced an online-only version dubbed Lightning Round Overtime, viewable on the program's website. This feature had additional stock picks that were not seen on the television broadcast.[31] Lightning Round Overtime was eliminated in July 2011.

Other segments have included:

  • Am I Diversified?: A weekly segment in which Cramer reviews five stocks in each caller's portfolio and suggests how they might consider enhancing their diversification.[25][32]
  • Sell Block: Another weekly segment in which Cramer informs the viewer of which stocks to sell.[25]
  • Mad Mail: Cramer answers viewer emails.[25]
  • Market Game Plan: A weekly segment that airs on Fridays where Cramer goes over the most important market events that impacts the following trading week.[33]

Catchphrases

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Various catchphrases are used on Mad Money, including "Booyah", said by Cramer and his callers as a form of greeting.[18][14] It was previously used on Cramer's radio show, and the term's popularity led to it becoming part of Mad Money. Cramer later said "I had felt that we had left it behind when we had moved to TV. But there were too many people who listened to the radio show, it was a very popular radio show, that it became part of the TV show."[34] He explained the term's origin in 2005: "Here's what happened: A guy calls me on my radio show, and he says 'You made me a 100 smackers on K-Mart – a hundred points...' – he's from New Orleans – '...and we have one word for that down here and it's booyah. Then the next guy calls and he says 'you know you made me a lot of money on [a stock] so: booyah!' And now they all say it. It's not my rap".[35]

Cramer begins the program by introducing himself: "Hey, I'm Cramer!"[36] A common catchphrase, used by Cramer to start the Lightning Round, is "Are you ready, skee-daddy?" Another common saying is: "Bulls make money. Bears make money. Hogs get slaughtered."[37] The term "Cramerica" has also been used on Mad Money,[38] with fans of the show referred to as "Cramericans".[39][40][41] Cramer ends the program by stating, "There's always a bull market somewhere".[42][43]

Production

[edit]

Cramer had previously co-hosted the CNBC program Kudlow & Cramer (2002–2005) alongside Larry Kudlow. Cramer said, "It was a traditional sort of financial-news and stock-picking show, and it did all right."[5] Mad Money was conceived by Susan Krakower,[27][44] who served as CNBC's interim head of prime-time programming. She liked Cramer's enthusiasm and thought he was ill-fitted for the calm, professional format used in Kudlow & Cramer. Upon learning that he also had a syndicated radio show, she sent a film crew to capture footage of the program. After viewing it, she became convinced that Cramer had potential for his own television program, saying "he had to be put in the right environment and he had to be opened up."[14] Krakower contacted Cramer and pitched her idea, but did not hear back from him after that, prompting her to track him down. Cramer is a sports fan, and according to Krakower, "I finally told him I want to create the 'SportsCenter' of financial shows. That got him going."[45]

Cramer himself, speaking of Kudlow & Cramer, later acknowledged that he wanted to move on and do "a different kind of show—one that still gave me a way to point people to great stocks but also allowed me to express my innate insanity, in all its glory, to everyone who might be interested."[5] The idea for Mad Money was pitched to NBC Entertainment president Jeff Zucker,[46] who, according to Cramer, greenlit the project despite "the objections of just about everyone at CNBC".[5] Cramer left Kudlow & Cramer in January 2005 to develop the program that would become Mad Money.[14][47] It premiered on March 14, 2005,[1][28] replacing Bullseye, a news and finance program.[48] Early in the show's run, Cramer would become exhausted while taping and would also wear out his voice, prompting him to begin a physical fitness routine and to take voice lessons.[45]

The original Mad Money set in 2008, before its redesign five years later

Cramer is the show's editorial director, deciding which stocks to discuss. Regina Gilgan, who has been with Mad Money since its premiere, had become the executive producer by 2007,[49] replacing Krakower.[50] Another major crew member since the show's first year is head writer Cliff Mason,[51][52] who is Cramer's nephew.[53][54] Cramer said in 2007 that "some of the show's best moments come out of the two of us competing to produce more and more surreal, ridiculous one-liners."[5] Cramer devises "the ideas and the serious content", then writes an early draft "with as much smart and funny stuff" as he can in his spare time. He and Mason then exchange drafts before settling on a final version,[5] which is written after the stock market closes at 4:00 p.m. Eastern Time.[27]

Taping of the show occurs from 4:30 to 5:30, for broadcasting from 6:00 to 7:00.[8][5] The program is shot with a Steadicam,[55][56] and was broadcast for the first time in 1080i HD on August 4, 2014.[57] The show's heavy metal score was composed by Willie Wilcox.[58] Krakower said that the Lightning Round "from the music to the lights to the camera angles is straight out of WWE."[45]

Mad Money was originally taped at CNBC's headquarters in Englewood Cliffs, New Jersey.[27] The show's studio set remained the same until April 23, 2013, when a redesign of the original was unveiled.[59][57] Plans to build a completely new set at the New York Stock Exchange Building were conceived in December 2021, with construction beginning four months later. The new set debuted on July 18, 2022.[56][60][61]

Special broadcasts

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Mad Money has featured special broadcasts, typically with live audiences. These include the "Main Event" series (2005–06) and "Back to School" events (since 2006).

