This is Day One of the impeachment saga, Jim Cramer told his Mad Money viewers Tuesday. History tells us that this will be a great time for stocks, Cramer continued, but it's still too early to do any buying.
Cramer recalled the 1998 impeachment attempt against President Bill Clinton. While the House formally adopted the articles of impeachment and sent them to the Senate for trial, the Senate did not reach the necessary two-thirds majority vote to convict.
Cramer noted that unless 20 Republican senators vote for Trump's impeachment, the matter is nothing more than a sideshow.
But there are investing lessons to be learned from 1998, Cramer said. Every pullback in the stock market proved to be a buying opportunity. The same pattern is likely to be true this go-around, but at the moment, stocks are still too high. Cramer said there's no hurry to pull the trigger just yet, but history tells us that if we don't act soon, we'll miss the biggest gains.
Cramer and the AAP team say the rotation out of high-multiple tech hits again. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.
Executive Decision: Walt Disney Co.
In the book, Iger recounts his 45-year career at Disney, one that began as an hourly employee and rose to its highest position. Iger said that while he now runs Disney, all of the important decisions are made by their 230,000 employees around the globe. His job, he said, is to support and challenge those employees, while treating them with respect and decency.
Iger also recounts in his book his relationship with former Apple (AAPL) - Get Report CEO Steve Jobs. He said Jobs was both a friend and a mentor. He recalled how Jobs confided in Iger that his cancer had returned, just hours before the deal to acquire Pixar was to be announced. Iger called it extraordinary that Jobs offered him the opportunity to back out of the deal knowing that he wouldn't likely be there to see the deal close.
When asked about his decision to resign from the Apple board of directors a few weeks ago, Iger said that he loved his eight years on the Apple's board and both learned and contributed a lot to what he called a terrific company. He said CEO Tim Cook is doing a fabulous job continuing Jobs' legacy, but now is the right time for Iger to exit as the companies compete in the media space.
Finally, when asked about his leadership style, Iger said that no one wants to follow a pessimistic leader, which is why he's always tried to be optimistic in everything he does and not harbor resentment. Disney is in the business of manufacturing fun after all, he said, but no matter what business you're in, optimism is a core principle of great leadership.
Executive Decision: GW Pharmaceuticals
In his second "Executive Decision" segment, Cramer sat down with Justin Gover, CEO of GW Pharmaceuticals (GWPH) - Get Report , a stock that's plunged 13.7% this week as the cannabis stocks have fallen out of favor on Wall Street.
Gover said that GW Pharmaceuticals is in the best shape it's ever been. Epidiolex, the company's epilepsy seizure drug, is now available in 28 countries and is addressing the needs of 500,000 patients that suffer from seizures.
When asked about the success of Epidiolex thus far, Gover said the strength stems from increase awareness of the drug but also from the fact that patients have been desperate for new treatment options. Epidiolex offers hope, he said.
Gover added that Epidiolex has opened the door for the rest of their pipeline, which includes treatments for illnesses beyond epilepsy.
Cramer said GW Pharmaceuticals is being pulled down by inferior companies in their space, and he continued his recommendation.
Trade Talks Are Tricky
In his "No-Huddle Offense" segment, Cramer told viewers not to get their hopes up about a trade deal, as it's impossible to tell what's really going on from day-to-day.
Case in point: Friday's canceled trade talks in Montana. This story was reported as the Chinese canceling the talks, but we learned Tuesday that actually, U.S. representatives called off the talks as we weren't fully prepared.
Cramer said Friday's chain of misinformation, which was not corrected in any way by our own government, proves just how disconnected and murky these talks actually are. He said until we see a deal, in writing, investors need to remain vigilant.
On Real Money, Cramer says the markets and the president deserve better than a misdirection play over trade. Get more of Cramer's insights with a free trial subscription to Real Money.
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At the time of publication, Cramer's Action Alerts PLUS had a position in DIS, AAPL.