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Some might say with almost a quarter of our portfolio in tech, we are risking too much, especially because a lot of them have some China exposure. But if you were in our office, you would see the torturous nature of all of that. To the last five points, we have said maybe we should sell more Apple, maybe we should sell more Facebook. For the last hundred points, we said we should sell more Apple but these remain among the least expensive stocks in 2019 earnings and geez, the stocks are doing great today.
All right, so Apple's down a little bit. Look, I could say the same thing about Microsoft, right? Microsoft which I believe because of its red hot Azure business will perform amazingly this quarter, but don't forget the PC business is very good.
How about the most expensive stocks in the portfolio? Salesforce.com, PayPal, and Nvidia. Salesforce reported one of the best quarters it has ever put up in all my years of analyzing the company, and I think I'm probably close to the company the most. Stock is up nicely today. Two different firms raised their price target. I'm really glad we were able to pick up some after the stock barely budged when it reported a blowout quarter. It has moved substantially since then.
And like United Health, we often wonder should we just take the gain? Should we hold out for some lower prices or just buy some? All right, high quality problem, right? We're going lateral home.
Nvidia, we just picked some up on some cockamamie sales call that it's going to lose market share to AMD and gaming. I happen to like AMD. Its market's big enough for both. It's got China exposure. What can I say? I like AMD but Nvidia's got the best gaming chips bar none. If you're in it for autonomous driving, data center cards, artificial intelligence, we're very glad that hot money was trading into it for its cryptocurrency business has finally left the building.
27.20
And how about the best for last, this PayPal? I don't know if you guys went to our teaching, but it was extraordinary to listen to Dan Schulman. I mean this thing, I know it looks expensive, and we even trimmed some because we felt that we had gotten so greedy after the big run. That said, it will be the global leader in payments out a few years and it hasn't even gotten near to monetizing Venmo which is the way my kids give money back and forth when they go out to dinner.
And let's not forget how smart Schulman is and his team, they've been building a product to a flurry of M&A. In the past few months, they have added iZettle which has been called the square of Europe and also Hyperwallet, a payment platform that complements Braintree, expands its global reach, and has ties to Amazon's Australian marketplace. I should be mentioning Amazon, stocks up for our largest position, how fantastic.
I think while PayPal does not represent value, it does have a growth like few others in the market because there are 2 billion people around the globe who have cell phones but no banks. .
PayPal will end up being their bank

In the July Action Alerts PLUS members' call, Jim Cramer discusses why the team has decided to continue to hold almost a quarter of the portfolio in tech.

But the decision has not been an easy one. 

"If you were in our office, you would see the torturous nature of all [these decisions]," says Cramer.

Apple (APPL) and Microsoft (MSFT)  may be their least expensive tech positions right now. "All right, so Apple's down a little bit. Look, I could say the same thing about Microsoft, right? Microsoft which I believe because of its red hot Azure business will perform amazingly this quarter, but don't forget the PC business is very good."

But he also discusses their expensive stocks in the portfolio like Salesforce.com (CRM) , PayPal (PYPL) , and Nvidia (NVDA) . 

Watch the video above as he goes through these holdings and helps members understand their rationale for holding them all right now.

Do you want more exclusive investing insight from Jim Cramer? Get 24/7 access to Jim's charitable-trust portfolio with a free trial to Action Alerts PLUS! You can also watch all of Jim Cramer's New York Stock Exchange live shows on YouTube.