"Main Event" series

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The first Mad Money "Main Event" was broadcast on July 20, 2005. The featured guest on the show was New York attorney general Eliot Spitzer, a classmate of Cramer at Harvard Law School. During the "Main Event", Cramer introduced a new segment titled "Am I Nuts?" in which he wore a doctor coat and spoke to audience members about the health of their stock portfolio.[62]

"Main Event II" premiered on October 26, 2005, with a 100-person audience and businessman Donald Trump as a special guest.[63][64][65] "Main Event III" was broadcast on November 30, 2005, and featured Mel Karmazin, CEO of Sirius Satellite Radio.[66] "Main Event IV" premiered on January 11, 2006, with guest Les Moonves, CEO of CBS. The fifth and final "Main Event" was broadcast on July 12, 2006, with Zucker as the featured guest.

"Back to School" events

[edit]

Early on, Mad Money became especially popular among college students.[5][67] On February 1, 2006, the show launched a "Back to School" tour, traveling to universities across the United States. The first episode was broadcast from Harvard University, Cramer's alma mater, and again featured Spitzer as a guest.[68][69][70]

Subsequent "Back to School" tours and events were held in 2007,[71][72] 2008,[73][74] 2009,[75][76] 2010,[77][78] 2013,[79][80] and 2023.[81][82] Like regular episodes, guest executives are also commonly featured during "Back to School" broadcasts.[72][76]

Other notable episodes

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Mad Money aired its first-anniversary episode on March 14, 2006, with a mix of stock questions and clips from previous episodes.[83] Other anniversary episodes have followed since then.[49][84] The third anniversary special included a live audience,[85][86] as did the fifth anniversary, the latter broadcast from Studio 8H in New York City.[87] "MMX", a special episode to celebrate the 10th anniversary, was taped from the show's studio set in front of a live audience and aired on March 12, 2015.[88][89] A 20th anniversary special aired on April 29, 2025.[90]

Special episodes have also been broadcast to commemorate other milestones. The 500th episode of Mad Money aired on June 11, 2007, and featured memorable clips from throughout the show, as well as viewer call-ins and stock questions.[91][92] The 1,000th episode aired on April 8, 2009, and the Mad Money staff surprised Cramer by having several unexpected guests join the show by phone, including Trump, Google chief executive Eric Schmidt, and football coach Andy Reid.[28][93] The 2,000th episode of Mad Money aired on October 1, 2013, and was taped outside the New York Stock Exchange Building in front of a live audience. Cramer was presented with a replica of his 1978 Ford Fairmont, which he lived in during financial hardship earlier in his life.[22][94]

Reception and impact

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Mad Money quickly developed a loyal following after its premiere,[14][6] and brokerage firms began to include Cramer's stock advice in their research notes.[8] The term "Cramer Effect" was coined during the show's first year, in reference to a stock's price rising the day after being recommended on the show.[14][6] Journalist Michael Wolff, a friend of Cramer, said of his on-screen antics in 2006: "He's irresistible to watch. There's a kind of poetry when he talks about the market. And part of the fun is the possibility that you're watching a train wreck."[15] Bill Alpert of Barron's wrote of the Lightning Round, "It's dazzling -- a display of Cramer's freakish ability to remember something about thousands of stocks."[4]

Financial experts have been critical of Cramer's approach and advice on the show.[6][95][96] Joseph Nocera, a business columnist at The New York Times, opined in 2006 that the people who are watching Mad Money and following Cramer's advice are "fools", writing further, "It's great theater and it's great television, but it's not great investing."[19] Businessman Henry Blodget, writing for Slate in 2007, criticized Cramer for overstating his abilities as a market forecaster, noting that his suggested 2006 portfolio lost money "despite nearly every major equity market on earth being up between about 15% and 30%". However, Blodget wrote that Cramer's behavior on Mad Money made for "mesmerizing reality TV".[97] Based on a 2010 analysis of Cramer's advice, author Frank Partnoy wrote, "Mad Money is entertaining, but its recommendations won't make you rich."[17]

Ratings

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CNBC's overall television ratings had fallen in the years before Mad Money debuted.[98][99] The show averaged 170,000 daily viewers during its premiere week.[100] By August 2005, Mad Money averaged 200,000 daily viewers and had become the second highest-rated program on CNBC, in what used to be its second lowest-rated time slot.[8] "Main Event II" earned a new record of 339,000 viewers.[65] By the end of 2005, Mad Money had 463,000 daily viewers.[6] In the midst of the Great Recession, ratings reached 427,000 average viewers in September 2008, nearly doubling its viewership from weeks earlier. This occurred shortly after the bankruptcy of Lehman Brothers, the federal bailout of American International Group, and the sale of Merrill Lynch.[55]

[edit]

Mad Money has made appearances in several films and television shows. Examples of the latter include Arrested Development and 30 Rock.[101][102] Mad Money was licensed for a brief fictional segment in the 2008 film Iron Man. In the segment, shortly after the character Tony Stark declares Stark Industries will no longer manufacture weapons, Cramer is shown on Mad Money advising people in his trademark flair to sell off stock in the company.[103]

