Mar 20, 2026 · 44 min
Cramer argues a battered market still looks expensive
Mad Money w/ Jim Cramer 3/20/26
The episode weighs stock-specific opportunities against persistent geopolitical risk, rising oil prices, and valuations that remain too high for aggressive buying.
- 1Cramer sees selective opportunities in U.S. LNG, value-oriented companies, and stocks with stronger consumer appeal.
- 2Viewer calls show why recent gains, weaker transportation results, and merger uncertainty demand disciplined position sizing.
- 3Despite a fourth straight down week, Cramer says the market remains expensive because forward valuations still exceed 20 times earnings.
Don't miss
Cramer explains why a fourth straight losing week still does not make the market cheap, citing the S&P 500’s valuation and modest year-to-date decline.
The brief
Cramer opens after a fourth consecutive down week, linking falling indexes and rising oil prices to geopolitical uncertainty—and warning that the selloff has not created obvious bargains.
Viewer calls turn the broad market debate into specific decisions: whether to add to Corning, wait on Cava, trust FedEx, or trim Coterra after a strong gain.
The episode’s central opportunity is U.S. LNG, discussed after Cramer’s conversation with Sempra CEO Jeff Martin about disruption to Middle Eastern gas infrastructure.
With Rob Pace, Cramer argues that customer-perceived value can lift growth and valuation multiples, using Walmart, Salesforce, Costco, TJX, Chewy, and Columbia as examples.
The closing case is restraint: even after a severe week, the S&P 500 is down less than 5% for the year and still trades above 20 times forward earnings.
What was said on this episode
30 statements · 23 positive · 5 negative · 2 mixed
Higher crude prices reduce stock-market averages.
“The relation between oil and the averages is almost one for one. Crude goes up a dollar. Stocks go down about a half a percentage point.”
Listen at 1:34
McCormick should acquire Unilever’s food division and could dominate supermarket aisles.
“I hope McCormick buys some. Yes, they could dominate whole aisles in the supermarket after this acquisition.”
Listen at 3:26
The Fed should keep rate cuts available because housing is weak.
“The weakness in housing is a major reason why I believe the Fed should keep rate cuts on the table”
Listen at 3:56
AAR is a strong long-term value and becomes attractive after a decline.
“It's a tremendous company, great long-term value. If the stock gets hit, it could be attractive.”
Listen at 4:48
Chewy is fundamentally good but has performed poorly as a stock.
“It is a good company, but it's been a bad stock.”
Listen at 6:45
Private-credit funds are illiquid investments intended for six-to-ten-year ownership.
“These private credit funds are all gated. They weren't meant to be traded. They were meant to be owned for six to ten years.”
Listen at 7:20
Data-center backup power is a major growth opportunity for Generac.
“That's an amazing growth business and a terrific addition to their lineup.”
Listen at 7:57
Rising oil prices create opportunities to buy quality stocks at reasonable prices.
“So as oil works way higher, you have a very good chance to buy some high quality stocks at reasonable prices.”
Listen at 8:32
Investors should buy Corning after a further selloff, not immediately.
“We'll pick some up after the sell, not before.”
Listen at 10:10
Cava should be bought only after falling to roughly $73–$75.
“Maybe it's 75, 73. That's where I go and not before that.”
Listen at 10:50
FedEx’s stock rally may continue.
“I don't think the stock's run is necessarily near its end.”
Listen at 16:21
FedEx is performing very well and its stock should rise substantially.
“This company is doing incredibly well, and I think the stock deserves to go higher, maybe appreciably higher.”
Listen at 18:20
Cheniere is the leading direct investment candidate for rising U.S. LNG exports.
“If you want the biggest, most established, most liquid name with the most direct correlation to the world needing more liquefied natural gas for America, well, this is where you should start your search.”
Listen at 21:15
Enbridge currently offers a 5.3% dividend yield.
“It currently yields 5.3%.”
Listen at 22:31
Enterprise Products Partners offers a 5.9% yield.
“It supports a 5.9% yield.”
Listen at 22:53
Venture Global is the preferred high-upside LNG investment for strong believers.
“This is the one you want to own if you're a true believer.”
Listen at 25:37
Investors should sell half of Coterra after its large gain and hold the remainder.
“I would sell half because you've had just a monster move and let the rest run.”
Listen at 26:52
The earnings multiple is the most important factor in investing.
“Because it's the most important thing in investing.”
Listen at 29:14
Most of Walmart’s return came from multiple expansion rather than earnings growth.
“80% of the return came from the multiple, not the earnings.”
Listen at 29:55
Brands offering greater customer value historically grow 5–8% faster.
“They grow historically five to eight percent faster than low value for the price brands.”
Listen at 30:37
Higher-value brands have 7–9% greater future purchase intent.
“Their future purchase intent, what we look at, is 7% to 9% higher.”
Listen at 30:45
High-value brands can receive 15–20% higher valuation multiples.
“they also get the added benefit if they trade up 15% to 20% multiple.”
Listen at 30:50
Future AI agents will compare products by value, not only price.
“your AI agent is not only going to do price comparisons for you, they're going to do value comparisons.”
Listen at 35:12
FTI is inexpensive relative to peers and should be bought.
“FTI is a very good company. It's still inexpensive versus the others in the cohort. I would be a buyer.”
Listen at 36:42
Young investors should consider aggressive growth stocks such as ISS.
“that's a very aggressive growth stock. And you know what? I'm going to bless it because you're young and young people should be able to take advantage of growth stocks like that one.”
Listen at 37:22
OLMA is too risky and could cause substantial losses.
“Too risky for me. I just think that at this stage with this market, that one you could lose too much money.”
Listen at 37:49
Lam Research is a strong investment winner.
“You've got a winner in lamb research.”
Listen at 38:37
Investors should avoid Conagra despite its high dividend yield.
“Conagra's got a big yield, but I don't want to go there.”
Listen at 38:58
The S&P 500 remains relatively expensive despite falling less than 5% year-to-date.
“The S&P 500 is still only down less than 5% for the year. with a forward price earnings ratio that is still north of 20, which is relatively rich versus this current backdrop.”
Listen at 39:59
Nvidia’s stock valuation is lower than Sherwin-Williams’ valuation.
“One of the fastest growing, wealthiest, best run enterprises in history has a stock that's now cheaper than a paint company.”
Listen at 42:22
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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