During the fast-paced Lightning Round segment of Mad Money Tuesday night, one caller asked Jim Cramer about Broadcom AVGO: "This is a high-multiple stock that has people spooked. I own it for my charitable trust and you should, too," replied the host.
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Avoid the beauty contest of price momentum that has arguably led to relatively large extremes of overvaluation today.
Many stocks with nosebleed valuations shot higher in response to Fed policy becoming more hawkish, while many quality cheaper names sold off.
The Fed backs off on claims that inflation is transitory and sets the stage for future rate hikes.