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Session with the dow plunges 406 points, the s p prlummets 1. 6 i an absolute nightmare. The house of pain but its good to have some cash so tonight, were holding a coronation because right now, cash is king. Our viewers know this market has been making me nervous for a while. Ive been telling you to take profits for the last three weeks. We have sold some of every single tech stock we know, including some very, very good favorites that you are aware of. Every single one, first time in 15 years because bulls make money, bears make money. But hogs, they get slaughtered i love these tech companies, but i looked at the Charitable Trust cost basis, i looked at the pricetoearnings multiples and said you know what we are out of our minds with greed youve got to be disciplined in my book, that means taking profits while you have them. Some of you will say this violates everything you heard about investing, buy and hold, think longterm. Or most recently, or i should say, stocks or stonks only go up only go up but theres one rule that supersedes all the others. If you dont know it, write it down discipline trumps conviction thats the most important concept in the business. No matter how much you might love a stock, discipline says ring the register when you have a gigantic gain. Thats why we sold some stocks for my Charitable Trust. When we made these sales, i hid in my gardens tomato aisles, because i tell so terrible and horrible but thats what discipline is. It means you can raise some cash before the market turns into a slaughterhouse thats what it did last week yeah, the selling worked conviction can make money. But discipline saves you money stocks came down so hard so fast that i fully expected a bounce and i told you that we would get what we had yesterday. Tuesday night and again yesterday, i said you have to sell something into strength if you havent taken anything off the table, because you dont want to go into a brutal session like this one with no cash so dont buy stocks with borrowed money right now, we havabe ablout 15 f the Charitable Trust in cash at the beginning of september, i hate septembers, historically its been the toughest month of the year it is always a bad month, almost always the worth second, the risk reward here is no so hot. We can go up a bit, which we did this morning, but maybe a big down trend when the potential upside is much smaller, take something off the table. Third, washington. Theres a ton of frustration with our political leaders who cant come to a deal on a stimulus deal. Maybe you dont feel it unless you work in an industry trashed by the pandemic. But when restaurants or gyms can only operate at 25 , theyre not going to stay open we need social distancing, i take the virus seriously im mr. Mask remember my contest . But we also need some major government intervention, some Business Interruption insurance or every cafe or bar is going to go under maybe you dont care you still have olive garden. Wendys is pretty good i like a bigmac and fries. You get my picture but i own, or owned, i own a small mexican place in brooklyn, its a bar whats going on there . Weve been closed. Bars are too risky apparently to reopen hard to make opmoney when your closed, take that from me. Who the heck wants to run a bar when you lose 75 of your revenue but all your costs stay the same right now, im thinking its crazy to keep running this thing, even though it was a labor run and we had been profitable before the pandemic think about the millions of establishments that arent labors of love thats what matters. Theyre just regular businesses, not to mention the millions of people they employ, who are going to lose their jobs when it gets cold. Were looking at a Small Business apocalypse unless washington gets their act together even though stocks have come down hard, there are plenty of covid winners and tactics that trade at nose bleed levels but they can go higher its not great especially in an Election Year finally, there are some increasingly glaring negatives you have a bunch of oil stocks that can be knocked over by a feather. The banks are horrendous again today, the ceo of citi group is retiring in february to be replaced by jane frazier, the head of consumer banks citi is making much more money, hes returned massive amounts to shareholders but this market hates bank stocks they dont go higher no matter what which brings me back to need for cash and the coronation tonight. If we hadnt sold so much for the Charitable Trust, we would be sit thing looking at prices and beating ourselves up for not taking profits we wouldnt be looking for buying opportunities we would be sweating bullets take away the tide and shoelaces. If you have cash, you know what happens . You wait for the perfect pitch, you can do it. At one point, it felt good it felt like a doubleheader, seven hch inni seveninning games cash allows you to sit back and look for sis coudiscounts in thk you most like. I know cash allows you the freedom and security, which is why its so great