Jim Cramer talks lessons learned from his early career

Summary

Jim Cramer recounts his early career struggle to get hired at Goldman Sachs, including repeated rejections and his eventual summer offer. He uses that story to argue that top investment banks still maintain very high standards and that their stocks are undervalued. He notes Goldman Sachs and Morgan Stanley reported strong results yet trade at only about 17 times earnings, below Colgate, Procter & Gamble, and the average S&P 500 stock. Cramer says investment banks are finally getting their due and that it is not too late to buy because they will go much higher.

• Cramer describes being rejected repeatedly by Goldman Sachs early in his career.
• He studied finance and presentation skills before eventually securing a Goldman Sachs summer offer.
• He argues elite investment banks remain high-quality franchises.
• Goldman Sachs and Morgan Stanley reported strong earnings and their stocks rallied.
• Both still trade around 17 times earnings, below Colgate, Procter & Gamble, and the S&P 500 average.
• Cramer believes investment banks are finally getting their due and can go much higher.
• He closes by saying there is always a bull market.