Mad Money w/ Jim Cramer Mad Money w/ Jim Cramer 12/15/25
Dec 16, 2025
Jim Cramer talks with Max Levchin, CEO of Affirm and co-founder of PayPal, who dives into Affirm's innovative approach to consumer lending. Levchin explains how their real-time data analysis leads to responsible credit limits and details Affirm's growth strategies, including exciting international expansions. He shares insights into holiday trends, highlighting strong travel spending and popular zero-percent loans. The conversation sheds light on the fintech landscape and the importance of transparency in lending.
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Prefer Spend-To-Dominate Businesses
- Prefer companies that 'spend to dominate' rather than 'spend to keep up' when selecting tech exposures.
- Buy consumer-tech users like P&G that offer dividends and lower valuation risks in this market.
Don’t Treat Stocks Like Bonds
- Never buy common stock as if it were a bond; prioritize growth over treating dividends as fixed income.
- Expect stocks to disappoint if you hold them solely for yield like a fixed-income instrument.
Affirm’s Strong Quarter And Clear Mission
- Max Levchin recounts Affirm's strong quarter and user traction that briefly lifted its price toward $79.
- He frames the company's mission as building a transparent alternative to predatory card lending.