to have it in your portfolio, especially when its king. And were in no hurry to spend the cash for a trust can we have the pullback before we buy them . Without a lot of cash, you will be forced to sell something into weakness if you borrowed money, your broker might be forces you to sell at a loss bottom line, september is a bad month, okay . Mainly this is the one in whatever but these selloffs go down a whole lot easier when you have a sizable amount of cash so get your head clear, do a little selling and let stocks go down to the levels we said that are attractive jonathan in south carolina, jonathan caller booyah, jimbo. Booyah, whats going on . Caller a couple weeks ago you said you would hold boeing considering the 8 drop and negative news since then, do you still hold that opinion . Absolutely. Youre talking about a stock that i am worried about. A company that im worried about. Have you ever seen a series of headlines . You read the stories and you think does the government want the board replaced does the government want the ceo to be replaced because this is a nightmare. Its just a nightmare. Lets go to rick in mississippi. Rick caller hey, jim, rick from oxford, mississippi here i have been wanted to participate in ipos for a while, started investing in stocks to get in on the action what is your opinion on stacks as a means to participate in ipo type activity . Its case by case i happen to like the utz one but these are black boxes and you have to look at each one if james graf wants to on air, i think we can learn a lot and then i could make a decision okay cash is king especially in the nightmarish month of september, especially when you got the president saying theres not an extension of the tiktok deadline im no fan on mad money 250789, it had the biggest pop for a tech company in 20 years. But what is encino signaling and could changing Consumer Habits push that stock higher . As the pandemic rages on, were just beginning to understand its impact on our Mental Health. Im talking with a company that is hoping to help. Dont miss my sitdown with Sage Therapeutics stay with cramer announcer dont miss a second of mad money. Follow jimcramer on twitter have a question . Tweet cramer madtweets. Send jim an email to madmoney cnbc. Com. Or give us a call at 1800743cnbc miss something head to madmoney. Cnbc. Com. Tmobiles new offer on iphone 11 pro is even better on our most powerful signal. Switch and get two new lines of unlimited for only 90 and 2 iphone 11 pros on us. Only at tmobile. [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. Makes it beautiful. Stateoftheart Technology Makes it brilliant. The visionary lexus nx. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Exlookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. I keep worrying about this massive disconnect between the brilliant Money Managers who keep telling us the market is too dangerous, and all the home gamers who have been able to make fortunes in individual stocks since march buy buy buy i think i figured it out. Its not that stocks are dangerous, the hedge funds got too big. When you hear these Money Managers scare mongering, you never hear them mention stocks but they will rarely denounce an individual stock theyre not playing the same game as regular people the home gamers i speak to are focused on finding individual stocks that can make them money over time. They want High Quality Growth Companies run by top notch executives which share prices that arent too expensive. Its apples and oranges. Most new investors, like the 13 million strong robin hood contingent so often talked about made their money betting on individual stocks. And it hasnt been hard to find winners in the last few months they were sitting right in front of your face you like your iphone, you spend a lot of time on instagram, you order everything from amazon, you use microsoft before your business software. You watch your videos on netflix. These have been fabulous winners and they were as obvious as it gets these bigtime Money Managers are out here talking about the giant indices and the funds and the futures and the bond and the dollar thats what they care about, because those markets are big enough to absorb their money but the newbies dont need no stinking fund. Thats what they think they dont want to be told the Broader Market is scary and dangerous and probably a bubble. They dont care. Theyre just trying to find the next nvidia, and who can blame them its the perfect bubble stock. Its not a bubble at all it trades at 54 times this jeers earnings, but the stock is much cheaper when you look out years. Two years ago, nvidia seemed expensive, but those estimates turned out to be too low do you know that nvidia was only trading at 20 times future earnings you just didnt know it yet. But if you get on nvidia in 2018, you made a killing because it was actually inexpensive. How come none of those want to find the next nvidia why do they talk about the whole market simple because they run too much money. This causes a host of different problems its