I have a quick Bing and can't really find the answer.
If I have a whack of code that uses $('something here')
150 times, would it be more efficient to:
var item = $('something here')
Pretty silly questions I know, but would it be more efficent as jQuery only has to find the item once?
Yes, storing the resulting jQuery object is tremendously more efficient and may be magnitudes faster. Each time you use a selector you are initiating a new search. jQuery does not cache results. If you store the resulting jQuery object in a variable, you are effectively eliminating the need to run the search over and over again each time.