A comedy film, also titled Mad Money, was released in 2008, and includes an appearance from Cramer on his program. He also appeared alongside the stars of the film to ring the opening bell of the New York Stock Exchange, two days ahead of the film's release.[104][105]

In the animated television series South Park, Mad Money is spoofed as a podcast called Mad Friends in the 2010 episode "You Have 0 Friends".[106][107][108] Mad Money makes another appearance in the 2010 film Wall Street: Money Never Sleeps. Character Jacob Moore spreads rumors about the nationalization of an African oil field, Hydra Offshore, and Cramer advises his viewers to sell their stock.[101][109]

Mad Money is among topics covered in I Love the 2000s, a 2014 television compilation of highlights from the decade.[110]

Money Monster, a 2016 film, focuses on a flamboyant financial television host and his crew being taken hostage by an upset investor, who lost his life savings on a bad stock recommendation. The film received comparisons to Cramer and Mad Money, although director Jodie Foster and star George Clooney denied any connection.[101][111][112]

Since at least 2022,[113] Mad Money has occasionally been referenced on the comedy talk show Last Week Tonight with John Oliver.[114][115]

See also

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia
from Grokipedia
Mad Money is an American financial television program hosted by on , which premiered on March 14, 2005, and airs weekdays from 6:00 to 7:00 p.m. ET, featuring energetic stock analysis, market commentary, and interactive segments designed to educate retail investors on professional thinking rather than specific tips. The show's distinctive entertainment-style format includes Cramer's use of a soundboard for dramatic emphasis, executive interviews, viewer call-ins, and the rapid-fire "Lightning Round" for assessing stocks, aiming to demystify Wall Street for non-professionals while acknowledging "mad money" as expendable investment funds. Over two decades, it has achieved consistent viewership exceeding 300,000 nightly on average, contributing to CNBC's programming and relocating to the New York Stock Exchange floor in 2022 for enhanced market immersion. Empirical analyses of Cramer's recommendations reveal short-term positive price reactions to buy calls but frequent reversals and long-term underperformance relative to benchmarks, prompting debates on its value beyond entertainment and highlighting risks of following televised advice amid Cramer's past admissions of aggressive tactics.

History

Inception and Early Development

Mad Money premiered on CNBC on March 14, 2005, hosted by , a former manager and founder of TheStreet.com financial news website in 1996. The program originated from Cramer's syndicated radio show Real Money, which he began hosting in 2001 and which emphasized actionable investment strategies for individual listeners. Cramer pitched Mad Money as a high-energy television adaptation aimed at demystifying for everyday investors, using theatrical elements like sound effects and rapid-fire commentary to engage viewers who felt excluded from professional trading circles. In its inaugural episodes, the show focused primarily on stock selection and market timing, with Cramer delivering buy, sell, or hold recommendations during segments such as the "Lightning Round," where he evaluated viewer-submitted stocks in quick succession. Produced initially at CNBC's headquarters in Englewood Cliffs, New Jersey, Mad Money aired weeknights at 6:00 p.m. ET, filling a post-market slot to capitalize on after-hours investor interest. The format drew from Cramer's experience as a market commentator, incorporating props, audience interaction via phone calls, and an emphasis on short-term trading tactics over long-term indexing, reflecting his belief that active involvement could outperform passive strategies for informed retail participants. Early development saw rapid audience growth amid a bull market, with the show's unorthodox style—featuring Cramer's animated delivery and audio cues borrowed from the radio predecessor—differentiating it from drier financial programming. By mid-2005, Mad Money had established core features like the aforementioned soundboard for emphasis (e.g., bull growls for positives, chicken clucks for negatives), which enhanced its entertainment value while aiming to convey urgency in decision-making. Critics noted the program's influence on short-term movements following recommendations, though empirical studies later questioned the of such effects beyond initial hype.

Growth and Format Evolution

Following its premiere on March 14, 2005, Mad Money experienced rapid audience growth, elevating 's 6 p.m. Eastern time slot from one of its lowest-rated to the network's top program. The show averaged 167,000 viewers in its early months and 178,000 by June 2005, with ratings surging 141% year-over-year. By November 2005, viewership approached 400,000 nightly, nearly double that of its predecessor Bullseye, and consistently drew over 380,000 viewers as 's highest-rated offering. The program's format initially emphasized direct stock recommendations and critiques without explanatory context, reflecting a high-energy, opinion-driven style suited to Cramer's background as a manager. Within the first year, however, producers expanded creative scope, incorporating segments that elucidated market mechanics, such as the role of key analysts in driving rallies—for instance, a June 2008 explanation of a Research in Motion surge attributed to an influential "axe" analyst. This evolution allowed for broader storytelling beyond mere picks and pans. The prompted a significant pivot toward education over aggressive stock picking. Cramer noted a "" in the show's mission, reducing individual recommendations and instead promoting index funds like the for novice investors saving toward retirement accounts. Segments shifted to thematic analyses, equipping viewers with frameworks to assess equities independently rather than relying on nightly "hot ideas." To broaden engagement, Mad Money introduced live studio audiences and outreach events, including campus "" tours starting around 2007, which extended its influence beyond television. The series marked milestones like its 1,000th episode in April 2009, broadcast live before an audience, and reached 20 years in 2025. In 2022, after 17 years, the production relocated to a refreshed set at the , updating the visual presentation.

