Four years after the S&P bottom: Cramer's scorecard on a $40 trillion run

On October 12, 2022, the market hit a bottom that almost no one was brave enough to buy, and four years later Cramer's anniversary scorecard shows $10,000 invested in the S&P at that low grew to $23,061.

Cramer traces the origins of the Magnificent 7's dominance to the 2023 banking crisis. His read is that the turmoil sorted the market's winners from its losers, because companies with strong balance sheets thrived precisely when the broader economy was starved of credit. That crisis, in his telling, cemented the cohort's leadership.

The bigger live call in this episode is about what happens next within that group. Hardware, including semiconductors and disk drives, has been losing leadership since a summer hedge fund unwind, while enterprise software names have been clawing back to the front of the pack. Salesforce and ServiceNow are part of the rotation Cramer flags, alongside longer-standing Mag 7 names such as Microsoft, Alphabet, and Meta.

The through-line of the episode is a rule Cramer has applied across the entire four-year stretch: keep buying through rate scares, tariff shocks, and war headlines. Every one of those moments looked like a reason to sell, and every one of them turned out to be noise against the signal of a market that added roughly $40 trillion in value over the period.