Jim Cramer Gushes About Infrastructure Stocks ‘Flying’ After Biden Bill Passes: They ‘Make Rocks, Not Metaverses’

CNBC host Jim Cramer gushed about the gains in infrastructure-related stocks following passages of the bipartisan bill negotiated by President Joe Biden, and took a shot at the company formerly known as Facebook.

On Monday’s edition of CNBC’s Mad Money, Cramer expressed surprise at the gains in some stocks after the infrastructure bill that was passed on Friday, since he and many others believed those stock prices already reflected Biden’s Build Back Better push.

“These are the companies that make aggregates we need for road building, I’m talking about Vulcan Materials and Martin Marietta,” Cramer said. “Now, these stocks have been going up ever since Biden won the election a year ago. Why? Because he campaigned heavily on infrastructure spending.”

Cramer said that while he’s been recommending the stocks for a long time, “I fell in the same trap as the so-called smart money” because “I was worried that the infrastructure bill was already baked into the stock, given it’s up roughly 20 percent year to date.”

“So instead of the huge piece of federal legislation, I focused on state road building,” he continued, and went on to add that “Now, Vulcan and Martin Marietta are flying again to the point where they sell for 35 to 41 times earnings. These are companies that make rocks, for heaven’s sakes, not metaverses.”

The latter comment was a shot at Meta, the newly-renamed parent company of Facebook.

Cramer went on to say that “bottom line, the professionals keep being wrong because these new buyers aren’t used to the cynical trading ways of Wall Street and retail that they can, you know, pick off these new individual investors, the home-gamers, they hear good news. They buy good news. It’s a new world, more straightforward, less pessimistic, and you ignored this optimism at your own peril.”

Watch above via CNBC.