Recent Developments and Adaptations

In the early , Mad Money underwent a set redesign in 2022, incorporating a new studio layout at the to refresh the visual presentation while preserving the show's high-energy style. This update aimed to align with evolving broadcast aesthetics without altering core segments like the Lightning Round or executive interviews. The program has since expanded digitally, with full episodes and clips available via livestreams, YouTube playlists, and on-demand video on the CNBC platform, broadening reach beyond traditional cable audiences. Audio versions are distributed as podcasts on Apple Podcasts and similar services, enabling commuters and non-video viewers to follow Cramer's stock analyses. As of October 2025, Mad Money airs weekdays on , maintaining its weekday schedule with episodes addressing contemporaneous market dynamics, such as fragmented economic indicators and sector-specific cautions for investors. No major format pivots have occurred, reflecting the show's established appeal in delivering actionable, albeit speculative, equity insights amid volatile conditions like AI-driven advancements and regulatory shifts.

Format and Features

Core Segments and Structure

A typical episode of Mad Money airs for one hour on weeknights, structured around Jim Cramer's high-energy analysis of market events, stock recommendations, and interactive elements designed to educate retail investors on professional trading strategies. The format emphasizes rapid-fire insights rather than passive viewing, with Cramer often framing the show as a guide through Wall Street's complexities, including daily recaps of trading sessions and forward-looking commentary on sectors or economic indicators. The core flow begins with an opening monologue where Cramer dissects the day's market movements, highlighting winners, losers, and thematic drivers such as reports or shifts, drawing on his experience to explain causal factors like disruptions or competitive dynamics. This transitions into in-depth stock discussions or executive interviews, where company leaders defend their strategies or reveal operational details, allowing viewers to assess viability based on disclosed fundamentals. Viewer follows through calls or emails, prompting targeted advice, before culminating in high-paced segments that reinforce actionable takeaways. Key recurring segments include:
  • Lightning Round: Positioned near the episode's end, this interactive feature involves Cramer fielding rapid viewer questions on specific via phone, delivering concise buy, sell, or hold verdicts often accompanied by brief rationale tied to valuation, , or risks; it handles 15-20 queries in minutes, embodying the show's emphasis on quick decision-making under uncertainty.
  • Sell Block: Cramer identifies and warns against overvalued or troubled , detailing pitfalls like excessive or fading competitive edges to prevent viewer losses from hype-driven buys.
  • Game Plan: A strategic overview, typically weekly, outlining Cramer's anticipated market plays, sector rotations, or portfolio adjustments based on macroeconomic and calendars.
These elements adapt nightly to current events, such as post-earnings volatility on October 21, 2025, but maintain a consistent focus on empowering non-professionals with tools for independent over blind following.

Visual and Audio Elements

The Mad Money studio incorporates large video walls and flexible digital displays from Prysm Systems, enabling dynamic visualizations of stock charts, , and custom graphics that adapt to segment needs. In July 2022, the production moved to a dedicated set at the , blending the venue's iconic architectural features with sleek, modern elements for immersive on-air presentations. On-screen graphics emphasize bold, immediate designs that align with host Jim Cramer's rapid delivery, including animated tickers, performance indicators, and visual cues for buy/sell recommendations during core segments. Audio components feature a custom soundboard activated by Cramer, producing radio-style effects such as celebratory cheers, warning buzzers, "Hallelujah!" choruses, and comedic clips like a man falling from a window to underscore stock picks and market commentary. These cues, integrated with on-screen graphics, enhance the show's energetic, theatrical style, with CNBC providing an online replica of the soundboard for public interaction. The format draws from traditional broadcast production elements to maintain viewer engagement amid financial analysis.

Catchphrases and Energetic Style

Mad Money features host Jim Cramer's highly energetic presentation style, marked by rapid speech, emphatic gestures, and theatrical flair designed to engage retail investors. This approach contrasts with traditional financial programming by incorporating physical movement and vocal intensity to convey urgency in market analysis. Cramer activates a custom soundboard during segments, triggering audio effects such as alarms for bearish signals or celebratory chimes for bullish recommendations, enhancing the show's dynamic pacing. Key catchphrases punctuate Cramer's commentary, reinforcing his investment advice with memorable exclamations. "Booyah!", originating from his , is frequently shouted during the Lightning Round to affirm strong buy recommendations or viewer successes. "There's a bull market somewhere" serves as a recurring , urging viewers to seek opportunities amid volatility rather than despair in downturns. These phrases, delivered with high volume and enthusiasm, contribute to the program's entertaining yet instructional tone, aiming to demystify for non-professionals.