risky to mention stocks they like on etf that stock whether go up, they will be tempted the sell and the fcc will nail them for pumping and dumping. When youre managing billions upon billions of dollars, you dont care about the next nvidia because its too small to move the needle there are only a handful of individual stocks large enough to manage to make a difference many of the hedge fund luminary also say they cant discuss individual stocks, but theyre just trying to be responsible. But their opinions arent worth much if youre trying to pick individual stocks. Back in my day, we picked stocks the same way you do. Now you need to understand these institutional Money Managers are not playing the same game as individual investors their advice is only useful if you have funds worth billions of dollars. So if youre looking for opportunities, you have to recognize that the masters of the universe arent talking about individual stocks anymore, theyre focused on whether they like or hate stocks and bond indices large enough to handle their huge positions individual stocks may be too slow for household names, but not too small for you. Stick with cramer. The lexus es. Every curve, every innovation, every feeling. A product of mastery. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. An ugly day for the averages but some stocks still soared, like restoration hardware, which reported eed a massive quarter night. But even i didnt expect results this incredible. Rh delivered a good revenue, but they gave us an eye popping earnings number, 4. 90 a share throw in the fact that more than 20 of the stock had been sold short going into the quarter youve got some explosive action rh rocketed 64 or 20 you hear me, 64 on a lousy day. At the point, the stock has quinn ttupled from its march los maybe its Something Better than a retailer so lets take a deep dive into this stunning quarter with gary freeman, the ceo of rh congratulations and welcome back to mad money. Great to be here, jim thank you. Gary, when i see a letter that starts with one of my favorite writers, emerson, talking to lee, when i listen to someone say all those faeps, ault those f. A. N. G. Companies, i say thats not a retailer. Its a concept a taste vehicle, taste per share is what youre offering us well, we like to say great brands dont chase customers, customers chase great brands what were trying to build here and conceptualize is an ecosystem of products, places, services and spaces that all render and amplify the rh brand, render it more valuable and amplify it and so its a different path, as we said, you know, to use emersons quote, do not follow where the path may need, but go where there is no path and lead the trail. Were trying to do something new. You were down 40 now were up 40 . How are you doing this in a recession . We cant take all the credit for us theres clearly, you know, a consumer shift thats happening. And people are holed up at home. Theyre focused on their homes youve got a huge market and travel leisure and entertainment thats a massive market thats basically shut down. So were benefiting from some of that shift at the same time, i would say, you know, we did a our teams did a great job of improvising, adapting and overcoming. When you all of a sudden have a business that drops 40 points and the ability to react to that and rereact to the trends that are happening now, but also i would say, you know, whats happening now is somewhat temporal i think there will be some systemic shifts in spending that will last i think for the next year or two. Could be longer. But the important thing, you know, we try to say the company is stay focused on the big rocks. Dont get distracted by kind of the shortterm noise stay focused on our longterm narrative. Weve got a really compelling vision and strategy for the future thats the most important thing to us is stay focused on that you know, well benefit from the shifts right now you know, thats not anything what i call strategic. Well make the most of whats happening. But it really doesnt affect our longterm vision or strategy your longterm vision, we were talking about 5 billion. Now you have something much bigger in mind what i didnt count on is how much you would make per item that you sold, but as you know the club is a fabulous bargain i am struck by the fact that youre offering luxury goods at much lower than luxury prices and still making more money than everybody else its a conundrum i cant solve well, thats good, because then you would give our playbook to too many people but its alln about, i think, yu know, doing extraordinary, remarkable, and amazing work what we have learned is if you do extraordinary, remarkable, and amazing work, your figure out how to monetize it our focus, as we have articulated for quite a long time now is to elevate and expand the rh brand. The key word there is elevate, not just expand. So by elevating the brand and every aspect of the brand, elevating the product assortment, the consumer experience, elevating the operational infrastructure and how we run the