CNBC's Jim Cramer received some excellent investing advice from his daughters when they were teens. Teenagers may not be interested in stocks, he said, but they often have unique insight on popular trends before the go mainstream.
For example, Cramer's daughters helped him predict the success of Domino's Pizza. Beyond the company's food, they enjoyed its app. They could easily order pizza with specific preferences, see when the order was getting made and pay for the pie before it was delivered — all without having to interact with a delivery person. Soon, these kind of delivery apps and contactless services would become the norm.
"All of this technology was totally lost on me, though. I never minded the phone, was always patient about when the pizza would arrive, never cared about the interchange with the delivery person," Cramer said. "In short, I was not like the target audience. That's why I started calling Domino's a tech company that sells pizza, although now, competitors can just outsource the tech side to DoorDash."
Cramer's daughters also helped him realize the potential and popularity of Apple products. Twenty years go, Cramer's youngest daughter asked him for a second iPod, not because she had lost or damaged the first one, but because she wanted it in a different color to match her outfits. To her, the iPod was not just a device, it was an accessory.
Cramer did acknowledge that teenagers' trends won't always be big winners on the stock market. But according to him, that's the cost of learning, and teens have their whole lives ahead of them to make money back if their pick turns out to be a loser.
"Eventually, your kids will age out of the key demographic," he said. "However, if you pay attention to their likes and dislikes, you could net yourself decades worth of good stock picks. But once they reach a certain age, you need to pray for grandchildren if you want the freshest ideas."
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