Production

Studio and Technical Aspects

Mad Money is produced in a dedicated studio at the (NYSE), having relocated from CNBC's headquarters in , in July 2022. The new studio is situated on the NYSE trading floor adjacent to the bell podium, incorporating architectural elements inspired by the exchange's historic design to enhance viewer immersion in market dynamics. The set features interactive state-of-the-art technology, including large video walls for real-time stock data display and dynamic graphics overlays. In September 2022, an updated graphics package was introduced, adopting a new color palette and streamlined visual approach to align with the NYSE environment. Central to the production is a custom soundboard operated by host , consisting of oversized red buttons that trigger audio effects—such as cash register chimes for buy signals or sirens for sells—and corresponding on-screen animations. This radio-style integration emphasizes the show's high-energy format, with effects enhancing Cramer's emphatic delivery during segment transitions and stock recommendations. Technical production relies on high-definition cameras capturing the host's setup, which includes multiple monitors for live market feeds and caller interactions via remote audio lines. Lighting and camera angles are optimized for a fast-paced broadcast, with dynamic shots focusing on Cramer's gestures and button presses to convey urgency in financial advice. The episode structure supports rapid editing for insertion of graphics, ensuring alignment with CNBC's real-time market coverage standards.

Guest Appearances and Interviews

Interviews with corporate executives form a central component of Mad Money, where host engages guests—predominantly chief executive officers (CEOs)—to discuss company strategies, financial performance, market challenges, and stock valuations. These one-on-one sessions typically occur mid-show, following Cramer's opening monologue, and last 10 to 15 minutes, allowing executives to address viewer questions indirectly through Cramer's probing on operational metrics, competitive landscapes, and growth initiatives. The format emphasizes real-time insights, with Cramer often pressing guests on quantifiable data such as guidance, margin pressures, and capital allocation decisions to help retail investors evaluate holdings or prospects. Guests span industries and company sizes, from established giants to emerging firms, selected based on recent earnings releases, sector trends, or macroeconomic relevance. For instance, Founder and CEO appeared on May 28, 2025, to elaborate on demand driving the company's revenue surge beyond $30 billion in the prior quarter. Similarly, Apple CEO joined Cramer on September 15, 2025, highlighting investments in U.S. and partnerships amid iPhone sales exceeding 200 million units annually. Other examples include CoreWeave CEO Mike Intrator on October 8, 2025, detailing AI infrastructure expansion with quarterly results showing triple-digit growth, and Macy's outgoing CEO Jeff Gennette and incoming CEO Tony Spring on October 3, 2023, outlining turnaround efforts amid retail sector consolidation. While CEO interviews dominate, the program occasionally features non-executive guests such as fellow CNBC contributors or sector experts for broader commentary. On October 21, 2025, Cramer interviewed co-anchor about his book on the 1929 market crash, drawing parallels to contemporary volatility. Political figures have appeared less frequently but notably; , then a , discussed oil prices and dynamics in a 2008 segment, critiquing production quotas amid crude trading above $140 per barrel. These interviews underscore Cramer's focus on actionable intelligence over promotional fluff, though critics note the potential for guests to selectively highlight positives without full disclosure of risks.
Notable CEO InterviewsDateKey Discussion Points
NVIDIA (Jensen Huang)May 28, 2025AI chip demand, revenue exceeding $30B quarterly
Apple (Tim Cook)September 15, 2025U.S. manufacturing investments, iPhone ecosystem
CoreWeave (Mike Intrator)October 8, 2025AI data centers, triple-digit growth
Macy's (Jeff Gennette & Tony Spring)October 3, 2023Retail restructuring, leadership transition

Special Broadcasts and Events

Mad Money has conducted special live broadcasts from non-studio locations, primarily through its "" tour, which engages university audiences with investment education and . Launched in 2006, the tour targets business schools to deliver episodes featuring student questions, guest speakers, and Cramer's signature stock picks in front of campus crowds. Early tour stops included the University of Southern California's Marshall School of Business on September 7, 2007, and in 2007, where Cramer interacted directly with students on trading strategies and economic trends. Subsequent events featured Ohio State University's Fisher College of Business in April 2009 and in 2010, emphasizing practical investing amid volatile markets. The tour paused during periods of market disruption but resumed in 2023 at the University of Miami's Patti and Allan Herbert Business School on February 2, live to highlight emerging financial topics for young investors. These events differentiate from standard studio productions by incorporating audience participation, fostering real-time dialogue on portfolio management and sector opportunities. A dedicated 20th anniversary special aired on April 29, 2025, at 7:00 PM ET on , reflecting on the show's two-decade history since its March 14, 2005, debut, including pivotal market calls and format innovations. The program reviewed archival footage and Cramer's evolution as a broadcaster, underscoring the show's role in democratizing access for retail investors.