business, we really have reconceptualized every aspect of this brand people say this has happened very quickly its happened of decades this really represents decades of work to build something extraordinary or remarkable or amazing. And not that im saying thats what we are today, but thats what we are focused onl buildin. Thats the work were focused on doing. If we stay focused on that, as bernard so eloquently say, luxury goods are the only play its possible to make luxury margins. Theres a lot of benefit to positioning the brand at the high end of the market you get much more leverage, if you can build real desirability. If you can have products and services and experiences that are really authentic, inentirin and aspirational people want Better Things all the time thats been proven throughout the course of humanity but theyre also some demographic trends working in your favor every time i buy one of your things, i send you a picture of it you have a second home, you have a place at the beach, when you have people selling citi apartments to move to those second homes because youre working from home, we dont know where else to go and sometimes you know, gary, we dont have good taste. But you do and we want to borrow yours. Well, i think thats the core of what we do. We like to say theres those with taste and no scale and those with scale and no taste. Really, what it comes down to is, you know, we like to say, you know, time is the ultimate luxury and businesses that deliver time value will become more valuable. So as you say, those of us that may not have taste, you have your own taste but the ability to come to somewhere like rh, where we have integrated all these different categories in a beautiful and seamless way, present it in an aspirational way, support it with design services, today we built the largest Residential Interior Design Firm in north america. We simplify and thrive e delive value. That is a level of luxury that people will, you know, theyll pay for that theyll pay more for that. But you cant just stamp yourself luxury. Its every aspect of the business that has to deliver in extraordinary value. And extraordinary experience the last question i have, youre not people talk about shutting down physical you make it clear thats a loser. You go double down on physical, and so i first want to ask about the five acres youre trying to buy about five minutes from me in jersey with morristown, what thats going to be and i priced out rh3. I priced out your gorgeous yacht. Why are you selling it less than 100,000 than it would cost in a week, what are you trying to do there . Well be happy to host you on rh3 so call me any time if you need a reservation. But lets start with your first question on physical retail. I think the you know, the way retail is characterized in the media, its the death of retail. And nobody is going to want to shop stores any more and the growth of online, and the facts are, until the pandemic, i think 85 of retail sales were done in physical stores with the pandemic, maybe that will shift to 80 . And that would mean 20 of sales are done online. And when theres a Movement Like that, a lot of times you get a lot of people using simplifying assumptions that you can make more money online in Retail Stores i think its also overrated. The fact is, there hasnt been a retail brand forget amazon and some of the other marketplace businesses there hasnt been a retail brand thats reached a billion dollars profitably every Online Business that has scaled and reached even if you reach 100 million, they had to open Retail Stores and its really about the prohibitive costs of marketing an invisible store the cost of digital advertising, which is a moving target i think the world is going to come back and realize physical retailing is not dead. Its just lacked a sense of imagination. Right and what were doing is just what i believe is, you know, the right thing to do, create inspiring spaces, that in our case, it blurs the line between residential and retail, blurs the lines between indoors and outdoors you know, and blurs the lines between home and hospitality and creates an integrated experience most Retail Stores are a kick. Theres no fresh air, theres no natural lights, plants die in a Department Store so i think were just doing what obviously should be done its just that theres this massive focus and shift to online, and its created a massive shift of capital to online and thats why i call it well call this the lost decade of retail, because all retailers need to do is open websites. I know, i know. Underinvesting in the restale stores, that will create the death of retail. Look, we have to roll congratulations. Youre an inspiration to all of us thank you youre a genius, you are. Thank you, jim. Gary freeman, chairman and ceo of rh. Read his letter, understand how business should be done in this country. Mad money is back after the break. Stay restless with the icon that does the same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. Are a major security concern. Cdw can assess your needs, then design and implement a secure Mobility Solution using the hp elitebook powered by intel 8th generation core processors. The hp elitebook features groundbreaking builtin security, like sure view to thwart visual hacking and cdw configures them to your companys specs. For mobile security, you need hp and it orchestration by cdw. [intel jingle] makes it beautiful. Stateoftheart Technology Makes it brilliant. The visionary lexus nx. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. We need to talk about encino one of the summers hottest ipos. They went from 31 to 91 in july since that deal they have been a roller coaster the stocks pulled back to the 70s, then climbed to 103 before the tech selloff last week but closing tuesday, they rolled back nearly all gapes, sinking to 77 an incredible buying opportunity. An awesome top and bottom line with excellent guidance. The stock roared 7 today. So could it be worth buying here theres no doubt the fundamentals are on your side. Which is why i want to take a closer look, first time with the ceo of ncino we have to learn more about this quarter. I did a whole piece why this is a great one. Welcome back to mad money. Thanks a lot, jim thanks for having us so lets get right to it. This was a fabulous quarter. A lot of people will say oh, my god, one more Cloudbased Software company jim, why do you like them . Because of the infancy youre in you know, if you look at the Digital Transformation movement out there with banks, and the realization that with covid, they work from home, we can make a loan close 40 faster than we used to. We have customers telling us, using our account opening software, that they do more account openings in three days on ncino than they did in the previous 18 months the flexibility of the platform. So we are gaining that momentum in the market. And im just excited about the massive Market Opportunity that we are pursuing. Now, today, there were some people saying jim, youre too excited about it jamie dimon saying the traders have to be back in senptember. But that has nothing to do with what you guys do the way we look at it is the longterm value in big banks, small banks. Internationally, we have offices in japan, australia, we have london, weve got toronto. So the way i look at this is much more about the longterm value we can add and the public currency is giving us the right brand, recognition in europe. So im getting into those more conservative markets so im just looking at transforming banks as fast as we can. Im not that used to seeing the banks adopt this the last one we did was ellie mae, which just changed hands last week, it went to intercontinental are you looking at other verticals in banks what can you use your currency to buy so look, we finished a platform that can redo any loan type, down to the most simplistic retail terms and then open any account type. If you look at that, thats where the massive amounts of people and compliance of regulation are in banking. On top of that, efficiency dwayne gain and customer satisfaction, our application of a. I. And Machine Learning that we will inject the intelligence into these banking processes. That will make people make better decisions, it will be more fair decisions. And you can push all of this intelligence down to the frontlines which i think is very exciting and will change the experience of people working in banks it will make banking fun again i think thats one of the reasons you did so well with the ppe program. I applied for ppe through jpmorgan, but they did have some things that were unfortunate and ill advised that occurred there. Your ppe exposure seemed like a great door opener. Are companies that went to you for ppe are now getting taking the rest of the products . Absolutely. We pumped through our platform more than 50 billion in the u. S. To Small Businesses were very proud of that because we want to help the Small Businessman stay on their feet we also then take to that experience to the uk where we helped some of the largest banks there. So thats flexible and the speed that we could deploy that on was remarkable many banks said yeah, we need digital, but maybe later now with the work from home thing, as well as the ppp, its an imperimperative and banks are moving at a faster rate one last question, i think people would say wait a second, is this still one more Silicon Valley startup, whatever you guys are in wilmington, North Carolina can you get the right engineers, and do you have the field to yourself we were founded out of a Community Bank here, a bunch of entrepreneurs and smart people said there must be a better way. Build an internal ma aal platfo then i came here to start this company. We had over 200 people this year, out of 11,000 applications our recruitment business is sitting inside our marketing hub, because we sell the whole experience the ocean where we live, the waterways, the boats, the whole Life Experience that i can tell you its a fantastic quality of people we attract. My turnover rate is low. I have no understanding how you run a company with 25 turnover. I love that you said if youre here, you dont need to worry about the big commute. But in london, people want your software because people want to work from home congratulations on coming public so people, this is a Software Company that has its own niche and i really like it ncino. Wow, hes doing terrific mad money is back after the break. The lexus es. Every curve, every innovation, every feeling. A product of mastery. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Experience amazing i cant wiat to share at ts big 5g news. shouting through the glass at t has nationwide 5g . Yup and thats faster . Faster, yea but is it reliable . Ah huh and secure you should consider making a big deal about it bigger . I said bigger oh, bigbigger deal bigger than what im doing . Its not complicated. A 5g Network Needs a 5g device. Now everyone including existing customers can get a free Samsung Galaxy note20 after tradein. Everything we have, weve earned. The unmistakable lexus is. Get zero percent financing on the 2020 is 300. Experience amazing at your lexus dealer. It is time its time for the lightning round. [ indiscernible and then the lightning round is over are you ready, skedaddy. Rick in washington, rick caller hey, cramer, this is rick in washington 14 nautical niles and two light years from seattle you are not where the fires are, right caller no, we just get the smoke. About a year and a half ago, i bought some 5g pick and shovel play today, i got stopped out of it, thanks to mr. Market where do you think it stands its okay look, lets go over the best 5g. The number one 5g play is Marvel Technology i would put the number two at corvo, they just had a great meeting the other day. And number three is sky Works Solution its not a bad company what i would do is pam in new jersey, pam caller hi, jim, this is pam. I want to tell you, i watch the show every day thank you, pam. Caller and i just want to say how much i absolutely enjoy listening to your interview with the company ceos were trying to learn there them whats going on . Caller i just want to say thank you for the opportunity to gain the insight and sharing the knowledge, jim much appreciated i have a stock, jim, they had a great Second Quarter its in the cybersecurity space. I want to know if you see any possible mergers for fire eye. I do not. I think the ones that are winning are crowd strike, number one. Zscale and pal alto and i dont want to go beyond that dexter in california, dexter caller ba, ba, ba, booyah, jim. How doing . I want that kind of fiery booyah. Whats going on . Caller firsttime caller, longtime listener thank you for ault you do for our home gamers. Between you and my uncle ernie, ive made some mad money whats going on caller jim, i connect companies and Software Providers to e commerce solutions. One platform thats frequently requested is a company that just went public in august. With the holidays rolling around, i think this company is ripe for the picking what is your opinion on big commerce i saw that. People didnt like the quarter they have to come on maybe people were incorrect in not liking the quarter but thank you for the sxinkind comments and that, ladies and gentlemen, is the conclusion of the lightning round. The lightning round is sponsored by Td Ameritrade with the icon that does the same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. Experience amazing tmobiles new offer on iphone 11 pro is even better on our most powerful signal. Switch and get two new lines of unlimited for only 90 and 2 iphone 11 pros on us. Only at tmobile. Is it time to circle back to Sage Therapeutics . They, this is a buyiopharma company focused on brain disorders. We have spoken to them before about a promising pipeline one of their depression drugs last year failed a phase three trial. It plummeted to 25 at the march lows since then, sage has started moving forward with a new trail now that they have gotten guidance from the fda. Even with all that, the stock has only rebounded 54 but today they got a nice bounce today. The stock rallied more than 5 so lets check in with the president and ceo of sage therapeut therapeutics welcome back to mad money, dr. Jonas. Thanks for having me, jim i think that theres a lot of depression going on, but, sir, its not irrational, its rational depression. What does someone trying to deal with very difficult brain issues teal with the fact that its reasonable you know, its a really important point. First, i think its important for all of us to acknowledge what a strange time and a difficult time this has been, and how really, people have done a great job, especially at sage and elsewhere, going back to work, our first responders, the initiatives to look at covid we have to acknowledge all of these efforts moving forward we know factually now that the rates of depression, rates of anxiety and diagnoses are up two to three times and its my hope that this is an important opportunity to reflect on how important Mental Health really is, that people feeling better about their memtal health, being bet we are