Host and Investment Philosophy

Jim Cramer's Background and Expertise

James Joseph Cramer was born on February 10, 1955, in . He graduated from in 1977 with a degree in American Government, earning magna cum laude honors while serving as president and editor-in-chief of . Cramer later attended , obtaining a degree in 1984. Following , Cramer entered , working as a reporter covering financial markets for outlets including the Tallahassee Democrat, Los Angeles Herald-Examiner, and Inquirer, where he earned an initial salary of approximately $15,000 annually. During this period, he developed an interest in stock trading, which he pursued actively while in law school, reportedly generating sufficient returns to support himself financially. In 1987, Cramer co-founded the Cramer & Co. (later known as Cramer Berkowitz & Co.) with partner Jack Berkowitz, focusing on strategies in equities. Cramer's hedge fund management demonstrated notable performance, achieving a compounded annual return of 24% after fees over 14 years, outperforming the by an average of 10 percentage points annually from 1992 to 2000. The firm grew to manage around $265 million in assets by 1999, employing a staff of nine principals, before Cramer retired in 2001, concluding with what was described as one of the strongest records in the industry at the time. This background in successful operation, combined with his journalistic experience in financial reporting, positioned Cramer as an expert in selection and market dynamics, informing his later roles in financial media and authorship of guides such as Confessions of a Street Addict (). His expertise emphasizes high-conviction, research-intensive approaches to identifying undervalued opportunities, though subsequent sections address evaluations of his predictive accuracy.

Core Principles of Advice

Cramer's investment advice on Mad Money centers on an active, research-driven tailored for retail investors seeking to outperform passive indexing, emphasizing the need for thorough on individual rather than broad . He stresses that successful investing requires understanding company fundamentals, such as earnings growth and competitive advantages, while monitoring macroeconomic factors like interest rates and sector rotations. This approach draws from his experience, where he learned to articulate clear theses before committing capital, a principle he imparts to viewers through segments like the "Lightning Round," where rapid stock assessments highlight undervalued opportunities based on recent financials and catalysts. A foundational tenet is "trading around a core position," wherein investors maintain a substantial long-term holding in high-quality —typically those with strong balance sheets and consistent revenue growth—while using short-term price fluctuations to buy low during dips and sell portions during rallies, thereby returns without abandoning convictions. Cramer advises allocating the majority of a portfolio (around 75%) to diversified index funds for stability, reserving 25% for "play money" in individual picks to pursue alpha, provided investors conduct their own analysis of metrics like price-to-earnings ratios, growth, and price/earnings-to-growth ratios. He warns against leverage, such as margin borrowing, which amplifies losses in volatile markets, and urges following corporate earnings reports closely to identify inflection points where accelerating profits signal buy opportunities. Flexibility in market regimes forms another core principle, encapsulated in rules like "Bulls, Bears Make , Pigs Get Slaughtered," which counsel taking profits to avoid greed-driven holdouts during downturns and considering or hedges when valuations exceed fundamentals. Cramer promotes contrarianism at sentiment extremes—buying when dominates and selling amid —but only after verifying underlying strength, as sentiment alone drives temporary moves while determine . Diversification across uncorrelated sectors mitigates , yet he encourages concentration in 10-20 high-conviction names after rigorous , rejecting over-reliance on "what you know" without quantitative backing, as familiarity can complacency. These tenets, reiterated across episodes, aim to equip viewers with tools for navigating bull and bear phases without emotional pitfalls.

Approach to Market Analysis

Cramer's on Mad Money emphasizes fundamental evaluation of individual over broad macroeconomic , focusing on company-specific factors such as potential, effectiveness, and competitive positioning within industries. He instructs viewers to prioritize of businesses they comprehend, assessing balance sheets for levels and sustainability to ensure growth can be financed without excessive leverage. This method draws from traditional practices, incorporating metrics like (EPS) growth and to gauge operational efficiency. A core tool in his framework is the growth at a reasonable price (GARP) strategy, which balances growth prospects against valuation by comparing a stock's price-to-earnings (P/E) ratio to its expected earnings growth rate, often refined via the (P/E divided by annual EPS growth percentage). Cramer advises weighing risk versus reward, favoring entries during temporary price pullbacks to capitalize on weakness while selling into strength to lock in gains, thereby timing trades around sentiment-driven volatility rather than predicting long-term market directions. He supplements this with qualitative insights from CEO interviews and sector trend discussions, urging conviction in high-conviction holdings limited to 5-10% of a portfolio to avoid over-diversification that dilutes returns. The show's Lightning Round segment exemplifies rapid application of these principles, where Cramer delivers buy, sell, or hold verdicts on viewer-submitted stocks based on instantaneous scrutiny of recent earnings beats, insider buying, or regulatory tailwinds, often overriding initial market pessimism if fundamentals align. This tilt—buying overlooked winners amid broader sell-offs—stems from his experience, though he cautions against greed, encapsulated in the adage that "pigs get slaughtered" by holding too long past rational peaks. Overall, the approach promotes active retail engagement through disciplined, research-backed decisions, blending quantitative screens with narrative-driven catalysts like product launches or mergers.