Mental Health is a critical societal issue. We need to treat Mental Health like a physical illness, treat it urgently and get people back to work and their families before we go to the specifics, theres a strange ching we have in this country, may is the National Month of Mental Health. Is it a month . Isnt it kind of a year . You know, ive talked about the importance of treating Mental Health early. For us to get back to work, for the world to recover, its important. We need vaccines and treatments. But people have to be able to function when we think about what were doing at sage, thats always been our m. Oomplo. So national Mental Health should be an everyday priority. So lets talk about your franchises you are working on the most difficult issues, youre working on the brain its incredible how little we still know about the brain i loved your presentation. Youre talking about two things, executive deficits and essential tremors, and that those discrete issues can be possibly treated by your drugs. Yeah. You know, thats something that is very important to us. Were trying to focus on what thing also make a difference old drugs are being used, and if you think about how debilitating this can be. You cant put on your makeup or pick up a cup of coffee without embarrassment. Some people accept this as part of aging we have a program with our compound sage b24 that we have shown tdramatic reduction in tremors. Same thing for executive function thats the ability to process information, to make decisions you know, we talked to patients. Thats one of the ways we design our trials people cant balance their checkbooks no drug has approached this. We think our program is unique we have shown advantages and benefits so we think theres a tremendous opportunity to advance Patient Health there, as well. You are a straight up guy there was a failure and you had to take aggressive action. You did a major restruckturinre. There that make it so that you can bring some of these other important drugs to fruition . No one ever said Drug Development is easy. Its a roller coaster. We learned a lot from that trial, and Drug Development is a learning process that gave us a lot of comfort about how to move forward. But that was a very difficult, one of the hardest Business Decisions ive made in my career yes, were in great financial shape. That was our intent, being able to move the company forward. Im as confident today as i have been in terms of the variety of our pipeline and how we managed the business were close to the Telemedicine Companies they have a thriving psychiatric practice, which is great but i feel like what they end up doing is prescribing pills that have been around for 50, 60 years. There isnt anything new, other than say the drug by j j where they may be charging too much. I completely agree. We should give kudos to j j for a novel mech schism. B mechanism. But at sage, weve been doing telemedicine because patients with depression ought to be treated quickly and go home, go back to work we dont think they have to enlist in the Mental Health army automatically. So our drug, in all of our stud i haves, has shown Rapid Response and its durable. You take it two weeks and you may not need another treatment for maybe months or longer and if you think about that model, its ideally si lly situo telemedicine if you have pneumonia, you get better, you check in only if you need to. We think this will go a long way to provide a new treatment option for patients, one that is sorely needed and that fits with the new world. Go back to work, take care of your families. If you need further treatment, call your doc. But otherwise, go back about your business. Doc, many of us are just so hopeful that youll come up with something, particularly because this is the most depressed ive ever seen people in my lifetime and that could lead to actuality. So thank you for what youre doing. I hope it works out. Thanks, jim thats dr. Jeff jonas, ceo of Sage Therapeutics. Mad money is back after the break. Makes it brilliant. The visionary lexus nx. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Every curve, every innovation, every feeling. A product of mastery. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. I guess you know what im doing tonight at 7 00 p. M. Football is back, baby, and its on nbc oracle delivered a good quarter, we like that peloton shot the lights out. Anything stopping those guys they are amazing i like to say theres always a bull market somewhere and i promise to find it for you here on mad money. Im jim cramer and ill see you next time 10 yes since shark tank ignited americas entrepreneurial spirit, and were still blazing a trail for those who take their fate into their own hands by working hard. Introducing batbnb. Bloodsucking bats. [ gasps ]. By working smart. This is called the coyotezapper. [ dog barks ] grr. Aah [ laughter ]. By thinking big. Armenti not only do we serve your favorite foods, but we do it all on one sandwich. No yes . And chasing their dreams. 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