Controversies and Criticisms

Prediction Accuracy and Track Record

Multiple empirical analyses of Jim Cramer's stock recommendations on Mad Money have concluded that they generally underperform broader market indices over the long term, with short-term gains often attributable to temporary visibility effects rather than superior insight. A 2007 review of picks over the prior two years found they failed to beat the market, even after accounting for transaction costs and timing. Similarly, a 2009 assessment showed Cramer's recommendations lost more value than the market's approximately 30% decline from May to December 2008. Cramer's Action Alerts PLUS (AAP) portfolio, which features many Mad Money selections and serves as a proxy for his track record, has consistently lagged the . A study covering August 2001 to 2017 reported AAP's annualized return at 4.08%, versus 7.07% for the , with higher risk (standard deviation of 17.65% compared to 14.16%) and inferior risk-adjusted performance ( of 0.16 versus 0.41). The portfolio's composition—tilted toward smaller growth stocks and those with lower earnings quality—contributed to this gap, alongside cash holdings in the charitable vehicle. confirmed AAP's cumulative underperformance against the since 2001.
Study/SourcePeriodKey Performance Metric
2005–2007Failed to beat market benchmarks
May–Dec 2008Greater losses than market's ~30% drop
Wharton (AAP)2001–20174.08% annualized vs. S&P 500's 7.07%; lower Sharpe ratio
MarketWatch (AAP)2001–2016Cumulative returns trailed S&P 500
Short-term studies note positive abnormal returns immediately after buy calls, driven by heightened trading, but these erode within months, yielding no sustained edge on a risk-adjusted basis. Directional accuracy rates for Cramer's calls approximate 47–50%, aligning with random outcomes in efficient markets. His linked charitable trust has underperformed the into recent years.

2009 Jon Stewart Conflict

In early March 2009, amid the ongoing , of began criticizing for providing overly optimistic coverage of financial institutions that later collapsed, including a March 4 segment where he mocked the network's failure to foresee the Bear Stearns downfall. Stewart specifically highlighted Jim Cramer's March 14, 2008, Mad Money comment that "Bear Stearns is fine," uttered just two days before the firm's emergency sale to on March 16, 2008, accusing Cramer of misleading retail investors into complacency. The feud intensified when Stewart aired archival footage from a 2006 CNBC interview in which Cramer, reflecting on his prior career managing a , described tactics such as spreading false rumors to manipulate prices and short-selling while coordinating media appearances to drive volatility—admitting these methods were "heinous" but effective. On March 12, 2009, Cramer appeared on for a highly anticipated confrontation, where Stewart pressed him on whether such practices represented systemic irresponsibility in financial media that contributed to by prioritizing hype over scrutiny. Cramer conceded past errors, stating he had "lost money for people" and apologizing for the Bear Stearns reassurance, while defending Mad Money as focused on long-term investing rather than short-selling or manipulation, and arguing that his show warned viewers against leverage and leading up to the crash. Cramer maintained that the conflict overlooked the broader context of Wall Street's deceptive practices, which his program aimed to educate against, and he rejected Stewart's portrayal of as complicit in the bubble's inflation, emphasizing instead the network's role in exposing fraud post-crisis. In subsequent responses, including on MSNBC's around March 10, 2009, Cramer clarified his statement referred to client account safety rather than stock value, and he urged viewers to distinguish from investment advice. The exchange drew widespread attention, with Stewart's clips amplifying public toward financial pundits, though Cramer later described it as damaging to his without merit, claiming in a 2011 interview that it unfairly singled him out while ignoring his accurate crisis predictions. No formal regulatory action followed against Cramer or , but the incident underscored debates over the accountability of broadcast financial advice in influencing retail investor behavior.

Allegations of Market Influence

Critics have alleged that Jim Cramer's recommendations on Mad Money exert on stock prices, potentially enabling manipulative practices, particularly in light of his prior admissions regarding strategies. A documented phenomenon known as the "Cramer Bounce" describes the observed short-term price surge in stocks following positive mentions on the program, attributed to retail investor reactions rather than fundamental changes. Empirical analyses, such as a 2011 study in , confirm that Mad Money recommendations generate attention-driven price movements, with abnormal returns averaging around 3-5% in the days immediately after airings, though these effects often dissipate quickly due to limits. These market impacts have fueled concerns when contextualized against Cramer's interview statements, where he detailed tactics including short-selling followed by disseminating false negative rumors to reporters to depress prices—a practice he described as commonplace but illegal if intended to defraud. In that discussion, Cramer acknowledged creating headlines to "create a reason for the stock to move," raising questions among observers about whether similar dynamics could apply to bullish Mad Money endorsements, given the show's reach to millions of viewers. However, no regulatory findings have substantiated manipulation through the program itself, and Cramer has maintained that his media role precludes such actions, emphasizing disclosure of personal holdings where applicable. Regulatory scrutiny has intersected with these allegations indirectly. In February 2006, the SEC subpoenaed TheStreet.com and Cramer in connection with an investigation into Deutsche Bank's stock allocations to hedge funds, probing whether favorable coverage on Cramer's platforms influenced these distributions—a potential . The inquiry stemmed from suspicions of arrangements, though it did not result in charges against Cramer and focused on pre-Mad Money activities. Earlier, a 2002 book by an anonymous author accused Cramer of trading on non-public information gleaned from contacts and manipulating anchors for favorable airtime, claims that echoed 1995 allegations of using his SmartMoney column to boost stocks he held without disclosure. Such episodes have led detractors to argue that Cramer's transition to television amplified his capacity for influence, potentially prioritizing spectacle over impartial analysis, though defenders cite the absence of convictions and the SEC's eventual closure of related probes without action.

Reception and Impact

Mad Money premiered on in October 2005, initially attracting significant viewership for the network, with averages nearing 400,000 total viewers (P2+) by November 2005, nearly double that of its predecessor program. This early success positioned it as one of 's top-rated shows, capitalizing on Jim Cramer's energetic style amid a bullish market environment. However, viewership began to erode in subsequent years, reflecting broader declines in cable news audiences and shifts in investor . By 2013, the program experienced sharp drops, with total viewers falling amid CNBC's overall 20-year ratings low; for instance, key demographic (A25-54) viewership for Mad Money declined 38% to 25,000 in certain periods. Through the and into the , averages stabilized in the 100,000–150,000 range but faced consistent competition from Network's The Bottom Line, which has outperformed Mad Money in total viewers for multiple consecutive months and quarters, such as a 36% edge with 199,000 viewers to Mad Money's 164,000 in Q2 2025. Nielsen data from 2023 indicates an annual average of 129,000 total viewers, with daily fluctuations between 50,000 and 250,000 from 2022–2024, peaking at 154,000 on select episodes like June 5, 2024. By August 2025, monthly averages had fallen to 76,000 total viewers (0.02% household rating), marking a 40% decline from July 2024, alongside key demo figures of 16,000 (A25-54). These trends align with CNBC's pivot away from traditional Nielsen metrics in 2015 toward digital and alternative measures, amid cord-cutting and fragmented attention spans reducing linear TV audiences for financial programming. Despite this, Mad Money remains a staple, though its influence has increasingly shifted toward online extensions like CNBC Pro subscriptions.

Influence on Retail Investors

Mad Money has demonstrably heightened retail investor attention to specific through its recommendations and discussions, as evidenced by surges in search queries to the SEC's database and posts on platforms like following episode mentions. A 2022 study analyzing firm coverage on the show found that such exposure correlates with increased active attention from both institutional and retail investors, prompting elevated trading volumes in the affected securities. This effect is particularly pronounced for CEO or CFO interviews, which boost investor attention by approximately 51.4% to 75.2% compared to baseline levels. The show's stock picks often trigger short-term price movements attributable to retail trading activity, a phenomenon termed the "Cramer Bounce." Research indicates that buy recommendations lead to an average overnight price increase of about 3.5%, with smaller stocks experiencing gains exceeding 5% in some cases, reflecting immediate retail buying pressure rather than fundamental shifts. These attention shocks, as described in a 2011 Management Science analysis, exploit limits to arbitrage by drawing individual traders into momentum-driven trades, amplifying volatility without sustained long-term outperformance. Critics argue that this influence encourages speculative behavior among retail investors, who may chase ephemeral gains at the expense of diversified, fundamentals-based strategies. Empirical reviews of over 700 recommendations from episodes show that while initial reactions occur, subsequent returns frequently lag broader market indices, potentially fostering overtrading and losses for followers lacking institutional resources. Host has acknowledged retail investors' role in sustaining market rallies amid institutional skepticism, attributing recent upward trends partly to optimistic "home gamers" via accessible platforms. However, such patterns align with broader evidence of attention-driven in individual investing, where media cues override private and exacerbate exposure.

Broader Cultural and Economic Effects

's high-energy format, characterized by sound effects, rapid-fire advice segments like the "Lightning Round," and theatrical elements such as Cramer performing pushups, has popularized financial media as entertainment akin to or game shows, drawing comparisons to chaotic spectacles that engage viewers through exhilaration rather than solemn analysis. This approach has shifted perceptions of investing from an esoteric pursuit to an accessible, adrenaline-fueled activity, with nightly viewership stabilizing around 400,000-500,000 by 2006 and fostering fan nicknames like "" among enthusiasts. The program's "Back to School Tour," featuring live broadcasts and Q&A sessions at universities including in 2007, Ohio State in 2009, and the in 2023, has extended its cultural footprint to college campuses, where student audiences respond with cheers and interactive stock-picking challenges, promoting early engagement with markets among younger demographics. These events underscore the show's role in demystifying finance for non-professionals, encouraging self-reliant investing habits through direct interaction. Economically, coverage on Mad Money generates measurable retail investor responses, including spikes in SEC EDGAR queries, social media mentions on platforms like StockTwits, and abnormal trading volumes, alongside shifts in retail portfolios and short-selling activity. Buy recommendations typically produce 1.06%-1.09% abnormal returns by the next day's open, accompanied by volume surges on the announcement day and the following session, though these gains often reverse within weeks, indicating short-term overreactions rather than sustained value creation. Such patterns highlight the show's capacity to drive temporary and price inefficiencies via retail , benefiting sophisticated traders who counter the initial moves but underscoring risks for average viewers with limited capital pursuing rapid trades.

References

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